# Noah Holdings (NOAH.US)

Canonical: https://gigainvestors.com/s/NOAH

Analysis as of: 2026-10-16T07:30:37.024Z. 

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.35 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 83% since Oct 2021

Story as of 2026-10-16T10:01:29.561Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are CNY 2.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1499543/000110465926050892/noah-20251231x20f.htm#000110465926050892 (filed 2026-04-29); FY2025: revenue 2610240000; grossProfit 1393688000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); NOAH.US: Noah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and corporate entities in Mainland of China, Hong Kong, and internationally. It operates through Domestic Public Securities, Domestic Asset Management, Domestic Insurance, Overseas Wealth Management, Overseas Asset Management, and Overseas Insurance and Comprehensive Services segments. The company offers mutual fund products, which are publicly-raised, public securities investment funds, including money market funds; private secondary products; private equity products; investor education; trust services; and insurance products by referring clients, as well as individual whole life insurance, participating insurance, and individual health insurance products. It also provides domestic and overseas private equity, FOFs, public securities, real estate, and multi-strategy and other investments, as well as manages feeder funds. Noah Holdings Limited was founded in 2005 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 48.1% to 55.8% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 55.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 48.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1499543/000110465926050892/noah-20251231x20f.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 53.4%.

### Where the cash goes

Reinvests 8.6% of cash earnings; paid dividends in 3 of 5 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 0; upkeep 62710000; cash acquisitions 8082000; owner earnings 1069829000. Growth capex plus acquisitions / owner earnings = 0.007554478332518561.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 157922000; cash acquisitions 24977000; owner earnings 1009654000. Growth capex plus acquisitions / owner earnings = 0.024738177633129764.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 82175000; cash acquisitions 0; owner earnings 549953000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1499543/000110465926050892/noah-20251231x20f.htm (filed 2026-04-29); FY2025: growth capex 0; upkeep 134142000; cash acquisitions 50077000; owner earnings 581616000. Growth capex plus acquisitions / owner earnings = 0.08609976341778768.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2021,0],[2022,0],[2023,177502000],[2024,1007851000],[2025,546770000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1499543/000110465926050892/noah-20251231x20f.htm (filed 2026-04-29); FY2025: cash repurchases 52295000 CNY.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); NOAH.US SharesStats.PercentInsiders = 0.5890000000000001 percentage points; cache date 2026-10-05.

### What the price says

The price is 6.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 7.35 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 7.416241720520347; price multiple 6.631879150809584. FY2025 cash earnings/share 1.6524935808669556. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $23.56 per share

- 2016-11: $24.59 per share

- 2016-12: $21.93 per share

- 2017-01: $23.15 per share

- 2017-02: $26.19 per share

- 2017-03: $25.38 per share

- 2017-04: $25.22 per share

- 2017-05: $27.42 per share

- 2017-06: $28.65 per share

- 2017-07: $31.98 per share

- 2017-08: $29.29 per share

- 2017-09: $32.11 per share

- 2017-10: $39.22 per share

- 2017-11: $40.40 per share

- 2017-12: $46.28 per share

- 2018-01: $49.41 per share

- 2018-02: $46.44 per share

- 2018-03: $47.21 per share

- 2018-04: $51.67 per share

- 2018-05: $59.88 per share

- 2018-06: $52.15 per share

- 2018-07: $51.06 per share

- 2018-08: $47.04 per share

- 2018-09: $42.14 per share

- 2018-10: $37.71 per share

- 2018-11: $48.68 per share

- 2018-12: $43.32 per share

- 2019-01: $47.00 per share

- 2019-02: $57.75 per share

- 2019-03: $48.46 per share

- 2019-04: $54.34 per share

- 2019-05: $38.25 per share

- 2019-06: $42.55 per share

- 2019-07: $32.34 per share

- 2019-08: $30.00 per share

- 2019-09: $29.20 per share

- 2019-10: $30.29 per share

- 2019-11: $29.14 per share

- 2019-12: $35.37 per share

- 2020-01: $33.93 per share

- 2020-02: $28.38 per share

- 2020-03: $25.86 per share

- 2020-04: $27.76 per share

- 2020-05: $26.53 per share

- 2020-06: $25.47 per share

- 2020-07: $30.47 per share

- 2020-08: $28.00 per share

- 2020-09: $26.07 per share

- 2020-10: $26.33 per share

- 2020-11: $29.60 per share

- 2020-12: $47.81 per share

- 2021-01: $47.60 per share

- 2021-02: $44.70 per share

- 2021-03: $44.40 per share

- 2021-04: $44.05 per share

- 2021-05: $45.58 per share

- 2021-06: $47.20 per share

- 2021-07: $38.60 per share

- 2021-08: $38.98 per share

- 2021-09: $37.13 per share

- 2021-10: $42.51 per share

- 2021-11: $36.43 per share

- 2021-12: $30.69 per share

- 2022-01: $31.39 per share

- 2022-02: $28.36 per share

- 2022-03: $23.53 per share

- 2022-04: $17.97 per share

- 2022-05: $18.36 per share

- 2022-06: $20.23 per share

- 2022-07: $17.40 per share

- 2022-08: $17.71 per share

- 2022-09: $13.21 per share

- 2022-10: $13.12 per share

- 2022-11: $14.67 per share

- 2022-12: $15.50 per share

- 2023-01: $18.93 per share

- 2023-02: $18.71 per share

- 2023-03: $16.55 per share

- 2023-04: $15.86 per share

- 2023-05: $15.52 per share

- 2023-06: $14.08 per share

- 2023-07: $15.22 per share

- 2023-08: $13.91 per share

- 2023-09: $12.47 per share

- 2023-10: $11.44 per share

- 2023-11: $12.82 per share

- 2023-12: $13.81 per share

- 2024-01: $11.80 per share

- 2024-02: $11.12 per share

- 2024-03: $11.43 per share

- 2024-04: $12.57 per share

- 2024-05: $10.32 per share

- 2024-06: $9.65 per share

- 2024-07: $7.75 per share

- 2024-08: $8.28 per share

- 2024-09: $12.33 per share

- 2024-10: $12.32 per share

- 2024-11: $13.12 per share

- 2024-12: $11.71 per share

- 2025-01: $10.58 per share

- 2025-02: $11.32 per share

- 2025-03: $9.45 per share

- 2025-04: $9.19 per share

- 2025-05: $10.31 per share

- 2025-06: $11.94 per share

- 2025-07: $12.15 per share

- 2025-08: $12.45 per share

- 2025-09: $11.59 per share

- 2025-10: $11.29 per share

- 2025-11: $10.16 per share

- 2025-12: $10.04 per share

- 2026-01: $11.86 per share

- 2026-02: $11.82 per share

- 2026-03: $9.90 per share

- 2026-04: $10.41 per share

- 2026-05: $10.57 per share

- 2026-06: $9.99 per share

- 2026-07: $8.45 per share

- 2026-08: $8.57 per share

- 2026-09: $7.91 per share

- 2026-10: $7.35 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1499543/000110465926050892/noah-20251231x20f.htm); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.