Global Financial Services / Investment Banking / Wealth Management
Strategic Profile
Nomura is strengthening its competitive position through strategic acquisitions—notably acquiring Macquarie's U.S. and European asset management business for $1.8B to expand AUM to $770B. The company benefits from strong domestic wealth management franchise and growing participation in Japanese capital markets, while managing higher trading volatility and risk exposure in wholesale operations.
Cyborg Score Rationale
Nomura demonstrates solid fundamentals with 10.5% YoY net revenue growth, 10.8% return on equity, and strategic M&A expansion. However, operational challenges including phishing fraud losses, elevated risk-weighted assets, and margin pressures in investment banking temper growth trajectory. The company maintains strong capital ratios and consistent dividends, supporting stability.
Top Insights
Q3 2025 net revenue rose 10.5% YoY to ¥1,590.5B with net income of ¥288.2B; recent phishing scam cost approximately ¥4.8B but remains manageable within overall profitability
Macquarie acquisition represents strategic pivot to scale global asset management, doubling AUM to $770B and diversifying revenue beyond wholesale trading
Wealth Management segment accelerating with 6-8% growth in net revenue and income; total sales increased 24% driven by strong equity and fixed income activity in Asia
Higher trading assets and risk exposure (VAR up 63.2%, RWA at ¥24.2T) reflect volatile market conditions; company managing capital discipline with Tier 1 ratio at 15.0% and CET1 at 12.8%
Named Competitors
Goldman Sachs — Global investment banking and trading
Morgan Stanley — Global wealth and investment management
MUFG — Diversified Japanese financial services
BlackRock — Global asset management and alternatives
Recent Developments
(February 2026) Q3 2025 results: ¥1.59T net revenue (+10.5% YoY), ¥288.2B net income; total workforce 28,601 employees
(February 2026) Nomura committed to 40% dividend payout ratio and 50%+ total shareholder returns post-Macquarie acquisition
(November 2025) Macquarie public asset management acquisition ($1.8B) announced to expand investment management division