NOMURA HOLDINGS INC
NMR, NRSCF · Security Brokers, Dealers & Flotation Companies · EDGAR filings ↗
Reference price $8.05 — last insider purchase, 2026-03-25 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
C58Large Japanese securities/IB group posting record net income but with mid-pack returns, high leverage and distorted, negative reported cash flow.
Strengths
- Record net income and improving recurring-revenue Wealth/IM franchise; large scale and tangible book (88th+ pct)
- ROE ~9.8% with a ~10% headline return on equity per management
Risks
- Mid-to-low returns (ROA 0.58%, 20.7th pct) and high leverage (debt/equity 4.19, 90th pct)
- Negative OCF/FCF margins (8th/11th pct) and revenue -5.9%; trading/market-sensitivity risk
Notable findings
- High leverageHigh leverage (debt/equity 4.19)
- Cash burnNegative free cash flow (-7507.5M)
- Material weakness, risk of financial loss, incorrect decision making, or damage to our credibility arising from model errors or incorrect or inappropriate model application 8 NHI is a holding company and depends
- Strong balance sheetStrong balance sheet — $27.0B cash & investments, ~14 quarters of runway
- Insider buyingInsider buying — 3 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, last 6mo) Form 4 ↗
Key metrics
Net margin
7.6%
Return on equity
9.8%
Return on assets
0.6%
Revenue growth (QoQ)
-5.9%
Net-income growth
-0.4%
Debt / equity
4.2×
Free cash flow
-$7.5B
Tangible book value
$21.5B
Cash & investments
$27.0B
Cash runway
14q
Stock comp / revenue
0.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-25 | Ishizuka Masahiro | Grant | 237 | $8.21 |
| 2026-05-25 | Hori Akio | Grant | 765 | $8.21 |
| 2026-05-25 | Tobari Akihito | Grant | 765 | $8.21 |
| 2026-05-25 | Koike Hiroyasu | Grant | 773 | $8.21 |
| 2026-05-25 | Ozaki Yukiko | Grant | 84 | $8.21 |
| 2026-05-25 | Ogawa Shoji | Grant | 237 | $8.21 |
| 2026-04-27 | Koike Hiroyasu | Tax withheld | 4.7K | $7.71 |
| 2026-04-27 | Nakajima Yutaka | Option exercise | 9.9K | — |
| 2026-04-27 | Nakajima Yutaka | Tax withheld | 4.7K | $7.71 |
| 2026-04-27 | Okuda Kentaro | Option exercise | 58K | — |
| 2026-04-27 | Okuda Kentaro | Tax withheld | 27K | $7.71 |
| 2026-04-27 | Ozaki Yukiko | Option exercise | 4.9K | — |
| 2026-04-27 | Ozaki Yukiko | Tax withheld | 1.5K | $7.71 |
| 2026-04-27 | Kitamura Takumi | Option exercise | 9.1K | — |
| 2026-04-27 | Kitamura Takumi | Tax withheld | 4.3K | $7.71 |
| 2026-04-27 | Sugiyama Go | Option exercise | 28K | — |
| 2026-04-27 | Sugiyama Go | Tax withheld | 13K | $7.71 |
| 2026-04-27 | Minami Naotaka | Option exercise | 4.0K | — |
| 2026-04-27 | Minami Naotaka | Tax withheld | 2.0K | $7.71 |
| 2026-04-27 | Iiyama Toshiyasu | Option exercise | 107K | — |
| 2026-04-27 | Iiyama Toshiyasu | Tax withheld | 49K | $7.71 |
| 2026-04-27 | Kato Sotaro | Option exercise | 42K | — |
