Nomura Holdings Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Nomura Holdings Inc (NMR) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Nomura Holdings Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 31,622M vs 834,227M combined for tracked competitors (3.7% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+306.6% annualized vs trailing 12 months), vs holding steady (+0.7%) for its tracked peer group.
- Growth: Nomura Holdings Inc generated 13.0% revenue growth year over year in Q4 2025, vs 1.6% for its tracked competitors combined.
- Profitability: Its 7.3% net margin compares with 24.6% for the peer group.
- Scale: Nomura Holdings Inc ranks #17 of 91 companies by market capitalization in the Investment Services industry, holding 1.4% of industry market cap.
- Peer revenue share: Nomura Holdings Inc accounted for 13.3% of combined revenue among its tracked peer group, up from 12.1% a year earlier.
- Peer differentiation: Revenue per employee of $2.11M compares with $0.50M for the peer group (4.2x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NMR Sales vs. its Competitors, Q4 2025
Nomura Holdings Inc reported revenue growth of 13.03 % year on year in Q4 2025, above its competitors' combined revenue growth of 1.63 %.
With a net margin of 7.33 %, Nomura Holdings Inc reported lower profitability than its competitors (24.56 %).
Nomura Holdings Inc generated 13.27 % of the combined sales of its peer group, up from 12.10 % a year earlier.
Nomura Holdings Inc vs. its Competitors, Q4 2025
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Nomura Holdings Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Nomura Holdings Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Nomura Holdings Inc's competitor groups requires a Commercial License.
For context: the Investment Services industry grew revenue -2.0% year over year, combined, vs 13.0% for Nomura Holdings Inc. Nomura Holdings Inc's share of combined industry revenue moved from 11.10% to 12.80%, a gain of 1.70 percentage points.
Nomura Holdings Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Nomura Holdings Inc | Yes | No | No | Yes |
| Competitors combined (84) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NMR Stock Performance relative to its Competitors
NMR Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Brookline Bancorp inc | 282.9% | Outperformed |
| 2 | The Bank Of New York Mellon Corporation | 282.9% | Outperformed |
| 3 | Mizuho Financial Group Inc | 282.9% | Outperformed |
| 4 | Oppenheimer Holdings Inc | 282.9% | Outperformed |
| 5 | F and m Bank Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Nomura Holdings Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Nomura Holdings Inc's Comment on Competition and Industry Peers
The financial services industry is intensely competitive and we expect it to
continue remain so. We compete globally with other brokers and dealers, investment
banking firms, commercial banks, investment advisors and other financial services
firms. We also face competition on regional, product and niche bases from local
and specialist firms. A number of factors determine our competitive position
against other firms, including:
the quality, range and prices of our products and services,
our ability to originate and develop innovative client solutions,
our ability to maintain and develop client relationships,
our ability to access and commit capital resources,
our ability to retain and attract qualified employees, and our general reputation.
Our competitive position is also affected by the overall condition of the global
financial markets, which are influenced by factors such as:
the monetary and fiscal policies of national governments and international economic
organizations, and economic developments both within and between Japan, the
U.S., Europe and other major industrialized and developing countries and regions.
In Japan, we compete with other Japanese and non-Japanese securities companies and other financial institutions. Competition has become more intense due to deregulation in the Japanese financial industry since the late 1990s and the increased presence of global securities companies and other financial institutions. In particular, major global firms have increased their presence in securities underwriting, corporate advisory services (particularly, mergers and acquisitions advisory) and secondary securities sales and trading.
There has also been substantial consolidation and convergence among financial
institutions, both within Japan and globally and this trend accelerated further
in recent years as the credit crisis caused mergers and acquisitions and asset
acquisitions in the industry. The growing presence and scale of financial groups
which encompass commercial banking, securities brokerage, investment banking
and other financial services has led to increased competition. Through their
broadened offerings, these firms are able to create good client relationships
and leverage their existing client base in the brokerage and investment banking
business as well.
