Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 28.7x · ROE 9.7%. (2000–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.5B | $24.0B | $18.9B | $20.2B | $11.8B | $13.3B | $16.9B | $14.0B | $12.1B | $20.7B | $22.9B |
| Enterprise Value | $107.5B | $13.02T | $25.85T | $25.83T | $21.64T | $19.43T | $19.16T | $22.66T | $20.96T | $20.36T | $22.22T |
| P/E Ratio → | 12.87 | 0.07 | 0.06 | 0.12 | 0.13 | 0.09 | 0.11 | 0.06 | — | 0.09 | 0.10 |
| P/S Ratio | 0.94 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| P/B Ratio | 1.21 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 |
| P/FCF | — | — | — | — | — | — | 0.03 | — | — | — | 0.02 |
| P/OCF | — | — | — | 0.15 | — | — | 0.03 | — | — | — | 0.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.74 | 5.74 | 6.50 | 9.43 | 14.14 | 13.55 | 13.04 | 12.14 | 11.50 | 13.99 |
| EV / EBITDA | 28.74 | 21.42 | 48.44 | 77.05 | 102.63 | 67.89 | 65.04 | 72.67 | 1036.57 | 50.93 | 56.44 |
| EV / EBIT | 32.37 | 24.12 | 54.77 | 94.30 | 144.80 | 85.72 | 83.04 | 91.28 | — | 62.04 | 68.85 |
| EV / FCF | — | — | — | — | — | — | 35.09 | — | — | — | 22.40 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.6% | 45.6% | 36.9% | 34.7% | 49.9% | 83.3% | 84.8% | 61.7% | 58.4% | 73.2% | 80.3% |
| Operating Margin | 11.3% | 11.3% | 10.5% | 6.9% | 6.5% | 16.5% | 16.3% | 14.3% | -2.2% | 18.5% | 20.3% |
| Net Profit Margin | 7.6% | 7.6% | 7.6% | 4.2% | 4.0% | 10.4% | 10.8% | 12.5% | -5.8% | 12.4% | 15.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 9.7% | 5.0% | 3.0% | 5.0% | 5.6% | 8.0% | -3.7% | 7.8% | 8.6% |
| ROA | 0.6% | 0.6% | 0.6% | 0.3% | 0.2% | 0.3% | 0.4% | 0.5% | -0.2% | 0.5% | 0.6% |
| ROIC | 1.4% | 1.4% | 1.0% | 0.6% | 0.4% | 0.6% | 0.6% | 0.7% | -0.1% | 0.9% | 0.9% |
| ROCE | 2.4% | 2.4% | 2.1% | 1.4% | 0.9% | 1.5% | 1.6% | 1.8% | -0.3% | 2.3% | 2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.49 | 4.49 | 8.75 | 8.98 | 8.11 | 7.90 | 8.45 | 9.71 | 9.03 | 8.32 | 8.85 |
| Debt / EBITDA | 28.45 | 28.45 | 58.74 | 92.37 | 124.01 | 82.05 | 79.12 | 85.05 | 1197.27 | 58.28 | 63.93 |
| Net Debt / Equity | — | 3.37 | 7.21 | 7.48 | 6.71 | 6.53 | 6.94 | 8.29 | 7.82 | 7.26 | 7.81 |
| Net Debt / EBITDA | 21.38 | 21.38 | 48.41 | 76.99 | 102.57 | 67.85 | 64.98 | 72.62 | 1035.97 | 50.88 | 56.39 |
| Debt / FCF | — | — | — | — | — | — | 35.06 | — | — | — | 22.38 |
| Interest Coverage | 0.21 | 0.21 | 0.17 | 0.11 | 0.13 | 0.98 | 1.07 | 0.37 | -0.05 | 0.69 | 1.03 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 0.21 | 0.21 | 0.20 | 0.71 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 |
| Quick Ratio | 1.43 | 1.43 | 0.21 | 0.21 | 0.20 | 0.71 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 |
| Cash Ratio | 0.10 | 0.10 | 0.16 | 0.16 | 0.15 | 0.14 | 0.15 | 0.13 | 0.12 | 0.11 | 0.10 |
| Asset Turnover | — | 0.08 | 0.08 | 0.07 | 0.05 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 49.6% | 49.6% | 33.0% | 36.3% | 61.7% | 49.5% | 49.9% | 26.9% | — | 32.0% | 17.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 1508.1% | 1805.4% | 821.7% | 782.6% | 1071.8% | 907.3% | 1550.4% | — | 1058.1% | 1047.0% |
| FCF Yield | — | — | — | — | — | — | 3235.9% | — | — | — | 4337.8% |
| Buyback Yield | 2.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.1% | 100.0% | 100.0% | 100.0% | 100.0% |
| Total Shareholder Yield | 6.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $3.0B | $3.1B | $3.1B | $3.1B | $3.2B | $3.1B | $3.3B | $3.4B | $3.5B | $3.6B |
Wholesale segment earnings volatility
