Noah Holdings (NOAH) Operating Margin (2016 - 2025)
Noah Holdings' (NOAH) quarterly Operating Margin came in at 35.15% in Q4 2025, up 1405.0% YoY from 2.34% in Q4 2024, and up 29.42% on a QoQ basis from 27.16% in Q3 2025.
Noah Holdings (NOAH) Operating Margin (2016 - 2025) Analysis & Trends
Noah Holdings (NOAH) has 10 years of Operating Margin data on file, last reported at 35.15% in Q4 2025.
- Quarterly Operating Margin rose 1405.0% year-over-year to 35.15% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 29.78% (up 532.0% YoY) and the FY2025 annual result came in at 29.75%, up 557.0% from the prior year.
- Operating Margin grew to 35.15% in Q4 2025, from 27.16% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 43.78% in Q2 2022 to a low of 10.5% in Q4 2021.
- A 5-year average of 30.18% and a median of 31.72% in 2023 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2021 — Operating Margin sank 2469 bps — and 2022, when it soared 1441 bps.
- Tracing NOAH's Operating Margin over 5 years: stood at 10.5% in 2021, then surged by 137 bps to 24.91% in 2022, then climbed by 11 bps to 27.61% in 2023, then retreated by 24 bps to 21.1% in 2024, then jumped by 67 bps to 35.15% in 2025.
- The last three Operating Margin figures came in at 35.15% (Q4 2025), 27.16% (Q3 2025), and 25.58% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 34.74% |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | - |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 35.61% |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | - |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | - |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 47.97% |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | - |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 24.36% |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | - |
| 10 | Noah Holdings | 613.84 Mn | -93.72 Mn | 96.70 Mn | 34.97% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 35.15% |
| Sep 30, 2025 | 27.16% |
| Jun 30, 2025 | 25.58% |
| Mar 31, 2025 | 30.26% |
| Dec 31, 2024 | 21.10% |
| Sep 30, 2024 | 35.22% |
| Jun 30, 2024 | 21.76% |
| Mar 31, 2024 | 18.70% |
| Dec 31, 2023 | 27.61% |
| Sep 30, 2023 | 33.19% |
| Jun 30, 2023 | 37.10% |
| Mar 31, 2023 | 34.71% |
| Dec 31, 2022 | 24.91% |
| Sep 30, 2022 | 33.86% |
| Jun 30, 2022 | 43.78% |
| Mar 31, 2022 | 39.44% |
| Dec 31, 2021 | 10.50% |
| Sep 30, 2021 | 25.18% |
| Jun 30, 2021 | 37.29% |
| Mar 31, 2021 | 41.02% |