Cango Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Cango 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	159	207	315	615	287	1,702	110	688
Cost of revenue	62.5	77.5	168	464	265	213	75.1	660
Gross profit	96.2	129	146	151	21.8	1,489	35.1	28.1
Research and development	6.79	8.25	9.59	11	6.66	4.24	0.75
Selling and marketing	24.3	27.7	30	37.6	19.3	5.48	1.79
General and administrative	22	34	40.7	43.3	43.4	7.02	15.8
Operating expenses	118	160	266	619	424
Operating income	40.2	46.4	48.8	-3.65	-137	-7.02	-5.11	-437
Interest expense	2.76	1.93	0.42	2.27	2.44	0.58	0.09
Interest income	8.94	13.8	11.2
Other non-operating income			7.53	6.58	7.55
Pre-tax income	57.6	70.1	574	1.93	-127	2.94	4.76	-452
Income tax	13	11.9	56.7	3.27	34.3	13.2	0.18	0.84
Income from continuing operations						2.94	4.76	-453
Net income to minority interests	0.62	2	0.6	0	0
Net income	44	56.2	516	-1.34	-161	-5.48	41.7	-622
EBITDA	41.3	47.9	50.2	-2.31	-136	-6.91	6.73	-320
Shares, basic (weighted)				290	274	243	208	283
Shares, diluted (weighted)				290	274	254	233	283

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	424	288	219	225	54.9	102	90.4	41.2
Short-term investments	38.7	85.8	665	408	281	89.4	40.1
Receivables	12.6	21.3	21.7	35.1	38.7	9.13	3.15
Other current assets	3.1	2.68	3.75	2.96	3.2	1.7	0.64
Total current assets	692	796	1,364	1,194	793	547	474	125
Property, plant and equipment	2.66	2.12	1.58	3.07	2.13	1.16	0.07	18.8
Lease right-of-use assets				15	11.7	6.64	0.18	2.08
Goodwill	21.1	20.8	22.2	23.3	20.9
Intangible assets	0.25	6.43	6.88	7.21	7.01	6.81	6.5	0.29
Long-term investments	42.5	78.7
Other non-current assets	5.34	1.21	40.1	1.82	0.96	0.66	45.5
Total assets	1,062	1,255	1,861	1,718	1,017	655	818	1,133
Accounts payable	2.45	1.18	0.78	0.63	0.31
Deferred revenue	5.82	9.64	21	12.2	21.1	2.35	1.44
Short-term debt	68	124	188	147	81.9	0.13	17.1
Total current liabilities	228	418	377	536	367	110	257	177
Long-term debt	68.8	43.3	150	76.3	11	0.1
Lease liabilities					11.1	5.95	5.08	1.66
Other non-current liabilities	1.11	3.13	0.75	0.16	0.05	0.03	0
Total liabilities	298	466	578	621	391	117	264	736
Total debt	137	167	338	224	92.9	0.23		558
Paid-in capital	646	650	704	733	697	678	729	1,136
Retained earnings	102	122	606	469	1.32	-47.3	-13.6	-636
Treasury stock		-2.96	-8.65	-76.1	-81	-109	-112	-103
Other comprehensive income	15.9	17.2	-17.7	-29.4	9.62	15.8	-49.6
Shareholders' equity	764	787	1,284	1,097	623	533	554	397
Minority interests	0.52	1.98
Total equity	764	789	1,284	1,097	627	538	560	397
Total liabilities and equity	1,062	1,255	1,861	1,718	1,017	655	818	1,133
Shares outstanding	223

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.6	58.2	517	-1.34	-161	-5.48	41.7	-622
Depreciation and amortization	1.05	1.5	1.46	1.34	0.98	0.11	11.8	117
Stock-based compensation	4.86	11.8	12.1	13.8	23	3.5	1.4	4.88
Deferred income tax	-4.76	-1.3	38	-91.5	53.8	12.6
Change in receivables	-0.13	-8.06	1.07	-12.2	-6.28	28.4	7.38	-1.25
Cash from operations	26.9	60.7	-95.3	-63.5	-82.3	146	-40.8	-110
Capital expenditures	-2.09	-6.18	-0.82	-2.97	-0.67	-0.25	-0.07	-9.41
Acquisitions	-15.8			0.27	0
Purchases of investments	-410	-1,094	-171			-177
Cash from investing	-238	-172	-75.6	418	284	303	-179	78.7
Debt issued	89.6	387	516	243	99.3	32.1
Debt repaid	-10.6	-242	-524	-330	-247	-166	-5.35	-174
Stock issued			1.03	1.29	1.02	0.56	0.36	0.5
Share buybacks		-2.96	-7.54	-69.7	-15.3	-34.2	-12.6	-1.25
Dividends paid	-3.94	-36.9	-41	-150	-271
Cash from financing	595	105	-58.4	-305	-434	-170	-17.7	-149
Exchange rate effect	16.1	1.65	-5.53	-2.36	39.2	6.89	-1.78
Net change in cash	400	-4.8	-235	46.4	-193	277	-246	-176
Free cash flow	24.8	54.6	-96.1	-66.4	-82.9	146	-40.9	-119
Interest paid	0.55	22.2	21.4	21.1	12.1	2.41
Income taxes paid	19	11.2	15.6	32.8	4.9	1.12	0.37

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	4.1%	Gross profit / revenue.
Operating margin	-63.5%	Operating income / revenue.
EBITDA margin	-46.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-65.7%	Pre-tax income / revenue.
Net margin	-90.4%	Net income / revenue.
FCF margin	-17.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-16.0%	Cash from operations / revenue.
Return on equity (ROE)	-130.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-63.8%	Net income / average total assets.
Return on invested capital (ROIC)	-50.2%	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	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	17.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	524.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	33.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-19.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-28.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-4,855.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-1,593.0%	Net income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-28.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-13.9%	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	-20.9%	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	38.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.7%	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	-9.5%	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	21.6%	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	1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.71x	Current assets / current liabilities.
Quick ratio	0.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.40x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.2%	Total debt / total assets.
Liabilities / assets	65.0%	Total liabilities / total assets.
Net debt	$516.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$51.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$396.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	73.0x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
Revenue per share	$2.43	Revenue / diluted weighted shares.
FCF per share	-$0.42	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.39	Cash from operations / diluted weighted shares.
Book value per share	$1.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.40	Tangible book value / shares outstanding.
Cash per share	$0.15	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$78.4M	Share price x shares outstanding.
Enterprise value	$594.7M	Market cap + total debt - cash - short-term investments.
P/S	0.11x	Market cap / revenue.
P/B	0.20x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.20x	Market cap / tangible book value, when positive.
EV/Sales	0.86x	Enterprise value / revenue.
FCF yield	-152.2%	Free cash flow / market cap.
Earnings yield	-793.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.

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

Cango Inc. reported revenue of $688.1M for fiscal 2025, 524.3% higher than the year before.

Was Cango Inc. profitable in fiscal 2025?

No. It reported a net loss of $622.0M.

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

Cash from operations of $109.8M minus capital expenditures of $9.4M left free cash flow of -$119.2M.

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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