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NYSE · Financials

Noah Holdings Ltd. (NOAH)

As-reported financials and SEC filings for Noah Holdings Ltd. The latest annual period is FY2025. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Noah Holdings Ltd.

Noah Holdings Ltd is a wealth management service provider focusing on Mandarin-speaking high-net-worth individuals and institutions. The company offers global investment advisory and asset allocation services, managing a range of investment products including private equity, real estate, public securities, and multi-strategy investments. Noah operates primarily in mainland China and overseas markets through subsidiaries and affiliated entities, serving clients with investable assets exceeding RMB 6 million.

Snapshot

Revenue
$373.3M
Revenue growth (YoY)
4.8%
Net income
$79.9M
Diluted EPS
$0.23
Gross margin
—
Operating margin
29.8%
Net margin
21.4%
FCF margin
32.3%
ROE
5.6%
net income / fiscal-year-end equity
P/E
6.2×
trailing when available, otherwise FY EPS
Market cap
$517.6M
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Noah Holdings

  • Revenue grew 4.8% to $373M in FY2025, after a 23.2% decline the year before.
  • Operating margin is 29.8% in FY2025, +1.8 pp against 27.9% in FY2021.
  • Free cash flow was $120M in FY2025, 32.3% of revenue.
  • Net income rose 22.7% to $80M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Noah Holdings’s fundamentals sit among the 424 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin29.8%
76th percentile of 141
Net margin21.4%
61st percentile of 372
FCF margin32.3%
73rd percentile of 266
Revenue growth (YoY)+4.8%
29th percentile of 418
ROE5.6%
31st percentile of 373
P/E6.2×
10th percentile of 307
Short interest2.74d
34th percentile of 419

Noah Holdings’s P/E of 6.2 ranks in the 10th percentile of the 307 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 14 insider sales totaling $126,214. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+3 quant / multi-strat
Initiated / added
3
1 new, 2 added
Reduced / exited
1
0 trimmed, 1 exited
Combined position
$2.1M
reported long value
InvestorAs ofPosition valueSharesChange
Renaissance TechnologiesquantQ2 2026$1.0M104.3KAdded
Citadel AdvisorsquantQ2 2026$876,12387.7KAdded
Two Sigma InvestmentsquantQ2 2026$190,77919.1KNew

No longer held by: Millennium Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
14
$126K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell4.0K$7.90$32K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.90$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.90$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.89$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.89$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.89$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.89$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.88$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.88$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.87$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.87$8K
2026-09-30
filed 2026-10-02
May Yihong WuDirectorSell1.0K$7.86$8K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
255.2K
settled 2026-09-30
Change vs prior
+2.6%
vs previous settlement
Days to cover
2.74
at avg daily volume
Avg daily volume
93.1K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-30255.2K+2.6%2.74
2026-09-15248.7K+13.4%2.46
2026-08-31219.3K-3.2%1.95
2026-08-14226.6K+3.8%1.74
2026-07-31218.4K-2.8%2.47
2026-07-15224.8K-13.2%2.10
2026-06-30259.1K-7.7%3.54
2026-06-15280.7K+2.2%3.44

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$373.3M$356.3M$464.0M$449.5M$673.7M
Gross profit—————
Operating income$111.1M$86.8M$154.6M$157.8M$188.1M
Net income$79.9M$65.1M$142.2M$141.6M$206.2M
Diluted EPS$0.23$0.18$0.41$4.14$6.10

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$623.6M$523.7M$731.3M$638.5M$534.3M
Current assets$909.5M$887.0M$1.00B$915.9M$865.7M
Total assets$1.68B$1.61B$1.79B$1.71B$1.71B
Current liabilities$204.1M$195.8M$266.4M$276.2M$358.3M
Long-term debt—————
Total liabilities$251.4M$242.0M$318.0M$333.1M$431.2M
Total equity$1.43B$1.37B$1.47B$1.38B$1.28B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$139.7M$53.1M$185.7M$91.8M$238.8M
Capital expenditure$19.2M$11.3M$22.2M$9.1M$356.4M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryInvestment Advice
Latest annual periodFY2025 (ended December 31, 2025)
Oldest indexed filing2010
SEC CIK1499543

Selected SEC filings

20-F2026-04-29
View on EDGAR →
6-K2026-10-08
View on EDGAR →
6-K2026-09-15
View on EDGAR →
6-K2026-09-04
View on EDGAR →
6-K2026-08-28
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.