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NOAH HOLDINGS LTD

NOAH Clue Score59
CIK 0001499543
$7.57 -0.66% Close, 9 Oct 2026
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Price $7.57 −79.20% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2.51Operating income0.67Net income0.64EPS, diluted22.08Fiscal year 2017Revenue2.83 +12.5%Operating income0.78Net income0.76 +18.5%EPS, diluted25.90Fiscal year 2018Revenue3.29 +16.4%Operating income0.93Net income0.81 +6.3%EPS, diluted26.67Fiscal year 2019Revenue3.39 +3.1%Operating income0.91Net income0.83 +2.2%EPS, diluted26.84Fiscal year 2020Revenue3.31 −2.5%Operating income1.26Net income−0.75 −189.9%EPS, diluted−24.02Fiscal year 2021Revenue4.29 +29.9%Operating income1.20Net income1.31EPS, diluted3.89Fiscal year 2022Revenue3.10 −27.8%Operating income1.09Net income0.98 −25.7%EPS, diluted2.86Fiscal year 2023Revenue3.29 +6.3%Operating income1.10Net income1.01 +3.4%EPS, diluted2.91Fiscal year 2024Revenue2.60 −21.1%Operating income0.63Net income0.48 −52.9%EPS, diluted1.35Fiscal year 2025Revenue2.61 +0.4%Operating income0.78Net income0.56 +17.5%EPS, diluted1.59
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2.51 2.83 3.29 3.39 3.31 4.29 3.10 3.29 2.60 2.61
Growth +12.5% +16.4% +3.1% −2.5% +29.9% −27.8% +6.3% −21.1% +0.4%
Operating income 0.67 0.78 0.93 0.91 1.26 1.20 1.09 1.10 0.63 0.78
Net income 0.64 0.76 0.81 0.83 −0.75 1.31 0.98 1.01 0.48 0.56
Growth +18.5% +6.3% +2.2% −189.9% −25.7% +3.4% −52.9% +17.5%
EPS, diluted 22.08 25.90 26.67 26.84 −24.02 3.89 2.86 2.91 1.35 1.59

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin26.5%Net margin25.6%Free cash flow margin23.3%Fiscal year 2017Operating margin27.5%Net margin27.0%Free cash flow margin16.8%Fiscal year 2018Operating margin28.2%Net margin24.7%Free cash flow margin27.4%Fiscal year 2019Operating margin27.0%Net margin24.4%Free cash flow margin36.1%Fiscal year 2020Operating margin38.1%Net margin−22.5%Free cash flow margin22.5%Fiscal year 2021Operating margin27.9%Net margin30.6%Free cash flow margin−17.5%Fiscal year 2022Operating margin35.1%Net margin31.5%Free cash flow margin18.4%Fiscal year 2023Operating margin33.3%Net margin30.6%Free cash flow margin35.2%Fiscal year 2024Operating margin24.4%Net margin18.3%Free cash flow margin11.7%Fiscal year 2025Operating margin29.8%Net margin21.4%Free cash flow margin32.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 26.5% 27.5% 28.2% 27.0% 38.1% 27.9% 35.1% 33.3% 24.4% 29.8%
Net margin 25.6% 27.0% 24.7% 24.4% −22.5% 30.6% 31.5% 30.6% 18.3% 21.4%
Free cash flow margin 23.3% 16.8% 27.4% 36.1% 22.5% −17.5% 18.4% 35.2% 11.7% 32.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.69Capital expenditure−0.10Free cash flow0.58Buybacks−0.01Fiscal year 2017Operating cash flow0.63Capital expenditure−0.15Free cash flow0.48 −18.7%Buybacks−0.03Fiscal year 2018Operating cash flow1.03Capital expenditure−0.13Free cash flow0.90 +89.5%Fiscal year 2019Operating cash flow1.29Capital expenditure−0.07Free cash flow1.22 +35.7%Fiscal year 2020Operating cash flow0.80Capital expenditure−0.05Free cash flow0.74 −39.1%Buybacks−0.28Fiscal year 2021Operating cash flow1.52Capital expenditure−2.27Free cash flow−0.75 −200.6%Buybacks−0.37Fiscal year 2022Operating cash flow0.63Capital expenditure−0.06Free cash flow0.57Fiscal year 2023Operating cash flow1.32Capital expenditure−0.16Free cash flow1.16 +103.5%Dividends paid−0.18Fiscal year 2024Operating cash flow0.39Capital expenditure−0.08Free cash flow0.31 −73.7%Buybacks−0.05Dividends paid−1.01Fiscal year 2025Operating cash flow0.98Capital expenditure−0.13Free cash flow0.84 +176.1%Buybacks−0.05Dividends paid−0.55
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.69 0.63 1.03 1.29 0.80 1.52 0.63 1.32 0.39 0.98
Capital expenditure −0.10 −0.15 −0.13 −0.07 −0.05 −2.27 −0.06 −0.16 −0.08 −0.13
Free cash flow 0.58 0.48 0.90 1.22 0.74 −0.75 0.57 1.16 0.31 0.84
Growth −18.7% +89.5% +35.7% −39.1% −200.6% +103.5% −73.7% +176.1%
Buybacks −0.01 −0.03 n/a n/a −0.28 −0.37 n/a n/a −0.05 −0.05
Dividends paid n/a n/a n/a n/a n/a n/a n/a −0.18 −1.01 −0.55

