Nomura Holdings, Inc. (NMR): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor or business strategist, how do you truly assess the global powerhouse that is Nomura Holdings, Inc. (NMR), especially as they mark their 100th anniversary this December? Honestly, the numbers tell a compelling story, showing net revenue of 1,892.5 billion yen for the 2025 fiscal year and a strong first-half Return on Equity (ROE) of 11.3% in 2025, which comfortably exceeds their target. You need to understand the mechanics behind that performance-the history, the ownership structure, and the four distinct divisions that drive their $20.96 billion market capitalization-so you can map their near-term risks and opportunities to your own portfolio decisions.

Nomura Holdings, Inc. (NMR) History

You're looking for the bedrock of a global financial giant, and with Nomura Holdings, Inc., that foundation is nearly a century deep. The direct takeaway is that Nomura evolved from a Japanese bond house spin-off in 1925 to a global investment bank primarily through a relentless international expansion strategy and a decisive, high-stakes acquisition of Lehman Brothers' operations in 2008.

This firm's history is a story of disciplined entrepreneurship, moving from Osaka to the world stage, and consistently adapting to financial market shifts. Honestly, their longevity proves their adaptability.

Given Company's Founding Timeline

Year established

Nomura's official start was on December 25, 1925, when The Nomura Securities Co., Ltd. was formally established.

Original location

The company began operations in Osaka, Japan, initially focusing on the bond market. The head office later moved to Tokyo in December 1946.

Founding team members

The firm was named after its founder, Tokushichi Nomura II, a wealthy Japanese businessman and investor who had earlier established the Osaka Nomura Bank. The initial team for the spin-off was small, starting with around 84 to 89 people.

Initial capital/funding

Nomura Securities Co., Ltd. was established as a spin-off from the Securities Department of Osaka Nomura Bank Co., Ltd.. The parent bank, Osaka Nomura Bank, had been established in 1918 with a capital of ¥10 million, providing the financial context for the new securities firm's launch.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory wasn't a straight line; it was shaped by two major strategic pivots that redefined its scale and ambition. The first was the shift to a holding company, and the second was a massive global expansion.

• The 2001 Holding Company Reorganization: By splitting the functions of Nomura Holdings, Inc. and Nomura Securities Co., Ltd., the firm created a structure better suited for global expansion and diversified financial services. This move was defintely about insulating capital and clarifying business lines, which is crucial for a global firm.
• The 2008 Lehman Brothers Acquisition: This was the single most transformative event in the company's modern history. Acquiring the Asia-Pacific and EMEA (Europe, Middle East, and Africa) franchises of the collapsed Lehman Brothers instantly gave Nomura a massive footprint outside of Japan. It was a bold, risky play that catapulted them into the top tier of global investment banking, though integrating those operations proved challenging for years.

Looking at the most recent data, the firm's consolidated income before taxes for the fiscal year ended March 31, 2025, hit a solid ¥472.0 billion, with a Return on Equity (ROE) of 10.0%. This shows the firm has stabilized and is executing well on its post-acquisition, global strategy, which now includes four main divisions: Wealth Management, Investment Management, Wholesale, and Banking.

If you want to dig deeper into the current performance metrics and balance sheet health, you should read Breaking Down Nomura Holdings, Inc. (NMR) Financial Health: Key Insights for Investors.

Here's the quick math: with 27,242 employees globally as of March 2025, the firm is a massive, complex machine.

Nomura Holdings, Inc. (NMR) Ownership Structure

Nomura Holdings, Inc. operates with a widely distributed ownership structure, typical of a major global financial institution, with a significant portion of its stock held by foreign legal entities and financial institutions as of late 2025.

This structure means no single entity holds a controlling stake, ensuring a governance model where institutional investors, including large trust banks, exert considerable influence alongside the public market.

Nomura Holdings, Inc.'s Current Status

Nomura Holdings, Inc. (NMR) is a publicly traded company, not a private one, with its common shares listed on the Tokyo Stock Exchange (TSE), Nagoya Stock Exchange, and Singapore Exchange, plus its American Depositary Shares (ADSs) trading on the New York Stock Exchange (NYSE).

This public status subjects the firm to rigorous disclosure requirements in multiple jurisdictions, which provides transparency for its diverse base of shareholders. As of September 30, 2025, the company had 319,734 total shareholders. Honestly, that's a lot of people to keep happy.

