Noah Holdings Ltd (NOAH)
NYSE:NOAH
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Noah Holdings
(NYSE:NOAH)
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Rating:71Outperform
Price Target:
$11.00
â–¼(-2.91% Downside)
Action:Reiterated
Date:05/28/26
The score is driven primarily by strong financial stability and profitability (especially the balance sheet) and a constructive earnings outlook focused on sustained high margins, cost efficiency, and shareholder returns. These positives are moderated by weak technical momentum (below major moving averages with bearish indicators) and uneven revenue/cash-flow consistency.
Positive Factors
Balance Sheet Strength
Very low leverage and a large equity base give Noah durable financial flexibility: supports continued buybacks/dividends, cushions investment volatility, and reduces refinancing risk. This strengthens resilience through market cycles and preserves capacity to invest in strategic initiatives over 2–6 months.
Negative Factors
Top-line Volatility and AUM Contraction
Noah’s fee-driven model is sensitive to AUM and product mix; uneven revenue and episodic AUM declines reduce predictability of fee income and free cash flow. Persistent top-line variability constrains long-term planning, capital allocation and the sustainability of high-margin outcomes if asset trends reverse.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and a large equity base give Noah durable financial flexibility: supports continued buybacks/dividends, cushions investment volatility, and reduces refinancing risk. This strengthens resilience through market cycles and preserves capacity to invest in strategic initiatives over 2–6 months.
Read all positive factors
Noah Holdings (NOAH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$622.76M
Dividend Yield11.65%
Average Volume (3M)65.83K
Price to Earnings (P/E)1.8
Beta (1Y)0.92
Revenue Growth3.67%
EPS Growth9.25%
CountryUS
Employees1,990
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)40.05
Shares Outstanding67,482,450
10 Day Avg. Volume103,934
30 Day Avg. Volume65,825
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.10
Price to Sales (P/S)0.38
P/FCF Ratio1.16
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue0.21
Enterprise Value/Gross Profit0.27
Enterprise Value/Ebitda0.87
Forecast
1Y Price Target
$11.50Price Target Upside1.50% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)9.83
Revenue Forecast (FY)$2.74B
Noah Holdings Business Overview & Revenue Model
Company Description
Noah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong ...
How the Company Makes Money
Noah primarily generates revenue by providing wealth management services to clients and earning fees tied to client assets and transactions. Key revenue streams include: (1) Wealth management fees, which can include recurring fees based on assets ...
Noah Holdings Earnings Call Summary
Earnings Call Date:May 27, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call emphasized strong progress in margin expansion, cost efficiency, AI-driven productivity, domestic fundraising momentum, and measured overseas expansion (including licensing milestones). While top-line growth was modest and there were sequential revenue declines and non-operational volatility (mark-to-market and affiliate losses), management framed these as temporary or strategic (e.g., purposeful insurance revenue reduction and AI-driven restructuring). The balance of substantive operational and structural improvements (notably operating profit/margin expansion, transaction growth, AI proof points, and strong liquidity/shareholder returns) outweighs the listed challenges.Positive Updates
Stable Top-Line with Modest YoY Growth
Net revenues of RMB 626 million, up 1.8% year-over-year (down 14.7% quarter-over-quarter).
Negative Updates
Quarterly Revenue Sequential Decline
Net revenues declined 14.7% quarter-over-quarter, driven mainly by decreased contribution from insurance business and a seasonal drop in overseas performance fee income.
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Top-Line with Modest YoY Growth
Net revenues of RMB 626 million, up 1.8% year-over-year (down 14.7% quarter-over-quarter).
