Noah Holdings Limited (NOAH) Key Metrics
NOAH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanNOAH returns How much profit the business earns on the capital it uses.
NOAH financial health Debt, liquidity and how easily interest is covered.
NOAH efficiency & capital use Working capital cycle and where the cash goes.
NOAH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NOAH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NOAH cash returned to shareholders
NOAH key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 5.7% | 4.7% | 10.2% | 11.2% | 17.3% | −10.5% | 12.9% | 15.8% | 19.5% | 21.7% |
| Return on invested capital (ROIC) | 10.2% | 8.1% | 17.5% | 17.7% | 27.5% | 42.5% | 28.3% | 25.4% | 33.1% | 70.9% |
| Return on assets (ROA) | 4.8% | 3.9% | 8.2% | 8.6% | 13.0% | −7.8% | 9.3% | 11.2% | 12.3% | 12.8% |
| Return on tangible assets | 4.8% | 4.0% | 8.0% | 8.3% | 12.1% | −7.9% | 8.5% | 10.1% | 11.7% | 10.8% |
| Free cash flow margin | 32.3% | 11.7% | 35.2% | 18.4% | −17.5% | 22.5% | 36.1% | 27.4% | 16.8% | 23.3% |
| Income quality (OCF / net income) | 1.75 | 0.81 | 1.31 | 0.65 | 1.16 | — | 1.55 | 1.27 | 0.82 | 1.07 |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 | 0.04 | 0.05 | 0.02 | 0.11 | 0.19 |
| Debt / assets | 0.01 | 0.01 | 0.03 | 0.02 | 0.02 | 0.03 | 0.04 | 0.02 | 0.08 | 0.11 |
| Net debt / EBITDA | −5.27 | −6.28 | −4.18 | −3.65 | −2.43 | −3.57 | −4.36 | −2.70 | −1.62 | −3.23 |
| Current ratio | 4.46 | 4.53 | 3.76 | 3.32 | 2.42 | 3.56 | 4.47 | 3.21 | 2.21 | 3.00 |
| Quick ratio | 4.46 | 4.53 | 3.76 | 3.30 | 2.42 | 3.56 | 4.47 | 3.21 | 2.21 | 3.00 |
| Interest coverage | — | — | — | 7.0 | 2.0 | 0.7 | — | 92.4 | 32.2 | 34.6 |
| 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 |
| Invested capital | CN¥4.91B | CN¥4.98B | CN¥5.07B | CN¥4.86B | CN¥4.77B | CN¥2.35B | CN¥2.33B | CN¥2.83B | CN¥2.85B | CN¥762.3M |
| Tangible asset value | CN¥9.98B | CN¥10.01B | CN¥10.43B | CN¥9.50B | CN¥8.14B | CN¥7.28B | CN¥7.87B | CN¥6.18B | CN¥4.51B | CN¥3.39B |
| Net current asset value | CN¥4.60B | CN¥4.71B | CN¥4.86B | CN¥4.02B | CN¥2.77B | CN¥4.58B | CN¥4.80B | CN¥3.27B | CN¥2.05B | CN¥2.17B |
| Capital allocation | ||||||||||
| Dividends paid | CN¥546.8M | CN¥1.01B | CN¥177.5M | CN¥0 | CN¥0 | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share buybacks (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 |
| Dividend payout ratio | 97.8% | 212.0% | 17.6% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 71.1% | 347.7% | 15.3% | 0.0% | — | 37.8% | 0.0% | 0.0% | 6.6% | 2.2% |
| Capex / revenue | 5.1% | 3.2% | 4.8% | 2.0% | 52.9% | 1.6% | 1.9% | 3.9% | 5.4% | 4.0% |
| Capex / operating cash flow | 13.7% | 21.2% | 12.0% | 9.9% | 149.2% | 6.5% | 5.1% | 12.5% | 24.3% | 14.8% |
| Capex / depreciation | 0.85 | 0.52 | 1.00 | 0.40 | 15.50 | 0.52 | 0.62 | 1.39 | 1.86 | 1.65 |