| 2026-04-27 | Kato Sotaro | Tax withheld | 22K | $7.71 |
| 2026-04-27 | Tobari Akihito | Option exercise | 17K | — |
| 2026-04-27 | Tobari Akihito | Tax withheld | 6.6K | $7.71 |
| 2026-04-27 | Koike Hiroyasu | Option exercise | 10K | — |
| 2026-04-27 | Mori Takako | Option exercise | 7.9K | — |
| 2026-04-27 | Mori Takako | Tax withheld | 3.8K | $7.71 |
| 2026-04-27 | Hori Akio | Option exercise | 6.1K | — |
| 2026-04-27 | Hori Akio | Tax withheld | 3.0K | $7.71 |
| 2026-04-27 | Moriuchi Hiroyuki | Option exercise | 9.2K | — |
| 2026-04-27 | Moriuchi Hiroyuki | Tax withheld | 4.4K | $7.71 |
| 2026-04-27 | Horiuchi Yuko | Option exercise | 5.4K | — |
| 2026-04-27 | Horiuchi Yuko | Tax withheld | 2.6K | $7.71 |
| 2026-04-27 | Goto Masahiro | Option exercise | 70K | — |
| 2026-04-27 | Goto Masahiro | Tax withheld | 31K | $7.71 |
| 2026-04-27 | Willcox Christopher Paul | Option exercise | 9.9K | — |
| 2026-04-27 | Willcox Christopher Paul | Tax withheld | 5.1K | $7.71 |
| 2026-04-24 | Willcox Christopher Paul | Disposition | 1.4M | $8.21 |
| 2026-04-24 | Nagai Koji | Disposition | 221K | $159.84 |
| 2026-04-24 | Iiyama Toshiyasu | Option exercise | 61K | — |
| 2026-04-24 | Nakajima Yutaka | Option exercise | 193K | — |
| 2026-04-24 | Nakajima Yutaka | Disposition | 193K | $8.21 |
| 2026-04-24 | Iiyama Toshiyasu | Disposition | 61K | $8.21 |
| 2026-04-24 | Willcox Christopher Paul | Option exercise | 1.4M | — |
| 2026-04-24 | Okuda Kentaro | Option exercise | 325K | — |
| 2026-04-24 | Okuda Kentaro | Disposition | 325K | $8.21 |
| 2026-04-24 | Ogawa Shoji | Grant | 221 | $8.41 |
| 2026-04-24 | Kato Sotaro | Option exercise | 36K | — |
| 2026-04-24 | Ozaki Yukiko | Option exercise | 2.9K | — |
| 2026-04-24 | Ozaki Yukiko | Disposition | 2.9K | $8.21 |
| 2026-04-24 | Kato Sotaro | Disposition | 36K | $8.21 |
| 2026-04-24 | Minami Naotaka | Disposition | 503 | $8.21 |
| 2026-04-24 | Koike Hiroyasu | Grant | 295 | $8.41 |
| 2026-04-24 | Nagai Koji | Option exercise | 221K | — |
| 2026-04-24 | Ozaki Yukiko | Grant | 7 | $8.41 |
| 2026-04-24 | Kitamura Takumi | Option exercise | 86K | — |
| 2026-04-24 | Kitamura Takumi | Disposition | 86K | $8.21 |
| 2026-04-24 | Tobari Akihito | Grant | 74 | $8.41 |
| 2026-04-24 | Sugiyama Go | Option exercise | 42K | — |
| 2026-04-24 | Sugiyama Go | Disposition | 42K | $8.21 |
| 2026-04-24 | Hori Akio | Grant | 74 | $8.41 |
| 2026-04-24 | Ishizuka Masahiro | Grant | 221 | $8.41 |
| 2026-04-24 | Minami Naotaka | Option exercise | 503 | — |
| 2026-03-25 | Ogawa Shoji | Buy | 238 | $8.05 |
| 2026-03-25 | Ishizuka Masahiro | Buy | 238 | $8.05 |
| 2026-03-25 | Ozaki Yukiko | Buy | 8 | $8.05 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-06-22 | 2026-03-31 | 0001193125-26-277134 ↗ |
| 20-F | 2025-06-23 | 2025-03-31 | 0001193125-25-144222 ↗ |