Noah Holdings Limited (NOAH) Cash Flow Statement
Where NOAH’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥976.6M +152.1% vs 2024
- Capital expenditures
- CN¥134.1M 5.1% of revenue
- Free cash flow
- CN¥842.5M 32.3% margin
- Returned to shareholders
- CN¥599.1M 71% of free cash flow
- Change in cash
- CN¥541.0M cash at year-end CN¥4.38B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NOAH operating cash flow, capex and free cash flow
NOAH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥686.2M2016 | CN¥976.6M2025 | +4.0%/yr | |
| Capital expenditures | CN¥101.4M2016 | CN¥134.1M2025 | +3.2%/yr | |
| Free cash flow | CN¥584.9M2016 | CN¥842.5M2025 | +4.1%/yr | |
| Free cash flow margin | 23.3%2016 | 32.3%2025 | +9.0 pts | |
| Operating cash flow / net income | 1.152016 | 1.752025 | +0.60 | |
| Stock-based compensation | CN¥79.2M2016 | CN¥66.9M2025 | −1.9%/yr | |
| Dividends paid | CN¥02016 | CN¥546.8M2025 | — | |
| Share buybacks (net) | CN¥12.6M2016 | CN¥52.3M2025 | +17.1%/yr | |
| Capex / revenue | 4.0%2016 | 5.1%2025 | +1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NOAH cash flow by activity
NOAH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NOAH cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥557.2M | CN¥487.0M | CN¥1.00B | CN¥971.6M | CN¥1.31B | −CN¥743.5M | CN¥863.8M | CN¥803.7M | CN¥761.9M | CN¥597.9M |
| Depreciation & amortization | CN¥156.9M | CN¥156.7M | CN¥158.1M | CN¥156.0M | CN¥146.6M | CN¥98.5M | CN¥105.4M | CN¥92.3M | CN¥82.0M | CN¥61.3M |
| Stock-based compensation | CN¥66.9M | CN¥109.0M | CN¥11.5M | CN¥42.3M | CN¥70.9M | CN¥1.35B | CN¥94.9M | CN¥112.8M | CN¥93.6M | CN¥79.2M |
| Change in working capital | CN¥11.1M | −CN¥594.4M | CN¥26.3M | −CN¥172.9M | CN¥202.8M | −CN¥584.8M | −CN¥64.5M | CN¥7.3M | CN¥56.1M | −CN¥146.9M |
| Other non-cash items | CN¥184.5M | CN¥229.0M | CN¥121.4M | −CN¥364.0M | −CN¥204.6M | CN¥675.6M | CN¥288.7M | CN¥13.3M | −CN¥365.2M | CN¥94.7M |
| Cash from operating activities | CN¥976.6M | CN¥387.3M | CN¥1.32B | CN¥632.9M | CN¥1.52B | CN¥796.4M | CN¥1.29B | CN¥1.03B | CN¥628.4M | CN¥686.2M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥134.1M | −CN¥82.2M | −CN¥157.9M | −CN¥62.7M | −CN¥2.27B | −CN¥51.6M | −CN¥65.3M | −CN¥128.2M | −CN¥152.7M | −CN¥101.4M |
| Investments (net) | CN¥500.9M | −CN¥840.8M | −CN¥247.1M | CN¥74.3M | −CN¥2.57B | CN¥144.6M | −CN¥182.0M | −CN¥198.1M | −CN¥516.0M | −CN¥883.8M |
| Acquisitions & other investing | −CN¥67.3M | CN¥82.2M | CN¥157.9M | CN¥62.7M | CN¥2.27B | CN¥259.6M | CN¥65.3M | −CN¥69.4M | −CN¥165.1M | CN¥101.4M |
| Cash from investing activities | CN¥299.5M | −CN¥840.8M | −CN¥247.1M | CN¥74.3M | −CN¥2.57B | CN¥352.6M | −CN¥182.0M | −CN¥395.7M | −CN¥833.9M | −CN¥883.8M |
| Financing activities | ||||||||||
| Dividends paid | −CN¥546.8M | −CN¥1.01B | −CN¥177.5M | CN¥0 | CN¥0 | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | −CN¥52.3M | −CN¥53.3M | CN¥0 | CN¥0 | −CN¥372.4M | −CN¥281.6M | CN¥0 | CN¥0 | −CN¥31.3M | −CN¥12.6M |
| Net borrowing (repayment) | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥247.0M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥36.5M | −CN¥73.0M | −CN¥22.3M | −CN¥13.3M | −CN¥140.7M | −CN¥89.8M | CN¥543.3M | CN¥109.8M | −CN¥760.5M | CN¥1.01B |
| Cash from financing activities | −CN¥635.5M | −CN¥1.13B | −CN¥199.8M | CN¥233.8M | −CN¥513.1M | −CN¥371.4M | CN¥543.3M | CN¥109.8M | −CN¥791.8M | CN¥994.6M |
| Summary | ||||||||||
| Net change in cash | CN¥541.0M | −CN¥1.52B | CN¥919.4M | CN¥1.02B | −CN¥1.61B | CN¥628.8M | CN¥1.69B | CN¥799.8M | −CN¥1.08B | CN¥849.6M |
