Nomura Holdings Inc. - ADR
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+ FollowMarket Cap$28.63B
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Earnings Call Q2 2027
October 28, 2026 - AI Summary
Headline performance (1H & 2Q FY ending Mar 2027): ROE held up but profits declined QoQ
- 1H ROE: 13.3% (reported as solid amid volatile markets; driven by restructuring/improved earning power).
- 2Q ROE: 10.9% (within management’s 10–12% ROE target for FY2030 that was raised in May 2026).
- 2Q financials: Net revenue JPY 607.5bn (-12% QoQ); Income before tax JPY 148bn (-30% QoQ); Net income JPY 103.7bn (-29% QoQ)—earnings moderated as markets normalized/uncertainty increased.
Stable revenue engine strengthening (key “good/surprising” factor): recurring revenue growth offset volatility
- Wealth Management recurring revenue assets: ~JPY 31tn (+20% vs end-Sep); recurring revenue increased ~1.6x YoY (stable revenue base strengthening).
- 2Q Wealth Management recurring revenue: JPY 66.7bn (+13% QoQ, all-time high); recurring revenue net inflows: JPY 755.4bn (all-time high; +40% QoQ).
- Investment Management (IM) stability: business revenue (stable revenue) JPY 82.3bn; AUM in actively managed Japan equity fund >JPY 150bn; flagship balanced fund AUM nearly JPY 2tn (inflows supported by acquisition/positioning).
Business momentum and “what drove results” by division (mixed)
- Wealth Management: Net revenue JPY 141.5bn (-3% QoQ); income before tax JPY 65.6bn (-8% QoQ). Performance supported by favorable asset-management developments despite equity trading uncertainty.
- Wholesale: Net revenue JPY 308.9bn (-16% QoQ); income before tax JPY 46.1bn (-51% QoQ)—Global Markets softer (rates/FX spread products weaker; equities down) but Investment Banking improved.
- Investment Banking: Net revenue JPY 54.7bn (+9% QoQ); Nomura ranked #1 in Japan ECM and DCM for Apr–Sep periods; pipeline described as solid, but October started slowly.
- Overall expenses: Group non-interest expenses JPY 459.5bn (~-3% QoQ); cost control emphasized.
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$-3.80
138.8% downside
Current Fair Value
138.8% downsideOvervalued by 138.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $28.63 Billion |
|---|---|
| Enterprise Value | $29.05 Trillion |
| Annual dividend | $0.32 |
| Dividend yield | 3.94% |
| Earnings per Share | $123.08 |
| Beta | 0.6 |
| Outstanding Shares | 2,922,739,000 |
Return
| Return on Equity | 10.93% |
|---|---|
| Return on Assets | 0.61% |
| Return on Invested Capital | 1.78% |
Valuation & Multiples
| P/E Ratio | 10.53 |
|---|---|
| PEG | -1315.41 |
| Price to Sales | 0.01 |
| Price to Book Ratio | 0.01 |
| Enterprise Value to Revenue | 5.73 |
| Enterprise Value to EBIT | 64.17 |
| Enterprise Value to Net Income | 69 |
| Total Debt to Enterprise | 1.21 |
| Debt to Equity | 9.18 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.23
Consensus analyst estimateRevenue Estimate
$3.64 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 29, 2027
EPS Estimate
$0.22
Consensus analyst estimateRevenue Estimate
$4.13 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | - |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.11%▼ 2.95% |
|---|---|
| Total Invested | $30.83M▼ 96.07% |
| Investors Holding | 95▼ 208.00% |
About Nomura Holdings Inc.
28,677 employees
CEO: Kentaro Okuda
Nomura Holdings, Inc., a financial powerhouse based in Tokyo, Japan, delivers a comprehensive array of financial solutions to a global clientele, including individuals, corporations, financial institutions, and government entities. The c...