Stock fact sheet · data as of
Nomura Holdings, Inc. (NMR): fair value, margin of safety and Wheel Score
Ticker symbol NMR · Financial Services · Financial - Capital Markets · Japan · ADR · Blend
NMR is an American depositary share (ADR): the US listing of Nomura Holdings, Inc., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.
Is NMR undervalued?
NMR has a margin of safety of 43%: the stock closed at 9.79 on 5 Nov 2026 against a GLS average fair value of 17.13. 3 of the 6 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between DDM (5.72) and GLS Growth (48.29). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for NMR, so the nightly engine files it under Blend (value score 69, growth score 56, out of 100).
Nine valuation models for NMR
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 12.61 | +29% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 19.93 | +104% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 6.45 | -34% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 48.29 | +393% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 5.72 | -42% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 9.78 | -0% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 0.6338 | -94% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 10.20 | +4% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Nomura Holdings, Inc. scores only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 3.0/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 1.7%, ROE 9.8%, ROA 0.6% - with debt at 4.67 times equity and negative free cash flow. Debt of 4.67 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 3.97% at a payout ratio of 0%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Brokerage Commissions 78%, Other Commissions 22% (fiscal year FY2025).
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 1.7% |
|---|---|---|---|
| GLS Moat | 3.0 / 10 | ROE | 9.8% |
| Debt / equity | 4.67 | ROA | 0.6% |
| Free-cash-flow yield | 0.0% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 47: Weak
With a Wheel Score of 47 Nomura Holdings, Inc. sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (782 open interest, 33 a day); and filter 4, financially healthy - Piotroski 4/9 (under 6); Option trading (weak) is its weakest part.
Implied volatility is 39% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 782 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.1M shares a day on a market cap of $28.6B, with a beta of 0.60 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (782 open interest, 33 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 43% below fair value | |
| Premium | Strong | implied volatility 39% | |
| Moat | Weak | moat 3.0/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Strong | Red Flags score 90/100 | |
| Option trading | Weak | 33 contracts a day, 782 open interest | |
| Stability | Strong | beta 0.60, $28.6B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 29 Jan 2027, 85 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Financial - Capital Markets
The 12 companies below are the closest to Nomura Holdings, Inc. by market cap within the Financial - Capital Markets industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| TW Tradeweb Markets Inc. | 126.99 | 120.03 | -6% | 46Weak | $27.4B |
| LPLA LPL Financial Holdings Inc. | 311.48 | 496.45 | +37% | 91Prime | $24.3B |
| CRCL Circle Internet Group | 76.12 | 68.34 | -11% | 36Weak | $19.3B |
| FUTU Futu Holdings Limited | 97.92 | 476.82 | +79% | 53Fair | $13.7B |
| BMNP Bitmine Immersion Technologies, Inc. | 98.10 | 1.63 | -5908% | 13No options | $13.0B |
| BMNR Bitmine Immersion Technologies, Inc. | 21.73 | 0.7947 | -2635% | 29Weak | $12.4B |
| EVR Evercore Inc. | 311.03 | 355.42 | +12% | 75Good | $12.0B |
| HOOD Robinhood Markets, Inc. | 87.41 | 73.05 | -20% | 39Weak | $69.4B |
| SF Stifel Financial Corp | 72.94 | 97.45 | +25% | 79Good | $10.9B |
| JEF Jefferies Financial Group Inc. | 51.17 | 141.57 | +64% | 81Good | $9.7B |
| XP XP Inc. | 15.17 | 70.40 | +78% | 55Fair | $7.9B |
| SNEX StoneX Group Inc. | 56.83 | 712.67 | +92% | 79Good | $6.9B |
⚖ Compare NMR with 7 of them All Financial Services stocks →
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about NMR
Is NMR undervalued right now?
By the GLS models, yes: at 9.79 the stock is 43% below the average fair value of 17.13 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of NMR and what does it mean?
NMR scores 47 out of 100 (Weak) - it fails Wheel Trade Filters 1, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for NMR?
17.13 per share as of 5 Nov 2026 - the simple average of the 6 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Nomura Holdings, Inc. report earnings next?
The next earnings report is due on 29 Jan 2027, 85 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does NMR have listed options, and how liquid are they?
Yes. The nightly snapshot found 18 listed contracts with 782 open interest across all expiries and implied volatility of 39% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is NMR an ADR?
Yes. NMR is an American depositary share (ADR): the US listing of Nomura Holdings, Inc., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.