Read all positive updates
Company Guidance
Management guided that Noah will continue to invest in globalization and AI while keeping financial discipline, targeting a full‑year 2026 operating margin comfortably above 30% (Q1 margin was 37.8%), and prioritizing three strategic goals—expand overseas clients, deepen global asset allocation, and optimize Olive (asset management) revenue—plus deeper AI deployment across clients, RMs, products and governance. They reiterated capital return plans (proposed dividend to distribute 100% of 2025 non‑GAAP net income subject to June 11 approval and ongoing buybacks — ~3M ADS repurchased, ~$35M+ to date) and a fortress balance sheet (cash + short‑term investments ~RMB5.1bn — CFO: cash RMB4.0bn + short‑term investments RMB0.834bn — and zero interest‑bearing debt). Q1 metrics that underlie the guidance included net revenue RMB626m (+1.8% YoY), operating profit RMB236m (+27.1% YoY), non‑GAAP net income RMB134m, total transaction value RMB23.3bn (+44.8% YoY), AUM RMB140.2bn and AUA RMB233.5bn (overseas AUA US$9.6bn, +~6% YoY), while cost discipline was emphasized (total operating costs RMB389m, down 9.2% YoY; headcount ~2.6k, -10.4% YoY; personnel costs RMB267m, -12.2% YoY).Noah Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
90
Very Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.61B | 2.60B | 3.29B | 3.10B | 4.29B |
| Gross Profit | 1.39B | 1.25B | 1.84B | 1.66B | 2.12B |
| EBITDA | 933.57M | 790.57M | 1.26B | 1.24B | 1.35B |
| Net Income | 558.86M | 475.44M | 1.01B | 976.57M | 1.31B |
Balance Sheet | |||||
| Total Assets | 11.75B | 11.78B | 12.69B | 11.80B | 10.89B |
| Cash, Cash Equivalents and Short-Term Investments | 5.03B | 5.10B | 5.57B | 4.72B | 3.50B |
| Total Debt | 99.53M | 135.99M | 327.06M | 177.99M | 222.24M |
| Total Liabilities | 1.76B | 1.77B | 2.26B | 2.30B | 2.75B |
| Stockholders Equity | 9.83B | 9.95B | 10.31B | 9.41B | 8.04B |
Cash Flow | |||||
| Free Cash Flow | 842.47M | 305.16M | 1.16B | 570.19M | -749.38M |
| Operating Cash Flow | 976.61M | 387.34M | 1.32B | 632.90M | 1.52B |
| Investing Cash Flow | 299.45M | -840.82M | -247.14M | 74.29M | -2.57B |
| Financing Cash Flow | -635.55M | -1.13B | -199.84M | 233.76M | -513.12M |
Noah Holdings Technical Analysis
Negative
11.33
Price Trends
10.35
Negative
11.00
Negative
11.08
Negative
Market Momentum
-0.02
Negative
47.55
Neutral
61.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOAH, the sentiment is Negative. The current price of 11.33 is above the 20-day moving average (MA) of 10.46, above the 50-day MA of 10.35, and above the 200-day MA of 11.08, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 47.55 is Neutral, neither overbought nor oversold. The STOCH value of 61.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NOAH.
Noah Holdings Risk Analysis
Noah Holdings disclosed 77 risk factors in its most recent earnings report. Noah Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Noah Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $639.40M | 7.24 | 22.87% | 4.56% | 46.25% | 88.59% | |
71 Outperform | $622.76M | 1.81 | 5.47% | 11.65% | 3.67% | 9.25% | |
69 Neutral | $715.82M | 8.45 | 11.45% | 11.47% | -15.44% | -2.66% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $654.87M | 10.57 | 6.76% | 14.71% | -12.61% | -36.66% | |
60 Neutral | $865.99M | 11.26 | 6.57% | 13.18% | 2.31% | -35.07% | |
56 Neutral | $722.85M | 7.85 | 9.04% | 10.80% | -3.59% | 2.19% |
* Financial Sector Average
NOAH
Noah Holdings
10.34
0.26
2.59%
FDUS
Fidus Investment
18.40
0.34
1.90%
SLRC
SLR Investment Corp.
12.92
-2.18
-14.41%
BCSF
Bain Capital Specialty Finance
12.77
-0.70
-5.20%
VINP
Vinci Partners Investments
9.70
0.85
9.56%
NCDL
Nuveen Churchill Direct Lending Corp.
12.69
-1.52
-10.68%
Noah Holdings Corporate Events
Noah Holdings Details Ongoing ADS Buybacks and Stable Share Count in Late May 2026 Filing
May 29, 2026
Noah Holdings Limited disclosed in a May 29, 2026 filing that its Hong Kong-listed unit, Noah Holdings Private Wealth and Asset Management Limited, reported no change in its issued share capital on May 27, 2026, maintaining 337,233,937 ordinary sh...
