NOAH HOLDINGS LTD
NOAH · Investment Advice · EDGAR filings ↗
Grade
C63Cash-rich Chinese wealth manager with healthy margins but low ROE, flat revenue and China/VIE overhang.
Strengths
- Strong margins and cash generation: operating margin 30%, FCF margin 32%, OCF margin 37% (all ~73rd-79th pct)
- Massive cash and investments (100th pct) with strong liquidity (current ratio 4.5)
Risks
- ROE only 5.7% (31st pct) — large cash base depresses returns; revenue essentially flat (26th pct)
- China macro/regulatory, VIE structure and HFCAA exposure; ongoing contingent liabilities
Notable findings
- Strong balance sheetStrong balance sheet — $885M cash & investments
Key metrics
Operating margin
29.8%
Net margin
21.4%
Return on equity
5.7%
Return on assets
4.8%
Revenue growth (QoQ)
4.7%
Net-income growth
22.7%
Current ratio
4.5×
Free cash flow
$120M
EBITDA
$133M
Tangible book value
$1.4B
Cash & investments
$885M
Stock comp / revenue
2.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-29 | YIN ZHE | Option exercise | 740 | — |
| 2026-05-29 | Wang Jingbo (Norah) | Option exercise | 740 | — |
| 2026-05-29 | Pan Qing | Option exercise | 1.0K | — |
| 2026-04-29 | YIN ZHE | Option exercise | 740 | — |
| 2026-04-29 | Pan Qing | Option exercise | 1.0K | — |
| 2026-04-29 | Wang Jingbo (Norah) | Option exercise | 740 | — |
| 2026-03-31 | Pan Qing | Option exercise | 1.0K | — |
| 2026-03-31 | Pan Qing | Option exercise | 225K | — |
| 2026-03-31 | Wang Jingbo (Norah) | Option exercise | 740 | — |
| 2026-03-31 | Wang Jingbo (Norah) | Option exercise | 125K | — |
| 2026-03-31 | Wang Jingbo (Norah) | Option exercise | 75K | — |
| 2026-03-31 | YIN ZHE | Option exercise | 740 | — |
| 2026-03-31 | YIN ZHE | Option exercise | 125K | — |
| 2026-03-31 | YIN ZHE | Option exercise | 75K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001104659-26-050892 ↗ |
| 20-F | 2025-04-24 | 2024-12-31 | 0001410578-25-000852 ↗ |
| 20-F | 2024-04-24 | 2023-12-31 | 0001104659-24-050790 ↗ |
| 20-F | 2023-04-24 | 2022-12-31 | 0001104659-23-048573 ↗ |
| 20-F | 2022-04-06 | 2021-12-31 | 0001104659-22-042988 ↗ |
| 20-F | 2021-04-30 | 2020-12-31 | 0001104659-21-058109 ↗ |
| 20-F | 2020-04-24 | 2019-12-31 | 0001104659-20-050998 ↗ |
| 20-F | 2019-04-25 | 2018-12-31 | 0001193125-19-117781 ↗ |
| 20-F | 2018-04-30 | 2017-12-31 | 0001193125-18-140948 ↗ |
| 20-F | 2017-04-21 | 2016-12-31 | 0001193125-17-131403 ↗ |
| 20-F | 2016-04-27 | 2015-12-31 | 0001193125-16-557500 ↗ |
| 20-F | 2015-04-24 | 2014-12-31 | 0001193125-15-145206 ↗ |