In addition to the breadth of their products and services, these firms have
the ability to pursue greater market share in investment banking and securities
products by reducing margins and relying on their commercial banking, asset
management, insurance and other financial services activities. This has resulted
in pricing pressure in our investment banking and trading businesses and could
result in pricing pressure in other areas of our businesses. We have also competed,
and expect to compete, with other financial institutions which commit capital
to businesses or transactions for market share in investment banking activities.
In particular, corporate clients may seek loans or commitments in connection
with investment banking mandates and other assignments.
Moreover, the trend toward consolidation and convergence has significantly increased
the capital base and geographic reach of some of our competitors, hastening
the globalization of the securities and financial services markets. To accommodate
this trend, we will have to compete successfully with financial institutions
that are large and well-capitalized, and that may have a stronger local presence
and longer operating history outside Japan.
Publicly Traded Peers of Nomura Holdings Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Nomura Holdings Inc | 30,472.72 | 31,621.87 |
| Jpmorgan Chase and Co | 906,840.78 | 186,328.00 |
| Bank Of America Corporation | 404,609.27 | 121,098.00 |
| Wells Fargo and Company | 248,473.80 | 83,940.00 |
| Citigroup inc | 233,259.84 | 88,262.00 |
| Capital one financial corp | 122,021.31 | 51,099.00 |
| SUBTOTAL | 2,784,649.96 | 865,932.56 |
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Sources: Nomura Holdings Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Nomura Holdings Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Nomura Holdings Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Citigroup inc | Markets 29.42 % |
| First Citizens Bancshares Inc | Commercial Bank 46.42 % |
| Webster Financial Corporation | Commercial Banking 48.55 % |
| Virtu Financial inc | Market Making 84.81 % |
| Wesbanco Inc | Community Banking 98.24 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Nomura Holdings Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Nomura Holdings Inc | 30,473 | 2,108,125 | 160,432 |
| Jpmorgan Chase and Co | 906,841 | 584,995 | 200,752 |
| Bank Of America Corporation | 404,609 | 568,535 | 158,005 |
| Wells Fargo and Company | 248,474 | 351,213 | 95,100 |
| Citigroup inc | 233,260 | 390,540 | 72,049 |
| Capital one financial corp | 122,021 | 669,712 | 137,615 |
| PEERS TOTAL | 2,754,177 | 500,932 | 134,991 |
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Nomura Holdings Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Virtu Financial inc | United States 78.79 % |
| Oppenheimer Holdings Inc | Americas 93.69 % |
| Brc Group Holdings Inc | North America 93.52 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Nomura Holdings Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 88 companies in Nomura Holdings Inc's industry classification, broader than the peer set above. Market cap in millions of $.Nomura Holdings Inc ranks #17 of 88 companies by market capitalization in its industry, holding 1.35 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 607, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Morgan Stanley | 305,186 | 13.29 % |
| 2 | The Goldman Sachs Group Inc | 282,278 | 12.29 % |
| 3 | Blackrock Inc | 177,737 | 7.74 % |
| 4 | Schwab Charles Corp | 171,118 | 7.45 % |
| 5 | Futu Holdings Ltd | 1,234 | 5.2% |
| 6 | Robinhood Markets Inc | 1,234 | 5.2% |
| 7 | Cme Group Inc | 1,234 | 5.2% |
| 8 | Blackstone Inc | 1,234 | 5.2% |
| 9 | Kkr and co inc | 1,234 | 5.2% |
| 10 | Intercontinental Exchange Inc | 1,234 | 5.2% |
| 17 | Nomura Holdings Inc | 31,072 | 1.35 % |
Market cap and industry share for the rest of Nomura Holdings Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Nomura Holdings Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 12 | Brookfield Asset Management Ltd | 71,233 | -24.17 % |
| 13 | Nasdaq Inc | 52,437 | 6.49 % |
| 14 | Ameriprise Financial Inc | 45,762 | 0.13 % |
| 15 | Interactive Brokers Group Inc | 39,617 | 35.93 % |
| 16 | Raymond James Financial Inc | 1,234 | 12.3% |
| 17 | Nomura Holdings Inc | 31,072 | 36.09 % |
| 18 | Cboe Global Markets Inc | 1,234 | 12.3% |
