(NMR) Nomura Holdings - Overview
Stock: Wealth Management, Investment Management, Wholesale Banking
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 6.09% |
| Yield on Cost 5y | 9.25% |
| Yield CAGR 5y | 17.83% |
| Payout Consistency | 85.6% |
| Payout Ratio | 47.6% |
| Risk 5d forecast | |
|---|---|
| Volatility | 31.3% |
| Relative Tail Risk | -10.8% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.37 |
| Alpha | 36.80 |
| Character TTM | |
|---|---|
| Beta | 1.170 |
| Beta Downside | 1.393 |
| Drawdowns 3y | |
|---|---|
| Max DD | 26.34% |
| CAGR/Max DD | 1.47 |
Description: NMR Nomura Holdings December 19, 2025
Nomura Holdings, Inc. (NYSE: NMR) is a Japan-based financial services firm that delivers investment, financing and advisory solutions to retail, institutional and government clients worldwide through three operating segments: Wealth Management, Investment Management, and Wholesale.
The Wealth Management arm provides personalized investment consulting, while the Investment Management division runs discretionary mandates, investment trusts and silent partnerships for both retail and institutional investors. The Wholesale segment generates the bulk of earnings by trading debt and equity securities, foreign-exchange and derivatives, and by offering investment-banking services such as underwriting, M&A advisory and capital-raising.
Key data points (FY 2023): revenue of ¥1.5 trillion, net profit of ¥140 billion, and ROE of ~9 %, reflecting modest profitability in a low-interest-rate environment. The business is sensitive to Japanese yen volatility (which can boost overseas earnings when the yen weakens) and to global capital-market cycles that drive deal flow and trading volumes. Recent sector trends-tightening credit conditions in Asia and a shift toward ESG-focused investment products-are reshaping Nomura’s growth opportunities.
For a deeper quantitative assessment, you may find ValueRay’s sector dashboards useful.
Piotroski VR‑10 (Strict, 0-10) 2.5
| Net Income: 370.05b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.01 > 0.02 and ΔFCF/TA -1.17 > 1.0 |
| NWC/Revenue: -604.4% < 20% (prev -606.1%; Δ 1.69% < -1%) |
| CFO/TA 0.00 > 3% & CFO 264.20b > Net Income 370.05b |
| Net Debt (9166.34b) to EBITDA (532.95b): 17.20 < 3 |
| Current Ratio: 0.21 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.02b) vs 12m ago -0.98% < -2% |
| Gross Margin: 40.96% > 18% (prev 0.35%; Δ 4061 % > 0.5%) |
| Asset Turnover: 7.48% > 50% (prev 7.84%; Δ -0.36% > 0%) |
| Interest Coverage Ratio: 0.30 > 6 (EBITDA TTM 532.95b / Interest Expense TTM 2601.60b) |
Altman Z'' -2.65
| A: -0.44 (Total Current Assets 7183.65b - Total Current Liabilities 33817.75b) / Total Assets 60367.70b |
| B: 0.03 (Retained Earnings 1975.90b / Total Assets 60367.70b) |
| C: 0.01 (EBIT TTM 782.40b / Avg Total Assets 58913.17b) |
| D: 0.05 (Book Value of Equity 2570.40b / Total Liabilities 56759.04b) |
| Altman-Z'' Score: -2.65 = D |
Beneish M -3.73
| DSRI: 0.31 (Receivables 443.13b/1479.58b, Revenue 4406.74b/4502.14b) |
| GMI: 0.85 (GM 40.96% / 34.97%) |
| AQI: 1.01 (AQ_t 0.87 / AQ_t-1 0.86) |
| SGI: 0.98 (Revenue 4406.74b / 4502.14b) |
| TATA: 0.00 (NI 370.05b - CFO 264.20b) / TA 60367.70b) |
| Beneish M-Score: -3.73 (Cap -4..+1) = AAA |
What is the price of NMR shares?
Over the past week, the price has changed by +3.56%, over one month by +10.06%, over three months by +31.54% and over the past year by +54.04%.
Is NMR a buy, sell or hold?
- StrongBuy: 0
- Buy: 0
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the NMR price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 9 | -3.4% |
| Analysts Target Price | 9 | -3.4% |
| ValueRay Target Price | 12.5 | 34.6% |
NMR Fundamental Data Overview January 25, 2026
P/E Trailing = 11.7895
P/E Forward = 16.0772
P/S = 0.0132
P/B = 1.1957
P/EG = 0.851
Revenue TTM = 4406.74b JPY
EBIT TTM = 782.40b JPY
EBITDA TTM = 532.95b JPY
Long Term Debt = 14776.43b JPY (from longTermDebt, last quarter)
Short Term Debt = 22697.81b JPY (from shortTermDebt, last quarter)
Debt = 31346.28b JPY (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 9166.34b JPY (from netDebt column, last quarter)
Enterprise Value = 29504.25b JPY (4025.33b + Debt 31346.28b - CCE 5867.36b)
Interest Coverage Ratio = 0.30 (Ebit TTM 782.40b / Interest Expense TTM 2601.60b)
EV/FCF = -33.97x (Enterprise Value 29504.25b / FCF TTM -868.58b)
FCF Yield = -2.94% (FCF TTM -868.58b / Enterprise Value 29504.25b)
FCF Margin = -19.71% (FCF TTM -868.58b / Revenue TTM 4406.74b)
Net Margin = 8.40% (Net Income TTM 370.05b / Revenue TTM 4406.74b)
Gross Margin = 40.96% ((Revenue TTM 4406.74b - Cost of Revenue TTM 2601.60b) / Revenue TTM)
Gross Margin QoQ = 42.03% (prev 45.25%)
Tobins Q-Ratio = 0.49 (Enterprise Value 29504.25b / Total Assets 60367.70b)
Interest Expense / Debt = 2.06% (Interest Expense 645.75b / Debt 31346.28b)
Taxrate = 29.90% (40.85b / 136.65b)
NOPAT = 548.49b (EBIT 782.40b * (1 - 29.90%))
Current Ratio = 0.21 (Total Current Assets 7183.65b / Total Current Liabilities 33817.75b)
Debt / Equity = 8.99 (Debt 31346.28b / totalStockholderEquity, last quarter 3485.28b)
Debt / EBITDA = 17.20 (Net Debt 9166.34b / EBITDA 532.95b)
Debt / FCF = -10.55 (negative FCF - burning cash) (Net Debt 9166.34b / FCF TTM -868.58b)
Total Stockholder Equity = 3500.53b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.63% (Net Income 370.05b / Total Assets 60367.70b)
RoE = 10.57% (Net Income TTM 370.05b / Total Stockholder Equity 3500.53b)
RoCE = 4.28% (EBIT 782.40b / Capital Employed (Equity 3500.53b + L.T.Debt 14776.43b))
RoIC = 2.89% (NOPAT 548.49b / Invested Capital 18971.49b)
WACC = 2.44% (E(4025.33b)/V(35371.61b) * Re(10.23%) + D(31346.28b)/V(35371.61b) * Rd(2.06%) * (1-Tc(0.30)))
Discount Rate = 10.23% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.77%
Fair Price DCF = unknown (Cash Flow -868.58b)
EPS Correlation: 45.26 | EPS CAGR: 4.15% | SUE: 0.00 | # QB: 0
Revenue Correlation: 81.68 | Revenue CAGR: 33.25% | SUE: 0.50 | # QB: 0
EPS next Year (2027-03-31): EPS=0.75 | Chg30d=+0.007 | Revisions Net=+1 | Growth EPS=-11.3% | Growth Revenue=-0.3%