What is Noah Hldgs Ltd's earnings per share (EPS)?

Noah Hldgs Ltd (NOAH) reported diluted earnings per share of $0.23 for fiscal year 2025. This represents a 27.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Noah Hldgs Ltd Financials

NOAH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Noah Hldgs Ltd (NOAH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NOAH FY2024 2026-04-29

Profitability and cash generation both weakened in FY2024, but a cash-rich balance sheet still funded shareholder distributions.

The least obvious shift is that capital returns consumed more than three times free cash flow: payouts of $145.4M sat against free cash flow of $41.8M, so the lower cash balance reflects distribution policy as much as weaker operations. That matters because a year earlier looked self-funding, with free cash flow of $163.4M comfortably covering dividends of $25.0M.

FY2024’s squeeze was operational rather than balance-sheet driven, which changes how to read the weaker year. Revenue fell to $356.3M while operating margin dropped to 24.4%, yet total liabilities kept declining, showing the company was not leaning on borrowing to cushion the slowdown.

The other notable change is cash conversion: net income of $65.1M turned into only $53.1M of operating cash flow, so reported profit no longer had the extra cash buffer seen a year earlier. Even so, liquidity remains ample, because cash of $523.7M still sits well above total liabilities of $242.0M.

Financial Health Signals

Financial Profile 68/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Noah Hldgs Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Noah Hldgs Ltd has an operating margin of 29.8%, meaning the company retains $30 of operating profit per $100 of revenue. This strong profitability earns a score of 86/100, reflecting efficient cost management and pricing power. This is up from 24.4% the prior year.

Growth

Noah Hldgs Ltd's revenue grew a modest 4.8% year-over-year to $373.3M. This slow but positive growth earns a score of 16/100.

Leverage

Noah Hldgs Ltd carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.46, Noah Hldgs Ltd holds $4.46 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 88/100.

Cash Flow

Noah Hldgs Ltd converts 32.3% of revenue into free cash flow ($120.5M). This strong cash generation earns a score of 92/100.

Returns

Noah Hldgs Ltd generates a 5.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from 4.8% the prior year.

Altman Z-Score Safe

3.28

Noah Hldgs Ltd scores 3.28, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($687.2M) relative to total liabilities ($251.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Noah Hldgs Ltd passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.75x

For every $1 of reported earnings, Noah Hldgs Ltd generates $1.75 in operating cash flow ($139.7M OCF vs $79.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$373.3M

YoY+4.8%

5Y CAGR-5.9%

10Y CAGR+8.1%

Noah Hldgs Ltd generated $373.3M in revenue in fiscal year 2025. This represents an increase of 4.8% from the prior year.

EBITDA

$133.5M

YoY+23.3%

5Y CAGR-8.5%

10Y CAGR+3.8%

Noah Hldgs Ltd's EBITDA was $133.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.3% from the prior year.

Net Income

$79.9M

YoY+22.7%

10Y CAGR-0.3%

Noah Hldgs Ltd reported $79.9M in net income in fiscal year 2025. This represents an increase of 22.7% from the prior year.

EPS (Diluted)

$0.23

YoY+27.8%

Noah Hldgs Ltd earned $0.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 27.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$120.5M

YoY+188.2%

5Y CAGR+1.1%

10Y CAGR+3.8%

Noah Hldgs Ltd generated $120.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 188.2% from the prior year.

Cash & Debt

$623.6M

YoY+19.1%

5Y CAGR-4.1%

10Y CAGR+7.3%

Noah Hldgs Ltd held $623.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

335M

YoY+0.0%

Noah Hldgs Ltd had 335M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

29.8%

YoY+5.4pp

5Y CAGR-8.3pp

10Y CAGR-20.4pp

Noah Hldgs Ltd's operating margin was 29.8% in fiscal year 2025, reflecting core business profitability. This is up 5.4 percentage points from the prior year.

Net Margin

21.4%

YoY+3.1pp

5Y CAGR+44.0pp

10Y CAGR-26.7pp

Noah Hldgs Ltd's net profit margin was 21.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.1 percentage points from the prior year.

Return on Equity

5.7%

YoY+0.9pp

5Y CAGR+16.1pp

10Y CAGR-16.2pp

Noah Hldgs Ltd's ROE was 5.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$7.5M

YoY+2.3%

5Y CAGR-29.6%

10Y CAGR+0.8%

Noah Hldgs Ltd spent $7.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2.3% from the prior year.

Capital Expenditures

$19.2M

YoY+70.4%

5Y CAGR+19.4%

10Y CAGR-0.9%

Noah Hldgs Ltd invested $19.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 70.4% from the prior year.

