Nomura Holdings, Inc. (8604.T) stock analysis

In our weekly check, Nomura Holdings, Inc. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 12 pass, warnings: 3, red flags: 10.

About Nomura Holdings, Inc.

Nomura Holdings, Inc. is a Financial Services company (Financial - Capital Markets) based in Japan, listed on JPX as 8604.T.

What our checks show for 8604.T

Red flags

• The net margin fell by 2.8 points over 5 years, to 7.6%: the company keeps less of each sale as profit.
• The gross margin fell by 45.2 points, to 38%: costs are rising faster than prices.
• Operating cash flow is negative while the company reports a profit: the profit does not arrive as cash.
• Analysts expect revenue to shrink about 18.9% a year.
• Free cash flow is negative (-25.2% of revenue): the business spends more cash than it brings in.
• The dividend takes 7787% of profit: little cushion if profit falls.
• The stock has fallen as much as 92% from a peak. Would you have held through that?
• Pay in shares equals 0% of free cash flow: it dilutes shareholders.

Warning signs

• The net margin is only 7.6%: little room if costs rise.
• The price swings a lot: 35.8% annual volatility. Expect large ups and downs.
• The stock is still below its previous peak.

Strengths

• Analysts expect earnings per share to grow about 10.9% a year over the next years.
• Analysts expect the net margin to improve by 13 points from today's 7.6%.
• Revenue grew 27.5% a year over the last 3 years.
• Earnings per share grew 58.6% a year over the last 3 years.
• Net profit grew 57.4% a year over the last 3 years.
• The price is 0.3 times earnings (P/E), reasonable for its growth.

Next earnings report: 2026-10-28

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Questions

What grade does Nomura Holdings, Inc. (8604.T) have?

In our weekly check, Nomura Holdings, Inc. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 12 pass, warnings: 3, red flags: 10. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of 8604.T stock?

This week's biggest flags for Nomura Holdings, Inc.: Margins falling, Gross margin falling, Profits not backed by cash. In total 13 of 25 checks show a warning or a red flag.

What does Nomura Holdings, Inc. do?

Nomura Holdings, Inc. is a Financial Services company (Financial - Capital Markets) based in Japan, listed on JPX as 8604.T.

When does Nomura Holdings, Inc. report earnings next?

The next earnings report is expected on 2026-10-28. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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