Skip to content
ESPT
MARKETS / NYSE / Financials / Brokerage and capital markets / NOAH
NYSE · INVESTMENT ADVICE · MID CAP

Noah Holdings Ltd. NOAH

17 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 2.6B
▲ 0.3% YoY
CNY 558.9M
▲ 17.5% YoY
CNY 842.5M
▲ 176.1% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Noah Holdings Ltd offers advisory services on global investment and asset allocation primarily for Mandarin-speaking high-net-worth investors. As of December 31, 2025, it had approximately 18,450 active clients, including mutual fund-only clients. In 2025, its wealth management business, asset management business and other businesses contributed 65.5%, 32.9% and 1.6% of its total net revenues, respectively. Through licensed distribution channels operated by its subsidiaries, it offers investment products for its wealth management business, including domestic and overseas mutual fund products and private secondary products, on behalf of third-party product partners as well as Gopher and Olive. Through its asset management arms, Gopher and Olive, it manages clients' investments in private equity, real estate, public securities, multi-strategy and other investment products. Its other businesses segment mainly includes lending services, making secured loans to creditworthy clients through its subsidiaries.

Written from the business description in NOAH HOLDINGS LTD's annual report to the U.S. Securities and Exchange Commission, filed 29 April 2026. Every sentence was checked against that document before publication.

Growth

CNY 2.6B
Revenue, FY2025 · full 17-year series below
Revenue CNY B Net income CNY B
FY2025 · Revenue 2.6 · Net income 0.6
2.0B4.0B-0.3B-0.6B
2009201220152018202120242025
Compound annual growth
−5.6%
−4.6%
+9.0%
−17.0%
+0.4%
−17.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −4.6% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

21 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 29.8% · Net 21.3%
20%40%60%-10%-20%
200920172025
ROE
FY2025 · ROE 5.7%
20%40%60%-5%-10%
200920172025
Three returns, three denominators.
Gross margin·
Operating margin29.8%
Net margin21.3%
EBITDACNY 933.6M

Each CNY of equity produced 6 cents of profit this year.

Cash & shareholders

CNY 599.1M
returned in FY2025 · dividends + net buybacks
Free cash flow CNY B
FY2025 · FCF 0.8
0.5B1.0B-0.3B-0.6B
200920172025
Net buybacks CNY B Dividends CNY B
FY2025 · Dividends 0.5 · Net buybacks 0.1
0.5B1.0BDividendsNet buybacks
201220142016202020232025
Dividends paidCNY 546.8M
Net buybacksCNY 52.3M
Share of profit107.2%
Consecutive raises·

CNY 546.8M in dividends and CNY 52.3M in buybacks — 107% of the year's profit, so the payout drew on cash built up earlier.

Total assetsCNY 11.7B
EquityCNY 9.8B
CashCNY 4.4B
Current ratio4.46×

Equity funds 84% of total assets.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
NOAH, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue CNY B2.62.63.33.14.33.33.43.32.82.61.10.80.6◌◌◌◌
Operating income CNY B0.80.61.11.11.21.30.90.90.80.70.60.60.4◌◌◌◌
EBITDA CNY B0.90.81.31.21.31.41.01.00.90.70.60.60.40.00.00.0◌
Income tax CNY B0.30.30.30.30.30.30.20.20.20.20.10.20.1◌◌◌◌
Net income CNY B0.60.51.01.01.3−0.70.80.80.80.60.50.40.3◌◌◌◌
Free cash flow CNY B0.80.31.20.6−0.70.71.20.90.50.60.50.50.50.00.00.00.0
EPS, diluted CNY 1.591.352.912.863.89−24.0226.8426.6725.9022.0818.3115.8211.28◌◌◌◌
Dividend / sh CNY ◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %9821218————————01534———
ROE %5.74.710.211.217.3−10.512.915.819.722.324.9◌◌13.716.416.866.6
Shares out B0.330.330.330.31◌◌◌◌◌◌0.030.030.030.030.030.03◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Noah Holdings Ltd.vsMaase Inc.Same industry: Investment Advice
More in this sector

Other companies filing in the same sector

UNH · BRK-A · BRK-B · CI · ELV · CNC
Provenance

Company facts, as filed

How we verify · 8 failures in 66 reconciliationsAUDITED

Reconciled in 11 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency8 failures
ActivityInvestment Advice
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsnot stated in the filings
Data on record since2009

Share this section

Download image