Cheetah Mobile Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cheetah Mobile 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	657	765	725	515	238	123	128	94.3	111	165
Cost of revenue	222	274	224	178	72.9	40.4	36.6	32.7	35.9	45.2
Gross profit	435	491	500	337	165	82.7	91.6	61.6	74.7	119
Selling and marketing	238	255	278	224	118	58.1	69.1	34.2	46.9	51.9
General and administrative	80.9	62.6	62.7	84.4	58.3	30.1	31.1	32.3	33.5	38.1
Operating income	-1.79	68.7	68	-160	-81.4	-36	-32.7	-29.6	-59.9	-25.7
Interest income	1.12							0.94	0.61	0.31
Other non-operating income	12.7	194	123	91.2	166	39.7	14.7	13.6	7.13	5.28
Pre-tax income	-9.92	220	185	-52.5	77.9	-53.3	-79.1	-89.8	-75.9	-32.4
Income tax	-1.76	8.85	17	1.14	14.9	2.14	-3.64	-6.17	6.47	1.21
Net income to minority interests	3.43	4.22	-2.06	-8.56	-0.85	-0.33	-1.05	1.27	2.19	3.23
Net income	-11.6	207	170	-45.1	63.9	-55.1	-74.4	-84.9	-84.6	-36.9
EBITDA	4.9	75.6	73.8	-154	-73.4	-28.8	-25.6	-25.6	-56.9	-24
EPS, basic			0.80
EPS, diluted			0.78
Shares, basic (weighted)	1,387	1,394	1,403	1,369	1,403	1,430	1,444	1,473	1,503	1,533
Shares, diluted (weighted)	1,387	1,425	1,440	1,369	1,421	1,430	1,444	1,473	1,503	1,533

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	217	356	405	141	199	249	220	285	251	215
Short-term investments	52.1	215	135	197	55.3	41.2	22.6	0.14	0.05	1.36
Receivables	86.5	95.5	95.3	67.4	34.6	26.7	41.1	56.5	64.9	66.9
Inventory		4.11	1.78	4.49	3.69	2.42	2.42	5.72	8.12	7.67
Other current assets	82.3	141	155	134	128	75.2	140	137	187	165
Total current assets	457	829	810	574	452	408	453	488	518	462
Property, plant and equipment	16.9	13.7	9.3	14.9	15.6	16	8.52	7.59	7.06	5.75
Lease right-of-use assets				26.4	2.72	7.09	5.74	4.29	3.61	2.41
Goodwill	136	97.5	89.9					81.3	58.1	65.8
Intangible assets	32.7	10.8	7.04	6.39	1.93	1.58	1.22	30.8	26.1	7.73
Long-term investments	141	177		362	369	313	260	132	112	98.4
Other non-current assets	4.08	6.6	5.21	16.2	16.2	16.1	13.6	22.6	11.8	11.1
Total assets	798	1,145	1,206	1,007	860	781	745	793	754	670
Accounts payable	28.1	25.3	24.9	12.6	16.2	21.2	19.3	24	30.1	30.3
Deferred revenue	7.01	19	20.1	13.5	16.6	25.9	29.8	34.9	42	41.8
Total current liabilities	298	333	267	251	241	212	258	384	422	365
Lease liabilities				17.5	1.83	4.81	3.93	2.49	1.77	0.89
Other non-current liabilities	5.26	8.39	9.34	27.2	29.5	32.3	29	26.8	23.6	22.1
Total liabilities	337	353	292	290	280	254	295	419	452	390
Total debt	21.8
Paid-in capital	393	406	399	381	418	421	390	382	373	391
Retained earnings	34.2	241	394	279	131	79.3	-1.37	-86.4	-169	-213
Treasury stock	-25.8		-32.3
Other comprehensive income	32.9	12.9	36.3	48.5	25	13.9	51.3	50.3	56.2	51.8
Shareholders' equity	434	660	797	708	574	515	440	346	260	230
Minority interests	27.2	32.7	17.2	8.94	6.29	12.7	10.4	13.9	16	21.9
Total equity	461	693	814	717	581	527	450	360	276	252
Total liabilities and equity	798	1,145	1,206	1,007	860	781	745	793	754	670

