Fangdd Network Group Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Fangdd Network Group Ltd. 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

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	517	376	148	35.7	40.1	46.5	50.7
Cost of revenue	408	312	131	32.1	34.3	38	41.6
Gross profit	109	63.5	16.7	3.59	5.8	8.46	9.09
Research and development	104	46.2	26.3	9.57	4.53	3.39	3.63
Selling and marketing	6.95	5.83	10.2	1.91	0.39	1.38	1.35
General and administrative	74.8	46.1	130	28.3	38.2	20.9	23.2
Operating expenses	186	98.2	167	39.7	43.2	25.7	28.2
Operating income	-77.1	-34.6	-150	-36.2	-37.3	-17.2	-19.1
Other non-operating income	1.11	1.41	0.88	12.6	25.8	21.4	7.81
Pre-tax income	-72.8	-31.7	-187	-33.7	-13.4	2.83	-15.2
Income tax	0.54	2.25	1.4	1.09	-0.27	-1.05	-2.9
Net income to minority interests		-0.17	-5	0.65	-0.19	-0.35	-0.19
Net income	-73.3	-33.8	-184	-35.4	-12.9	4.23	-12.1
EBITDA	-76.4	-34.1	-149	-35.8	-37.3	-17.2	-17.6
EPS, basic	-0.17	-0.02	-0.09	-0.02	-0.00	0.47	-1.85
EPS, diluted	-0.17	-0.02	-0.09	-0.02	-0.00	0.47	-1.85
Shares, basic (weighted)	1,088	1,993	2,022	0.37	0.26	0.68	6.54
Shares, diluted (weighted)	1,088	1,993	2,022	0.37	0.26	0.68	6.54

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	159	129	77.2	20.9	17.1	10.3	4.19
Short-term investments	1.65	1.38	0.97	0.29	2.16	15.6	16.4
Receivables	315	345	139	68.3	44.3	26.9	21.2
Inventory				1.62	1.76	0.74	0.72
Other current assets	28	28.5	34.5	27.8	17.8	19.7	11.8
Total current assets	536	533	255	125	86.3	75.2	55.8
Property, plant and equipment	1.19	2.22	2.29	0.44	0.26	2.11	4.7
Lease right-of-use assets				0.32	0.03	0.19	0.13
Goodwill		4.78		0.07
Intangible assets		1.14				0.14	33.5
Other non-current assets	1.04	1.15			0.86
Total assets	628	620	300	156	108	100	113
Accounts payable	273	275	185	95.6	55.7	24.8	10.4
Accrued liabilities						8.39	2.47
Deferred revenue	6.45	5.53	4.86	4.46	4.44	2.18	2.6
Total current liabilities	398	392	248	138	77.4	44.7	29.9
Lease liabilities				0.12	0	0.02
Total liabilities	400	396	253	142	81.5	47.7	29.9
Paid-in capital	701	764	790	732	739	738	811
Retained earnings	-420	-482	-677	-661	-655	-633	-673
Other comprehensive income	-53	-60.8	-63.5	-57.1	-56.1	-52.5	-56.4
Shareholders' equity	228	221	49.2	14.5	27.6	52.9	82.7
Minority interests		3.45	-1.5	-0.68	-0.61	-0.42	0.07
Total equity	228	225	47.7	13.8	27	52.5	82.8
Total liabilities and equity	628	620	300	156	108	100	113

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-73.3	-33.9	-189	-34.7	-13.1	3.88	-12.3
Depreciation and amortization	0.7	0.58	1.21	0.4	0.1	0.06	1.49
Stock-based compensation	107	15.7	7.39	2.43	0.02	0
Deferred income tax	0.17	0.29	0.54
Change in receivables	-128	-19.9	136	72.1	13.8	7.42	1.65
Change in inventory							0.05
Change in payables	111	-15.5	-97.3	-74.9	-37.2	0.51	-10.1
Cash from operations	17	-49.8	-9.51	-18.4	-26.2	-8.27	-8.61
Capital expenditures	-0.24	-1.57	-1.96	-0.03	-0.04	-3.16	-3.35
Acquisitions		-1.33		-0.09		0.03	-0.04
Purchases of investments	-65.5	-194	-16.3	-67.4	-8.99	-45.8	-12.7
Cash from investing	-21.8	0.9	-6.86	-23.1	4.43	-20	-6.14
Stock issued						12.1
Cash from financing	85.2	-7.14	-48.2	-8.5	16.9	20.1	6.85
Exchange rate effect	-2.94	-4.93	-1.31	1.66	-0.56	0.73	-0.23
Net change in cash	77.5	-61	-65.9	-48.3	-5.47	-7.46	-8.13
Free cash flow	16.8	-51.4	-11.5	-18.4	-26.3	-11.4	-12
Interest paid	2.65	3.67	2.87	0.89	0.05	0.13
Income taxes paid	0.25	0.05	0.07	0.12	0.01	0.01	0.01

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.9%	Gross profit / revenue.
Operating margin	-37.6%	Operating income / revenue.
EBITDA margin	-34.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-29.9%	Pre-tax income / revenue.
Net margin	-23.9%	Net income / revenue.
FCF margin	-23.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-17.0%	Cash from operations / revenue.
Return on equity (ROE)	-17.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-11.4%	Net income / average total assets.
Return on invested capital (ROIC)	-24.9%	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%.
R&D / revenue	7.2%	Research and development expense / revenue.
Capex / revenue	6.6%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-33.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	36.4%	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	-32.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-386.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-493.6%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	56.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	78.6%	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	-17.9%	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	12.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.3%	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	-28.9%	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	859.5%	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	160.6%	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	-68.1%	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	1.86x	Current assets / current liabilities.
Quick ratio	1.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.69x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.6%	Total liabilities / total assets.
Working capital	$25.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$49.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	14.9x	Revenue / average property, plant and equipment.
Inventory turnover	57.2x	Cost of revenue / average inventory.
Days inventory	6 days	365 x average inventory / cost of revenue.
Receivables turnover	2.11x	Revenue / average receivables.
Days sales outstanding	173 days	365 x average receivables / revenue.
Days payables	154 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	25 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.85	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$1.85	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.76	Revenue / diluted weighted shares.
FCF per share	-$1.83	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.32	Cash from operations / diluted weighted shares.
Book value per share	$12.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.53	Tangible book value / shares outstanding.
Cash per share	$3.15	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$25.0M	Share price x shares outstanding.
Enterprise value	$4.4M	Market cap + total debt - cash - short-term investments.
P/S	0.49x	Market cap / revenue.
P/B	0.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.51x	Market cap / tangible book value, when positive.
EV/Sales	0.09x	Enterprise value / revenue.
FCF yield	-47.9%	Free cash flow / market cap.
Earnings yield	-48.5%	Net income / market cap (the inverse of P/E).

What was Fangdd Network Group Ltd.'s revenue in fiscal 2025?

Fangdd Network Group Ltd. reported revenue of $50.7M for fiscal 2025, 9.2% higher than the year before.

Was Fangdd Network Group Ltd. profitable in fiscal 2025?

No. It reported a net loss of $12.1M.

How much free cash flow did Fangdd Network Group Ltd. generate in fiscal 2025?

Cash from operations of $8.6M minus capital expenditures of $3.3M left free cash flow of -$12.0M.

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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