Nomura Holdings, Inc.'s Ownership Breakdown

The company's shareholder base is globally diversified, with foreign legal entities holding the largest single component of the stock as of September 30, 2025. This foreign ownership is a key factor in the firm's global strategy and capital allocation decisions.

For example, the top institutional shareholder as of March 31, 2025, was The Master Trust Bank of Japan, Ltd. (Trust Account), holding 17.4% of the shares, which is a common setup for Japanese corporate ownership. You can dive deeper into the firm's balance sheet in Breaking Down Nomura Holdings, Inc. (NMR) Financial Health: Key Insights for Investors.

Nomura Holdings, Inc.'s Leadership

The leadership team, appointed as of June 24, 2025, is responsible for navigating the firm's global operations and is led by a core group of seven Executive Officers. This team steers the three main segments: Wealth Management, Investment Management, and Wholesale (Global Markets and Investment Banking).

The executive structure is designed to balance global business lines with regional oversight, so you see key roles, like the Chief Risk Officer and Head of Wholesale, based in New York. Here's the quick math: the average tenure for the management team is about 4 years, which suggests a stable, experienced hand at the wheel.

• Kentaro Okuda: Representative Executive Officer, President, and Group CEO.
• Yutaka Nakajima: Representative Executive Officer and Deputy President.
• Hiroyuki Moriuchi: Executive Officer and Chief Financial Officer (CFO).
• Sotaro Kato: Executive Officer and Chief Risk Officer (CRO), based in New York.
• Christopher Willcox: Executive Officer, Head of Wholesale and Chairman of Investment Management, also based in New York.
• Toshiyasu Iiyama: Executive Officer, Deputy President, and Chief of Staff.
• Takumi Kitamura: Executive Officer and Chief Transformation Officer (CTO).

Nomura Holdings, Inc. (NMR) Mission and Values

Nomura Holdings, Inc. stands for more than just its impressive fiscal year 2025 net revenue of 1,892.5 billion yen (US$12.6 billion); its core purpose is to enrich society by leveraging its financial expertise. This focus on social contribution, not just profit, is the cultural DNA that guides its global operations and is rooted in its 100-year history.

You can see the real-world impact of this purpose in their 10% Return on Equity (ROE) for the year ended March 31, 2025, which aligns with their long-term sustainability goals. Breaking Down Nomura Holdings, Inc. (NMR) Financial Health: Key Insights for Investors will show you how that ROE compares to peers, but let's look at the 'why' behind the numbers first.

Given Company's Core Purpose

The company's purpose, established in the lead-up to its December 2025 centennial, is the foundational statement that underpins every strategic decision. It's a clear mandate to use their position in the capital markets for broader societal good.

Official mission statement

The official Group Purpose is straightforward, moving past old, stiff corporate language to a simple, actionable goal:

• We aspire to create a better world by harnessing the power of financial markets.

This isn't just about moving money; it's about connecting capital, information, and communities to drive sustainable growth. Honestly, that's a powerful statement for a financial institution, especially one that reported a net income of 340.7 billion yen (US$2.3 billion) for the year ending March 31, 2025.

Vision statement

Nomura Holdings, Inc.'s long-term outlook is captured in its 2030 management vision, which maps the Group Purpose to a concrete, multi-year strategy.

• Reaching for Sustainable Growth.

To be fair, this vision comes with a clear financial target: consistently achieving an ROE of 8% to 10% or more and income before income taxes of 500 billion yen by 2030. They are defintely a trend-aware realist, tying their growth to long-term stability.

Given Company slogan/tagline

While the Group Purpose serves as the main guiding phrase, the company's cultural drive is best summarized by a principle from its founder, Tokushichi Nomura II. It perfectly captures the firm's relentless, entrepreneurial spirit.

• Always strive to stay one step ahead - standing still is retrogressive.

That's a clean one-liner for a firm that has adapted for a century. Plus, the core values that make this possible-like Entrepreneurial Leadership and a constant push for Integrity-are what dictate how the firm operates, from investment banking to wealth management.

Nomura Holdings, Inc. (NMR) How It Works

Nomura Holdings, Inc. operates as a globally integrated financial services group, connecting Asian markets with the West through its core businesses: Wealth Management, Investment Management, and Wholesale. It makes money by charging fees for managing client assets, underwriting and advising on major corporate transactions, and through sales and trading activities in global capital markets.