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-8.17	211	168	-53.7	63	-55.4	-75.5	-83.6	-82.4	-33.6
Depreciation and amortization	6.69	6.94	5.85	5.37	7.99	7.18	7.13	3.92	3.02	1.64
Stock-based compensation	44.1	11.3	12.4	18.3	12.4	1.12	1.14	4.73	3.58	2.84
Deferred income tax	-7.7	-3.89	1.17	0.86	-1.48	0.14	-1.87	-6.29	6.6	-1.58
Change in receivables	3.75	-9.76	-3.68	23.5	27.5	8.94	-15	-17.3	-10.6	-0.83
Cash from operations	57.3	95.5	50.3	-34.4	-7.07	16.1	-61.5	77.5	-32.6	-24.6
Capital expenditures	-10.7	-2.98
Acquisitions	-47	0.31		-4.09				-33.5		-4.49
Purchases of investments		-307	-362
Cash from investing	-142	-23.4	78.3	-156	288	34.7	27.4	-6.91	-4.67	-9.38
Stock issued	5.38	3.68	3.09	2.44	0.39
Share buybacks	-25.8		-32.3	-0.03
Cash from financing	14.9	77.7	-79.5	-69.7	-222	-1.51	-0.71	-0.96	9.47	-9.18
Exchange rate effect			6.49	0.79	-10.5	-4.67	24.9	1.28	2.21	-3.48
Net change in cash	-62.3	139	55.6	-259	48.2	44.6	-9.89	70.9	-25.6	-46.7
Free cash flow	46.6	92.5
Interest paid	1.05	1.84	0.43		0.03	0			0.01	0.71
Income taxes paid	9.79	1.18	5.56	6.57	1.38	0.94	1.79	0.25	0.37	1.68

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.5%	Gross profit / revenue.
Operating margin	-15.6%	Operating income / revenue.
EBITDA margin	-14.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.7%	Pre-tax income / revenue.
Net margin	-22.4%	Net income / revenue.
Operating cash flow margin	-15.0%	Cash from operations / revenue.
Return on equity (ROE)	-15.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.2%	Net income / average total assets.
Return on invested capital (ROIC)	-171.0%	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	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	48.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	59.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.2%	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	-6.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-11.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-19.4%	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	-16.7%	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	-11.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.5%	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	-4.9%	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	2.0%	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	2.0%	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	1.5%	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	1.27x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	58.2%	Total liabilities / total assets.
Working capital	$97.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$156.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	25.7x	Revenue / average property, plant and equipment.
Inventory turnover	5.73x	Cost of revenue / average inventory.
Days inventory	64 days	365 x average inventory / cost of revenue.
Receivables turnover	2.50x	Revenue / average receivables.
Days sales outstanding	146 days	365 x average receivables / revenue.
Days payables	243 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-34 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
Revenue per share	$0.11	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.02	Cash from operations / diluted weighted shares.
Book value per share	$0.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.10	Tangible book value / shares outstanding.
Cash per share	$0.14	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$83.6M	Share price x shares outstanding.
Enterprise value	-$133.3M	Market cap + total debt - cash - short-term investments.
P/S	0.51x	Market cap / revenue.
P/B	0.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.53x	Market cap / tangible book value, when positive.
Earnings yield	-44.1%	Net income / market cap (the inverse of P/E).

What was Cheetah Mobile Inc.'s revenue in fiscal 2025?

Cheetah Mobile Inc. reported revenue of $164.5M for fiscal 2025, 48.8% higher than the year before.

Was Cheetah Mobile Inc. profitable in fiscal 2025?

No. It reported a net loss of $36.9M.

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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