(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 | 8.37% |
| Yield CAGR 5y | 17.83% |
| Payout Consistency | 85.6% |
| Payout Ratio | 49.3% |
| Risk 5d forecast | |
|---|---|
| Volatility | 35.7% |
| Relative Tail Risk | -9.23% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.08 |
| Alpha | 20.99 |
| Character TTM | |
|---|---|
| Beta | 1.181 |
| Beta Downside | 1.375 |
| Drawdowns 3y | |
|---|---|
| Max DD | 26.34% |
| CAGR/Max DD | 1.40 |
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) 3.0
| Net Income: 360.17b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.01 > 0.02 and ΔFCF/TA -0.62 > 1.0 |
| NWC/Revenue: 343.4% < 20% (prev -626.6%; Δ 969.9% < -1%) |
| CFO/TA 0.00 > 3% & CFO 264.20b > Net Income 360.17b |
| Net Debt (26015.65b) to EBITDA (529.89b): 49.10 < 3 |
| Current Ratio: 1.42 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.03b) vs 12m ago -1.11% < -2% |
| Gross Margin: 41.08% > 18% (prev 0.36%; Δ 4071 % > 0.5%) |
| Asset Turnover: 7.16% > 50% (prev 7.62%; Δ -0.46% > 0%) |
| Interest Coverage Ratio: 0.36 > 6 (EBITDA TTM 529.89b / Interest Expense TTM 2581.82b) |
Altman Z'' 1.86
| A: 0.24 (Total Current Assets 50553.49b - Total Current Liabilities 35508.27b) / Total Assets 61935.17b |
| B: 0.03 (Retained Earnings 2067.36b / Total Assets 61935.17b) |
| C: 0.02 (EBIT TTM 920.06b / Avg Total Assets 61232.51b) |
| D: 0.05 (Book Value of Equity 3128.60b / Total Liabilities 58120.58b) |
| Altman-Z'' Score: 1.86 = BBB |
Beneish M -1.65
| DSRI: 3.42 (Receivables 5077.72b/1563.41b, Revenue 4381.60b/4610.26b) |
| GMI: 0.88 (GM 41.08% / 36.16%) |
| AQI: 0.20 (AQ_t 0.18 / AQ_t-1 0.87) |
| SGI: 0.95 (Revenue 4381.60b / 4610.26b) |
| TATA: 0.00 (NI 360.17b - CFO 264.20b) / TA 61935.17b) |
| Beneish M-Score: -1.65 (Cap -4..+1) = CCC |
What is the price of NMR shares?
Over the past week, the price has changed by +5.80%, over one month by +2.59%, over three months by +26.67% and over the past year by +41.56%.
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 | 9.8 | 6.9% |
| Analysts Target Price | 9.8 | 6.9% |
| ValueRay Target Price | 12 | 32% |
NMR Fundamental Data Overview February 09, 2026
P/E Trailing = 12.16
P/E Forward = 16.0772
P/S = 0.0131
P/B = 1.1498
P/EG = 0.851
Revenue TTM = 4381.60b JPY
EBIT TTM = 920.06b JPY
EBITDA TTM = 529.89b JPY
Long Term Debt = 15282.76b JPY (from longTermDebt, last quarter)
Short Term Debt = 16729.70b JPY (from shortTermDebt, last quarter)
Debt = 32012.47b JPY (from shortLongTermDebtTotal, last quarter)
Net Debt = 26015.65b JPY (from netDebt column, last quarter)
Enterprise Value = 31314.58b JPY (4207.98b + Debt 32012.47b - CCE 4905.87b)
Interest Coverage Ratio = 0.36 (Ebit TTM 920.06b / Interest Expense TTM 2581.82b)
EV/FCF = -36.05x (Enterprise Value 31314.58b / FCF TTM -868.58b)
FCF Yield = -2.77% (FCF TTM -868.58b / Enterprise Value 31314.58b)
FCF Margin = -19.82% (FCF TTM -868.58b / Revenue TTM 4381.60b)
Net Margin = 8.22% (Net Income TTM 360.17b / Revenue TTM 4381.60b)
Gross Margin = 41.08% ((Revenue TTM 4381.60b - Cost of Revenue TTM 2581.82b) / Revenue TTM)
Gross Margin QoQ = 42.40% (prev 42.03%)
Tobins Q-Ratio = 0.51 (Enterprise Value 31314.58b / Total Assets 61935.17b)
Interest Expense / Debt = 2.11% (Interest Expense 676.17b / Debt 32012.47b)
Taxrate = 30.08% (40.67b / 135.22b)
NOPAT = 643.30b (EBIT 920.06b * (1 - 30.08%))
Current Ratio = 1.42 (Total Current Assets 50553.49b / Total Current Liabilities 35508.27b)
Debt / Equity = 8.77 (Debt 32012.47b / totalStockholderEquity, last quarter 3651.82b)
Debt / EBITDA = 49.10 (Net Debt 26015.65b / EBITDA 529.89b)
Debt / FCF = -29.95 (negative FCF - burning cash) (Net Debt 26015.65b / FCF TTM -868.58b)
Total Stockholder Equity = 3521.00b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.59% (Net Income 360.17b / Total Assets 61935.17b)
RoE = 10.23% (Net Income TTM 360.17b / Total Stockholder Equity 3521.00b)
RoCE = 4.89% (EBIT 920.06b / Capital Employed (Equity 3521.00b + L.T.Debt 15282.76b))
RoIC = 3.34% (NOPAT 643.30b / Invested Capital 19289.10b)
WACC = 2.50% (E(4207.98b)/V(36220.45b) * Re(10.27%) + D(32012.47b)/V(36220.45b) * Rd(2.11%) * (1-Tc(0.30)))
Discount Rate = 10.27% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -1.69%
Fair Price DCF = unknown (Cash Flow -868.58b)
EPS Correlation: 50.11 | EPS CAGR: 27.68% | SUE: -0.01 | # QB: 0
Revenue Correlation: 77.80 | Revenue CAGR: 35.19% | SUE: 0.53 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.18 | Chg30d=-0.003 | Revisions Net=-1 | Analysts=1
EPS next Year (2027-03-31): EPS=0.78 | Chg30d=+0.028 | Revisions Net=+1 | Growth EPS=-5.7% | Growth Revenue=+1.7%