Start with its own history
At 11.38×, NMR is 2.0% above its 9-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · NMRFinancial - Capital MarketsUpdated Nov 5, 2026
Nomura Holdings, Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
11.38×
2.0% abovethe 9-observation annual average
Share price9.79
÷Earnings per share0.86
Price and EPS in quote currency. Calculation details
Investors are paying 11.38 for every 1 of reported earnings per share.
P/E over time
2017 – 2026
Annual P/ESelected-period average 11.16×
3-year average11.50×3 positive annual observations
5-year average12.41×5 positive annual observations
10-year average11.16×9 positive annual observations
Peer median · TTM14.23×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Mar 31, 2026 | 9.78× | +24.2% |
| Mar 31, 2025 | 7.88× | -53.2% |
| Mar 31, 2024 | 16.84× | +1.9% |
| Mar 31, 2023 | 16.52× | +49.6% |
| Mar 31, 2022 | 11.04× | -4.9% |
| Mar 31, 2021 | 11.60× | +71.7% |
| Mar 31, 2020 | 6.76× | N/M |
| Mar 31, 2019 | N/M | N/M |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Mar 31, 2018 | 9.75× | -5.2% |
| Mar 31, 2017 | 10.28× | -25.3% |
| Mar 31, 2016 | 13.77× | +20.2% |
| Mar 31, 2015 | 11.45× | -0.4% |
| Mar 31, 2014 | 11.50× | -39.5% |
| Mar 31, 2013 | 19.01× | -83.5% |
| Mar 31, 2012 | 115.09× | +109.0% |
| Mar 31, 2011 | 55.06× | +73.3% |
| Mar 31, 2010 | 31.78× | N/M |
| Mar 31, 2009 | N/M | N/M |
| Mar 31, 2008 | N/M | N/M |
| Mar 31, 2007 | 26.67× | +61.2% |
| Mar 31, 2006 | 16.55× | -45.6% |
| Mar 31, 2005 | 30.41× | +42.8% |
| Mar 31, 2004 | 21.29× | +5.1% |
| Mar 31, 2003 | 20.26× | +5.3% |
| Mar 31, 2002 | 19.24× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How NMR compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 NMR This stockNomura Holdings, Inc. | 11.38× |
 MSMorgan Stanley | 15.30× |
 GSThe Goldman Sachs Group, Inc. | 13.17× |
 UBSUBS Group AG | 16.68× |
 JEFJefferies Financial Group Inc. | 13.15× |
 OPYOppenheimer Holdings Inc. | 11.18× |
 LAZLazard Inc | 22.25× |
 EVREvercore Inc. | 15.82× |
 SFStifel Financial Corp | 9.33× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does NMR’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 14.23×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take NMR into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("NMR", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 9.79 ÷ EPS 0.86 = 11.38×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
NMR P/E ratio: common questions
The essentials behind the numbers.
Nomura Holdings, Inc.'s current P/E is 11.38× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.