Nomura Holdings, Inc.
8604・Prime Market・Securities & Commodity Futures
Business
Nomura Holdings, Inc. is Japan's largest securities group, founded in 1925, comprising 1,554 consolidated subsidiaries and affiliates as of the end of March 2026. With operating locations in major financial capital markets both domestically and internationally, the company provides a broad range of financial services to individual and institutional investors and corporate clients through a four-division structure: Wealth Management, Investment Management, securities underwriting, trading, and M&A advisory (Wholesale), and banking and trust services (Banking). In December 2025, the company acquired Macquarie Group's U.S. and European public asset management businesses, significantly expanding its global asset management platform.
Business Model
Revenue is composed of four pillars: brokerage and investment trust distribution commissions (flow), asset management business fees (stock), trading gains/losses, and investment banking fees. The Wealth Management division is driving expansion of stock-type income linked to assets under custody, while the Investment Management division treats management fees on ¥136.9 trillion in assets under management as a stable revenue source. The Wholesale division has a structure in which Global Markets and Investment Banking capture market opportunities to build up trading and advisory revenue.
Company Strengths
The Wealth Management division's recurring assets balance reached ¥27.9 trillion as of the end of March 2026 (up 18.8% year on year), and net inflows of recurring assets reached ¥1,495.1 billion (up 8.8% year on year). The recurring revenue cost coverage ratio rose to 72%, and the division's income before income taxes reached a record high since the division's establishment in FY2002 (ending March 2002). A stable revenue base less susceptible to market conditions is being built.
The Investment Management division's assets under management reached a record high of ¥136.9 trillion as of the end of March 2026. The acquisition of Macquarie Group's US and European public asset management business in December 2025 significantly added to assets under management, expanding alternative assets under management to ¥3.6 trillion. The "Nomura Wrap Fund" series also demonstrated the competitiveness of the company's proprietary products, surpassing ¥1.5 trillion in total net assets.
In FY2026 (ending March 2026), the Wholesale division's total revenue (net of interest expense) reached ¥1,162.2 billion (up 9.9% year on year), and income before income taxes reached ¥200.6 billion (up 20.6% year on year), a record high since the division's establishment in April 2010. The expense ratio improved to 83% (from 84% in the previous fiscal year), and revenue over adjusted risk-weighted assets was maintained at 7.4%. Equity products, securitized products, and International Wealth Management drove revenue growth.
ENVALITH's Perspective
Performance Trend
Total revenue (net of interest expenses) for FY2026 (ending March 2026) was ¥2,167,713 million (up 14.5% year on year), income before income taxes was ¥539,821 million (up 14.4% year on year), and net income attributable to shareholders of the Company was ¥362,129 million (up 6.3% year on year). ROE showed a modest improvement to 10.1% from 10.0% in the previous period. As an external factor, foreign currency translation adjustments turned positive (from ¥△37,337 million in the previous period to ¥147,738 million in the current period), and comprehensive income improved substantially to ¥480,009 million (up 43.8% year on year). On the other hand, income tax expense increased 32.7% year on year to ¥165,439 million, causing the growth in net income to fall short of the growth in income before income taxes. Total assets increased approximately 10.3% year on year to ¥62,645,925 million, driven mainly by the expansion of trading assets (¥26,128,073 million) and loans receivable (¥7,745,214 million).
Growth Strategy
Accelerating global expansion across both public and private markets, targeting ROE of 8-10%+ and pre-tax income exceeding ¥500 billion
The acquisition of three Macquarie Group asset management companies (completed December 2025) expanded assets under management to ¥136.9 trillion. Asset management fees increased 23.9% year on year to ¥468,600 million, reflecting progress in strengthening the global Investment Management platform. Going forward, the challenge is to enhance earnings contribution while absorbing the amortization burden of goodwill and intangible assets.
The Banking Division was newly established effective April 1, 2025, managing and disclosing lending and banking operations as an independent segment. Total revenue (net of interest expense) for FY2026 (ending March 2026) was ¥53,918 million (up 14.3% year on year). However, due to an increase in expenses (up 29.5% year on year), pre-tax income was ¥14,016 million, down 14.3% year on year, making improved profitability a challenge going forward.
Promoting expansion of recurring revenue such as investment trust balance-based fees. Wealth Management's pre-tax income for FY2026 (ending March 2026) was ¥204,024 million (up 22.8% year on year), the largest profit contribution among all segments. Continued growth in asset management fees is enhancing revenue stability, and the shift strategy is progressing steadily.
Promoting global revenue growth across equities, fixed income, and investment banking. Wholesale's pre-tax income for FY2026 (ending March 2026) was ¥200,567 million (up 20.6% year on year), a strong performance. Trading gains/losses came to ¥696,894 million (up 20.1% year on year). However, the fourth quarter saw a slowdown due to changes in market conditions, making sustained earnings power a challenge.
Last updated: July 19, 2026