| Stock-based compensation / revenue | 2.6% | 4.2% | 0.3% | 1.4% | 1.7% | 40.9% | 2.8% | 3.4% | 3.3% | 3.1% |
| R&D / revenue | — | — | — | — | — | — | 6.7% | 6.7% | — | — |
| SG&A / revenue | 21.0% | 21.8% | 8.4% | 23.9% | 19.1% | 41.0% | 18.5% | 8.5% | 20.1% | 9.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 158.8 | 163.3 | 116.2 | 162.9 | 137.3 | 164.2 | 180.0 | 192.0 | 159.8 | 90.7 |
| Days of inventory on hand | — | — | 2.9 | 3.0 | 0.9 | 4.3 | 1.0 | 0.3 | 0.1 | 0.3 |
| Days payables outstanding | 37.3 | 30.7 | 27.8 | 23.9 | 10.5 | 218.4 | 88.7 | 74.8 | 172.3 | 123.1 |
| Cash conversion cycle (days) | 121.5 | 132.6 | 91.3 | 142.0 | 127.6 | -49.8 | 92.3 | 117.5 | -12.5 | -32.1 |
| Receivables turnover | 2.30 | 2.24 | 3.14 | 2.24 | 2.66 | 2.22 | 2.03 | 1.90 | 2.28 | 4.02 |
| Payables turnover | 9.78 | 11.88 | 13.15 | 15.28 | 34.64 | 1.67 | 4.11 | 4.88 | 2.12 | 2.96 |
| Inventory turnover | — | — | 125.57 | 121.61 | 413.00 | 84.36 | 354.44 | 1,251.35 | 2,814.74 | 1,300.40 |
| Asset turnover | 0.22 | 0.21 | 0.27 | 0.27 | 0.42 | 0.34 | 0.38 | 0.45 | 0.45 | 0.50 |
| Average receivables | CN¥1.14B | CN¥1.16B | CN¥1.05B | CN¥1.38B | CN¥1.61B | CN¥1.49B | CN¥1.67B | CN¥1.73B | CN¥1.24B | CN¥624.8M |
| Average payables | CN¥124.4M | CN¥113.6M | CN¥110.8M | CN¥94.4M | CN¥62.6M | CN¥418.4M | CN¥391.6M | CN¥320.6M | CN¥664.5M | CN¥438.6M |
| Average inventory | — | — | CN¥11.6M | CN¥11.9M | CN¥5.3M | CN¥8.3M | CN¥4.5M | CN¥1.3M | CN¥500,000 | CN¥1.0M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from NOAH's annual financial statements (latest annual report filed April 29, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
NOAH valuation and financial ratios
Noah earned a return on equity of 5.7% and a return on invested capital of 10.2% in fiscal 2025. It ended the year with CN¥99.5 million of debt and CN¥5.0 billion in cash and short-term investments, a net cash position of CN¥4.9 billion. It returned CN¥599.1 million to shareholders: CN¥546.8 million in dividends and CN¥52.3 million in share buybacks, 71% of free cash flow.
See the NOAH income statement, the NOAH chart for price history, or the NOAH stock overview for the latest quote and news.
NOAH key metrics FAQ
What is Noah's return on equity?
Noah's return on equity (ROE) was 5.7% in fiscal 2025: net income of CN¥558.9 million on average shareholders' equity of CN¥9.9 billion.
What is Noah's ROIC?
Noah's return on invested capital was 10.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Noah have?
Noah had total debt of CN¥99.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does Noah buy back its shares?
Yes. Noah spent CN¥52.3 million on net share repurchases in fiscal 2025.
What is Noah's current ratio?
Noah's current ratio was 4.46 at the end of fiscal 2025: current assets were 4.46 times current liabilities.