Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data BingEx 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
FY2024
FY2025
Revenue
612
571
Cost of revenue
545
504
Gross profit
67.2
67.1
Research and development
19.7
12.1
Selling and marketing
30.7
27.5
General and administrative
20.4
20.9
Operating expenses
70.7
60.5
Operating income
-3.53
6.62
Interest income
0.58
11.3
Other non-operating income
5.71
1.95
Pre-tax income
-20.1
15.7
Income tax
0.01
0.04
Net income
-20.1
15.6
EBITDA
-3.12
6.88
EPS, basic
0.08
EPS, diluted
0.07
Shares, basic (weighted)
104
207
Shares, diluted (weighted)
104
209
Balance sheet
FY2024
FY2025
Cash and equivalents
81.2
80.2
Short-term investments
21.1
55.8
Receivables
2.31
5.25
Other current assets
6.65
6.53
Total current assets
118
148
Property, plant and equipment
0.51
0.28
Lease right-of-use assets
6.11
3.59
Long-term investments
44.4
32.1
Other non-current assets
0.63
0.44
Total assets
169
184
Accounts payable
30.6
32
Deferred revenue
7.78
8.66
Total current liabilities
62.9
62.9
Lease liabilities
4.03
1.84
Total liabilities
66.9
64.8
Paid-in capital
466
494
Retained earnings
-352
-351
Treasury stock
-7.84
Other comprehensive income
-12.6
-15.1
Shareholders' equity
102
119
Total equity
102
119
Total liabilities and equity
169
184
Cash flow statement
FY2024
FY2025
Net income
-20.1
15.6
Depreciation and amortization
0.41
0.25
Stock-based compensation
21.9
6.64
Change in receivables
-0.66
-2.84
Change in payables
-16
0.1
Cash from operations
0.3
14.2
Capital expenditures
-0.16
-0.02
Purchases of investments
-152
-163
Sales and maturities of investments
84
147
Cash from investing
-68.2
-15.9
Stock issued
0.13
Share buybacks
-7.84
Cash from financing
59.4
-8.47
Net change in cash
-8.26
-11.1
Free cash flow
0.14
14.1
Income taxes paid
0.01
0.02
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.17 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
11.8%
Gross profit / revenue.
Operating margin
1.2%
Operating income / revenue.
EBITDA margin
1.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
2.7%
Pre-tax income / revenue.
Net margin
2.7%
Net income / revenue.
FCF margin
2.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
2.5%
Cash from operations / revenue.
Effective tax rate
0.3%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
14.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
8.9%
Net income / average total assets.
Return on invested capital (ROIC)
21.9%
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
2.1%
Research and development expense / revenue.
Stock-based pay / revenue
1.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
0.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-6.7%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-0.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
4,620.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
9,721.0%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
16.7%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
8.9%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
101.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.35x
Current assets / current liabilities.
Quick ratio
2.25x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.16x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
0.1%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.07
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
$0.08
Net income per basic share, as reported (split-adjusted).
Revenue per share
$2.74
Revenue / diluted weighted shares.
FCF per share
$0.07
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.07
Cash from operations / diluted weighted shares.
Book value per share
$0.57
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$85.6M
Share price x shares outstanding.
Enterprise value
-$50.5M
Market cap + total debt - cash - short-term investments.
P/E
5.47x
Market cap / net income. Only when net income is positive.
P/S
0.15x
Market cap / revenue.
P/B
0.72x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.72x
Market cap / tangible book value, when positive.
P/FCF
6.05x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
6.04x
Market cap / cash from operations, when positive.
FCF yield
16.5%
Free cash flow / market cap.
Earnings yield
18.3%
Net income / market cap (the inverse of P/E).
Shareholder yield
9.2%
(Dividends paid + share buybacks) / market cap.
What was BingEx Ltd's revenue in fiscal 2025?
BingEx Ltd reported revenue of $570.9M for fiscal 2025, 6.7% lower than the year before.
Was BingEx Ltd profitable in fiscal 2025?
Yes. Net income was $15.6M, a net margin of 2.7%.
How much free cash flow did BingEx Ltd generate in fiscal 2025?
Cash from operations of $14.2M minus capital expenditures of $19.0K left free cash flow of $14.1M.
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.