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Earnings transcript
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NOAH
Noah Holdings Limited
$7.22
-0.13
(-1.77%)
| Exchange: | NYSE |
| Market Cap: | 481.924M |
| Shares Outstanding: | 34.042M |
Delayed data
About The Company
| Sector: | Financial ServicesView sector performance | |||||
| Industry: | Asset ManagementView industry performance | |||||
| CEO: | Zhe Yin | |||||
| Full Time Employees: | 1778 | |||||
| Address: |
| |||||
| Website: | https://www.noahgroup.com |
Noah Holdings Limited, a financial services entity established in 2005 and headquartered in Shanghai, People’s Republic of China, specializes in providing comprehensive wealth and asset management solutions. The company primarily caters to high-net-worth individuals and corporate clients, offering expertise in investment and asset allocation across Mainland China, Hong Kong, and international markets. Its operations are divided into three core segments: Wealth Management, Asset Management, and Other Businesses. Through its wealth management arm, Noah delivers a broad spectrum of investment products, including both publicly offered and privately placed funds, spanning public securities and private equity. It also provides bespoke value-added financial services such as investor education, trust administration, and insurance brokerage, in addition to direct sales of insurance products. Furthermore, the company’s asset management division offers access to a diverse portfolio of onshore and offshore investment vehicles, such as private equity, real estate, public securities, and multi-strategy funds. Noah Holdings also extends lending services as part of its comprehensive financial offerings.
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Revenue Segmentation
NOAH full analysis
Welcome to MARKETSNAP’s SWOT analysis for Noah Holdings! If you’re not familiar with this company, let me give you the quick rundown. Noah Holdings, based out of China, operates in the financial services sector, specifically in the asset and wealth management industry. They cater to high-net-worth individuals, offering investment products and advisory services, and they’ve carved out a notable spot in the market with a focus on both domestic and international clients. With thousands of employees and a solid presence…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| NOAH | Noah Holdings Limited | 481.9M | 1.2 | 4.8 | 5.7% |
 PWRL | Powerlaw Corp. Common Stock | 506.4M | — | — | — |
 NCDL | Nuveen Churchill Direct Lending Corp. | 524.5M | 11.3 | 6.7 | 3.2% |
 MSIF | MSC Income Fund, Inc. | 528.7M | 5.5 | 8.5 | 8.7% |
 GLAD | Gladstone Capital Corporation | 426.6M | 8.8 | 9.5 | 5.9% |
 GAIN | Gladstone Investment Corp. | 599.3M | 3.6 | 36.7 | 9.4% |
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3,294,696 | 2,600,982 | 2,610,240 |
| Gross Profit | 1,837,943 | 1,251,531 | 1,393,688 |
| EBITDA | 1,255,997 | 790,572 | 933,565 |
| Operating Income | 1,097,915 | 633,889 | 776,664 |
| Net Income | 1,009,494 | 475,445 | 558,857 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 12,685,378 | 11,778,845 | 11,748,410.531 |
| Total Liabilities | 2,257,815 | 1,766,105 | 1,759,093.460 |
| Total Stockholders Equity | 10,310,334 | 9,945,848 | 9,833,108.658 |
| Total Debt | 138,359 | 120,613 | 60,382.422 |
| Cash and Cash Equivalents | 5,192,127 | 3,822,339 | 4,374,845.089 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,318,320 | 387,336 | 976,609 |
| Capital Expenditure | -157,922 | -82,175 | -134,142 |
| Free Cash Flow | 1,160,398 | 305,161 | 842,467 |
| Net Income | 1,001,015 | 487,004 | 557,219 |
| Net Change in Cash | 919,442 | -1,515,525 | 541,026 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 2,372,807.868 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 2,615,144.444 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 2,513,126.777 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 426,348.060 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 450,293.103 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 440,212.827 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 130,793.409 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 148,472.493 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 141,030.032 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 569,928.131 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 628,135.301 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 603,631.531 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 10.020 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 10.550 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 9.290 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 1 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 1 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Revenue Performance: Noah Holdings reported total revenues of RMB 689 million in Q3 2024, reflecting consistent operational performance as highlighted in the latest earnings call transcript. This revenue base supports the company’s ability to sustain operations and invest in growth initiatives.
- Strong International Expansion: The earnings call emphasized successful expansion in key international markets, which diversifies revenue streams and reduces reliance on domestic market fluctuations, positioning NOAH as a global player in wealth management.
- Positive Free Cash Flow: Based on cash flow statement data, NOAH demonstrates healthy free cash flow, indicating operational efficiency and the capacity to fund strategic initiatives or return value to shareholders without excessive reliance on external financing.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates NOAH intrinsic value between $44.88 – $57.69 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about NOAH valuation
Is Noah Holdings Limited (NOAH) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Noah Holdings Limited (NOAH) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is NOAH a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether NOAH trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is NOAH’s P/E ratio?
You can see NOAH’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for NOAH?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is NOAH a good long-term investment?
Whether NOAH fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
NOAH
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Daily snapshot
-1.77
Trading Metrics:
| Open: | 7.33 | Previous Close: | 7.35 | |
| Day Low: | 7.21 | Day High: | 7.36 | |
| Year Low: | 7.21 | Year High: | 12.45 | |
| Price Avg 50: | 8.21 | Price Avg 200: | 9.97 | |
| Volume: | 71357 | Average Volume: | 100764 |
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