The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 13.5M (2021) → 14.1M (2025)
Noah Holdings Limited, a financial services entity established in 2005 and headquartered in Shanghai, People's Republic of China, specializes in providing comprehensive wealth and asset management solutions. The company primarily caters to high-net-worth individuals and corporate clients, offering expertise in investment and asset allocation across Mainland China, Hong Kong, and international markets. Its operations are divided into three core segments: Wealth Management, Asset Management, and Other Businesses. Through its wealth management arm, Noah delivers a broad spectrum of investment products, including both publicly offered and privately placed funds, spanning public securities and private equity. It also provides bespoke value-added financial services such as investor education, trust administration, and insurance brokerage, in addition to direct sales of insurance products. Furthermore, the company's asset management division offers access to a diverse portfolio of onshore and offshore investment vehicles, such as private equity, real estate, public securities, and multi-strategy funds. Noah Holdings also extends lending services as part of its comprehensive financial offerings.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+5.8% YoY
YoY Growth Rate
Slow revenue growth
+32.4% YoY
YoY Growth Rate
EPS growth accelerating
¥0/ year
0.0% of revenue
Below sector average (7%)
Research and development spending
Cash flow positive
¥7.4B cash & investments
Quarterly Free Cash Flow
Company generates more cash than it spends — no dilution risk from fundraising
Noah Holdings Limited is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Single-digit earnings growth — steady but not exciting.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage above 8. Profits cover interest many times over.
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P/E under 10. The price tag is small relative to last year's profit.
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Yield above 6% — often a flag the market is pricing in a cut.
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