Nomura Holdings Inc (NMR) Stock Price & How to Invest

Nomura Holdings, Inc. is the parent of Japan's largest securities firm, founded in 1925 and organised under a holding company that listed on the NYSE in 2001. Four divisions carry the business as of the year ended March 2026. Wealth Management runs the domestic retail and high-net-worth franchise and produced net revenue of ~JPY 487.9 billion with income before income taxes of ~JPY 204.0 billion. Investment Management houses Nomura Asset Management, an aircraft leasing operation and a stake in American Century Investments, and ended the year with assets under management of ~JPY 136.9 trillion after completing the purchase of Macquarie Group's US and European public asset management business in December 2025. Wholesale, the largest unit at ~JPY 1,162.2 billion of net revenue, covers Global Markets and Investment Banking across Japan, the Americas, EMEA and Asia. Banking, established on April 1, 2025, is the newest and smallest piece at ~JPY 53.9 billion. Group net revenue reached ~JPY 2,167.7 billion for the fiscal year, up ~14.5%, with net income attributable to shareholders of ~JPY 362.1 billion (roughly $13.6 billion and $2.3 billion at ~JPY 159 per US dollar, the Federal Reserve H.10 rate for mid-August 2026).

The investment picture rests on three things that do not always move together. First, Japanese retail activity and the shift of household savings out of deposits, which is what drives the Wealth Management recurring revenue base. Second, the global trading and advisory cycle, which is what makes Wholesale swing. Third, the yen, because every reported figure is translated before a US holder ever sees it. At ~$9.81 per ADS in mid-August 2026 the market capitalisation is ~$28.6 billion (~JPY 4.55 trillion) against ~JPY 3,707.9 billion of shareholders' equity, so the shares change hands near ~1.2 times book on trailing earnings of roughly ~12 times. Management has set targets for the fiscal year ending March 2030 of return on equity of 10% to 12% or better and income before income taxes above ~JPY 750 billion, and returned ~JPY 101.5 billion through buybacks in fiscal 2026 alongside a declared annual dividend of ~JPY 51 per share. Capital sits well above the regulatory floor, with a common equity Tier 1 ratio of ~12.86% at March 31, 2026 against an internal target of at least 11%.

Wholesale revenue is genuinely cyclical, and a year of record trading results is a poor guide to the next one; Nomura has posted losing years in this division within recent memory. Currency translation cuts both ways for a US holder, since a weaker yen shrinks reported dollar earnings and the ADR price even when the underlying yen business is unchanged. Legal and regulatory matters are long-running rather than acute: Note 22 of the fiscal 2026 annual report estimates aggregate reasonably possible losses beyond amounts already accrued at approximately JPY 62 billion, spanning Madoff-related clawback suits against Nomura International plc, two Italian civil claims tied to Banca Monte dei Paschi di Siena transactions, and a European Commission European Government Bonds competition fine reduced to about EUR 125.6 million on appeal in March 2025 and now before the Court of Justice. Separately, Japan's securities watchdog found rule violations in government bond futures trading in 2024, after which several plaintiff firms publicised investigations of potential claims; no securities-fraud class action against the company has been docketed, and the matter does not appear among the significant proceedings listed in the latest annual report. Domestic competition is intensifying from online brokers on retail commissions and from megabank-affiliated securities arms in wholesale, while a rising Japanese rate environment reprices both the funding book and the deposit-linked Banking Division in ways that have not yet been tested through a full cycle.

We give no verdict on Nomura Holdings Inc. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Wealth Management is being rebuilt around recurring fees. Nomura has spent years converting a commission-driven retail brokerage into a fee-based asset gathering business, and fiscal 2026 was the division's best showing since it was created in 2002.

The case against. Wholesale revenue is genuinely cyclical, and a year of record trading results is a poor guide to the next one; Nomura has posted losing years in this division within recent memory.

Read the full bull and bear case on NMR, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Nomura Holdings Inc's investor relations page or your broker.

• Net revenue (FY ended March 2026): ~JPY 2,167.7B, up ~14.5% (~$13.6B at ~JPY 159 per USD)
• Net income to shareholders (FY2026): ~JPY 362.1B (~$2.3B), diluted EPS ~JPY 118.99, ROE ~10.1%
• Latest quarter (ended June 30, 2026): Net revenue ~JPY 686.7B (+31% YoY), pretax ~JPY 211.5B, ROE ~15.4%
• Market cap: ~$28.6B (~JPY 4.55T) at ~$9.81 per ADS, ~2.90B shares outstanding
• Valuation: ~12x trailing earnings, ~10.5x forward, ~1.2x book (equity ~JPY 3,707.9B)
• Dividend and buybacks (FY2026): ~JPY 51 per share declared plus ~JPY 101.5B repurchased; policy is 40%+ payout, 50%+ total

All operating figures originate in Japanese yen and are translated here at ~JPY 159 per US dollar (Federal Reserve H.10, mid-August 2026); Nomura itself translated its June 2026 quarter at ~JPY 162.61, the New York noon buying rate on June 30, 2026, so published dollar equivalents vary with the rate chosen. One ADS equals one common share, which keeps the ADR arithmetic simple: the ~$28.6 billion capitalisation is just the Tokyo price converted. Quoted ADR dividend yields of roughly ~2.6% run below the ~3.3% implied by the JPY 51 declaration because ADR distributions arrive net of Japanese withholding tax and are converted at payment-date rates.

Other names that sit close to NMR: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get NMR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so NMR sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NMR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Nomura is coming off a record year and a record June quarter at roughly 1.2 times book value, and a US holder's outcome will track the yen almost as closely as it tracks Tokyo trading revenue.

Whether NMR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NMR a buy or a sell?, and where the stock could go from here in the NMR stock forecast.

For income investors, whether NMR pays a dividend and how the payout looks is covered in does NMR pay a dividend? And to weigh NMR against a peer, read the full side-by-side comparisons: NMR vs MUFG and NMR vs MS.