NMR Financial Services

Nomura Holdings, Inc.

$9.47-1.04%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Financial Services
Industry: Capital Markets
Country: Japan
Market cap: 27.7B USD
Full-time employees: 28,677

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
About average: valuation

Ranks #559 of 791 banks & insurance companies (bottom 30%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense JPY 115.0B vs JPY 221.5B spent repurchasing shares over the 3 fiscal years to FY Mar 2026. Shares outstanding changed −3.4% from March 2023 to March 2026.
Over three fiscal years Nomura recorded JPY 115.0B of stock-based pay expense and spent JPY 221.5B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−3.4%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Nomura recorded JPY 115.0B of stock-based pay expense and spent JPY 221.5B repurchasing shares. The share count barely moved (−3.4%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Much more borrowing than peers. Debt is 4.7× equity vs a peer median of 0.4×.Debt is 4.7× equity vs peers 0.4×.
Debt is 4.7× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 4.7× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

StockQuotient Score

42/ 100▼ 2 since Oct 27 close

Oct 5 42 → Nov 4 42

Valuation

Is the price right?

55/100

Moderate▼ 6 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 61 → 55

Share price +4.0%-5
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield85.5%

SEC filings · latest balance sheet · JPY→USD at the current rateReported value40% base weight · Z-score 0.21Sector median: 0.7950 · MAD: 0.2843

Earnings yield8.3%

SEC filings · 12 months to Mar 2026 · JPY→USD at the current rateReported value60% base weight · Z-score 0.18Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield-27.6%

SEC filings · 12 months to Mar 2026 · JPY→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

40/100

Moderate

1/1 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 8.7%

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth8.3%

SEC filings · 12 months to Mar 2026Reported value100% base weight · Z-score -0.43Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth17.5%

SEC filings · 3 years to Mar 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth14.5%

SEC filings · 12 months to Mar 2026Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

30/100

Weak

2/2 inputs reported · High confidence

Since last quarter: ▼ Weaker

Free cash flow turned negative over the last 12 months

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets0.6%

SEC filings · 12 months to Mar 2026Reported value50% base weight · Z-score -0.95Sector median: 0.0117 · MAD: 0.0062

Return on equity9.8%

SEC filings · 12 months to Mar 2026Reported value50% base weight · Z-score -0.25Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Nomura

Is Nomura getting weaker?: Its latest SEC filing (Jun 22, 2026) got weaker in some ways: free cash flow turned negative over the last 12 months. Its overall score is 42/100, down 2 since Oct 28, 2026.
How is Nomura valued vs its peers?: Priced about in line with its peers. Valuation scores 55/100 against 950 banks & insurance peers.
Is Nomura growing?: At about the same pace as its peers. Growth scores 40/100 against 950 banks & insurance peers.
How profitable is Nomura?: Less profitable than most of its peers. Profitability scores 30/100 against 950 banks & insurance peers. Return on assets 0.6% vs a peer median of 1.2% (weaker than 76% of peers).Return on assets 0.6% vs peers 1.2% (weaker than 76% of peers).
How risky is Nomura?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Mar 31, 2026 · filed Jun 22, 2026 · compared with the quarter ended Sep 30, 2025

Got weaker

Free cash flow turned negative over the last 12 months

	Previous quarter	Latest quarter	Change
Revenue (12 months)	1.99T JPY	2.17T JPY	+8.7%
Net income (12 months)	370.1B JPY	362.1B JPY	−2.1%
Free cash flow (12 months)	409.9B JPY	−1.20T JPY	turned negative
Debt	15.63T JPY	17.30T JPY	+10.7%
Cash	5.87T JPY	4.30T JPY	−26.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in JPY, as reported

Key ratios	FY Mar 2022	FY Mar 2023	FY Mar 2024	FY Mar 2025	FY Mar 2026	Change
Net margin	10.5%	6.9%	10.6%	18.0%	16.7%	▼ 1.3 pts
Return on assets (ROA)	0.3%	0.2%	0.3%	0.6%	0.6%	▼ 0.0 pts
Return on equity (ROE)	4.9%	2.9%	5.0%	9.8%	9.8%	▼ 0.1 pts
Debt to equity	3.54×	3.62×	4.03×	4.18×	4.67×	▲ 12%

NMR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

About average: valuation

Ranks #559 of 791 banks & insurance companies (bottom 30%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense JPY 115.0B vs JPY 221.5B spent repurchasing shares over the 3 fiscal years to FY Mar 2026. Shares outstanding changed −3.4% from March 2023 to March 2026.

Over three fiscal years Nomura recorded JPY 115.0B of stock-based pay expense and spent JPY 221.5B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−3.4%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Nomura recorded JPY 115.0B of stock-based pay expense and spent JPY 221.5B repurchasing shares. The share count barely moved (−3.4%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Much more borrowing than peers. Debt is 4.7× equity vs a peer median of 0.4×.Debt is 4.7× equity vs peers 0.4×.

Debt is 4.7× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 4.7× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Questions investors ask about Nomura

Is Nomura getting weaker?

Its latest SEC filing (Jun 22, 2026) got weaker in some ways: free cash flow turned negative over the last 12 months. Its overall score is 42/100, down 2 since Oct 28, 2026.

How is Nomura valued vs its peers?

Priced about in line with its peers. Valuation scores 55/100 against 950 banks & insurance peers.

Is Nomura growing?

At about the same pace as its peers. Growth scores 40/100 against 950 banks & insurance peers.

How profitable is Nomura?

Less profitable than most of its peers. Profitability scores 30/100 against 950 banks & insurance peers. Return on assets 0.6% vs a peer median of 1.2% (weaker than 76% of peers).Return on assets 0.6% vs peers 1.2% (weaker than 76% of peers).

How risky is Nomura?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

1.99T JPY

2.17T JPY

+8.7%

Net income (12 months)

370.1B JPY

362.1B JPY

−2.1%

Free cash flow (12 months)

409.9B JPY

−1.20T JPY

turned negative

Debt

15.63T JPY

17.30T JPY

+10.7%

Cash

5.87T JPY

4.30T JPY

−26.7%

Key ratios

FY Mar 2022

FY Mar 2023

FY Mar 2024

FY Mar 2025

FY Mar 2026

Change

Net margin

10.5%

6.9%

10.6%

18.0%

16.7%

▼ 1.3 pts

Return on assets (ROA)

0.3%

0.2%

0.3%

0.6%

▼ 0.0 pts

Return on equity (ROE)

4.9%

2.9%

5.0%

9.8%

▼ 0.1 pts

Debt to equity

3.54×

3.62×

4.03×

4.18×

4.67×

▲ 12%