| Cash at end of period | CN¥4.38B | CN¥3.84B | CN¥5.35B | CN¥4.43B | CN¥3.41B | CN¥5.02B | CN¥4.39B | CN¥2.71B | CN¥1.91B | CN¥2.98B |
| Free cash flow | CN¥842.5M | CN¥305.2M | CN¥1.16B | CN¥570.2M | −CN¥749.4M | CN¥744.7M | CN¥1.22B | CN¥901.2M | CN¥475.7M | CN¥584.9M |
| Free cash flow margin | 32.3% | 11.7% | 35.2% | 18.4% | −17.5% | 22.5% | 36.1% | 27.4% | 16.8% | 23.3% |
| Capex / revenue | 5.1% | 3.2% | 4.8% | 2.0% | 52.9% | 1.6% | 1.9% | 3.9% | 5.4% | 4.0% |
| Operating cash flow / net income | 1.75 | 0.80 | 1.32 | 0.65 | 1.17 | — | 1.49 | 1.28 | 0.82 | 1.15 |
| Mar '26 | Dec '25 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | CN¥124.7M | CN¥12.6M | CN¥131.5M | CN¥30.0M | CN¥233.3M |
| Depreciation & amortization | — | — | CN¥39.5M | — | — |
| Stock-based compensation | CN¥11.3M | — | CN¥36.6M | CN¥21.9M | −CN¥1.2M |
| Other non-cash items | CN¥231.2M | CN¥354.6M | −CN¥204.8M | −CN¥49.1M | −CN¥176.2M |
| Cash from operating activities | CN¥367.3M | CN¥367.3M | CN¥2.8M | CN¥2.8M | CN¥55.9M |
| Investing activities | |||||
| Capital expenditures | −CN¥367.3M | −CN¥367.3M | −CN¥2.8M | −CN¥2.8M | −CN¥2.8M |
| Acquisitions & other investing | CN¥585.2M | CN¥585.2M | −CN¥99.7M | −CN¥99.7M | CN¥2.4M |
| Cash from investing activities | CN¥217.9M | CN¥217.9M | −CN¥102.4M | −CN¥102.4M | −CN¥417,477 |
| Financing activities | |||||
| Dividends paid | −CN¥531.0M | −CN¥531.0M | −CN¥25.1M | −CN¥25.1M | −CN¥25.1M |
| Share repurchases & issuance (net) | −CN¥50.8M | −CN¥50.8M | — | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥525.3M | −CN¥525.3M | −CN¥44.9M | −CN¥44.9M | CN¥52.8M |
| Cash from financing activities | −CN¥1.11B | −CN¥1.11B | −CN¥70.0M | −CN¥70.0M | CN¥27.7M |
| Summary | |||||
| Net change in cash | CN¥599.4M | CN¥599.4M | CN¥53.8M | CN¥53.8M | CN¥27.8M |
| Cash at end of period | CN¥4.37B | CN¥4.37B | CN¥753.9M | CN¥753.9M | CN¥700.1M |
| Free cash flow | CN¥0 | CN¥0 | CN¥2.8M | CN¥0 | CN¥55.9M |
| Free cash flow margin | 0.0% | 0.0% | 0.4% | 0.0% | 7.5% |
| Capex / revenue | 58.7% | 50.5% | 0.4% | 0.3% | 0.4% |
| Operating cash flow / net income | 2.94 | 29.04 | 0.02 | 0.09 | 0.24 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
NOAH cash generation
In fiscal 2025 (ended December 31, 2025), Noah generated CN¥976.6 million of cash from operations (up 152.1%) and spent CN¥134.1 million on capital expenditures, leaving free cash flow of CN¥842.5 million, 32.3% of revenue. It returned CN¥599.1 million to shareholders through dividends (CN¥546.8 million) and net share buybacks (CN¥52.3 million). Cash and equivalents rose by CN¥541.0 million over the year.
Related: NOAH income statement, NOAH balance sheet, NOAH dividend history. See the NOAH stock overview for the latest quote and news.
NOAH cash flow FAQ
What is Noah's free cash flow?
Noah's free cash flow was CN¥842.5 million in fiscal 2025: CN¥976.6 million of operating cash flow minus CN¥134.1 million of capital expenditures It was CN¥305.2 million a year earlier..
How much cash does Noah generate from operations?
Noah generated CN¥976.6 million of cash from operating activities in fiscal 2025, 1.75 times its net income of CN¥557.2 million.
How much does Noah spend on capital expenditures?
Noah spent CN¥134.1 million on capital expenditures in fiscal 2025, 5.1% of revenue, compared with CN¥82.2 million the year before.
How much stock does Noah buy back?
Noah spent CN¥52.3 million on net share repurchases in fiscal 2025.
How much does Noah pay in dividends?
Noah paid CN¥546.8 million in dividends in fiscal 2025, 64.9% of free cash flow.