Noah Holdings Ltd
NYSE: NOAH · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-05
Noah Holdings Ltd (NOAH) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $46.45M | $61.67M | $110.99M | $986.18M | $1.14B | $1.28B | $1.84B | $2.67B | $4.10B | $5.96B | $6.49B | $8.01B | $9.80B | $9.40B | $10.89B | $11.80B | $12.69B | $11.78B | $11.75B |
| Cash & equivalents | $41.51M | $52.76M | $82.73M | $883.93M | $860.16M | $746.28M | $1.19B | $1.75B | $2.13B | $2.98B | $1.91B | $2.70B | $4.39B | $5.01B | $3.40B | $4.40B | $5.19B | $3.82B | $4.37B |
| Current assets | $45.03M | $56.70M | $95.67M | $936.36M | $1.07B | $1.18B | $1.59B | $2.27B | $3.26B | $4.73B | $4.04B | $5.10B | $6.73B | $6.70B | $5.52B | $6.32B | $7.12B | $6.47B | $6.05B |
| Total liabilities | $42.42M | $54.11M | $73.61M | $113.13M | $125.21M | $186.40M | $412.46M | $734.93M | $1.56B | $2.57B | $1.99B | $1.84B | $1.93B | $2.12B | $2.75B | $2.30B | $2.26B | $1.77B | $1.76B |
| Current liabilities | $7.76M | $18.54M | $35.42M | $97.71M | $105.56M | $164.31M | $380.66M | $692.75M | $966.83M | $1.58B | $1.82B | $1.59B | $1.51B | $1.88B | $2.28B | $1.90B | $1.89B | $1.43B | $39.21M |
| Long-term debt | — | — | — | — | — | — | $518.00M | $518.00M | $518.22M | $555.44M | $0.00 | $145.00M | $0.00 | — | — | — | — | — | — |
| Shareholder equity | $4.04M | $7.56M | $37.38M | $873.04M | $1.01B | $1.08B | $1.36B | $1.85B | $2.53B | $3.39B | $4.43B | $5.84B | $7.01B | $7.19B | $8.04B | $9.41B | $10.31B | $9.95B | $9.83B |
| Retained earnings | $1.14M | $-3.04M | $20.45M | $95.63M | $241.27M | $333.04M | $588.56M | $1.06B | $1.60B | $2.24B | $2.88B | $3.95B | $4.73B | $3.99B | $5.19B | $5.60B | $6.44B | $5.90B | $5.82B |
| Accounts receivable | $1.80M | $2.45M | $402987.00 | $14.03M | $50.08M | $90.81M | $198.54M | $303.96M | $492.69M | $756.89M | $1.72B | $1.74B | $1.60B | $1.37B | $1.86B | $912.29M | $1.18B | $1.14B | $1.02B |
| Inventory | $0.00 | $1.00 | $-1.46M | $8.36M | $19.54M | $18.21M | $5.75M | $22.85M | $1.00M | $1.00M | $1.00 | $2.50M | $6.59M | $9.99M | $510000.00 | $23.20M | $1.00 | — | — |
| Goodwill | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — |
Frequently asked questions
What is Noah Holdings Ltd's revenue?
Noah Holdings Ltd's trailing twelve-month revenue is $2.62B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NOAH?
In its most recent fiscal year, NOAH ran a gross margin of 53.39%, an operating margin of 29.75%, and a net margin of 21.41%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NOAH generate?
NOAH produced $842.47M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NOAH's balance sheet healthy?
NOAH holds $4.37B in cash and equivalents against — in long-term debt, on $9.83B of shareholder equity. That debt is best read against the cash flow the business throws off each year.