Noah Holdings LTD cash flow statement

In fiscal 2025, Noah Holdings LTD's operations generated $140m of cash; it spent $19.2m on capital projects, leaving free cash flow of $120m. It returned $78.2m in dividends and $7.5m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Noah Holdings LTD: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	7	21	21	30	94	95	104	99	97	150	185	122	239	92	186	53	140
Depreciation and amortisation	0	0	1	2	2	4	5	9	13	13	15	15	23	23	22	21	22
Stock-based pay	1	2	2	4	5	5	10	11	14	16	14	9	8	6	2	15	10
Capital spending	0	1	4	2	7	10	21	15	23	19	9	8	356	9	22	11	19
Free cash flow	7	20	18	28	87	86	83	84	73	131	176	114	−118	83	163	42	120
Free cash flow after stock pay	6	18	16	24	82	80	73	73	59	115	162	105	−126	77	162	27	111
Dividends paid	—	—	—	8	8	0	—	—	—	—	—	—	—	—	25	138	78
Share buybacks	—	—	—	9	12	12	7	2	5	—	—	43	58	—	—	7	7
Shares issued	—	—	1	0	1	1	1	1	3	7	5	5	2	36	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Noah Holdings LTD's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Noah Holdings LTD.