Nomura Holdings, Inc.'s Product/Service Portfolio

The firm's value delivery is structured across its three primary divisions, plus the newly established Banking Division in April 2025, which leverages trust and banking functions to offer a wider range of bespoke financial solutions.

Nomura Holdings, Inc.'s Operational Framework

Nomura's operational framework is built on a 'three-segment' model, focusing on stable, recurring revenue streams to balance the cyclical nature of its Wholesale business. The goal is to create a more defintely balanced, globally diversified institution.

• Integrated Global Platform: The firm uses a seamless East-West connectivity model, leveraging its deep roots in Asia to service clients globally, which is a unique proposition.
• Strategic Resource Allocation: Nomura is actively expanding its footprint in key growth areas, notably the Americas, with strategic moves like the acquisition of Macquarie's public asset management business in the U.S. and Europe to boost its Investment Management division.
• Disciplined Cost Management: The company is committed to operational efficiency, targeting a cost reduction of 20 billion yen by the end of the fiscal year 2024 to improve operating leverage.
• Digital Transformation: Evolving the service structure in Wealth Management to combine traditional advisor-led services with new digital tools to reach emerging wealth clients.

Here's the quick math: The three main segments-Wealth Management, Investment Management, and Wholesale-contributed a combined income before income taxes of 426.6 billion yen in the fiscal year ended March 31, 2025, showing strong performance across the board.

Nomura Holdings, Inc.'s Strategic Advantages

The company's market success hinges on a few clear advantages that differentiate it from its global peers, especially in the competitive investment banking and brokerage space.

• Asia-Pacific Market Dominance: Nomura is Japan's largest investment bank and brokerage group, giving it unparalleled access to the Japanese and broader Asian capital markets.
• Balanced Business Mix: The strategic focus on growing stable revenue in Wealth Management (which saw a 30% growth in recurring revenue year-over-year in FY2025) and Investment Management helps mitigate the volatility inherent in the Wholesale trading and banking segments.
• Strong Capital Position: The firm maintains a liquid and clean balance sheet, boasting one of the strongest capital positions under Basel 3 standards, which provides a competitive edge in risk-sensitive markets.
• Global Reach with Local Expertise: Operating with regional headquarters in New York, London, and Hong Kong, Nomura can deliver integrated services across time zones and asset classes while still providing tailored local insights. Mission Statement, Vision, & Core Values of Nomura Holdings, Inc. (NMR).

What this estimate hides is that the Wholesale division's pretax income, which hit a 15-year high of 166.3 billion yen in FY2025, is still highly sensitive to global market conditions, so the push for stable fee-based revenue is crucial for long-term resilience.

Finance: Track the recurring revenue growth rate in the Investment Management division quarterly to confirm the strategy is holding up against market headwinds.

Nomura Holdings, Inc. (NMR) How It Makes Money

Nomura Holdings, Inc. (NMR) generates the majority of its revenue by acting as a global intermediary and advisor in capital markets through its Wholesale division, plus earning stable, recurring fees from managing client assets in its Wealth Management and Investment Management segments.

Nomura Holdings' Revenue Breakdown

The company's financial engine is split across three primary business divisions: Wholesale, Wealth Management, and Investment Management. For the fiscal year ended March 31, 2025 (FY2025), the total net revenue for these three segments was 1,701.9 billion yen, with the Wholesale division dominating the mix.

Business Economics

Nomura's revenue model is a mix of high-margin, market-sensitive trading and investment banking fees, and more stable, fee-based income. The goal is to balance the volatility of the Wholesale business with the predictability of the asset-gathering divisions.

• Wholesale Division: This segment, which includes Global Markets (trading in fixed income, equities, and derivatives) and Investment Banking (M&A advisory, equity capital markets, debt capital markets), is highly sensitive to market volatility, interest rate changes, and deal flow. Global Markets revenues were strong in FY2025, driven by diversification and record-high Equities revenues. The Investment Banking side relies on transaction fees, which are non-recurring but high-value.
• Wealth Management (WM): The key economic fundamental here is recurring revenue, which comes from advisory and management fees charged on client assets. WM's strategy is to increase its recurring revenue assets, which saw net inflows for the 14th consecutive quarter as of Q2 FY2026. This stable fee base provides a crucial buffer against market downturns. The recurring revenue cost coverage ratio for WM was 70% in Q2 FY2026, showing a strong foundation.
• Investment Management (IM): This business earns fees based on Assets Under Management (AuM), which reached an all-time high of 101.2 trillion yen in Q2 FY2026. The division benefits from market appreciation and consistent net inflows, which have occurred for 10 straight quarters. The pricing is a percentage of AuM, so growth is directly linked to both market performance and client deposits.