NOAH Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$373.3M+4.8%	$356.3M-23.2%	$464.0M+3.2%	$449.5M-33.3%	$673.7M+33.0%	$506.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$43.7M+7.5%	$40.7M+4.7%	$38.8M+13.8%	$34.1M-43.3%	$60.2M+41.2%	$42.6M
Operating Income	$111.1M+27.9%	$86.8M-43.8%	$154.6M-2.0%	$157.8M-16.1%	$188.1M-2.5%	$192.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$42.6M+15.7%	$36.8M-0.4%	$37.0M-4.6%	$38.7M-16.0%	$46.1M+16.4%	$39.6M
Net Income	$79.9M+22.7%	$65.1M-54.2%	$142.2M+0.4%	$141.6M-31.3%	$206.2M+280.6%	-$114.2M
EPS (Diluted)	$0.23+27.8%	$0.18-56.1%	$0.41	$4.14-32.1%	$6.10+265.8%	$-3.68

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NOAH Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.7B+4.0%	$1.6B-9.7%	$1.8B+4.5%	$1.7B+0.1%	$1.7B+18.6%	$1.4B
Current Assets	$909.5M+2.5%	$887.0M-11.5%	$1.0B+9.4%	$915.9M+5.8%	$865.7M-15.7%	$1.0B
Cash & Equivalents	$623.6M+19.1%	$523.7M-28.4%	$731.3M+14.5%	$638.5M+19.5%	$534.3M-30.4%	$767.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$60.1M-7.4%	$64.9M-8.6%	$71.0M-1.7%	$72.2M-43.0%	$126.8M+90.4%	$66.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$251.4M+3.9%	$242.0M-23.9%	$318.0M-4.5%	$333.1M-22.8%	$431.2M+32.6%	$325.2M
Current Liabilities	$204.1M+4.2%	$195.8M-26.5%	$266.4M-3.6%	$276.2M-22.9%	$358.3M+24.3%	$288.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.4B+3.1%	$1.4B-6.2%	$1.5B+6.5%	$1.4B+8.1%	$1.3B+14.6%	$1.1B
Retained Earnings	$831.5M+2.8%	$808.9M-10.8%	$906.6M+11.6%	$812.6M-0.2%	$814.0M+33.1%	$611.5M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$1.7B+4.0%	$1.6B-9.7%	$1.8B+4.5%	$1.7B+0.1%	$1.7B+18.6%	$1.4B+2.3%	$1.4B+20.8%	$1.2B
Current Assets	$909.5M+2.5%	$887.0M-11.5%	$1.0B+9.4%	$915.9M+5.8%	$865.7M-15.7%	$1.0B+6.2%	$966.9M+30.2%	$742.4M
Cash & Equivalents	$623.6M+19.1%	$523.7M-28.4%	$731.3M+14.5%	$638.5M+19.5%	$534.3M-30.4%	$767.1M+21.7%	$630.2M+60.2%	$393.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$60.1M-7.4%	$64.9M-8.6%	$71.0M-1.7%	$72.2M-43.0%	$126.8M+90.4%	$66.6M+111.1%	$31.5M-23.2%	$41.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$251.4M+3.9%	$242.0M-23.9%	$318.0M-4.5%	$333.1M-22.8%	$431.2M+32.6%	$325.2M+17.5%	$276.9M+3.5%	$267.5M
Current Liabilities	$204.1M+4.2%	$195.8M-26.5%	$266.4M-3.6%	$276.2M-22.9%	$358.3M+24.3%	$288.3M+33.4%	$216.2M-6.6%	$231.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.4B+3.1%	$1.4B-6.2%	$1.5B+6.5%	$1.4B+8.1%	$1.3B+14.6%	$1.1B+9.3%	$1.0B+18.7%	$849.1M
Retained Earnings	$831.5M+2.8%	$808.9M-10.8%	$906.6M+11.6%	$812.6M-0.2%	$814.0M+33.1%	$611.5M-10.1%	$680.1M+18.5%	$573.9M

