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← CockpitCompetitor Analysis › 6686.HK Noah Holdings Ltd. Class AOpen in the cockpit ↗

Noah Holdings Ltd. Class A6686.HKCompetitor analysis, valuation and peers

Hong Kong · HKD·Financials›Investment Managers
Momentum laggard 14
Mkt cap
$515M
US dollars, full cap
Free float
56%
of shares outstanding
$/day
$6,413
20-day average traded
Fwd P/E
5.0×
forward earnings
ROIC−WACC
n/a
WACC 7.4%
Hurdle
n/a
no reverse DCF
Next earnings
25 days
1 Dec 2026
Close · HKDHK$11.40
1Dn/a
1W+2.5%
1M-14.6%
3M-32.9%
6M-43.1%
YTD-33.7%
1Y-34.1%
ATR %2.6%
52w lowhigh45.5% off high

What Noah does

Employees: 1,778

Noah at a glance

Size Noah (6686.HK) is a Hong Kong Financials company (Investment Managers) with a market value of $515M, the 750th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$11.40 on 6 Nov 2026.

Performance Over six months the shares fell 43.1%, against -14.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 21 in its peer set.

Growth Revenue grew 4.5% over the last twelve months (peer median +25.2%); the operating margin is 32.0% (peer median 39.2%).

Valuation It trades at 5.0× forward earnings against a peer median of 10.7× (cheapest of 12).

Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).

Relative performance

608010011 May 202611 Aug 20266 Nov 2026Peer median 866686.HK 58
Six months, rebased to 100: Noah against the median of its 20 peers (local-currency closes).

Noah financials

Reported figures in HKD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueHK$2.94BHK$2.85BHK$2.84BHK$3.64BHK$3.61B
Revenue growth—0%-22%+1%—
Gross profitHK$2.85BHK$2.61BHK$2.57BHK$3.34BHK$3.29B
EBITDAn/aHK$962MHK$786MHK$1.25BHK$1.30B
Net incomeHK$661MHK$606MHK$515MHK$1.12BHK$1.14B
Free cash flown/aHK$919MHK$392MHK$1.15BHK$887M
Capital expendituren/aHK$145MHK$89.1MHK$175MHK$72.9M
Total debtHK$110MHK$111MHK$128MHK$152MHK$188M

Quarterly statements and history in the cockpit →

Noah competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-60%-40%-20%0%-20%-10%0%+10%58424765IDIPYF8TAMCRAMCVINP8739QAL100790EVLIRPL0133DBAN600053FLAT-B3887MAF6686.HK6-month return →1-month return →
Up and to the right = strong over both horizons. Noah is the large dot.

Fundamentals: revenue growth against valuation

-50%0%+50%+100%0×100×IDIPYF8TAMCRAMCVINPRPLPBEEMAFAGF-B6686.HKRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Noah is the large dot.

Noah competitors and peer comparison

How Noah compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Noah against its 20 peers (data as of 6 Nov 2026)
Measure6686.HKPeer medianRank in peer set
1-month return-14.6%-2.3%5th lowest of 21
6-month return-43.1%-14.1%3rd lowest of 21
Distance from 52-week high-45.5%-35.0%7th lowest of 21
Revenue growth (TTM)+4.5%+25.2%5th lowest of 21
Operating margin32.0%39.2%9th lowest of 21
Forward P/E5.0×10.7×cheapest of 12

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Noah 6686.HKHong Kong$515M-43%+5%32%5.0×n/an/a
Integral 5842.TJapan$530M-31%-18%100%n/an/an/a
SBI Global Asset Management 4765.TJapan$535M+2%+263%22%n/an/an/a
Institut de Developpement Industriel SCA IDIP.PAFrance$537M-8%-12%550%8.0×n/an/a
Yangzijiang Financial YF8.SISingapore$545M-22%-74%103%6.1×n/an/a
Tatton Asset Management TAM.LUnited Kingdom$545M+8%+20%46%15.9×n/an/a
Canara Robeco Asset Management CRAMC.NSIndia$473M-11%+17%62%19.2×n/an/a
Vinci Compass Investments VINPUnited States$564M-21%+38%37%9.2×n/an/a
Sparx 8739.TJapan$470M+22%+30%52%n/an/an/a
Qualitas QAL.AXAustralia$572M-3%+12%46%15.3×n/an/a
Mirae Asset Venture Investment 100790.KSSouth Korea$433M-79%+166%58%n/an/an/a
Evli EVLI.HEFinland$614M-7%+13%41%14.6×n/an/a
Regal Partners RPL.AXAustralia$626M-15%+97%56%7.2×n/an/a
China Merchants China Direct Investments 0133.HKHong Kong$416M-15%+81%-99%n/an/an/a
Deutsche Beteiligungs DBAN.DEGermany$414M-23%+5%-29%n/an/an/a
Kunwu Jiuding Investment 600053.SSChina$414M-41%-1%-133%n/an/an/a
Flat Capital FLAT-B.STSweden$413M-10%+2,082%-707%n/an/an/a
PensionBee PBEE.LUnited Kingdom$405M-12%+37%-13%182.5×n/an/a
HashKey 3887.HKHong Kong$660M-56%+34%-130%n/an/an/a
MA Financial MAF.AXAustralia$661M-23%+42%33%10.7×n/an/a
AGF Management AGF-B.TOCanada$662M-13%+12%31%6.9×n/an/a

Questions

Which companies are Noah's closest peers?
The cockpit's peer set: Integral (5842.T), SBI Global Asset Management (4765.T), Institut de Developpement Industriel SCA (IDIP.PA), Yangzijiang Financial (YF8.SI), Tatton Asset Management (TAM.L), Canara Robeco Asset Management (CRAMC.NS), Vinci Compass Investments (VINP), Sparx (8739.T).
Is Noah expensive compared with its peers?
On forward p/e it trades at 5.0× against a peer median of 10.7×, cheapest of 12 in its peer set.
How has Noah stock performed?
Over six months to 6 Nov 2026 the shares returned -43.1% against -14.1% for the median peer; over one year -34.1%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.