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NOAH · CIK 0001499543

Noah Holdings Ltd

Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.

NOAH logo
Investment Advice
Company profile
NYSE · NOAHHQ ShanghaiAccelerated filerReports in CNY
Revenue
CN¥2.6B
▲ +0.4% vs FY2024
Net income
CN¥558.9M
▲ +17.5% vs FY2024
Free cash flow
CN¥842.5M
▲ +176.1% vs FY2024
Diluted EPS
CN¥1.59
▲ +17.8% vs FY2024

Revenue

Annual, as reported

02B4B’14’16’18’20’22’24’25CN¥2.6B

Net income

Losses shown in terracotta

01B’14’16’18’20’22’24’25CN¥558.9M

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

0%25%50%’14’16’18’20’22’24
Operating marginNet margin

Returns on capital

Net income vs year-end equity and assets

-10%0%10%20%’14’16’18’20’22’24
Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

−500M0500M1B’14’16’18’20’22’24’25CN¥842.5M

Operating cash flow

Net cash from operations

0500M1B1.5B’14’16’18’20’22’24’25CN¥976.6M

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

0500M1B’14’16’20’23’25
Dividends paidBuybacks

Diluted shares outstanding

Falling count means buybacks outpace dilution

0100M200M300M’14’16’18’20’22’24’25352M

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

05B10B’14’16’18’20’22’24’25CN¥9.8B

Growth rates

compounding, annualized
Revenue CAGR
−5.6%
3y
−4.6%
5y
+8.9%
10y
Net income CAGR
−17.0%
3y
+0.4%
10y
Diluted EPS CAGR
−17.8%
3y
−1.4%
10y
Free cash flow CAGR
+13.9%
3y
+2.5%
5y
+4.6%
10y
Share count change (split-adjusted)
+13.5%
5y
+16.8%
10y

Key ratios

derived per fiscal year
Fiscal yearOp. marginNet marginFCF marginROEROACurrent ratio
FY202529.8%21.4%32.3%5.7%4.8%4.46×
FY202424.4%18.3%11.7%4.8%4.0%4.53×
FY202333.3%30.6%35.2%9.8%8.0%3.76×
FY202235.1%31.5%18.4%10.4%8.3%3.32×
FY202127.9%30.6%−17.5%16.3%12.1%2.42×
FY202038.1%−22.5%22.5%−10.4%−7.9%3.56×
FY201927.0%24.4%36.1%11.8%8.5%4.47×
FY201828.2%24.7%27.4%13.9%10.1%3.21×
FY201727.5%27.0%16.8%17.2%11.7%2.21×
FY201626.5%25.6%23.3%19.3%10.8%3.00×
FY201550.1%48.1%48.3%21.9%13.1%3.37×
FY201469.3%56.0%66.5%24.1%16.7%3.28×

Annual figures

as reported
Fiscal yearRevenueGross profitOp. incomeNet incomeDiluted EPSOp. cash flowCapexTotal assetsLiabilitiesEquityCashLT debt
FY2025CN¥2.6B—CN¥776.7MCN¥558.9MCN¥1.59CN¥976.6MCN¥134.1MCN¥11.7BCN¥1.8BCN¥9.8BCN¥4.4B—
FY2024CN¥2.6B—CN¥633.9MCN¥475.4MCN¥1.35CN¥387.3MCN¥82.2MCN¥11.8BCN¥1.8BCN¥9.9BCN¥3.8B—
FY2023CN¥3.3B—CN¥1.1BCN¥1.0BCN¥2.91CN¥1.3BCN¥157.9MCN¥12.7BCN¥2.3BCN¥10.3BCN¥5.2B—
FY2022CN¥3.1B—CN¥1.1BCN¥976.6MCN¥2.86CN¥632.9MCN¥62.7MCN¥11.8BCN¥2.3BCN¥9.4BCN¥4.4B—
FY2021CN¥4.3B—CN¥1.2BCN¥1.3BCN¥3.89CN¥1.5BCN¥2.3BCN¥10.9BCN¥2.7BCN¥8.0BCN¥3.4B—
FY2020CN¥3.3B—CN¥1.3B−CN¥745.2M−CN¥2.40CN¥796.4MCN¥51.6MCN¥9.4BCN¥2.1BCN¥7.2BCN¥5.0B—
FY2019CN¥3.4B—CN¥915.0MCN¥829.2MCN¥2.68CN¥1.3BCN¥65.3MCN¥9.8BCN¥1.9BCN¥7.0BCN¥4.4B—
FY2018CN¥3.3B—CN¥926.5MCN¥811.3MCN¥2.67CN¥1.0BCN¥128.2MCN¥8.0BCN¥1.8BCN¥5.8BCN¥2.7B—
FY2017CN¥2.8B—CN¥777.0MCN¥762.9MCN¥2.59CN¥628.4MCN¥152.7MCN¥6.5BCN¥2.0BCN¥4.4BCN¥1.9B—
FY2016CN¥2.5B—CN¥667.3MCN¥643.8MCN¥2.21CN¥686.2MCN¥101.4MCN¥6.0BCN¥2.2BCN¥3.3BCN¥3.0B—
FY2015CN¥1.1B—CN¥558.8MCN¥535.8MCN¥1.83CN¥675.1MCN¥136.3MCN¥4.1BCN¥1.6BCN¥2.4BCN¥2.1B—
FY2014CN¥797.8M—CN¥553.1MCN¥446.6MCN¥1.58CN¥589.6MCN¥59.5MCN¥2.7BCN¥734.9MCN¥1.9BCN¥1.8B—

Latest filings

the most recent regulatory filings
6-KForeign issuer report2026-07-02 ↗4OWNERSHIP DOCUMENT2026-06-30 ↗4OWNERSHIP DOCUMENT2026-06-30 ↗4OWNERSHIP DOCUMENT2026-06-30 ↗6-KForeign issuer report2026-06-30 ↗6-KForeign issuer report2026-06-12 ↗6-KForeign issuer report2026-06-12 ↗6-KForeign issuer report2026-06-05 ↗6-KForeign issuer report2026-06-03 ↗4OWNERSHIP DOCUMENT2026-05-29 ↗

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