Huize Holding Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Huize Holding 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	143	187	352	168	168	171	226
Cost of revenue	90.4	125	265	102	103	117	165
Gross profit	52.3	62.3	87.4	65.5	65.7	53.9	61.3
Research and development	4.86	7.53	18.9	11.7	10.1	8.55	8.39
General and administrative	23.2	23	31	22.4	16.8	20.1	19.5
Operating expenses	142	191	370	174	161
Operating income	0.24	-3.97	-18	-6.33	7.19	-2.87	0.95
Other non-operating income	1.82	1.56	1.98	2.83	2.59	2.35	0.19
Pre-tax income	2.18	-2.57	-17.3	-4.57	9.88	-0.11	1.54
Income tax	0.01	0.27	0	0	0	0.02	1.03
Net income to minority interests	0.01		-0.01	-0.37	0.05	0.17	-0.07
Net income	2.14	-2.8	-16.9	-4.52	9.89	-0.09	0.58
EBITDA	0.78	-3.19	-16.8	-3.66	9.11	-1.3	2.93
EPS, basic	0.00		-0.02	0.00	0.01	0.00	0.00
EPS, diluted	0.00		-0.02	0.00	0.01	0.00	0.00
Shares, basic (weighted)	452	964	1,022	1,022	1,001	997	1,009
Shares, diluted (weighted)	452	964	1,022	1,022	1,001	997	1,009

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12.7	62	59.8	40.2	35.1	31.9	35.9
Short-term investments					1.25	0.69	0.42
Receivables	25.9	35.6	122	36.3	25.1	21.5	24.7
Other current assets	4.19	6.8	12.2	10.4	11.1	9.34	12.8
Total current assets	66.3	155	223	109	85.4	82.1	94.2
Property, plant and equipment	1.15	1.57	7.61	5.59	7.62	6.45	5.47
Lease right-of-use assets		41	38.9	23.5	16.3	2.84	2.77
Goodwill		0.07	0.07	0.07	0.07	1.99	2.01
Intangible assets	0.24	0.31	3.39	7.76	7.15	9.43	9.44
Long-term investments	3.36	7.06	11.5	11.2	10.8	9.14	9.3
Other non-current assets							0.18
Total assets	73.1	205	291	158	133	121	134
Accounts payable	17.9	34.9	107	38	29.8	27.7	27.9
Accrued liabilities	6.32	9.8	14.7	6.37	7.92	5.62	11.7
Short-term debt	5.3	4.83	34	21.7	4.23	6.85	7.58
Total current liabilities	52	85.3	192	81.1	55.6	56.9	65.6
Long-term debt		8.25	3.14	0			1
Lease liabilities		38.6	39.1	25.5	18.2	3.3	2.14
Other non-current liabilities	0.07						1.61
Total liabilities	52.1	133	235	108	75.6	62.3	72.4
Total debt		8.25	3.14	0			1
Paid-in capital	9.32	136	141	131	128	125	130
Retained earnings	-53.7	-60.1	-78.5	-77	-64.5	-62.9	-65
Treasury stock		-0.32	-1.5	-2.22	-4.03	-4.04	-4.22
Other comprehensive income	0.06	-3.37	-4.28	-2.57	-1.98	-1.76	-2.1
Shareholders' equity	-44.3	71.8	56.5	49.4	57.1	56	58.8
Minority interests			0.13	0.17	0.74	2.81	2.95
Total equity	-44.3	71.8	56.6	49.6	57.8	58.8	61.8
Total liabilities and equity	73.1	205	291	158	133	121	134
Shares outstanding	483	0

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.15	-2.8	-16.9	-4.89	9.94	0.08	0.51
Depreciation and amortization	0.54	0.78	1.17	2.67	1.92	1.57	1.98
Stock-based compensation	13.6	5.5	1.78	1.18	0.07	1.24	2.65
Deferred income tax	0	-0.07					0.12
Change in receivables	-10.7	-8.1	-85.6	77	10.6	2.84	-2.51
Change in payables	7.49	15.8	71	-62.1	-7.14	-1.38	-1.02
Cash from operations	17	21.1	-27.6	-12.3	19.3	-2.59	2.56
Capital expenditures	-0.87	-1.26	-5.97	-2.44	-4.3	-0.59	-1.18
Acquisitions		-0.09	-2.24	-3.76	-0.34	-1.1	-0.08
Purchases of investments					-1.4	-10	0
Cash from investing	-0.99	-4.76	-12.7	-8.16	-8.59	-0.45	-1.71
Debt issued	4.31	16.2	28.9	39.2	5.21	6.85	17.2
Debt repaid	-5.07	-9.39	-6.36	-53.3	-22.7	-4.17	-15.7
Stock issued		0.08	0.08	0	0.08	0	0.04
Share buybacks		-0.32	-0.47	-0.97	-1.89	-0.01	0
Cash from financing	-2.02	58.7	22.3	-14.7	-18.8	3.18	0.59
Exchange rate effect	0.01	-1.54	-0.79	1.39	0.41	0.3	-0.43
Net change in cash	13.9	73.5	-18.8	-33.8	-7.65	0.44	1
Free cash flow	16.1	19.8	-33.6	-14.8	15	-3.18	1.38
Income taxes paid		0			0	0	0.14

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.1%	Gross profit / revenue.
Operating margin	0.4%	Operating income / revenue.
EBITDA margin	1.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.7%	Pre-tax income / revenue.
Net margin	0.3%	Net income / revenue.
FCF margin	0.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.1%	Cash from operations / revenue.
Effective tax rate	66.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.
Return on invested capital (ROIC)	3.1%	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	3.7%	Research and development expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	32.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.2%	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	-0.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-34.4%	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 CAGR, 5y	-41.4%	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	5.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.0%	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	-3.9%	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	10.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.3%	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	-8.1%	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	1.2%	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	-0.4%	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	0.9%	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	1.44x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.55x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.7%	Total debt / total assets.
Liabilities / assets	54.0%	Total liabilities / total assets.
Net debt	-$35.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-12.0x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$28.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$47.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.77x	Revenue / average total assets.
Fixed asset turnover	38.0x	Revenue / average property, plant and equipment.
Receivables turnover	9.80x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
FCF conversion	238.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	46.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.00	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	$0.00	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.22	Revenue / diluted weighted shares.
FCF per share	$0.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.00	Cash from operations / diluted weighted shares.
Book value per share	$0.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.05	Tangible book value / shares outstanding.
Cash per share	$0.04	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.3M	Share price x shares outstanding.
Enterprise value	-$21.9M	Market cap + total debt - cash - short-term investments.
P/E	23.1x	Market cap / net income. Only when net income is positive.
P/S	0.06x	Market cap / revenue.
P/B	0.23x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.28x	Market cap / tangible book value, when positive.
P/FCF	9.69x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.22x	Market cap / cash from operations, when positive.
FCF yield	10.3%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Huize Holding Ltd's revenue in fiscal 2025?

Huize Holding Ltd reported revenue of $226.3M for fiscal 2025, 32.2% higher than the year before.

Was Huize Holding Ltd profitable in fiscal 2025?

Yes. Net income was $578.0K, a net margin of 0.3%.

How much free cash flow did Huize Holding Ltd generate in fiscal 2025?

Cash from operations of $2.6M minus capital expenditures of $1.2M left free cash flow of $1.4M.

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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