AIFU Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AIFU Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	437	677	628	532	501	513	403	450	248	79.6
Cost of revenue	332
Gross profit	105
Selling and marketing	22.1	-84.8	34.1	-39.9	44.2	48.1	39.5	35.2	28.6	8.67
General and administrative	70.4	-70.2	82.1	-68.2	71.1	85.9	79	85.5	71.1	36.1
Operating expenses	424	-520	586	-357
Operating income	12.1	2.02	42	67.4	46.3	47.4	24.5	27.6	-59.7	-5.59
Interest income	8.84	1	3.98	0.41						0.67
Other non-operating income	2.01	1.65	2.2	1.39	1.83	5.23	-0.55	-0.52	-3.35	1.74
Pre-tax income	33.1	21.3	77.6	80.6	55.5	58.2	28.5	49.3	56.6	-325
Income tax	3.99	4.08	25.8	20.7	12.8	14.2	5.95	8.37	13.5	0.58
Income from continuing operations				27.7						-326
Net income to minority interests	0.83	1.53	0.38	-0.52	1.21	1.41	-2.11	1.22	-19.9	0.19
Net income	32.4	24.1	69	27.7	42.3	40.8	14.5	39.5	62.3	-325
EBITDA	15	3.97	44.1	69.8	49	50.3	27.3	29.9	-46.4	-4.83
EPS, basic	0.03	0.02	0.06	0.02	0.04	0.04	0.01	0.04	0.06
EPS, diluted	0.54	0.02	0.06	0.02	0.04	0.04	0.01	0.04	0.06
Shares, basic (weighted)	1,152	1,161	1,232	1,093	1,074	1,074	1,074	2.69	2.67	10.1
Shares, diluted (weighted)	1,203	1,209	1,261	1,093	1,074	1,074	1,074	2.69	2.68	10.1

Balance sheet

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	161	34.6	55.9	24.4	37.6	88.6	82.3	73.5	26.3	4.45
Short-term investments	313	403	384	232	200	137			84.3
Receivables	37.2	72.4	79.2	98	89.4	41.3	39.7		23.4	9.37
Other current assets	3.52	5.46	6.74	7.9	6.31	6.27	60.9	17.1	4.47	2.12
Total current assets	542	532	635	385	354	356	333	335	279	86.3
Property, plant and equipment	5.27	4.53	4.01	5.86	5.64	7.34	14.3	12.9	10.7	8.99
Lease right-of-use assets				27.4	30.7	35.4	21	19.2	10.3	4.8
Goodwill	20.6	17.6	16.9	15.8	16.8	17.2		52.7
Intangible assets	3.04	8.57	2.65	0.05	0.01		15.9	8.21
Other non-current assets						4.94	1.65	33.2	31.7	34
Total assets	620	610	728	494	472	509	448	571	569	219
Accounts payable	24.8	40.1	31.2	55	57.8	17.5	14	13.3	8.36	11.6
Accrued liabilities	7.43	8.53	11.9	14.6	16.2	6.57	10.8	21.9	17.6	2.57
Short-term debt							5.17	23.1	18.5	8.01
Total current liabilities	75.4	108	102	136	142	143	138	144	112	73.2
Lease liabilities				14.8	15.9	20.1	10.8	10	4.86	2.21
Other non-current liabilities								4.7	4.57
Total liabilities	89.7	120	115	201	173	201	197	241	208	151
Paid-in capital	379	332	373	0.06			0.07	22.9	26.4	57.5
Retained earnings		147	226	213	200	206	158	186	245	-33.7
Treasury stock				-0.17			-0	-0.03	-0.03
Other comprehensive income	-7.73	-9.48	-14.3	-9.4	-5.36	-6.14	-4.73	-3.94	-5.16	-13
Shareholders' equity	512	473	596	277	281	288	235	292	349	68.4
Minority interests	17.9	16.9	17.1	16.3	18.6	19.2	15.6	37.5	11.5	-1.06
Total equity	530	490	613	294	300	308	251	329	360	67.4
Total liabilities and equity	620	610	728	494	472	509	448	571	569	219
Shares outstanding	1,155	1,165	1,300	1,074	1,074	1,074	1,073	1,134