Noah Holdings Details Pending Share Cancellations from Late-2025, Early-2026 Buybacks
May 28, 2026
Noah Holdings filed a Form 6-K in late May 2026 noting there was no change in its 337,233,937 issued ordinary shares as of May 26, 2026, despite ongoing share buyback activities. The Hong Kong Next Day Disclosure Return, dated May 27, 2026, detail...
Noah Holdings Posts Higher Q1 2026 Revenues but Lower Profit as AUM Declines
May 27, 2026
Noah Holdings reported unaudited results for the first quarter of 2026 on May 28, showing net revenues of RMB625.8 million, up 1.8% year on year but down 14.7% from the previous quarter as weaker performance-based income from overseas private equi...
Noah Holdings Details Ongoing ADS Buybacks With No Change in Issued Share Count as of May 22, 2026
May 27, 2026
Noah Holdings filed a Form 6-K for May 2026, disclosing that its issued share capital on April 30 and May 22, 2026, remained unchanged at 337,233,937 ordinary shares, with no treasury shares reported on those dates. The filing also detailed a seri...
Noah Holdings Sets May 27 Board Meeting to Approve Q1 2026 Results
May 18, 2026
Noah Holdings Limited announced that its board of directors will meet on May 27, 2026, in Hong Kong to review and approve the group’s unaudited financial results for the first quarter ended March 31, 2026. The company plans to publish these ...
Noah Holdings Reports Stable Share Capital and Ongoing ADS Buybacks in April 2026
May 8, 2026
Noah Holdings reported its April 2026 monthly return on share capital movements to the Hong Kong stock exchange, confirming that its authorised share capital remained at 1 billion ordinary shares with a par value of US$0.00005, and that issued sha...
Noah Holdings Sets June 11, 2026 AGM, Proposes Dividends and Buyback Authority
May 4, 2026
On May 4, 2026, Noah Holdings filed a Form 6-K detailing arrangements for its 2026 annual general meeting, scheduled for June 11, 2026 in Hong Kong, with an ADS record date of April 16, 2026 and Citibank, N.A. acting as depositary for ADS holders....
Noah Holdings Details Share Capital Status and Ongoing ADS Buybacks in April 2026 Filing
Apr 15, 2026
Noah Holdings Limited reported in an April 2026 Form 6-K that its issued share capital on the Hong Kong Stock Exchange remained unchanged at 337,233,937 ordinary shares as of April 13, 2026. The filing was signed by Chief Financial Officer Qing Pa...
Noah Holdings Details Ongoing ADS Buybacks with No Change in Issued Share Capital
Apr 14, 2026
Noah Holdings reported via a Form 6-K on April 14, 2026 that its Hong Kong-listed unit, Noah Holdings Private Wealth and Asset Management Limited, had no change in total issued ordinary shares between April 9 and April 10, 2026, with the count ste...
Noah Holdings Details ADS Buybacks and Confirms Steady Share Count in April 2026 Filing
Apr 13, 2026
Noah Holdings Limited reported via an April 2026 Form 6-K that its Hong Kong-listed unit, Noah Holdings Private Wealth and Asset Management Limited, had no change in its total issued ordinary shares as of April 9, 2026, which remained at 337,233,9...
Noah Holdings Details March 2026 Share Issuances and Ongoing ADS Buybacks
Apr 10, 2026
Noah Holdings reported its monthly share capital movements for March 2026, disclosing that authorised capital remained at 1 billion ordinary shares with total registered capital of US$50,000, while issued shares rose by 1,975,650 to 337,233,937 as...
Noah Holdings Details ADS Buybacks and Confirms Steady Share Count as of Early April 2026
Apr 9, 2026
Noah Holdings Limited reported in an April 9, 2026 filing that its issued ordinary share count on the Hong Kong Stock Exchange remained unchanged at 337,233,937 shares as of April 7, 2026, with no treasury shares outstanding. The disclosure also d...
Noah Holdings Details Ongoing ADS Buybacks With Stable Share Count as of April 1, 2026
Apr 8, 2026
Noah Holdings Limited reported to the U.S. Securities and Exchange Commission in early April 2026 that there were no changes in its total issued share capital on April 1, 2026, with 337,233,937 ordinary shares outstanding. The disclosure, dated Ap...
