Nomura Holdings, Inc. (NMR) Key Metrics

NYSE: NMRValuation, returns, debt and efficiency ratios over 10 years.

NMR key metrics, FY2017–FY2026

Fiscal year ended March 31, 2026 · Japanese yen

NMR returns How much profit the business earns on the capital it uses.

Return on equity+0.1 pts
10.1%
FY2026 · hover or tap a bar for each year
FY2017: 8.6%FY2018: 7.9% (−0.7 pts)FY2019: −3.7% (−11.7 pts)FY2020: 8.2% (+11.9 pts)FY2021: 5.7% (−2.5 pts)FY2022: 5.1% (−0.6 pts)FY2023: 3.1% (−2.0 pts)FY2024: 5.1% (+2.0 pts)FY2025: 10.0% (+4.9 pts)FY2026: 10.1% (+0.1 pts)
FY2017FY2026
Return on invested capital+0.5 pts
1.7%
FY2026 · hover or tap a bar for each year
FY2017: 1.0%FY2018: 0.9% (0.0 pts)FY2019: −0.1% (−1.1 pts)FY2020: 0.9% (+1.0 pts)FY2021: 0.7% (−0.2 pts)FY2022: 0.9% (+0.2 pts)FY2023: 0.5% (−0.4 pts)FY2024: 0.7% (+0.2 pts)FY2025: 1.2% (+0.5 pts)FY2026: 1.7% (+0.5 pts)
FY2017FY2026
Return on assets0.0 pts
0.6%
FY2026 · hover or tap a bar for each year
FY2017: 0.6%FY2018: 0.5% (0.0 pts)FY2019: −0.2% (−0.8 pts)FY2020: 0.5% (+0.8 pts)FY2021: 0.4% (−0.2 pts)FY2022: 0.3% (0.0 pts)FY2023: 0.2% (−0.1 pts)FY2024: 0.3% (+0.1 pts)FY2025: 0.6% (+0.3 pts)FY2026: 0.6% (0.0 pts)
FY2017FY2026
Free cash flow margin−5.9 pts
−25.2%
FY2026 · hover or tap a bar for each year
FY2017: 62.5%FY2018: −41.3% (−103.7 pts)FY2019: −39.4% (+1.9 pts)FY2020: −12.8% (+26.6 pts)FY2021: 38.6% (+51.4 pts)FY2022: −107.7% (−146.3 pts)FY2023: −49.9% (+57.8 pts)FY2024: −0.3% (+49.6 pts)FY2025: −19.3% (−18.9 pts)FY2026: −25.2% (−5.9 pts)
FY2017FY2026
Cash conversion (OCF / net income)
−2.33
FY2026 · hover or tap a bar for each year
FY2017: 5.45FY2018: −2.03FY2020: −0.07FY2021: 4.35FY2022: −9.57FY2023: −10.51FY2024: 0.80FY2025: −1.99FY2026: −2.33
FY2017FY2026
Asset turnover−1.0%
0.08
FY2026 · hover or tap a bar for each year
FY2017: 0.04FY2018: 0.04 (+14.5%)FY2019: 0.04 (−0.3%)FY2020: 0.04 (−3.4%)FY2021: 0.03 (−20.1%)FY2022: 0.03 (−2.2%)FY2023: 0.05 (+57.5%)FY2024: 0.08 (+53.3%)FY2025: 0.08 (+4.3%)FY2026: 0.08 (−1.0%)
FY2017FY2026

NMR returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

NMR debt vs cash

Total debtCash & short-term investments

Debt includes short- and long-term borrowings and, where reported, lease liabilities.

