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Nomura Holdings

NMR
46
Financial - Capital Markets · Financial Services
Price
$9.24
-0.04 (-0.43%)
Market Cap
$27.01B
Exchange
New York Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Good
13/20
Cash Flow
Mixed
3/10
Stability
Weak
0/10
Valuation
Strong
7/10
Ownership
Mixed
6/15
Dividends
Strong
4/5

46 of 100 counted points = Winston Score 46.

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Share count falling — buybacks

−3.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 3.16B (2022) → 3.04B (2026)

§Winston Score History

The full picture

Nomura Holdings is Japan's largest investment bank and brokerage firm. It helps companies raise money by selling stocks and bonds, advises on mergers and acquisitions, and offers wealth management services to individual investors. Its main customers are corporations, governments, institutional investors like pension funds, and wealthy individuals.

Nomura earns money through trading commissions, fees for financial advice, interest income, and asset management fees. It operates primarily in Japan but has significant operations across Asia, Europe, and the Americas, giving it a broad international footprint for a Japanese firm. Its deep relationships with Japanese corporations and its dominant position in Japan's domestic capital markets give it a home-market advantage that is difficult for foreign competitors to replicate. The key risk Nomura faces is its sensitivity to market conditions — when stock and bond markets are volatile or slow, trading revenues and deal fees can drop sharply, putting pressure on earnings.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+42.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

¥0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

4.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

¥44.9T cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Nomura Holdings is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
47.2%
Healthy — 47.2% gross margin
Profit after running costs
Operating Margin
16.3%
Healthy — 16.3% operating margin
Return on the money invested
ROCE
1.5%
Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+11.3%
Steady sales growth (+11.3% YoY)
Profit growth
EPS YoY
+8.5%
Earnings growing (+8.5% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
63%
Modest — 63% of profit becomes cash
Spare cash per sale
FCF Margin
-0.3%
Burning cash (-0.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
9.18
Heavy debt load (9.18)
Covers its interest
Interest Cover
0.22x
Dangerous — barely covers interest (0.2x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
10.6x
Attractive valuation — P/E 10.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.5
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
3.14%
Moderate income — 3.14% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+162.2%
Dividend growing fast (162.2% YoY)

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