Noah Holdings Details Late-2025 and January 2026 ADS Buybacks With No Change in March Share Count
Apr 2, 2026
Noah Holdings Limited reported in an April 2026 Form 6-K that its Hong Kong–listed unit, Noah Holdings Private Wealth and Asset Management Limited, had no net change in its issued share capital as of March 31, 2026, maintaining 337,233,937 o...
Noah Holdings Sets April 16, 2026 Record Date for AGM Voting Eligibility
Apr 1, 2026
Noah Holdings has set April 16, 2026, as the record date for determining which holders of its ordinary shares are eligible to attend and vote at its forthcoming annual general meeting in Hong Kong. Shareholders must lodge valid share transfer docu...
Noah Holdings Details Ongoing ADS Buybacks With No Change in Issued Share Capital as of March 27, 2026
Mar 31, 2026
Noah Holdings Limited reported via a March 31, 2026 Form 6-K that there was no change in its total issued share capital on March 27, 2026, with 335,258,287 ordinary shares outstanding and no treasury shares recorded. The filing also detailed a ser...
Noah Holdings Details Ongoing ADS Buybacks and Unchanged Share Capital
Mar 27, 2026
Noah Holdings Limited reported to the U.S. Securities and Exchange Commission on March 27, 2026 that its issued share capital remained unchanged at 335,258,287 ordinary shares as of March 25, 2026, with no treasury shares outstanding. The filing a...
Noah Holdings Details Cross-Border ADS Buybacks With Stable Share Count as of Late March 2026
Mar 26, 2026
On March 26, 2026, Noah Holdings Limited filed a Form 6-K reporting that its issued share capital remained unchanged at 335,258,287 ordinary shares as of March 24, 2026, with no treasury shares on its Hong Kong listing. The filing also detailed a ...
Noah Holdings Posts Strong 2025 Profit Growth as Global Expansion and AI Strategy Take Hold
Mar 25, 2026
Noah Holdings Limited, a private wealth and asset manager focused on high-net-worth Chinese clients, continued its pivot toward global expansion and AI-enabled operations in 2025, deepening its presence in Singapore, Japan and Hong Kong. The firm ...
Noah Holdings Posts Higher 2025 Profit on Cost Controls Despite Volatile Q4 Investment Losses
Mar 24, 2026
Noah reported unaudited results on March 25, 2026 for the fourth quarter and full year ended Dec. 31, 2025, showing stronger revenues but pressure on headline profit in the latest quarter. Fourth-quarter net revenue rose 12.5% year on year to RMB7...
Noah Holdings Details Ongoing ADS Buybacks With No Change in Total Share Capital
Mar 24, 2026
Noah Holdings Limited, the New York- and Hong Kong-listed private wealth and asset management group, reported that its total issued ordinary shares remained unchanged at 335,258,287 as of March 20, 2026. The filing, signed by chief financial offic...
Noah Holdings Details Late-2025 and January 2026 Share Buybacks in Latest SEC Filing
Mar 23, 2026
Noah Holdings Limited filed a Form 6-K with the U.S. Securities and Exchange Commission dated March 23, 2026, disclosing a Next Day Disclosure Return for its Hong Kong-listed subsidiary Noah Holdings Private Wealth and Asset Management Limited. Th...
Noah Holdings Reports Ongoing ADS Buybacks With Stable Share Count as of March 18, 2026
Mar 20, 2026
Noah Holdings Limited reported to the U.S. Securities and Exchange Commission on March 20, 2026, that its Hong Kong-listed unit, Noah Holdings Private Wealth and Asset Management Limited, had no change in its total issued ordinary share capital as...
Noah Holdings Details Ongoing ADS Buybacks and Stable Share Count in March 2026 Filing
Mar 19, 2026
Noah Holdings filed a Form 6-K in March 2026 to update investors on its share capital, confirming that its issued share count on March 17, 2026 remained at 335,258,287 ordinary shares with no treasury shares. The filing also disclosed an ongoing s...