Based on reported figures, Nomura trades at a P/B of 1.12, which significantly trails global bulge-bracket peers like Morgan Stanley, suggesting that investors are applying a persistent 'Japan discount' due to historical volatility and concerns regarding the long-term profitability of its international Wholesale operations.
The current P/E of 11.94 appears to reflect market skepticism regarding the firm's ability to consistently generate returns above its cost of capital. This valuation level implies that the market views Nomura more as a cyclical Japanese financial utility than a high-growth global investment bank, limiting its multiple expansion potential.
According to recent financial disclosures, Nomura's ROIC has languished at approximately 0.3% in 2026Q2, a figure that highlights the firm's ongoing struggle to generate meaningful returns on its massive capital base compared to the more efficient capital allocation observed in domestic peers like MUFG.
The persistent gap between ROE and ROIC suggests that the firm's capital structure is heavily burdened by low-yielding assets and high overhead. Investors should monitor whether the strategic pivot toward fee-based wealth management can eventually drive a structural improvement in these returns, as current levels remain insufficient for long-term value creation.
As reported in financial statements, Nomura maintains a debt-to-equity ratio consistently exceeding 8.5x, a level that underscores the firm's heavy reliance on wholesale funding to support its capital-intensive trading operations and global infrastructure, leaving it vulnerable to shifts in market liquidity and interest rate environments.
The extremely low interest coverage ratio, which has hovered near 0.2x in recent quarters, indicates that debt service capacity is highly sensitive to earnings fluctuations. This leverage profile limits the firm's ability to absorb shocks in its Wholesale segment without risking significant balance sheet impairment.
While the Price-to-Book ratio is commonly used to value financial institutions, it remains a misleading metric for Nomura because it fails to account for the significant volatility in Level 3 assets and the impact of corporate cross-shareholdings on the firm's reported equity base.
Investors should instead focus on Tangible Book Value and the quality of the underlying asset mix, as the reported book value is often inflated by illiquid holdings that may not be realizable during periods of market stress. Relying on P/B alone obscures the true economic capital available to shareholders.
Includes 30+ ratios · 27 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NMR stock.
Nomura Holdings, Inc.'s current P/E ratio is 12.9x. The historical average is 0.2x. This places it at the 100th percentile of its historical range.
Nomura Holdings, Inc.'s current EV/EBITDA is 28.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.6x.
Nomura Holdings, Inc.'s return on equity (ROE) is 9.7%. The historical average is 4.6%.
Based on historical data, Nomura Holdings, Inc. is trading at a P/E of 12.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nomura Holdings, Inc.'s current dividend yield is 3.86% with a payout ratio of 49.6%.
Nomura Holdings, Inc. has 45.6% gross margin and 11.3% operating margin. Operating margin between 10-20% is typical for established companies.
Nomura Holdings, Inc.'s Debt/EBITDA ratio is 28.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.