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash2.98Shareholders’ equity3.33Fiscal year 2017Cash1.91Shareholders’ equity4.43Fiscal year 2018Cash2.70Shareholders’ equity5.84Fiscal year 2019Cash4.39Shareholders’ equity7.01Fiscal year 2020Cash5.01Shareholders’ equity7.19Fiscal year 2021Cash3.40Shareholders’ equity8.04Fiscal year 2022Cash4.40Shareholders’ equity9.41Fiscal year 2023Cash5.19Shareholders’ equity10.31Fiscal year 2024Cash3.82Shareholders’ equity9.95Fiscal year 2025Cash4.36Shareholders’ equity9.83
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.98 1.91 2.70 4.39 5.01 3.40 4.40 5.19 3.82 4.36
Shareholders’ equity 3.33 4.43 5.84 7.01 7.19 8.04 9.41 10.31 9.95 9.83

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
26.5% 27.5% 28.2% 27.0% 38.1% 27.9% 35.1% 33.3% 24.4% 29.8%
29.2% 30.7% 30.8% 28.5% −17.7% 30.2% 37.1% 36.7% 33.4% 32.8%
25.6% 27.0% 24.7% 24.4% −22.5% 30.6% 31.5% 30.6% 18.3% 21.4%
23.3% 16.8% 27.4% 36.1% 22.5% −17.5% 18.4% 35.2% 11.7% 32.3%
Spending
9.3% 8.7% 8.5% 8.7% 8.4% 8.9% 7.6% 8.4% 11.4% 11.7%
4.0% 5.4% 3.9% 1.9% 1.6% 52.9% 2.0% 4.8% 3.2% 5.1%
21.5% 22.9% 22.0% 22.7% n/a 22.6% 23.2% 21.7% 31.0% 34.8%
Returns
19.3% 17.2% 13.9% 11.8% −10.4% 16.3% 10.4% 9.8% 4.8% 5.7%
10.8% 11.7% 10.1% 8.5% −7.9% 12.1% 8.3% 8.0% 4.0% 4.8%
Balance and payout
37.5% 30.6% 22.9% 19.7% 22.6% 25.2% 19.5% 17.8% 15.0% 15.0%
n/a n/a n/a n/a n/a n/a n/a 17.6% 212.0% 97.8%
2.2% 6.6% n/a n/a 37.8% n/a n/a 15.3% 347.7% 71.1%

Shown in CNY as filed; the screener converts to dollars.