The establishment of a new Banking Division in April 2025 is a strategic move to defintely further diversify and capture stable lending and trust operations revenue, adding another layer of recurring income to the overall model. To understand the broader strategy behind this, you should check out the Mission Statement, Vision, & Core Values of Nomura Holdings, Inc. (NMR).

Nomura Holdings' Financial Performance

The fiscal year 2025 was marked by significant growth, demonstrating the positive impact of the company's focus on capital discipline and diversified revenue streams across its segments. Here's the quick math on the full-year results:

• Net Revenue: For the fiscal year ended March 31, 2025, Group net revenue rose 21.2% year-over-year to 1,892.5 billion yen. This strong top-line growth was broad-based across all three main segments.
• Net Income: Net income attributable to Nomura Holdings shareholders for FY2025 was 340.7 billion yen, an increase of 105% from the previous year, which was a record-high result.
• Return on Equity (ROE): The company achieved an ROE of 10.0% for FY2025, a significant jump from 5.1% in the prior year, meeting its target of consistently delivering 8% to 10% or more. The first half of FY2026 continued this momentum, with an ROE of 11.3%.
• Total Assets: As of March 31, 2025, total assets stood at 56,802.2 billion yen, primarily driven by an increase in trading assets.
• Dividends: Total annual dividends for FY2025 were 57.00 yen per share, with a consolidated payout ratio of 49.4%.

Nomura Holdings, Inc. (NMR) Market Position & Future Outlook

Nomura Holdings, Inc. is leveraging its dominant position as Japan's largest investment bank to drive a more diversified, global revenue mix, aiming for greater stability through market cycles. The company successfully hit its medium-term profitability goal, reporting a full-year Return on Equity (ROE) of 10% for the fiscal year ending March 2025, supported by record net income of JPY340.7 billion. Still, the future trajectory hinges on sustaining global Wholesale momentum while capitalizing on a structural shift in Japanese household savings toward investment.

You need to see past the headline numbers, though. The strategy is clear: build a global, capital-light business to balance the domestic brokerage backbone. This is defintely a long-term play, not a quick fix. For a deeper dive into the financials, you can check out Breaking Down Nomura Holdings, Inc. (NMR) Financial Health: Key Insights for Investors.

Competitive Landscape

Nomura's competitive standing is best analyzed by segment, where it maintains a clear lead in domestic brokerage and wealth management but faces intense rivalry in the capital-heavy Wholesale business. In the high-stakes domestic bond underwriting market, a key Wholesale metric, the competition is razor-thin, with Nomura trading places with its megabank rivals. Here's the quick math on the domestic bond underwriting market share for the fiscal year ending March 2025:

Opportunities & Challenges

The firm's strategic initiatives for 2025 are focused on three core areas: expanding its Wealth Management recurring revenue, scaling its global Investment Management platform, and maintaining Wholesale profitability through diversification. But global market volatility and persistent cost management issues remain a headwind.

Industry Position

Nomura's industry standing is defined by its domestic leadership and its aspiration for global relevance. It is the undisputed market leader in Japan's securities and brokerage industry, a position reinforced by its vast retail branch network and its ¥153 trillion in Assets Under Management (AUM) as of June 2025.

• Domestically, Nomura is the benchmark, with rivals like Mizuho Financial Group actively recruiting talent and studying Nomura's methodology to catch up in the high-net-worth segment.
• Globally, the firm is a key player in Asian investment banking and a differentiated challenger in the US and Europe, leveraging its 'East-West connectivity' to facilitate cross-border capital flows.
• The firm's successful achievement of a 10% ROE for FY2025 is a critical signal that its post-Lehman diversification and restructuring efforts are bearing fruit, positioning it as a more resilient global financial institution.

The next step for you is to model how the $180 billion AUM acquisition impacts Nomura's fee income stability over the next two years. Finance: draft a sensitivity analysis on Investment Management revenue by month-end.