NMR Stock: Insider Activity, Filings & Research

Nomura Holdings, Inc. (NMR) — Drillr’s hub for NMR insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, NMR insiders filed 3 open-market buys and 0 sales (SEC Form 4).

Sentiment

100/100

Buys (3m)

Sells (3m)

Net (3m)

$3.9K

Insiders buyingCluster buying

Insider trades by month Buys Sells

Feb

Mar

Context3-month price +2%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 27, 2026	Ogawa Shojidirector	Grant	237	$8.21
May 27, 2026	Horiuchi Yukoofficer: See Remarks	Grant	600	—
May 27, 2026	Horiuchi Yukoofficer: See Remarks	Grant	700	—
May 27, 2026	Nagai Kojidirector	Grant	95,055	—
May 27, 2026	Kitamura Takumiofficer: See Remarks	Grant	28,030	—
May 27, 2026	Kitamura Takumiofficer: See Remarks	Grant	28,029	—
May 27, 2026	Kato Sotaroofficer: See Remarks	Grant	27,656	—
May 27, 2026	Kato Sotaroofficer: See Remarks	Grant	27,655	—
May 27, 2026	Willcox Christopher Paulofficer: See Remarks	Grant	343,302	—
May 27, 2026	Willcox Christopher Paulofficer: See Remarks	Grant	343,301	—
May 27, 2026	Iiyama Toshiyasuofficer: See Remarks	Grant	66,544	—
May 27, 2026	Iiyama Toshiyasuofficer: See Remarks	Grant	66,543	—
May 27, 2026	Ishizuka Masahirodirector	Grant	237	$8.21
May 27, 2026	Mori Takakoofficer: See Remarks	Grant	1,400	—
May 27, 2026	Mori Takakoofficer: See Remarks	Grant	1,300	—

Source: NMR SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.

Overview

Nomura Holdings, Inc. (TSE:8604) is Japan's largest investment bank and brokerage firm, founded in 1925 as The Nomura Securities Co., Ltd. The company reorganized as a holding company structure in October 2001, adopting its current name. Headquartered in Tokyo, Nomura has grown from a domestic securities firm into a global financial services conglomerate serving individuals, corporations, financial institutions, and governments worldwide. The company operates through an extensive network including 119 domestic branches as of March 2022, while maintaining a significant international presence across major financial centers.

Business

Nomura operates as a comprehensive financial services provider across three primary business segments. The Wealth Management segment (formerly called Retail) serves individual investors and high-net-worth clients through a network of branches across Japan, offering investment products, financial planning, and advisory services. This division has been undergoing transformation from traditional transaction-based brokerage to a recurring revenue model focused on asset management and comprehensive wealth advisory services. The Investment Management segment manages institutional and retail investment funds, operating as an asset manager with ¥92.5 trillion in assets under management as of recent quarters. This division creates and manages investment trusts, pension funds, and alternative investment vehicles while providing custodial and administrative services. The business generates recurring fee income based on assets under management, making it a stable revenue contributor. The Wholesale segment operates as the investment banking and institutional trading arm, serving corporations, financial institutions, and governments globally. This division conducts equity and fixed income trading, market-making activities, underwriting of securities offerings, and provides advisory services for mergers and acquisitions, corporate restructuring, and capital raising transactions. The wholesale business also includes securitized products trading, derivatives, and structured finance solutions. Based on recent financial reports, Wealth Management typically contributes approximately 25% of group revenue, Investment Management around 10%, and Wholesale represents the largest segment at roughly 55-60% of total revenues, though these proportions fluctuate with market conditions.

Competitive moat

Nomura's competitive position rests primarily on its dominant market share in Japan's financial services sector and established client relationships, though this moat faces increasing pressure. As Japan's largest securities firm, Nomura benefits from scale advantages in domestic markets, extensive branch networks that competitors would find costly to replicate, and deep relationships with Japanese corporations built over decades. The company's comprehensive service offering allows for cross-selling opportunities across wealth management, investment banking, and asset management services. However, Nomura's moat is relatively narrow and weakening. The financial services industry is highly commoditized, with limited product differentiation and intense price competition. International investment banks like Goldman Sachs and Morgan Stanley compete aggressively for wholesale business, while domestic banks and online brokers challenge the retail segment. Regulatory changes have reduced barriers to entry, and fintech companies are disrupting traditional brokerage models with lower-cost digital platforms. The company's international expansion has yielded mixed results, with significant losses in some overseas operations and difficulty competing against established global players on their home turf. Unlike technology companies with network effects or pharmaceutical companies with patent protection, investment banks primarily compete on execution, relationships, and pricing - advantages that can erode quickly. Nomura's main sustainable advantage lies in its deep understanding of Japanese markets and regulatory environment, but this geographic concentration also represents a limitation as Japan's aging demographics and low growth prospects constrain long-term expansion opportunities.

Risks & safety

Nomura presents a moderate margin of safety with mixed financial health indicators. The company maintains adequate liquidity but operates with high leverage typical of investment banks. • Liquidity position: Strong cash reserves of ¥25.2 billion and short-term investments, providing operational flexibility • Debt levels: High debt-to-equity ratio of 9.65x reflects typical investment bank leverage, though within industry norms • Current ratio: Low at 0.19x indicates heavy reliance on short-term funding, characteristic of securities firms • Profitability trends: Recent improvement with Q1 2025 ROE of 8.1% approaching management's 8-10% target range • Valuation metrics: Trading at 0.80x book value and 10.1x earnings, suggesting reasonable valuation relative to tangible assets • Capital adequacy: Tier 1 capital ratio of 18.3% well above regulatory minimums, providing regulatory buffer • Revenue volatility: Earnings subject to significant quarterly fluctuations due to market-dependent trading and investment banking revenues

Recent development

Over the past few years, Nomura has undergone significant strategic transformation focused on building sustainable recurring revenue streams and improving profitability. The company reorganized its retail division into "Wealth Management" in April 2024, shifting from transaction-based brokerage toward comprehensive asset management and advisory services. This transformation has shown results, with recurring revenue roughly doubling over eight years and the recurring revenue cost coverage ratio improving from 28% to 55%. The company has been capitalizing on favorable Japanese market conditions, including the Nikkei reaching record highs, the launch of the new NISA tax-advantaged investment scheme, and Japan's emergence from deflation. These factors have driven increased retail investor interest, with strong growth in new investment accounts and NISA adoption boosting wealth management revenues. In the Investment Management segment, Nomura has focused on diversifying distribution channels and expanding assets under management, which reached record levels of ¥92.5 trillion. The division has grown alternative asset management capabilities and enhanced institutional client services. The Wholesale division has implemented cost reduction programs while working to diversify revenue sources beyond traditional equity and fixed income trading. The company has seen improved performance in securitized products, structured finance, and investment banking, with management noting the strongest investment banking quarter in several years during recent periods. Nomura has also been reducing strategic equity holdings as part of broader Japanese corporate governance reforms, while positioning to benefit from increased M&A and restructuring activity among Japanese corporations.

NMR company profile · for informational purposes only — not investment advice.

Track NMR with Drillr

SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.

Try Drillr for free