Noah Holdings Limited (NOAH) Balance Sheet
NOAH balance sheet, 2025
December 31, 2025 · Chinese yuanCN¥11.74B assets = CN¥1.76B liabilities + CN¥9.98B equity
Both columns are drawn to the same scale: what NOAH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NOAH financial health
Current ratio4.46
Comfortable · current assets cover current liabilities 4.46×
Debt / equity0.01
Low leverage · CN¥0.01 of debt for each $1 of equity
Equity / assets83.7%
Equity-funded · of assets funded by shareholders
Cash / debt5,042.2%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
NOAH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | CN¥5.96B2016 | CN¥11.74B2025 | +7.8%/yr | |
| Total liabilities | CN¥2.57B2016 | CN¥1.76B2025 | −4.1%/yr | |
| Shareholders’ equity | CN¥3.39B2016 | CN¥9.83B2025 | +12.5%/yr | |
| Cash & short-term investments | CN¥3.28B2016 | CN¥5.02B2025 | +4.8%/yr | |
| Total debt | CN¥652.7M2016 | CN¥99.5M2025 | −18.9%/yr | |
| Net cash (debt) | CN¥2.63B2016 | CN¥4.92B2025 | +CN¥2.3B | |
| Working capital | CN¥3.16B2016 | CN¥4.93B2025 | +CN¥1.8B | |
| Current ratio | 3.002016 | 4.462025 | +1.45 | |
| Debt / equity | 0.192016 | 0.012025 | −0.18 | |
| Shares outstanding | 60.1M2016 | 14.1M2025 | −14.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NOAH assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
NOAH liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
NOAH debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NOAH balance sheet in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | CN¥5.02B | CN¥5.10B | CN¥5.57B | CN¥4.72B | CN¥3.50B | CN¥5.12B | CN¥5.06B | CN¥3.15B | CN¥2.07B | CN¥3.28B |
| Cash & equivalents | CN¥4.36B | CN¥3.82B | CN¥5.19B | CN¥4.40B | CN¥3.40B | CN¥5.01B | CN¥4.39B | CN¥2.70B | CN¥1.91B | CN¥2.98B |
| Short-term investments | CN¥657.6M | CN¥1.27B | CN¥379.5M | CN¥316.0M | CN¥92.8M | CN¥114.9M | CN¥671.3M | CN¥450.5M | CN¥160.3M | CN¥299.2M |
| Receivables | CN¥1.13B | CN¥1.14B | CN¥1.18B | CN¥912.3M | CN¥1.86B | CN¥1.37B | CN¥1.60B | CN¥1.74B | CN¥1.72B | CN¥756.9M |
| Inventory | CN¥0 | CN¥0 | CN¥1 | CN¥23.2M | CN¥510,000 | CN¥10.0M | CN¥6.6M | CN¥2.5M | CN¥1 | CN¥1.0M |
| Other current assets | CN¥212.7M | CN¥235.7M | CN¥360.7M | CN¥661.8M | CN¥163.7M | CN¥199.4M | CN¥64.7M | CN¥203.0M | CN¥251.3M | CN¥693.0M |
| Total current assets | CN¥6.36B | CN¥6.47B | CN¥7.12B | CN¥6.32B | CN¥5.52B | CN¥6.70B | CN¥6.73B | CN¥5.10B | CN¥4.04B | CN¥4.73B |
| Property, plant & equipment (net) | CN¥2.46B | CN¥2.50B | CN¥2.62B | CN¥2.65B | CN¥2.80B | CN¥522.8M | CN¥648.5M | CN¥346.7M | CN¥303.3M | CN¥243.5M |
| Goodwill & intangible assets | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Long-term investments | CN¥2.50B | CN¥2.34B | CN¥2.34B | CN¥2.27B | CN¥2.07B | CN¥1.80B | CN¥2.15B | CN¥2.40B | CN¥1.96B | CN¥886.1M |
| Other non-current assets | CN¥422.8M | CN¥456.5M | CN¥610.1M | CN¥560.6M | CN¥497.7M | CN¥372.5M | CN¥269.5M | CN¥163.4M | CN¥198.5M | CN¥94.4M |
| Total assets | CN¥11.74B | CN¥11.78B | CN¥12.69B | CN¥11.80B | CN¥10.89B | CN¥9.40B | CN¥9.80B | CN¥8.01B | CN¥6.49B | CN¥5.96B |