| 19 | Ares Management Corporation | 1,234 | 12.3% |
| 20 | Lpl Financial Holdings Inc | 1,234 | 12.3% |
| 21 | Price T Rowe Group Inc | 1,234 | 12.3% |
| 22 | Tradeweb Markets Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Nomura Holdings Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Nomura Holdings Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Investment Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (78 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.00 % | 61.67 % (avg) | -61.7 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 65.62 % | 19.52 % (avg) | +46.1 pp |
| Capital Intensity (Capex / Revenue) | 7.44 % | 2.93 % (avg) | +4.5 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Nomura Holdings Inc's Valuation vs Competitive Position
Valuation multiples vs the Investment Services industry average (78 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 10.9x | 23.9x | -13.0x |
| EV / EBITDA | - | 12.8x | - |
| P/B | - | 3.0x | - |
| Return on Equity | 9.93 % | industry aggregate | -5.08 % |
| Return on Invested Capital | - | 8.46 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Nomura Holdings Inc's BCG Growth-Share Matrix
Relative market share (vs Nomura Holdings Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Nomura Holdings Inc falls in the Dog quadrant: relative market share of 0.10x vs its largest competitor, in an industry growing revenue 9.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Nomura Holdings Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 607 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 7.44 % vs industry average 2.93 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Nomura Holdings Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Nomura Holdings Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Nomura Holdings Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Nomura Holdings Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Nomura Holdings Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+306.6% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 5.1 points below the industry aggregate.
- Low relative market share vs the industry leader (0.10x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
No rule matched.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Nomura Holdings Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Nomura Holdings Inc | 0.11 | 1.88 | 4.49 |
| Jpmorgan Chase and Co | 0.17 | 0.42 | 1.40 |
| Bank Of America Corporation | 0.09 | 0.52 | 1.25 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.41 |
| Citigroup inc | 0.01 | 0.40 | 1.75 |
| Capital one financial corp | 0.03 | 1.03 | 0.39 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Nomura Holdings Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Nomura Holdings Inc | Q1 2025 | -1.6 % | +2.1 % |
| Jpmorgan Chase and Co | Q2 2026 | +30.4 % | +44.0 % |
| Bank Of America Corporation | Q2 2026 | +15.0 % | +27.5 % |
| Wells Fargo and Company | Q2 2026 | +14.2 % | +21.6 % |
| Citigroup inc | Q1 2026 | +14.1 % | +44.6 % |
| Capital one financial corp | Q2 2026 | +1,392.5 % | - |
| PEERS TOTAL | +35.6 % | +53.0 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Nomura Holdings Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Nomura Holdings Inc | Q1 2025 | -100.0 % | +82.4 % |
| Jpmorgan Chase and Co | Q2 2026 | -6.4 % | - |
| Bank Of America Corporation | Q2 2026 | - | - |
| Wells Fargo and Company | Q2 2026 | -16.2 % | - |
| Citigroup inc | Q1 2026 | - | -6.7 % |
| Capital one financial corp | Q2 2026 | -73.8 % | -8.0 % |
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Nomura Holdings Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Nomura Holdings Inc | 0.61% | 0.61% | 9.93% |
| Jpmorgan Chase and Co | 1.35% | 3.71% | 17.50% |
| Bank Of America Corporation | 0.97% | 2.76% | 11.13% |
| Wells Fargo and Company | 1.05% | 2.94% | 12.48% |
| Citigroup inc | 0.61% | 0.63% | 7.62% |
| Capital one financial corp | 1.56% | 3.24% | 9.26% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Nomura Holdings Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Nomura Holdings Inc | 12.68 | 0.96 |
| Jpmorgan Chase and Co | 14.17 | 4.87 |
| Bank Of America Corporation | 12.78 | 3.34 |
| Wells Fargo and Company | 11.82 | 2.96 |
| Citigroup inc | 16.34 | 2.64 |
| Capital one financial corp | 11.69 | 2.39 |
| PEERS AVERAGE | 12.25 | 3.22 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.