NOAH (NOAH) financial statements

· Market cap $491M

NOAH reported revenue of 2.6B CNY in fiscal 2025, up 0.4% a year over 9 years.

Net income was 559M CNY and the operating margin 29.8%, against 26.5% in 2016.

Free cash flow was 842M CNY, and the company returned 547M CNY in dividends and 52M CNY in net buybacks.

The diluted share count rose 17% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-202462016201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, in CNY, from NOAH's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue2.5B CNY2.8B CNY3.3B CNY3.4B CNY3.3B CNY4.3B CNY3.1B CNY3.3B CNY2.6B CNY2.6B CNY
Selling, general and admin557M CNY567M CNY693M CNY628M CNY550M CNY820M CNY584M CNY762M CNY566M CNY548M CNY
Operating income667M CNY777M CNY927M CNY915M CNY1.3B CNY1.2B CNY1.1B CNY1.1B CNY634M CNY777M CNY
Pre-tax income734M CNY869M CNY1.0B CNY968M CNY-585M CNY1.3B CNY1.1B CNY1.2B CNY868M CNY856M CNY
Income tax158M CNY199M CNY222M CNY220M CNY258M CNY294M CNY267M CNY262M CNY269M CNY298M CNY
Net income644M CNY763M CNY811M CNY829M CNY-745M CNY1.3B CNY977M CNY1.0B CNY475M CNY559M CNY
EPS (diluted)2.21 CNY2.59 CNY2.67 CNY2.68 CNY-2.40 CNY3.89 CNY2.86 CNY2.91 CNY1.35 CNY1.59 CNY
Diluted shares300M302M307M309M310M338M342M347M352M352M
Operating margin26.5%27.5%28.2%27.0%38.1%27.9%35.1%33.3%24.4%29.8%
Net margin25.6%27.0%24.7%24.4%-22.5%30.6%31.5%30.6%18.3%21.4%

Balance sheet

Fiscal years, in CNY, from NOAH's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments3.3B CNY2.1B CNY3.2B CNY5.1B CNY5.1B CNY3.5B CNY4.7B CNY5.6B CNY5.1B CNY5.0B CNY
Receivables204M CNY176M CNY282M CNY220M CNY434M CNY808M CNY498M CNY504M CNY473M CNY420M CNY
Total current assets4.7B CNY4.0B CNY5.1B CNY6.7B CNY6.7B CNY5.5B CNY6.3B CNY7.1B CNY6.5B CNY6.4B CNY
Property, plant and equipment243M CNY303M CNY347M CNY296M CNY249M CNY2.6B CNY2.5B CNY2.5B CNY2.4B CNY2.4B CNY
Total assets6.0B CNY6.5B CNY8.0B CNY9.8B CNY9.4B CNY10.9B CNY11.8B CNY12.7B CNY11.8B CNY11.7B CNY
Total current liabilities1.6B CNY1.8B CNY1.6B CNY1.5B CNY1.9B CNY2.3B CNY1.9B CNY1.9B CNY1.4B CNY1.4B CNY
Total liabilities2.2B CNY2.0B CNY1.8B CNY1.9B CNY2.1B CNY2.7B CNY2.3B CNY2.3B CNY1.8B CNY1.8B CNY
Shareholders' equity3.3B CNY4.4B CNY5.8B CNY7.0B CNY7.2B CNY8.0B CNY9.4B CNY10.3B CNY9.9B CNY9.8B CNY
Net debt-3.0B CNY-1.9B CNY-2.7B CNY-4.4B CNY-5.0B CNY-3.4B CNY-4.4B CNY-5.2B CNY-3.8B CNY-4.4B CNY

Cash flow

Fiscal years, in CNY, from NOAH's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow686M CNY628M CNY1.0B CNY1.3B CNY796M CNY1.5B CNY633M CNY1.3B CNY387M CNY977M CNY
Capital spending101M CNY153M CNY128M CNY65M CNY52M CNY2.3B CNY63M CNY158M CNY82M CNY134M CNY
Free cash flow585M CNY476M CNY901M CNY1.2B CNY745M CNY-749M CNY570M CNY1.2B CNY305M CNY842M CNY
Stock-based compensation79M CNY94M CNY113M CNY95M CNY60M CNY51M CNY42M CNY12M CNY109M CNY67M CNY
Dividends paid———————178M CNY1.0B CNY547M CNY
Share buybacks (net)-13M CNY-31M CNY——-282M CNY-372M CNY——-53M CNY-52M CNY
Free cash flow margin23.3%16.8%27.4%36.1%22.5%-17.5%18.4%35.2%11.7%32.3%
Dividends per share———————0.51 CNY2.86 CNY1.55 CNY
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NOAH.
Open NOAH in Investingly

Questions

What was NOAH's revenue in 2025?

2.6B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does NOAH generate?

842M CNY in fiscal 2025 (operating cash flow minus capital spending).

From NOAH's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.