Overview Dividends

(NMR) Nomura Holdings - Ratings and Ratios

Exchange: NYSE • Country: Japan • Currency: USD • Type: Common Stock • ISIN: US65535H2085

Wealth Management, Investment Management, Wholesale, Brokerage, Advisory

NMR EPS (Earnings per Share)

EPS Growth (3Y CAGR): 5.33%
EPS Trend (3Y Correlation): 33.9%

NMR Revenue

Revenue Growth (3Y CAGR): 52.88%
Revenue Trend (3Y Correlation): 89.0%

Risk via 10d forecast
Volatility	31.8%
Value at Risk 5%th	47.3%

Reward
Sharpe Ratio	0.87
Alpha Jensen	23.41

Character
Hurst Exponent	0.322
Beta	0.449

Drawdowns 3y
Max DD	26.34%
Mean DD	6.72%

Description: NMR Nomura Holdings October 16, 2025

Nomura Holdings, Inc. (NYSE: NMR) is a global financial services firm headquartered in Tokyo, operating through three primary segments: Wealth Management, Investment Management, and Wholesale. The Wholesale segment drives the bulk of earnings by providing institutional clients with bond, equity, FX, and derivatives trading, underwriting a broad spectrum of securities, and delivering advisory services for M&A, capital raising, and risk management. Wealth Management supplies retail and high-net-worth clients with investment products and advice, while Investment Management handles discretionary mandates, investment trusts, and fund offerings.

Key quantitative drivers (as of FY 2023) include: • Revenue of ¥1.2 trillion, with the Wholesale segment contributing roughly 70 % of total sales. • Net profit margin of 9 %, supported by a 15 % year-over-year increase in fee-based income from underwriting and advisory work. • Assets under management (AUM) of ¥12 trillion, reflecting modest growth despite a challenging low-interest-rate environment in Japan. The business is highly sensitive to market volatility, global interest-rate cycles, and the health of the Japanese yen, which affect both trading volumes and the valuation of foreign-currency-denominated assets.

If you want a deeper, data-rich assessment of Nomura’s valuation metrics and scenario analysis, a quick look at ValueRay’s analyst toolkit can help you surface the most relevant forward-looking indicators.

NMR Stock Overview

Market Cap in USD	20,913m
Sub-Industry	Investment Banking & Brokerage
IPO / Inception	1961-10-01
Return 12m vs S&P 500	12.4%
Analyst Rating	3.0 of 5

NMR Dividends

Dividend Yield	5.55%
Yield on Cost 5y	10.09%
Yield CAGR 5y	1.14%
Payout Consistency	85.0%
Payout Ratio	47.6%

NMR Growth Ratios

CAGR	32.18%
CAGR/Max DD Calmar Ratio	1.22
CAGR/Mean DD Pain Ratio	4.79
Current Volume	344k
Average Volume	598k

Piotroski VR‑10 (Strict, 0-10) 2.5

Net Income (373.77b TTM) > 0 and > 6% of Revenue (6% = 267.24b TTM)

FCFTA -0.02 (>2.0%) and ΔFCFTA -2.34pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -598.0% (prev -848.5%; Δ 250.5pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.02 (>3.0%) and CFO -1047.68b <= Net Income 373.77b (YES >=105%, WARN >=100%)

Net Debt (25831.58b) to EBITDA (396.31b) ratio: 65.18 <= 3.0 (WARN <= 3.5)

Current Ratio 0.21 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (3.02b) change vs 12m ago -0.98% (target <= -2.0% for YES)

Gross Margin 56.09% (prev 8.96%; Δ 47.12pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 7.80% (prev 5.60%; Δ 2.20pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.15 (EBITDA TTM 396.31b / Interest Expense TTM 2601.60b) >= 6 (WARN >= 3)

Altman Z'' -2.86

(A) -0.47 = (Total Current Assets 7183.65b - Total Current Liabilities 33817.75b) / Total Assets 56802.17b

(B) 0.03 = Retained Earnings (Balance) 1867.38b / Total Assets 56802.17b

(D) 0.05 = Book Value of Equity 2909.68b / Total Liabilities 53221.17b

Total Rating: -2.86 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 42.33

1. Piotroski 2.50pt = -2.50

2. FCF Yield -2.88% = -1.44

3. FCF Margin -19.50% = -7.31

4. Debt/Equity 9.03 = -2.50

5. Debt/Ebitda 65.18 = -2.50

6. ROIC - WACC (= -0.55)% = -0.68

7. RoE 10.82% = 0.90

8. Rev. Trend 88.97% = 6.67

9. EPS Trend 33.90% = 1.70

What is the price of NMR shares?

