Nomura Holdings Inc ADR
Nomura Holdings Inc. is a Japan-based financial services group organized around securities, asset management, and banking activities. Through its broker-dealer and related subsidiaries, it serves individuals, institutions, corporates, and governments across Japan and major international financial centers.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueRetail brokerage, investment products, and advice for individual clients.
Asset management and investment solutions for institutional and other clients.
Global markets, underwriting, trading, and investment banking services.
Banking, trust, and financing services provided through banking subsidiaries.
Treasury, holding company, and other non-core activities and investments.
Customers
Nomura serves individuals through wealth management and brokerage, institutions through asset management and market access, and corporates and governments through capital markets and advisory services. Its client base is broad, with transaction activity and long-term relationships both contributing to the business model. The firm’s global platform is designed to meet financing and investment needs across different client types and markets.
Buy brokerage, savings, and investment products through wealth management channels.
Use asset management, trading access, and market execution services.
Buy underwriting, private placement, and financing solutions for capital raising.
Use debt capital markets, advisory, and market services for funding and execution.
Strategy
Nomura’s strategy centers on integrating wealth management, investment management, wholesale markets, and banking under one global platform. The company emphasizes serving clients across East and West, using its network to connect capital, distribution, and market access across regions and products.
A broader platform increases wallet share and deepens client relationships.
International presence supports cross-border flows and diversified revenue sources.
Asset management and wealth services can improve revenue stability relative to market trading.
Geography
Nomura operates globally, with a core base in Japan and significant activity in major financial centers across the United States, Europe, and Asia-Pacific. The business model depends on access to liquid markets and cross-border client flows, so geography matters for both revenue mix and regulatory exposure. Its structure includes domestic subsidiaries in Japan and overseas entities in the Americas, Europe, and Asia.
Risks
Nomura is exposed to market volatility, client activity cycles, and changes in capital-market issuance and trading conditions, which can affect its core brokerage and investment banking businesses. As a global financial institution, it also faces regulatory, legal, credit, operational, and foreign-exchange risks across multiple jurisdictions.
- Market activity volatilityImpact: HighLikelihood: High
Brokerage, trading, and underwriting depend on client risk appetite and market conditions.
Exposure: Wholesale division
- Regulatory and legal riskImpact: HighLikelihood: High
Securities, banking, and advisory activities are heavily regulated and subject to investigations or claims.
Exposure: Global operations
- Credit and counterparty riskImpact: HighLikelihood: Medium
Financing, prime brokerage, and market-making create exposure to client default.
Exposure: Wholesale and banking
- Foreign-exchange and funding riskImpact: MediumLikelihood: Medium
A global balance sheet with cross-border funding can be affected by currency and liquidity conditions.
Exposure: International subsidiaries
Accounting
Judgemental itemsTrading and investment positions are sensitive to market-based valuation changes.
Impact: Can cause earnings and balance-sheet volatility
Nomura uses derivatives extensively in trading, funding, and risk management.
Impact: Can create timing differences between economic and accounting gains
The group has large reporting units that must be tested annually for impairment.
Impact: May lead to non-cash write-downs if business outlook weakens
The company consolidates variable interest entities and many subsidiaries.
Impact: Affects reported assets, liabilities, and risk presentation
Right-of-use assets and lease obligations are recognized for office and branch space.
Impact: Influences reported assets and leverage ratios
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Last updated: 28/09/2026