COMP <GO>

NOAH vs V // ALTMAN Z-SCORE & DEBT/EQUITY

Noah Holdings Limited (NYSE) VS. Visa Inc. (NYSE) • 15-METRIC TALLY: NOAH 1 — V 8

■ METRIC PARITY

LAST: $6.93 (+2.97%) • MKT CAP: $451.3M

balance-sheet

—

LAST: $425.51 (+2.88%) • MKT CAP: $738.98B

balance-sheet

9.09

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NOAH VS. V) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NOAH	V	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	11.20%	32.30%	-21.10	V	/roic <GO>
EV/EBITDA & P/E Valuation	—	28.9x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	2.90%	—	TIE	/fcf-yield <GO>
Operating Margin	29.80%	60.00%	-30.20	V	/operating-margins <GO>
Net Profit Margin	21.40%	50.10%	-28.70	V	/net-margins <GO>
Revenue Growth (YoY)	4.80%	11.30%	-6.50	V	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.63%	-0.63	V	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	—	9.09	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	9/9	-1.00	V	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	27.8	67.7	-39.90	V	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	1.06	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	5.4x	34.0x	-28.60	NOAH	/forward-pe <GO>
Enterprise Scale & Market Cap	$451.3M	$738.98B	-$738.53B	V	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NOAH REV	V REV	NOAH GROSS %	V GROSS %	NOAH FCF	V FCF
FY 2025	$373.3M	$40.00B	—	—	$120.5M	$21.26B
FY 2024	$356.3M	$35.93B	—	—	$41.8M	$18.33B
FY 2023	$464.0M	$32.65B	—	—	$185.7M	$19.29B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NOAH // BETA —

V // BETA 1.06