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NOAH

Noah Holdings Limited

NOAH

Noah Holdings Limited • NYSE
$10.16 ▼ -2.03% (-0.21)
Market Cap $142.40 M
52w High $13.30
52w Low $7.67
Dividend Yield 1.16%
P/E 8.91
Volume 91.70K
Outstanding Shares 14.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $629.501M ▲ $169.208M ▼ $178.576M ▲ 28.368% ▲ $12.8 ▲ $161.026M ▼
Q1-2025 $614.594M ▼ $306.018M ▲ $148.964M ▲ 24.238% ▲ $10.65 ▲ $186.008M ▲
Q4-2024 $651.907M ▼ $-422.236M ▼ $109.751M ▼ 16.835% ▼ $7.8 ▼ $137.574M ▼
Q3-2024 $683.686M ▲ $305.79M ▼ $134.416M ▲ 19.66% ▲ $9.55 ▲ $240.814M ▲
Q2-2024 $615.854M $350.334M $99.787M 16.203% $7 $174.834M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $5.424B ▲ $11.745B ▼ $2.083B ▲ $9.595B ▼
Q1-2025 $5.392B ▲ $11.874B ▲ $1.719B ▼ $10.088B ▲
Q4-2024 $5.097B ▲ $11.779B ▲ $1.766B ▲ $9.946B ▲
Q3-2024 $4.734B ▼ $11.521B ▼ $1.718B ▼ $9.686B ▲
Q2-2024 $5.892B $12.467B $2.737B $9.667B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $178.576M ▲ $0 $0 $0 $0 $0
Q1-2025 $148.964M ▲ $0 $0 $0 $0 $0
Q4-2024 $109.751M ▼ $0 $0 $0 $0 $0
Q3-2024 $134.416M ▲ $0 $0 $0 $0 $0
Q2-2024 $99.787M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Noah’s revenue has been under pressure in recent years, with a noticeable step-down from its earlier peak. The business is still profitable, but earnings have come down meaningfully from prior strong years. Core profitability (operating and EBITDA-level) has held up better than the top line, which suggests the company has decent cost control and an efficient service model. However, the drop in net income shows that the environment has become tougher and that margins are not as cushioned as before. Overall, this is a solid but currently challenged income statement: profitable, yet facing growth headwinds and some earnings compression.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Assets and shareholders’ equity have steadily grown over the past five years, indicating a conservative and well-capitalized structure. Cash holdings are high relative to the very small amount of debt, which means financial leverage is minimal and balance-sheet risk is low. Even though cash has come down from its recent peak, liquidity still looks ample. This gives Noah room to absorb shocks, invest in technology and expansion, and navigate market cycles without depending heavily on borrowing.

Cash Flow

Cash Flow Cash generation is positive overall but somewhat uneven from year to year. Operating cash flow has swung between strong and modest, reflecting the inherent volatility of an asset management and wealth advisory business that depends on client activity and market conditions. Free cash flow is generally positive, helped by relatively light capital spending in most years, though there was one year with heavy investment that temporarily pushed free cash flow negative. Recent free cash flow is solid but lower than the standout year, which matches the softer profit picture. In short, the company usually funds itself from its own operations, but cash flows are not perfectly stable.

Competitive Edge

Competitive Edge Noah holds a differentiated position by focusing on high‑net‑worth Mandarin-speaking clients globally rather than trying to compete head‑on with broad, mass‑market financial institutions. Its global footprint across major wealth hubs, combined with deep familiarity with Chinese client needs and culture, forms a meaningful niche. Expertise in alternative investments and access to top-tier global private equity funds add further appeal to sophisticated clients seeking less traditional assets. The strong balance sheet and recognizable brands in private wealth, alternatives, and family heritage also support credibility. Key risks are concentration on a specific client demographic, exposure to Chinese and global regulatory shifts, and sensitivity to cycles in private equity and alternative assets.

Innovation and R&D

Innovation and R&D Noah is leaning heavily into technology and research to differentiate itself. A sizeable R&D team and ongoing investment in AI-powered tools, such as its iARK platform and AI relationship manager, aim to personalize advice and scale client service more efficiently. Its digital insurance platform in Hong Kong, development of blockchain and digital-asset products, and structured multi-strategy portfolios (“resilience” style offerings) show an appetite for innovation beyond standard wealth products. The company’s long-running ESG effort and sustainability reporting also support its brand with more responsible-investing clients. The main watchpoints are execution risk—turning these initiatives into sustained client adoption and fee income—and the need to balance innovation spending with profitability.

Summary

Financially, Noah combines a strong, conservative balance sheet and generally positive cash generation with an income statement that has lost some momentum. Profits remain positive but are well below earlier highs, underscoring a tougher operating environment and the cyclical nature of its business. Strategically, the firm’s focus on global Mandarin-speaking high‑net‑worth clients, its strength in alternative investments, and its growing AI and digital capabilities provide a clear niche and some competitive insulation versus generic banks and brokers. At the same time, reliance on a specialized client base, exposure to Chinese and global regulatory and macroeconomic conditions, and the uncertain payoff from aggressive technology investments introduce meaningful uncertainty. Overall, Noah appears financially resilient with a distinct strategic angle, but its future trajectory depends on whether it can reignite growth and convert its innovation push into steadier, higher-quality earnings.

NEWS

November 26, 2025 · 6:43 AM UTC

Noah Reports Q3 2025 Earnings: Solid Overseas AUA/AUM Growth, Global Booking Center Network Completed, and Full AI Integration Powering New Momentum

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November 25, 2025 · 4:30 PM UTC

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2025

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October 27, 2025 · 4:05 PM UTC

Lauren Weeks and Noah Ohlsen Crowned Champions at Life Time's Inaugural LT Games Presented by Ten Thousand in Minneapolis

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October 20, 2025 · 4:48 AM UTC

Global Chinese Wealth Manager Noah Holdings Hosts Inaugural N+ Art Club Exhibition in Shanghai: Hub: The Endless Exploration of Art

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October 10, 2025 · 3:29 AM UTC

Noah Holdings and ARK Wealth Management Highlights Alternative Strategies and AI-Driven Innovation at Greenwich Economic Forum 2025

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