Cash flow statement

	FY2015	FY2016	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	33.3	24.1	69.4	27.7	42.3	40.8	12.4	40.7	42.4	-325
Depreciation and amortization	2.84	1.94	2.17	2.34	2.71	2.88	2.82	2.28	13.3	0.76
Stock-based compensation	2.73							0	5.29	2.43
Deferred income tax	-0.17	-2.12	1.46	0.64	2.42	3.75	4.04	2.05	15.3	-2.25
Change in receivables	-9.47	-39.1	-21.6	25.9	13.9	-0.87	-0.22	27.7	10.5	0.99
Change in payables	5.1	18.3	21.4	7.21	-0.84	-5.82	3.2	-51	-18.6	-9.65
Cash from operations	43.4	12.7	23.4	25.6	61.7	19.8	20	14.3	19.6	-2.33
Capital expenditures	-1.03	-1.71	-3.21	-2.83	-2.34	-4.83	-11.3	-1.83	-1.16	-0.48
Acquisitions							-3.13	2.6
Purchases of investments	-356	-1,371	-1,699	-1,077	-1,218	-1,284	-370	-620	-253	-7.14
Cash from investing	-175	-108	-3.65	1.72	49.9	70.7	-18.5	-33	-59.8	-15.9
Debt repaid			-15.9
Stock issued	0.23	0.17	9.98	0					0.01	1.04
Share buybacks	-0.97			1.18
Dividends paid			-21.1	-62.5	-59.5	-38.1	-7.55
Cash from financing	-22.2	-31.2	7.31	-114	-97.9	-40.8	-2.95	12.1	-8.82	-10.2
Exchange rate effect	0.95	0.35		2.77	-0.66	-1.55	0.27	0.02	0.26	0.54
Net change in cash	-153	-126	27	-86.4	13.6	49.6	-1.48	-6.53	-49.1	-28.5
Free cash flow	42.4	10.9	20.2	22.8	59.3	15	8.7	12.5	18.4	-2.8
Interest paid	0							1.23	0.46	0.54
Income taxes paid	0.68	0.6	15.9	27.2	12.1	11.7	6.82	10.8	1.73	1.47

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $12.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-7.0%	Operating income / revenue.
EBITDA margin	-6.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-408.4%	Pre-tax income / revenue.
Net margin	-408.8%	Net income / revenue.
FCF margin	-3.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.9%	Cash from operations / revenue.
Return on equity (ROE)	-155.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-82.7%	Net income / average total assets.
Return on invested capital (ROIC)	-2.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-67.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-41.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-30.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-622.0%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-111.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-115.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-80.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-33.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-24.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-61.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-21.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-14.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	278.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-78.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-60.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.18x	Current assets / current liabilities.
Quick ratio	0.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	69.2%	Total liabilities / total assets.
Working capital	$13.1M	Current assets - current liabilities.
Tangible book value	$68.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	8.07x	Revenue / average property, plant and equipment.
Receivables turnover	4.86x	Revenue / average receivables.
Days sales outstanding	75 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
Revenue per share	$7.85	Revenue / diluted weighted shares.
FCF per share	-$0.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.23	Cash from operations / diluted weighted shares.
Book value per share	$6.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.75	Tangible book value / shares outstanding.
Cash per share	$0.44	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$74.2M	Share price x shares outstanding.
Enterprise value	$69.8M	Market cap + total debt - cash - short-term investments.
P/S	0.93x	Market cap / revenue.
P/B	1.08x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.08x	Market cap / tangible book value, when positive.
EV/Sales	0.88x	Enterprise value / revenue.
FCF yield	-3.8%	Free cash flow / market cap.
Earnings yield	-438.3%	Net income / market cap (the inverse of P/E).

What was AIFU Inc.'s revenue in fiscal 2025?

AIFU Inc. reported revenue of $79.6M for fiscal 2025, 67.9% lower than the year before.

Was AIFU Inc. profitable in fiscal 2025?

No. It reported a net loss of $325.4M.

How much free cash flow did AIFU Inc. generate in fiscal 2025?

Cash from operations of $2.3M minus capital expenditures of $477.0K left free cash flow of -$2.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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