| Liabilities | ||||||||||
| Accounts payable | CN¥126.2M | CN¥122.6M | CN¥104.5M | CN¥117.1M | CN¥71.6M | CN¥53.6M | CN¥783.2M | CN¥0 | CN¥641.1M | CN¥688.0M |
| Short-term debt | CN¥39.2M | CN¥60.3M | CN¥250.5M | CN¥94.8M | CN¥91.3M | CN¥86.5M | CN¥11.7M | CN¥0 | CN¥491.8M | CN¥97.3M |
| Deferred revenue | CN¥79.7M | CN¥99.2M | CN¥103.0M | CN¥95.0M | CN¥90.1M | CN¥104.1M | CN¥134.2M | CN¥302.0M | CN¥281.7M | CN¥93.3M |
| Total current liabilities | CN¥1.43B | CN¥1.43B | CN¥1.89B | CN¥1.90B | CN¥2.28B | CN¥1.88B | CN¥1.51B | CN¥1.59B | CN¥1.82B | CN¥1.58B |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥145.0M | CN¥0 | CN¥555.4M |
| Lease obligations | CN¥99.5M | CN¥120.6M | CN¥138.4M | CN¥83.2M | CN¥131.0M | CN¥272.2M | CN¥374.4M | CN¥0 | CN¥0 | CN¥0 |
| Other long-term liabilities | CN¥330.8M | CN¥336.8M | CN¥366.6M | CN¥392.7M | CN¥465.1M | CN¥241.1M | CN¥422.6M | CN¥102.8M | CN¥163.8M | CN¥434.1M |
| Total liabilities | CN¥1.76B | CN¥1.77B | CN¥2.26B | CN¥2.30B | CN¥2.75B | CN¥2.12B | CN¥1.93B | CN¥1.84B | CN¥1.99B | CN¥2.57B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | CN¥113,000 | CN¥113,000 | CN¥110,000 | CN¥105,000 | CN¥104,000 | CN¥104,000 | CN¥103,000 | CN¥101,000 | CN¥96,000 | CN¥98,805 |
| Retained earnings (deficit) | CN¥5.82B | CN¥5.90B | CN¥6.44B | CN¥5.60B | CN¥5.19B | CN¥3.99B | CN¥4.73B | CN¥3.95B | CN¥2.88B | CN¥2.24B |
| Treasury stock | — | — | — | — | — | — | CN¥0 | −CN¥40.3M | −CN¥40.3M | −CN¥130.4M |
| Accumulated other comprehensive income | CN¥41.8M | CN¥186.5M | CN¥74.6M | −CN¥2.5M | −CN¥140.0M | −CN¥79.1M | CN¥97.0M | CN¥36.2M | CN¥213.4M | −CN¥5.4M |
| Minority interest | CN¥156.1M | CN¥66.9M | CN¥117.2M | CN¥94.8M | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Total shareholders' equity | CN¥9.83B | CN¥9.95B | CN¥10.31B | CN¥9.41B | CN¥8.04B | CN¥7.19B | CN¥7.01B | CN¥5.84B | CN¥4.43B | CN¥3.39B |
| Key figures | ||||||||||
| Total debt | CN¥99.5M | CN¥136.0M | CN¥327.1M | CN¥178.0M | CN¥222.2M | CN¥280.9M | CN¥374.4M | CN¥145.0M | CN¥491.8M | CN¥652.7M |
| Net cash (debt) | CN¥4.92B | CN¥4.96B | CN¥5.24B | CN¥4.54B | CN¥3.28B | CN¥4.84B | CN¥4.68B | CN¥3.01B | CN¥1.58B | CN¥2.63B |
| Working capital | CN¥4.93B | CN¥5.05B | CN¥5.23B | CN¥4.41B | CN¥3.23B | CN¥4.82B | CN¥5.23B | CN¥3.51B | CN¥2.21B | CN¥3.16B |
| Tangible book value | CN¥9.83B | CN¥9.95B | CN¥10.31B | CN¥9.41B | CN¥8.04B | CN¥7.19B | CN¥7.01B | CN¥5.84B | CN¥4.43B | CN¥3.39B |
| Shares outstanding | 14.1M | 14.1M | 13.9M | 13.7M | 13.5M | 12.4M | 12.4M | 12.3M | 12.1M | 60.1M |
| Current ratio | 4.46 | 4.53 | 3.76 | 3.32 | 2.42 | 3.56 | 4.47 | 3.21 | 2.21 | 3.00 |
| Quick ratio | 4.31 | 4.37 | 3.57 | 2.96 | 2.34 | 3.45 | 4.43 | 3.08 | 2.08 | 2.56 |
| Debt / equity | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 | 0.04 | 0.05 | 0.02 | 0.11 | 0.19 |
| Equity / assets | 83.7% | 84.4% | 81.3% | 79.7% | 73.8% | 76.4% | 71.5% | 72.8% | 68.2% | 56.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | CN¥5.05B | CN¥5.11B | CN¥5.02B | CN¥4.99B | CN¥5.42B | CN¥5.39B | CN¥5.10B | CN¥4.73B | CN¥5.89B | CN¥5.88B | CN¥5.57B | CN¥5.37B |
