Nomura Holdings IncNomura Holdings Inc
Nomura Holdings Inc

Nomura Holdings Inc

NMR
Financials·Capital Markets

Nomura Holdings, Inc. operates as a holding company which provides investment and financial services. It operates through the following segments: Wealth Management Division, Investment Management Division, Wholesale Division, and Banking Division. The Wealth Management Division segment offers comprehensive asset management services that meet the diverse needs of individual and corporate clients through its network of retail offices and digital channels. The Investment Management Division provides various investment products and services, including investment trusts, discretionary investment services, and private funds to individual investors and Japanese and overseas institutional investors such as pension funds and financial institutions. The Wholesale division offers a diverse product suite to clients across Fixed Income, Equities and Investment Banking and International Wealth Management, catering to the sophisticated needs of clients globally. The Banking division comprises of Nomura Trust and Banking (NTB) and Nomura Bank (Luxembourg) (NBL), which provides trust banking services to clients originating from the securities company. The company was founded by Tokushichi Nomura on December 25, 1925 and is headquartered in Tokyo, Japan.

Japan
Market cap
No dataNo data
Revenue
$30B−5.0% YoY
Net income
$2.3B+0.5% YoY
Free cash flow
$-7.5B−30.3% YoY

Market

Listed stock
Tokenized stocks
NMRPriceNYSE
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Financial performance

Revenue
$30B−5.0% YoY
Operating income
$26.2B−5.8% YoY
Net income
$2.3B+0.5% YoY
Free cash flow
$-7.5B−30.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2022 $11.2B, 2023 $10.1B, 2024 $10.3B, 2025 $31.6B, 2026 $30B. Operating income: 2022 $1.9B, 2023 $1.1B, 2024 $1.8B, 2025 $27.8B, 2026 $26.2B. Net income: 2022 $1.2B, 2023 $700.8M, 2024 $1.1B, 2025 $2.3B, 2026 $2.3B. Free cash flow: 2022 $-7.2B, 2023 $-6.1B, 2024 $652.6M, 2025 $-5.8B, 2026 $-7.5B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-5.0%−21113 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2022-03-31 $1.9B, 2023-03-31 $1.1B, 2024-03-31 $1.8B, 2025-03-31 $27.8B, 2026-03-31 $26.2B. Net income: 2022-03-31 $1.2B, 2023-03-31 $700.8M, 2024-03-31 $1.1B, 2025-03-31 $2.3B, 2026-03-31 $2.3B. Free cash flow: 2022-03-31 $-7.2B, 2023-03-31 $-6.1B, 2024-03-31 $652.6M, 2025-03-31 $-5.8B, 2026-03-31 $-7.5B

Growth heatmap

2023202420252026CAGR
Revenue
-9.8%
+2.3%
+206.1%
-5.0%
+28.0%
Gross profit
-11.0%
+2.4%
+235.6%
-5.0%
+30.6%
Operating income
-39.3%
+60.2%
+1439.5%
-5.8%
+93.8%
Free cash flow
+16.0%
+110.8%
-987.4%
-30.3%
No data

Earnings quality

Operating cash flow
$-5.3B−17.5% YoY
Net income
$2.3B+0.5% YoY
Free cash flow
$-7.5B−30.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2026-03-31 -233%, 2025-03-31 -199%, 2024-03-31 80%, 2023-03-31 -749%, 2022-03-31 -603%. Free cash flow: 2026-03-31 -330%, 2025-03-31 -255%, 2024-03-31 60%, 2023-03-31 -865%, 2022-03-31 -615%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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