NMR cash returned to shareholders

DividendsBuybacksFree cash flow

NMR key metrics in Japanese yen

FY2017–FY2026
FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Returns & profitability
Return on equity (ROE)10.1%10.0%5.1%3.1%5.1%5.7%8.2%−3.7%7.9%8.6%
Return on invested capital (ROIC)1.7%1.2%0.7%0.5%0.9%0.7%0.9%−0.1%0.9%1.0%
Return on assets (ROA)0.6%0.6%0.3%0.2%0.3%0.4%0.5%−0.2%0.5%0.6%
Return on tangible assets0.6%0.6%0.3%0.2%0.3%0.4%0.5%−0.2%0.5%0.6%
Free cash flow margin−25.2%−19.3%−0.3%−49.9%−107.7%38.6%−12.8%−39.4%−41.3%62.5%
Income quality (OCF / net income)−2.33−1.990.80−10.51−9.574.35−0.07—−2.035.45
Financial health
Total debt¥17.30T¥31.35T¥30.96T¥26.15T¥23.48T¥23.30T¥26.52T¥24.21T¥23.30T¥25.17T
Cash & short-term investments¥5.01T¥5.51T¥5.15T¥4.52T¥14.65T¥4.16T¥3.87T¥3.26T¥2.96T¥2.97T
Net debt¥12.29T¥25.83T¥25.81T¥21.63T¥8.83T¥19.14T¥22.65T¥20.95T¥20.34T¥22.20T
Debt / equity4.679.039.248.318.068.6510.009.208.479.02
Debt / assets0.280.550.560.550.540.550.600.590.570.59
Net debt / EBITDA20.2148.4176.99102.5730.8564.9872.62—50.8856.39
Current ratio1.430.210.210.200.710.200.210.920.900.15
Quick ratio1.430.212.10−0.110.41−0.090.210.920.900.15
Interest coverage0.20.20.10.11.01.10.4-0.10.71.0
Working capital¥17.65T−¥26.63T−¥26.22T−¥23.72T−¥8.18T−¥21.99T−¥23.36T−¥2.12T−¥2.55T−¥24.13T
Invested capital¥16.00T¥29.30T¥29.16T¥24.78T¥11.74T¥21.83T¥25.30T¥23.58T¥23.09T¥24.99T
Tangible asset value¥3.54T¥3.51T¥3.41T¥3.19T¥2.94T¥2.73T¥2.71T¥2.66T¥2.70T¥2.74T
Net current asset value¥292.75B−¥46.04T−¥44.84T−¥38.51T−¥19.93T−¥34.33T−¥35.11T−¥13.28T−¥13.86T−¥35.71T
Capital allocation
Dividends paid¥179.74B¥112.54B¥60.16B¥57.26B¥70.71B¥76.36B¥58.42B¥47.48B¥70.20B¥42.83B
Share buybacks (net)¥101.50B¥59.01B¥61.03B¥24.73B¥39.65B¥11.0M¥150.01B¥51.71B¥109.10B¥61.34B
Dividend payout ratio49.6%33.0%36.3%61.7%49.5%49.9%26.9%—32.0%17.9%
Dividends + buybacks / free cash flow—————14.0%———10.5%
Capex / revenue7.4%4.2%3.7%7.5%8.1%8.5%11.9%18.5%16.1%19.7%
Capex / operating cash flow——109.9%——18.0%———24.0%
Capex / depreciation5.183.082.382.791.871.883.255.513.984.41
Stock-based compensation / revenue0.9%0.9%1.3%1.5%2.0%2.0%0.7%1.3%0.5%0.6%
R&D / revenue——0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
SG&A / revenue28.8%16.9%17.6%27.4%39.7%36.9%29.4%30.3%32.0%33.5%
Efficiency
Days sales outstanding131.9134.6146.0549.3885.1454.0379.1291.2280.9301.5
Days of inventory on hand——-3,733.32,865.813,144.06,734.04.11.00.8—
Days payables outstanding209.6172.5187.8457.02,361.62,476.3740.4611.2861.31,245.7
Cash conversion cycle (days)-77.8-37.8-3,775.02,958.011,667.54,711.7-357.2-319.0-579.6-944.2
Receivables turnover2.772.712.500.660.410.800.961.251.301.21
Payables turnover1.742.121.940.800.150.150.490.600.420.29
Inventory turnover———0.130.030.0589.27374.53485.63—
Asset turnover0.080.080.080.050.030.030.040.040.040.04
Average receivables¥1.72T¥1.66T¥1.59T¥3.46T¥3.33T¥1.76T¥1.80T¥1.38T¥1.36T¥1.31T
Average payables¥1.49T¥1.34T¥1.34T¥1.44T¥1.49T¥1.46T¥1.35T¥1.20T¥1.12T¥1.07T
Average inventory——−¥26.54T¥9.04T¥8.29T¥3.97T¥7.45B¥1.92B¥978.5M¥0
Intangibles / total assets0.5%0.1%0.1%0.1%0.1%0.1%0.0%0.0%0.2%0.2%

Computed from NMR's annual financial statements (latest annual report filed June 22, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Japanese yen; data from EODHD. Averages use the opening and closing balance of each year.

NMR valuation and financial ratios

Nomura earned a return on equity of 10.1% and a return on invested capital of 1.7% in fiscal 2026. It ended the year with ¥17.30 trillion of debt and ¥5.01 trillion in cash and short-term investments, net debt of ¥12.29 trillion. It returned ¥281.2 billion to shareholders: ¥179.7 billion in dividends and ¥101.5 billion in share buybacks.

See the NMR income statement, the NMR chart for price history, or the NMR stock overview for the latest quote and news.

NMR key metrics FAQ

What is Nomura's return on equity?

Nomura's return on equity (ROE) was 10.1% in fiscal 2026: net income of ¥362.1 billion on average shareholders' equity of ¥3.59 trillion.

What is Nomura's ROIC?

Nomura's return on invested capital was 1.7% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.

How much debt does Nomura have?

Nomura had total debt of ¥17.30 trillion at the end of fiscal 2026, a debt-to-equity ratio of 4.67 and ¥12.29 trillion of net debt (20.21 times EBITDA).

Does Nomura buy back its shares?

Yes. Nomura spent ¥101.5 billion on net share repurchases in fiscal 2026.

What is Nomura's current ratio?

Nomura's current ratio was 1.43 at the end of fiscal 2026: current assets were 1.43 times current liabilities.

Capital Markets key metrics