| Cash & equivalents | CN¥4.33B | CN¥4.28B | CN¥4.36B | CN¥3.84B | CN¥3.82B | CN¥4.08B | CN¥3.82B | CN¥3.44B | CN¥4.60B | CN¥5.13B | CN¥5.19B | CN¥4.96B |
| Short-term investments | CN¥712.0M | CN¥833.8M | CN¥657.6M | CN¥1.16B | CN¥1.60B | CN¥1.32B | CN¥1.27B | CN¥1.30B | CN¥1.29B | CN¥747.1M | CN¥379.5M | CN¥407.9M |
| Receivables | CN¥323.5M | CN¥1.13B | CN¥1.13B | CN¥1.04B | CN¥1.12B | CN¥1.10B | CN¥473.5M | CN¥1.11B | CN¥840.0M | CN¥943.4M | CN¥826.3M | CN¥445.4M |
| Inventory | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥2.3M | CN¥2.3M | CN¥153.9M |
| Other current assets | CN¥826.6M | CN¥223.1M | CN¥212.7M | CN¥336.8M | CN¥234.3M | CN¥226.0M | CN¥904.3M | CN¥252.2M | CN¥472.4M | CN¥401.2M | CN¥716.9M | CN¥912.0M |
| Total current assets | CN¥6.20B | CN¥6.46B | CN¥6.36B | CN¥6.38B | CN¥6.78B | CN¥6.72B | CN¥6.47B | CN¥6.09B | CN¥7.20B | CN¥7.22B | CN¥7.12B | CN¥6.88B |
| Property, plant & equipment (net) | CN¥2.40B | CN¥2.42B | CN¥2.46B | CN¥2.48B | CN¥2.46B | CN¥2.48B | CN¥2.50B | CN¥2.52B | CN¥2.52B | CN¥2.58B | CN¥2.62B | CN¥2.66B |
| Goodwill & intangible assets | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Long-term investments | CN¥2.21B | CN¥2.30B | CN¥2.50B | CN¥2.26B | CN¥2.08B | CN¥2.22B | CN¥2.34B | CN¥2.37B | CN¥2.19B | CN¥2.33B | CN¥2.34B | CN¥2.49B |
| Other non-current assets | CN¥837.3M | CN¥425.6M | CN¥422.8M | CN¥437.7M | CN¥437.1M | CN¥454.1M | CN¥456.5M | CN¥545.8M | CN¥556.2M | CN¥617.5M | CN¥610.1M | CN¥606.7M |
| Total assets | CN¥11.64B | CN¥11.61B | CN¥11.74B | CN¥11.55B | CN¥11.74B | CN¥11.87B | CN¥11.78B | CN¥11.52B | CN¥12.47B | CN¥12.74B | CN¥12.69B | CN¥12.63B |
| Liabilities | ||||||||||||
| Accounts payable | CN¥126.7M | CN¥126.2M | CN¥126.2M | — | — | CN¥122.6M | CN¥122.6M | — | CN¥127.5M | CN¥104.5M | CN¥104.5M | CN¥445.4M |
| Short-term debt | — | CN¥39.2M | CN¥39.2M | — | — | CN¥60.3M | — | — | CN¥15.9M | CN¥250.5M | CN¥61.8M | CN¥61.8M |
| Deferred revenue | — | CN¥59.0M | CN¥79.7M | CN¥72.2M | CN¥62.1M | CN¥72.4M | — | CN¥76.9M | CN¥73.9M | CN¥88.2M | CN¥103.0M | CN¥88.4M |
| Total current liabilities | CN¥1.82B | CN¥1.36B | CN¥1.43B | CN¥1.34B | CN¥1.76B | CN¥1.40B | CN¥1.43B | CN¥1.37B | CN¥2.41B | CN¥1.75B | CN¥1.89B | CN¥1.97B |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | CN¥51.0M | CN¥52.5M | CN¥99.5M | CN¥59.6M | CN¥69.6M | CN¥64.1M | CN¥120.6M | CN¥77.7M | CN¥55.0M | CN¥70.3M | CN¥138.4M | CN¥77.4M |
| Other long-term liabilities | CN¥323.8M | CN¥321.1M | CN¥330.8M | CN¥309.7M | CN¥321.6M | CN¥322.3M | CN¥336.8M | CN¥344.1M | CN¥325.6M | CN¥356.9M | CN¥366.6M | CN¥351.5M |
| Total liabilities | CN¥2.15B | CN¥1.68B | CN¥1.76B | CN¥1.65B | CN¥2.08B | CN¥1.72B | CN¥1.77B | CN¥1.72B | CN¥2.74B | CN¥2.11B | CN¥2.26B | CN¥2.33B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | CN¥115,039 | CN¥9.93B | CN¥113,000 | CN¥9.90B | CN¥15,909 | CN¥10.15B | — | CN¥9.80B | CN¥111,000 | CN¥10.63B | CN¥110,000 | CN¥10.30B |
