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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Nomura Research Institute (OTCPK:NURAF) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jun. 2026, Nomura Research Institute has a Sloan Ratio of -10.58%, indicating there is a warning stage of accrual build up.
Nomura Research Institute Sloan Ratio % Related Terms
Nomura Research Institute Sloan Ratio % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Information Technology Services subindustry, Nomura Research Institute's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Nomura Research Institute Sloan Ratio % vs Software Industry
For the Software industry and Technology sector, Nomura Research Institute's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Nomura Research Institute's Sloan Ratio % falls into.
Nomura Research Institute Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Nomura Research Institute's Sloan Ratio for the fiscal year that ended in Mar. 2026 is calculated as
Nomura Research Institute's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was 186.423 (Sep. 2025 ) + 190.078 (Dec. 2025 ) + -428.175 (Mar. 2026 ) + 181.713 (Jun. 2026 ) = $130 Mil.
Nomura Research Institute's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was 165.897 (Sep. 2025 ) + 223.673 (Dec. 2025 ) + 246.397 (Mar. 2026 ) + 383.766 (Jun. 2026 ) = $1,020 Mil.
Nomura Research Institute's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was -247.817 (Sep. 2025 ) + -183.408 (Dec. 2025 ) + -86.411 (Mar. 2026 ) + 224.47 (Jun. 2026 ) = $-293 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Nomura Research Institute (NURAF) has a Sloan Ratio % of -10.58% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Nomura Research Institute and its competitors.
Is Nomura Research Institute's Sloan Ratio % too high?
Nomura Research Institute's current Sloan Ratio % is -10.58%. Overall, Nomura Research Institute has a GF Score™ of 88/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Nomura Research Institute's Sloan Ratio % compare to IBM and ACN?
Nomura Research Institute's Sloan Ratio % of -10.58% can be compared against companies in the Software industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Software company?
A good Sloan Ratio % depends on the Software industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Nomura Research Institute and its competitors. Nomura Research Institute's current Sloan Ratio % is -10.58%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Research Institute stock overvalued right now?
Based on GuruFocus' analysis, Nomura Research Institute (NURAF) is currently considered Modestly Undervalued. The stock's GF Value™ is $32.56, compared to a current price of $29.30 — trading 10% below its estimated fair value. The current Sloan Ratio % is -10.58%. Nomura Research Institute's overall GF Score™ is 88/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Nomura Research Institute (NURAF), the current Sloan Ratio % is -10.58% as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Nomura Research Institute (NURAF) Overvalued in 2026?
Based on GuruFocus' analysis, Nomura Research Institute stock appears to be undervalued.
The current stock price of $29.30 is trading 10% below its estimated GF Value™ of $32.56.
GuruFocus considers Nomura Research Institute to be Modestly Undervalued.
Key valuation signals for NURAF:
Sloan Ratio %: -10.58%
GF Value™: $32.56 vs. price of $29.30 (10% below fair value)
No single metric tells the full story. See the NURAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nomura Research Institute was formed in 1988 through the merger of the original Nomura Research Institute and Nomura Computer Systems. Its core financial IT solutions segment acts as a de facto utility for Japan's capital markets, running shared back-office platforms for major brokerages and banks. The industrial IT solutions segment builds supply chain and enterprise resource planning systems for retailers and manufacturers. These are supported by IT platform services and a consulting business that originates digital transformation projects. The company reported fiscal 2025 revenue of JPY 814.7 billion. Nomura Holdings, the parent of Nomura Securities, remains NRI's largest shareholder with a 20% stake.
88GF Score
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