# Nomura Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, US GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第122期(2025/04/01－2026/03/31) (S100YC5C)
> Page: https://vizora.meequs.com/en/company/nomura-holdings
> Retrieved: 2026-09-30T19:55:41.477Z

## Company

Nomura Holdings, founded in 1925, is a company in Securities & Asset Management listed on TSE Prime. It has 28,677 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nomura Holdings, Inc. |
| Ticker | 8604 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8604.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋一丁目13番1号 |
| Representative (per filing) | 代表執行役社長 グループCEO 奥田 健太郎 |
| Founded | Dec 1925 |
| Employees (consolidated) | 28,677 |
| Average salary (parent only) | ¥14.2M |
| Fiscal year end | March |
| Website | www.nomuraholdings.com (https://www.nomuraholdings.com/) |
| Corporate number | 7010001034881 |
| EDINET | E03752 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YC5C, filed 2026-06-22). As of filing

## Key points (generated from figures)

- Nomura Holdings brought in ¥4.76T in revenue.
- Revenue changed +0.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.76T |  |
| Operating income | — | Margin — |
| Net income | ¥362.1B | Margin 7.6% |
| Free cash flow | — |  |
| Employees (consolidated) | 28,677 |  |
| EPS | ¥45.19 |  |
| Diluted EPS | ¥43.72 |  |
| Book value per share | ¥855.47 |  |
| Equity ratio | 5.9% |  |
| Shares outstanding | 3,088,563,000 |  |
| Treasury shares | 186,846,200 |  |
| Shareholders | 300,309 |  |
| Average salary (parent only) | ¥14.2M | Filing company only |
| Cash ratio | 6.9% | Cash ÷ revenue 90.8% |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.0× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1617235000000 | ¥4758486000000 | +194.2% |
| Employees | 26,402 people | 28,677 people | +8.6% |
| Cash and equivalents | ¥3510011000000 | ¥4318722000000 | +23.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, US GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,758,486 | 100.0% | S100YC5C |
| Pretax income | 539,821 | 11.3% | S100YC5C |
| Net income attributable to owners | 362,129 | 7.6% | S100YC5C |

Operating income is not available as a machine-readable numeric value for this company. See the income statement table in its filing.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,736,743 | 4,758,486 | 21,743 | +0.5% |
| Net income attributable to owners | 340,736 | 362,129 | 21,393 | +6.3% |
| Operating cash flow | -678,611 | -842,960 | -164,349 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,715,516 | — | — | 239,617 | 1,304,994 | — | S100LKWQ |
| FY ending Mar 2018 | 1,972,158 | — | — | 219,343 | -445,690 | — | S100O7UZ |
| FY ending Mar 2019 | 1,835,118 | — | — | -100,442 | -62,010 | — | S100T4J5 |
| FY ending Mar 2020 | 1,952,482 | — | — | 216,998 | -94,709 | — | S100TTEY |
| FY ending Mar 2021 | 1,617,235 | — | — | 153,116 | 667,610 | — | S100VXTD |
| FY ending Mar 2022 | 1,593,999 | — | — | 142,996 | -862,832 | — | S100YC5C |
| FY ending Mar 2023 | 2,486,726 | — | — | 92,786 | -694,820 | — | S100YC5C |
| FY ending Mar 2024 | 4,157,294 | — | — | 165,863 | 132,640 | — | S100YC5C |
| FY ending Mar 2025 | 4,736,743 | — | — | 340,736 | -678,611 | — | S100YC5C |
| FY ending Mar 2026 | 4,758,486 | — | — | 362,129 | -842,960 | — | S100YC5C |

## People and productivity（FY ending Mar 2026, consolidated, US GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥165.9M |
| Net income per employee (consolidated) | ¥12.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 26,585 | 26,775 | 26,850 | 27,242 | 28,677 |
| Average salary (parent company) | ¥14.4M | ¥14.4M | ¥14.1M | ¥13.8M | ¥14.2M |
| Average age (parent company) | 43.0 years | 44.0 years | 45.0 years | 43.0 years | 45.0 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +0.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, US GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -842,960 | -17.7% | S100YC5C |
| Investing cash flow | -1,498,923 | -31.5% | S100YC5C |
| Financing cash flow | 2,095,851 | 44.0% | S100YC5C |
| Change in cash | -246,032 | -5.2% | 算出 |
| Cash and equivalents | 4,318,722 | 90.8% | S100YC5C |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,316,408 | 3,820,852 | 4,299,022 | 4,425,441 | 4,318,722 | S100YC5C |
| Total assets | 43,412,156 | 47,771,802 | 55,147,203 | 56,802,170 | 62,645,925 | S100YC5C |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 43,412,156 | 47,771,802 | 55,147,203 | 56,802,170 | 62,645,925 |
| Equity | — | — | — | — | — |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,316,408 | 3,820,852 | 4,299,022 | 4,425,441 | 4,318,722 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 6.9% |
| Cash ÷ revenue | 90.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,205,089 JPY mn (of net income -332.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | 0.3% | —× | — | S100YC5C |
| 2023 | — | —× | 0.2% | —× | — | S100YC5C |
| 2024 | — | —× | 0.3% | —× | — | S100YC5C |
| 2025 | — | —× | 0.6% | —× | — | S100YC5C |
| 2026 | — | —× | 0.6% | —× | — | S100YC5C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト 信託銀行株式会社（信託口） | Major shareholder | 16.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.0% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DR HOLDERS （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 BNYM （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue was ¥4.76T, up just +0.5%.
- Profit did better: net income rose +6.3% to ¥362.1B, the highest Nomura has reported.
- Cash from operations stayed negative and got more so, going from -¥678.6B to -¥843B.

### Drivers

- Japanese retail clients bought more stocks and funds in a rising market, mostly through branch advisers
- The Macquarie deal added US and European funds; aircraft leasing also sold more planes
- Wholesale made more from equities, securitized products and serving wealthy clients overseas

### Risks

- Markets, the economy and events like wars can swing results sharply
- Big trading or investment positions can produce large losses
- A rating cut or funding squeeze could make borrowing harder

Cited: Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YC5C | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC5C,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100VXTD | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXTD,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TTEY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTEY,, |
| 訂正有価証券報告書－第119期(2022/04/01－2023/03/31) | S100T4J5 | 2024-04-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4J5,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100O7UZ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7UZ,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LKWQ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKWQ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).