| Retained earnings (deficit) | CN¥5.56B | CN¥5.82B | CN¥5.82B | — | — | CN¥5.90B | CN¥5.90B | — | CN¥5.65B | CN¥6.44B | CN¥6.44B | CN¥6.44B |
| Accumulated other comprehensive income | −CN¥76.2M | CN¥41.8M | CN¥41.8M | — | — | CN¥186.5M | — | — | CN¥158.6M | CN¥74.6M | CN¥74.6M | CN¥74.6M |
| Minority interest | CN¥158.7M | — | CN¥156.1M | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | CN¥9.33B | CN¥9.93B | CN¥9.83B | CN¥9.90B | CN¥9.59B | CN¥10.09B | CN¥9.95B | CN¥9.69B | CN¥9.67B | CN¥10.51B | CN¥10.31B | CN¥10.21B |
| Key figures | ||||||||||||
| Total debt | CN¥51.0M | CN¥52.5M | CN¥99.5M | CN¥59.6M | CN¥69.6M | CN¥64.1M | — | CN¥77.7M | CN¥55.0M | CN¥70.3M | CN¥138.4M | CN¥77.4M |
| Net cash (debt) | CN¥5.00B | CN¥5.06B | CN¥4.92B | CN¥4.94B | CN¥5.35B | CN¥5.33B | — | CN¥4.66B | CN¥5.84B | CN¥5.81B | CN¥5.43B | CN¥5.29B |
| Working capital | CN¥4.37B | CN¥5.11B | CN¥4.93B | CN¥5.04B | CN¥5.01B | CN¥5.32B | CN¥5.05B | CN¥4.72B | CN¥4.79B | CN¥5.47B | CN¥5.23B | CN¥4.90B |
| Tangible book value | CN¥9.33B | CN¥9.93B | CN¥9.83B | CN¥9.90B | CN¥9.59B | CN¥10.09B | CN¥9.95B | CN¥9.69B | CN¥9.67B | CN¥10.51B | CN¥10.31B | CN¥10.21B |
| Shares outstanding | 13.8M | 14.0M | 14.1M | 14.1M | 14.0M | 14.1M | 330.4M | 14.1M | 14.1M | 14.0M | 13.9M | 13.9M |
| Current ratio | 3.40 | 4.75 | 4.46 | 4.77 | 3.85 | 4.81 | 4.53 | 4.43 | 2.99 | 4.12 | 3.76 | 3.48 |
| Quick ratio | 2.94 | 4.59 | 4.31 | 4.52 | 3.71 | 4.65 | 3.90 | 4.25 | 2.79 | 3.89 | 3.38 | 2.94 |
| Debt / equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 80.1% | 85.5% | 83.7% | 85.7% | 81.7% | 85.0% | 84.4% | 84.1% | 77.5% | 82.5% | 81.3% | 80.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 29, 2026); data from EODHD.
NOAH financial position
At the end of fiscal 2025 (December 31, 2025), Noah had total assets of CN¥11.7 billion (down 0.3% from a year earlier), total liabilities of CN¥1.8 billion and shareholders' equity of CN¥9.8 billion. It held CN¥5.0 billion in cash and short-term investments against CN¥99.5 million of debt, a net cash position of CN¥4.9 billion. Its current ratio was 4.46. In the latest quarter (ended June 30, 2026) total assets were CN¥11.6 billion and equity CN¥9.3 billion.
Related: NOAH income statement, NOAH cash flow statement, NOAH key metrics. See the NOAH stock overview for the latest quote and news.
NOAH balance sheet FAQ
What are Noah's total assets?
Noah reported total assets of CN¥11.7 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥11.8 billion a year earlier.
How much debt does Noah have?
Noah had CN¥99.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does Noah have?
Noah held CN¥5.0 billion in cash and short-term investments at the end of fiscal 2025; with CN¥99.5 million of debt that is net cash of CN¥4.9 billion.
What is Noah's book value?
Noah's shareholders' equity (book value) was CN¥9.8 billion at the end of fiscal 2025.
What is Noah's current ratio?
Noah had current assets of CN¥6.4 billion and current liabilities of CN¥1.4 billion, a current ratio of 4.46 (it can cover its short-term obligations).