Noah Holdings Details Ongoing ADS Buybacks With No Change in Issued Share Capital as of March 13, 2026
Mar 17, 2026
Noah Holdings reported via a March 17, 2026 Form 6-K that its issued ordinary share count on the Hong Kong Stock Exchange remained unchanged at 335,258,287 as of March 13, 2026. The disclosure also detailed a series of American depositary share bu...
Noah Holdings Details Recent ADS Buybacks and Confirms Stable Share Capital
Mar 16, 2026
Noah Holdings disclosed that its issued share capital on the Hong Kong Stock Exchange stood at 335,258,287 ordinary shares as of March 12, 2026, with no change in the total number of issued or treasury shares during that period. The filing also de...
Noah Holdings Details Ongoing ADS Buybacks With Unchanged Share Count as of March 11, 2026
Mar 13, 2026
Noah Holdings reported to the U.S. Securities and Exchange Commission in a Form 6-K dated March 13, 2026 that there was no change in its total issued ordinary shares as of March 11, 2026, with the Hong Kong-listed share count remaining at 335,258,...
Noah Holdings Details Ongoing ADS Buybacks and Confirms Stable Share Count as of March 10, 2026
Mar 12, 2026
On March 12, 2026, Noah Holdings Limited filed a Form 6-K in the United States disclosing a Next Day Disclosure Return dated March 11, 2026 related to its Hong Kong-listed shares. The filing reports that the company’s issued ordinary share c...
Noah Holdings Details Ongoing ADS Buybacks and Stable Share Count in March 2026 Filing
Mar 11, 2026
Noah Holdings Limited reported to the U.S. Securities and Exchange Commission in a Form 6-K dated March 11, 2026, that its issued share capital on March 9, 2026, stood at 335,258,287 ordinary shares with no treasury shares, indicating no change in...
Noah Holdings Details Ongoing ADS Buybacks in March 2026 SEC and Hong Kong Filings
Mar 10, 2026
Noah Holdings on March 10, 2026, filed a Form 6-K in the United States disclosing a Hong Kong Next Day Disclosure Return dated March 9, 2026, for its listed unit Noah Holdings Private Wealth and Asset Management Limited. The filing shows that as o...
Noah Holdings Details Ongoing ADS Share Buybacks and Stable Share Capital in March 2026 Filing
Mar 9, 2026
Noah Holdings Limited reported in a March 2026 filing that its total issued ordinary share count on the Hong Kong Stock Exchange remained unchanged at 335,258,287 as of March 5, 2026, with no treasury shares outstanding. The disclosure also detail...
Noah Holdings Confirms Share Capital, Details ADS Buybacks in Latest SEC Filing
Mar 6, 2026
Noah Holdings disclosed that as of March 3 and March 4, 2026, its issued share capital stood unchanged at 335,258,287 ordinary shares, with no treasury shares outstanding on the Hong Kong Stock Exchange. The filing was made via a Form 6-K submitte...
Noah Holdings Details Share Capital and Recent ADS Buybacks in March 2026 Filing
Mar 5, 2026
Noah Holdings Limited reported in a March 2026 filing that its issued share capital stood at 335,258,287 ordinary shares as of March 3, 2026, with no change in the number of issued or treasury shares on that date. The disclosure, filed with the U....
Noah Holdings Details Ongoing ADS Buybacks With Unchanged Share Count in March 2026 Filing
Mar 4, 2026
Noah Holdings Limited filed a Form 6-K on March 4, 2026, disclosing a Next Day Disclosure Return for its Hong Kong-listed vehicle, Noah Holdings Private Wealth and Asset Management Limited, dated March 3, 2026. The filing shows that as of February...
Noah Holdings Details Late-2025 and January 2026 ADS Buybacks in Latest Form 6-K
Mar 3, 2026
Noah Holdings filed a Form 6-K for March 2026, detailing its share capital position and confirming that its issued ordinary share count stood at 335,258,287 as of February 26 and February 27, 2026, with no change in the number of issued or treasur...
Noah Holdings Reports ADS Buybacks and Steady Share Count in March 2026 Filing
Mar 2, 2026
Noah Holdings Limited filed a Form 6-K on March 2, 2026, disclosing a Next Day Disclosure Return dated February 27, 2026 for its Hong Kong-listed unit, Noah Holdings Private Wealth and Asset Management Limited. The filing shows that the company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.