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Earnings transcript
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NMR
Nomura Holdings, Inc.
$8.71
0.13
(1.52%)
| Exchange: | NYSE |
| Market Cap: | 25.456B |
| Shares Outstanding: | 1.963B |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Financial – Capital Markets | |||||
| CEO: | Kentaro Okuda | |||||
| Full Time Employees: | 26850 | |||||
| Address: |
| |||||
| Website: | https://www.nomuraholdings.com |
Nomura Holdings, Inc., a financial powerhouse headquartered in Tokyo, Japan, and established in 1925, delivers a comprehensive array of financial services on a global scale. Its diverse clientele spans individuals, corporations, financial institutions, and governmental bodies. The company’s operations are structured into three principal divisions: Retail, Investment Management, and Wholesale. Within its Retail segment, Nomura offers a variety of financial products and investment services to individual customers, facilitated by a network of 119 branches as reported on March 31, 2022. The Investment Management division focuses on overseeing various funds, including investment trusts and other investment vehicles, in addition to providing advisory, custodial, and administrative support for investments. Nomura’s Wholesale arm engages in extensive activities, encompassing research, sales, trading, agency execution, and market-making for both fixed income and equity-linked instruments. This segment also plays a significant role in underwriting a broad spectrum of securities—ranging from diverse share classes and convertible instruments to investment-grade, high-yield, sovereign, and emerging market debts, as well as structured products and other financial assets. Beyond underwriting, it orchestrates capital-raising initiatives, including private placements, and delivers expert financial advisory services for complex business transactions such as mergers, acquisitions, divestitures, spin-offs, capital restructuring, corporate defense, leveraged buyouts, and risk mitigation strategies. Moreover, this division makes various financial instruments available to its clients. Historically, the firm was known as The Nomura Securities Co., Ltd., before officially changing its name to Nomura Holdings, Inc. in October 2001.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 3,973,311,000 | 4,506,632,000 | 4,758,486,000 |
| Gross Profit | 1,378,017,000 | 1,662,374,000 | 2,167,713,000 |
| EBITDA | 335,190,000 | 533,617,000 | 608,090,000 |
| Operating Income | 273,850,000 | 471,964,000 | 539,821,000 |
| Net Income | 165,863,000 | 340,736,000 | 362,129,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Total Assets | 55,147,203,000 | 56,802,170,000 | 62,645,925,000 |
| Total Liabilities | 51,698,690,000 | 53,221,171,000 | 58,791,010,000 |
| Total Stockholders Equity | 3,350,189,000 | 3,470,879,000 | 3,707,868,000 |
| Total Debt | 14,089,852,000 | 31,346,280,000 | 17,297,625,000 |
| Cash and Cash Equivalents | 5,154,971,000 | 5,514,696,000 | 4,298,693,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating Cash Flow | 132,640,000 | -678,611,000 | -842,960,000 |
| Capital Expenditure | -145,784,000 | -189,971,000 | -353,818,000 |
| Free Cash Flow | -13,144,000 | -868,582,000 | -1,196,778,000 |
| Net Income | 177,220,000 | 347,255,000 | 374,382,000 |
| Net Change in Cash | 478,170,000 | 126,419,000 | -106,719,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 2,119,439,190.169 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 2,384,034,626.405 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 2,269,621,932.930 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 267,342,899.320 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 300,718,573.130 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 286,286,726.567 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 404,712,187.644 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 471,821,496.341 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 442,803,026.470 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 538,110,768.475 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 605,289,696.839 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 576,241,115.169 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 145.500 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 155.030 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 132.980 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 3 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Growth: Nomura Holdings reported a 16% increase in group net revenue to JPY 523.3 billion in Q1 2023, as highlighted in the earnings call transcript, reflecting strong performance across key business segments and effective operational execution.
- Positive Financial Metrics: Key metrics such as return on equity (ROE) and return on invested capital (ROIC) from the TTM data indicate efficient use of capital, positioning NMR favorably within the financial services sector.
- Strong Operating Cash Flow: Cash flow statements reveal consistent net cash provided by operating activities, supported by healthy net income and depreciation adjustments, ensuring liquidity for reinvestment and debt management.
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Intrinsic Value Calculator
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Common questions about NMR valuation
Is Nomura Holdings, Inc. (NMR) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Nomura Holdings, Inc. (NMR) 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 NMR a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether NMR 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 NMR’s P/E ratio?
You can see NMR’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 NMR?
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 NMR a good long-term investment?
Whether NMR 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.
NMR
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Daily snapshot
1.52
Trading Metrics:
| Open: | 8.8 | Previous Close: | 8.58 | |
| Day Low: | 8.55 | Day High: | 8.87 | |
| Year Low: | 6.02 | Year High: | 9.58 | |
| Price Avg 50: | 8.14 | Price Avg 200: | 7.97 | |
| Volume: | 2.15M | Average Volume: | 1.862M |
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Welcome to MARKETSNAP’s SWOT analysis for Nomura Holdings, also known by its ticker NMR. If you’re a long-term investor looking to dig into a major player in the financial world, you’ve come to the right place. Today, we’re breaking down Nomura Holdings, a heavyweight in the investment banking and financial services space, to see what makes it tick, where it’s vulnerable, and what could shape its future. Let’s dive in with a quick overview before we get into the nitty-gritty.…
