FinVolution Group financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data FinVolution Group 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	599	633	856	1,159	1,486	1,614	1,767	1,790	1,940
Research and development			56.1	56.7	68.2	71.3	72	68.1	76.7
Selling and marketing	121	103	103	74	249	244	266	276	315
General and administrative	90.5	102	62.6	70.7	81.3	58.2	54.9	56.7	63.2
Operating expenses	361	364	476	805	1,076	1,250	1,432	1,443	1,524
Interest expense									4.07
Other non-operating income	5.61	21.6	19.6	17.9	19.2	32	55.6	42.5	31
Pre-tax income	209	381	410	371	429	397	391	390	444
Income tax	42.2	22	69.2	69.8	37.8	65.9	55.6	62.7	79.5
Net income to minority interests	-0.01	0.06	0.24	-0.63	-2.14	2.16	6.01	0.64	0.4
Net income	166	359	341	302	394	329	330	326	364
EPS, basic	-0.39	0.24	0.22	0.20	0.28	0.23	0.24	0.25	0.29
EPS, diluted	-0.39	0.22	0.22	0.20	0.27	0.23	0.24	0.25	0.27
Shares, basic (weighted)	780	1,499	1,526	1,477	1,421	1,413	1,375	1,288	1,260
Shares, diluted (weighted)	780	1,600	1,552	1,491	1,483	1,454	1,403	1,320	1,334

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	291	235	334	403	693	527	700	640	613
Short-term investments	301	246	16.5	302	189	497	417	388	431
Property, plant and equipment	16.6	20.9	19.3	14.4	17.6	20.5	19.9	85.5	91.7
Lease right-of-use assets			13.8	8.42	7.71	27.9	5.37	5.05	7.44
Goodwill	7.75	7.33	7.24	7.73	7.91	7.31	7.1	6.91	11.4
Intangible assets	9.8	10	9.23	15.2	15.5	14.3	13.9	18.8	38.6
Long-term investments		24.4	137	146	152	157	160	161	163
Total assets	1,322	1,911	2,629	2,281	2,846	3,100	2,999	3,234	3,634
Short-term debt		3.64	33.8				0.81	0.77	24.4
Lease liabilities			12.2	6.64	5.23	25.7	5.05	3.94	6.39
Total liabilities	756	1,041	1,478	989	1,166	1,296	1,045	1,103	1,225
Total debt									12.8
Paid-in capital	915	858	810	867	894	825	810	797	845
Retained earnings	-369	6.64	282	406	736	942	1,177	1,399	1,723
Treasury stock		-48.3	-6.78	-61.6	-50.9	-82.4	-169	-242	-353
Other comprehensive income	2.29	8.47	10.1	-0.79	-2.63	7.58	11.3	12.7	1.86
Shareholders' equity	557	862	1,142	1,282	1,672	1,794	1,936	2,083	2,367
Minority interests	9.23	9	9.13	10.3	8.53	10.6	17.2	47.9	42
Total equity	566	871	1,151	1,292	1,681	1,804	1,954	2,131	2,409
Total liabilities and equity	1,322	1,911	2,629	2,281	2,846	3,100	2,999	3,234	3,634

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	166	359	341	302	392	331	336	327	364
Depreciation and amortization	3.47	6.13	8.29	7.94	5.85	3.45	3.17	9.52	9.51
Stock-based compensation	16.3	7.32	6.07	6.46	14.9	12.9	16.4	19.7	21.3
Change in receivables	-0.55	-109	-47.7	-38.1
Change in payables		-30.4	-31.7	-89.1	-3.5
Cash from operations	287	274	-31	338	98.9	39	199	396	267
Capital expenditures	-14	-12.2	-6.99	-1.69	-8.67	-7.65	-75.8	-3.8	-12
Acquisitions	-6.16							13.9	-31
Purchases of investments	-1,252	-1,862	-560	-1,226	-1,989	-2,484	-1,680	-1,006	-1,154
Cash from investing	-384	-210	-119	160	313	-225	199	-315	-312
Stock issued	258	2.04	4.54	1.01	5.23	1.54	0.32		1.47
Share buybacks		-65.8	-6.07	-58.2	-4.08	-49.4	-97.8	-88.1	-110
Dividends paid			-56.1	-40.4	-49.8	-54	-60.6	-60.5	-73
Cash from financing	328	77.1	251	-474	-37.6	-115	-360	-85.3	-27.8
Net change in cash	228	147	103	16.2	373	-292	40.9	-3.06	-78.5
Free cash flow	273	262	-37.9	337	90.2	31.3	123	393	255
Interest paid	0.83	8.48	13.6	41.1	25.3	12.1	12.3	5.25	6.54
Income taxes paid	33.2	26.2	20.9	56.2	90.2	140	135	92.3	193

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.07 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	22.9%	Pre-tax income / revenue.
Net margin	18.7%	Net income / revenue.
FCF margin	13.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.8%	Cash from operations / revenue.
Effective tax rate	17.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.6%	Net income / average total assets.
R&D / revenue	4.0%	Research and development expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-32.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	89.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-35.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	101.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.7%	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	13.0%	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	12.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	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	9.8%	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	1.1%	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	-2.8%	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	-2.2%	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
Debt / equity	0.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.4%	Total debt / total assets.
Liabilities / assets	33.7%	Total liabilities / total assets.
Net debt	-$1.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	1.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.57x	Revenue / average total assets.
Fixed asset turnover	21.9x	Revenue / average property, plant and equipment.
FCF conversion	70.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.27	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	$0.29	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.45	Revenue / diluted weighted shares.
FCF per share	$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.20	Cash from operations / diluted weighted shares.
Book value per share	$1.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.74	Tangible book value / shares outstanding.
Cash per share	$0.78	(Cash + short-term investments) / shares outstanding.
Payout ratio	20.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	43.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$724.8M	Share price x shares outstanding.
Enterprise value	-$306.3M	Market cap + total debt - cash - short-term investments.
P/E	1.99x	Market cap / net income. Only when net income is positive.
P/S	0.37x	Market cap / revenue.
P/B	0.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.31x	Market cap / tangible book value, when positive.
P/FCF	2.84x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.71x	Market cap / cash from operations, when positive.
FCF yield	35.2%	Free cash flow / market cap.
Earnings yield	50.2%	Net income / market cap (the inverse of P/E).
Dividend yield	10.1%	Dividends paid over the period / market cap.
Shareholder yield	25.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FinVolution Group's revenue in fiscal 2025?

FinVolution Group reported revenue of $1.94B for fiscal 2025, 8.4% higher than the year before.

Was FinVolution Group profitable in fiscal 2025?

Yes. Net income was $363.6M, a net margin of 18.7%.

How much free cash flow did FinVolution Group generate in fiscal 2025?

Cash from operations of $267.1M minus capital expenditures of $12.0M left free cash flow of $255.0M.

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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