NOAH Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$139.7M+163.2%	$53.1M-71.4%	$185.7M+102.3%	$91.8M-61.6%	$238.8M+95.7%	$122.0M
Capital Expenditures	$19.2M+70.4%	$11.3M-49.4%	$22.2M+144.6%	$9.1M-97.4%	$356.4M+4405.2%	$7.9M
Free Cash Flow	$120.5M+188.2%	$41.8M-74.4%	$163.4M+97.7%	$82.7M+170.3%	-$117.6M-203.0%	$114.1M
Investing Cash Flow	$42.8M+137.2%	-$115.2M-230.9%	-$34.8M-423.1%	$10.8M+102.7%	-$403.6M-846.9%	$54.0M
Financing Cash Flow	-$90.9M+41.5%	-$155.4M-452.0%	-$28.1M-183.0%	$33.9M+142.1%	-$80.5M-41.5%	-$56.9M
Dividends Paid	$78.2M-43.4%	$138.1M+452.3%	$25.0M	N/A	N/A	N/A
Share Buybacks	$7.5M+2.3%	$7.3M	N/A	N/A	$58.4M+35.4%	$43.2M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NOAH Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	29.8%+5.4pp	24.4%-8.9pp	33.3%-1.8pp	35.1%+7.2pp	27.9%-10.1pp	38.1%
Net Margin	21.4%+3.1pp	18.3%-12.4pp	30.6%-0.9pp	31.5%+0.9pp	30.6%+53.1pp	-22.5%
Return on Equity	5.7%+0.9pp	4.8%-5.0pp	9.8%-0.6pp	10.4%-6.0pp	16.3%+26.7pp	-10.4%
Return on Assets	4.8%+0.7pp	4.0%-3.9pp	8.0%-0.3pp	8.3%-3.8pp	12.1%+20.0pp	-7.9%
Current Ratio	4.46-0.1	4.53+0.8	3.76+0.4	3.32+0.9	2.42-1.1	3.56
Debt-to-Equity	0.180.0	0.18-0.0	0.22-0.0	0.24-0.1	0.34+0.0	0.30
FCF Margin	32.3%+20.5pp	11.7%-23.5pp	35.2%+16.8pp	18.4%+35.9pp	-17.5%-40.0pp	22.5%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	4.46-0.1	4.53+0.8	3.76+0.4	3.32+0.9	2.42-1.1	3.56-0.9	4.47+1.3	3.21
Debt-to-Equity	0.180.0	0.18-0.0	0.22-0.0	0.24-0.1	0.34+0.0	0.30+0.0	0.27-0.0	0.32
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Noah Hldgs Ltd's annual revenue?

Noah Hldgs Ltd (NOAH) reported $373.3M in total revenue for fiscal year 2025. This represents a 4.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Noah Hldgs Ltd's revenue growing?

Noah Hldgs Ltd (NOAH) revenue grew by 4.8% year-over-year, from $356.3M to $373.3M in fiscal year 2025.

Is Noah Hldgs Ltd profitable?

Yes, Noah Hldgs Ltd (NOAH) reported a net income of $79.9M in fiscal year 2025, with a net profit margin of 21.4%.

What is Noah Hldgs Ltd's EBITDA?

Noah Hldgs Ltd (NOAH) had EBITDA of $133.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Noah Hldgs Ltd's operating margin?

Noah Hldgs Ltd (NOAH) had an operating margin of 29.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Noah Hldgs Ltd's net profit margin?

Noah Hldgs Ltd (NOAH) had a net profit margin of 21.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Noah Hldgs Ltd's return on equity (ROE)?

Noah Hldgs Ltd (NOAH) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Noah Hldgs Ltd's free cash flow?

Noah Hldgs Ltd (NOAH) generated $120.5M in free cash flow during fiscal year 2025. This represents a 188.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Noah Hldgs Ltd's operating cash flow?

Noah Hldgs Ltd (NOAH) generated $139.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Noah Hldgs Ltd's total assets?

Noah Hldgs Ltd (NOAH) had $1.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Noah Hldgs Ltd's capital expenditures?

Noah Hldgs Ltd (NOAH) invested $19.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Noah Hldgs Ltd buy back shares?

Yes, Noah Hldgs Ltd (NOAH) spent $7.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Noah Hldgs Ltd have outstanding?

Noah Hldgs Ltd (NOAH) had 335M shares outstanding as of fiscal year 2025.

What is Noah Hldgs Ltd's current ratio?

Noah Hldgs Ltd (NOAH) had a current ratio of 4.46 as of fiscal year 2025, which is generally considered healthy.

What is Noah Hldgs Ltd's debt-to-equity ratio?

Noah Hldgs Ltd (NOAH) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Noah Hldgs Ltd's return on assets (ROA)?

Noah Hldgs Ltd (NOAH) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Noah Hldgs Ltd's Altman Z-Score?

Noah Hldgs Ltd (NOAH) has an Altman Z-Score of 3.28, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Noah Hldgs Ltd's Piotroski F-Score?

Noah Hldgs Ltd (NOAH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Noah Hldgs Ltd's earnings high quality?

Noah Hldgs Ltd (NOAH) has an earnings quality ratio of 1.75x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Noah Hldgs Ltd?

Noah Hldgs Ltd (NOAH) scores 68 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.