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 $8.64, about 2433.4% undervalued vs fair value, -29.1% 1Y return, placing in the top 25% of its sector.

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

USD 8.64

-2.59%

(Delayed)

• Vol 90d: 40.8%

Market Cap

$580.98M

Enterprise Value

$-3.65B

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: 82%

Confidence: 87%

Updated: Jul 5

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 26 Estimated

Fair Value Snapshot

Bear Base Bull

$165

$219

$299

Current: $8.64 +2433% 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

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Fee Revenue Quality

Moderate

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Client Retention & Revenue Stickiness

Moderate

Compensation Discipline

Developing

Capital Efficiency

Developing

Earnings Quality & Cash Conversion

Moderate

Balance Sheet Strength

Moderate

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

39th percentile vs peers

Key Signals

EPS Growth YoY 17.7% 60p 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: 39)

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

- - -

+2433.4% 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

Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Dividend/Buyback Overreach

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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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