Company Analysis

Noah Holdings Limited NOAH

A comprehensive view of key metrics, scores, and financial health for Noah Holdings Limited

Overview of Noah Holdings Limited

NOAH NYQ

Financial Services Asset Management Framework: Asset Management & Capital Markets Small Cap

Noah Holdings Limited (NOAH), is a Small Cap company, in the Asset Management industry, last closed at $8.29, about 2540.4% undervalued vs fair value, -29.7% 1Y return, ranked 342/1078 in sector.

Metrics P/E 1.3× Rev Growth 0.4% ROE 5.7% Gross Margin 53.4% Div Yield 81.69%

USD 8.29

-1.66%

(Delayed)

• Vol 90d: 35.0%

52-Week Range

Low

8.27

Now 8.29

High

12.45

Market Cap

$580.98M

Enterprise Value

$-3.69B

Overall Score

View breakdown

Overall

Growth

Fair

Profitability

Fair

Health

Fair

Efficiency

Good

Valuation

Fair

Growth

Fair

Profitability

Fair

Health

Fair

Efficiency

Good

Valuation

Fair

Completeness: 100%

Confidence: 62%

Updated: Sep 12

Top Beats

No strong beats yet

Quick Facts

Website https://noahgroup.com

HQ Shanghai

Employees 1,990

Fiscal year Dec 31

Next Events

Earnings Aug 25 Call: Aug 25

Fair Value Snapshot

Bear Base Bull

$165

$219

$299

Current: $8.29 +2540% vs base

Engine Room Money Flow™

Small Cap

Asset Management & Capital Markets - Where revenue goes and how value is created

Flow Steps

Total Revenue

$2.6B

0.4%%

Operating Income (FRE Proxy)

$776.7M

22.5%%

EBITDA

$933.6M

18.1%%

Net Income

$558.9M

17.5%%

Money Flow Bridge

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Flow Direction: Money moves from left to right

Components: Breakdown shows composition of each stage

Industry-Specific: Asset Management & Capital Markets

Data Quality Notes

Note: 'Operating Income (FRE Proxy)' approximates Fee-Related Earnings (FRE), the industry-standard non-GAAP metric for asset managers. True FRE excludes performance fees and carried interest, which are not separately disclosed in standard financial statements.
Note: Owner Pocket percentages are relative to Net Income (not FCF), as distributions are earnings-driven for asset management companies.
Warning: Payout Ratio is 107%, exceeding 100% of Net Income. Capital returns may not be fully covered by current earnings.

Quality & Reliability Indicators

Operating Margin (FRE Proxy)

29.8%

Good

Operating Income / Revenue — proxy for Fee-Related Earnings margin

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Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Combined dividends, buybacks, and debt reduction

$599.1M

107.2% of Net Income

Where It Leaks

Cash Flow Health healthy

Strong cash conversion with minimal leakage across profit-to-cash-to-value chain.

Active Leaks

0/1

Improving

High Impact

Critical

Low

Dividend/Buyback Overreach

Current: 71.1%

Allocation Leak

Worsening

Scores based on quantitative metrics and qualitative factors

Full moat analysis

Key strengths

Sticky AUM Base Revenue stickiness is high (stability score 0.83).
Conservative Leverage Leverage is conservative vs peers (score 0.89).

Key risks

High Compensation Costs Compensation costs relative to peers are high (score 0.30).
Below-Peer Return on Equity Return on equity lags peers (score 0.37).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Fee Revenue Quality

Developing

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Client Retention & Revenue Stickiness

Moderate

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Compensation Discipline

Developing

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Capital Efficiency

Developing

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Earnings Quality & Cash Conversion

Moderate

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Balance Sheet Strength

Moderate

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Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Asset Managers, Capital Markets & Exchanges vs Industry Peers 100% Coverage

Click axes to expand details. Marker shows current allocation.

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Growth

40th percentile vs peers

Key Signals

EPS Growth YoY 17.7% 61p Rev Growth YoY 0.4% 41p Revenue CAGR 3Y -5.6% 23p EPS CAGR 3Y -17.8% 17p

Strengths

D/E Ratio in top 20% of peers (1.0%, 89th percentile)
Debt/Assets in top 20% of peers (0.9%, 93th percentile)
Strong liquidity position vs peers
Conservative leverage compared to industry peers

Risks

Growth below peer median (percentile: 40)

Profitability

47th percentile vs peers

Key Signals

Strengths

Risks

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Safety

78th percentile vs peers

Key Signals

Strengths

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Two Futures

Scenario-based fair value ranges for Noah Holdings Limited.

WACC X.X%

X%XX%

Rev CAGR 5Y X.X%

-XX%XX%

Op Margin XX.X%

-XX%XX%

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Bear

- - -

- upside

Base

$218.89

- - -

+2540.4% vs current

Snapshot base estimate

Bull

- - -

- upside

Fair Value Range Current: $-

$- $- $-

Noah Holdings Limited NOAH

Overview of Noah Holdings Limited

Quick Facts

Next Events

Fair Value Snapshot

Flow Steps

Money Flow Bridge

Data Quality Notes

Quality & Reliability Indicators

Operating Margin (FRE Proxy)

Locked Metric

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Locked Metric

Locked Metric

Locked Metric

Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Dividend/Buyback Overreach

Key strengths

Key risks

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Fee Revenue Quality

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Client Retention & Revenue Stickiness

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Compensation Discipline

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Capital Efficiency

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Earnings Quality & Cash Conversion

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Balance Sheet Strength

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Growth

Profitability

Safety

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