As of November 12, 2025, the stock is trading at USD 7.20 with a total of 344,000 shares traded.
Over the past week, the price has changed by +3.15%, over one month by +5.26%, over three months by +4.84% and over the past year by +29.78%.

Is Nomura Holdings a good stock to buy?

No, based on ValueRay´s Fundamental Analyses, Nomura Holdings (NYSE:NMR) is currently (November 2025) a stock to sell. It has a ValueRay Fundamental Rating of 42.33 and therefor a negative outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of NMR is around 8.51 USD . This means that NMR is currently undervalued and has a potential upside of +18.19% (Margin of Safety).

Is NMR a buy, sell or hold?

Nomura Holdings has received a consensus analysts rating of 3.00. Therefor, it is recommend to hold NMR.

Strong Buy: 0
Buy: 0
Hold: 1
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the NMR price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	7.6	5.3%
Analysts Target Price	7.6	5.3%
ValueRay Target Price	9	24.7%

NMR Fundamental Data Overview November 11, 2025

Market Cap JPY = 3223.79b (20.91b USD * 154.1524 USD.JPY)
P/E Trailing = 8.9873
P/E Forward = 16.0772
P/S = 0.0105
P/B = 0.8869
P/EG = 0.851
Beta = 0.449
Revenue TTM = 4453.94b JPY
EBIT TTM = 396.31b JPY
EBITDA TTM = 396.31b JPY
Long Term Debt = 13767.10b JPY (from longTermDebt, last fiscal year)
Short Term Debt = 17405.05b JPY (from shortTermDebt, last fiscal year)
Debt = 31346.28b JPY (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 25831.58b JPY (from netDebt column, last fiscal year)
Enterprise Value = 30145.61b JPY (3223.79b + Debt 31346.28b - CCE 4424.46b)
Interest Coverage Ratio = 0.15 (Ebit TTM 396.31b / Interest Expense TTM 2601.60b)
FCF Yield = -2.88% (FCF TTM -868.58b / Enterprise Value 30145.61b)
FCF Margin = -19.50% (FCF TTM -868.58b / Revenue TTM 4453.94b)
Net Margin = 8.39% (Net Income TTM 373.77b / Revenue TTM 4453.94b)
Gross Margin = 56.09% ((Revenue TTM 4453.94b - Cost of Revenue TTM 1955.85b) / Revenue TTM)
Gross Margin QoQ = 100.0% (prev 45.25%)
Tobins Q-Ratio = 0.53 (Enterprise Value 30145.61b / Total Assets 56802.17b)
Interest Expense / Debt = 2.06% (Interest Expense 645.75b / Debt 31346.28b)
Taxrate = 29.90% (40.85b / 136.65b)
NOPAT = 277.82b (EBIT 396.31b * (1 - 29.90%))
Current Ratio = 0.21 (Total Current Assets 7183.65b / Total Current Liabilities 33817.75b)
Debt / Equity = 9.03 (Debt 31346.28b / totalStockholderEquity, last fiscal year 3470.88b)
Debt / EBITDA = 65.18 (Net Debt 25831.58b / EBITDA 396.31b)
Debt / FCF = -29.74 (negative FCF - burning cash) (Net Debt 25831.58b / FCF TTM -868.58b)
Total Stockholder Equity = 3454.40b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.66% (Net Income 373.77b / Total Assets 56802.17b)
RoE = 10.82% (Net Income TTM 373.77b / Total Stockholder Equity 3454.40b)
RoCE = 2.30% (EBIT 396.31b / Capital Employed (Equity 3454.40b + L.T.Debt 13767.10b))
RoIC = 1.48% (NOPAT 277.82b / Invested Capital 18800.83b)
WACC = 2.02% (E(3223.79b)/V(34570.07b) * Re(7.67%) + D(31346.28b)/V(34570.07b) * Rd(2.06%) * (1-Tc(0.30)))
Discount Rate = 7.67% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -1.90%
Fair Price DCF = unknown (Cash Flow -868.58b)
EPS Correlation: 33.90 | EPS CAGR: 5.33% | SUE: 0.00 | # QB: 0
Revenue Correlation: 88.97 | Revenue CAGR: 52.88% | SUE: 0.54 | # QB: 0

Additional Sources for NMR Stock

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