iHuman Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data iHuman 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

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	81.5	148	143	143	126	115
Cost of revenue		44.6	42.7	41.8	38.6	37.1
Gross profit	56	104	100	102	87.7	78.3
Research and development	30.6	65.2	45.5	36.3	33.9	29.8
Selling and marketing	14.7	31.7	22.8	28.1	30.3	25.9
General and administrative	17.6	15.3	15.8	14.7	13.6	13.1
Operating expenses	62.8	112	84	79.1	77.8	68.8
Operating income	-6.81	-8.51	16.2	22.5	9.85	9.55
Other non-operating income	1.14	2.68	3.07	6.01	5.3	5.01
Pre-tax income	-5.67	-5.84	19.3	28.5	15.2	14.6
Income tax	0.07	-0.02	3.33	3.05	1.65	0.91
Net income	-5.74	-5.81	15.9	25.5	13.5	13.6
EBITDA	-6.38	-7.51	17.7	24.2	11.7	10.7
EPS, basic	-0.03	-0.02	0.06	0.10	0.05	0.05
EPS, diluted	-0.03	-0.02	0.06	0.09	0.05	0.05
Shares, basic (weighted)	226	267	267	264	262	257
Shares, diluted (weighted)	226	267	270	274	271	268

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	132	134	152	171	154	165
Short-term investments					6.23
Receivables	11.9	8.81	11.5	8.57	7.13	6.73
Inventory	2.59	4.4	2.77	2.33	3.22	3.06
Other current assets	0.31	0.54	0.73	1.14	1.67	1.52
Total current assets	157	159	182	195	183	186
Property, plant and equipment	0.98	1.93	1.34	0.87	0.48	0.37
Lease right-of-use assets	1	6	1.85	0.51	2.04	1.66
Intangible assets	1.81	4.28	3.61	3.27	2.25	2.52
Long-term investments			3.82	3.71	3.61	3.77
Other non-current assets	0.12	0.57	0.93	1.22	3.11	1.7
Total assets	160	173	193	204	194	196
Accounts payable	3.3	4.79	3.51	3.12	4.14	3.59
Accrued liabilities	4.45	2.71	3.53	4.05	4.15	4.8
Deferred revenue	41.2	47.5	55	44.9	38.8	31.4
Total current liabilities	61.2	75.8	81.3	69.1	61.3	52
Lease liabilities	0.78	1.5	0.42	0.27	1.54	1.32
Total liabilities	62	77.3	81.8	69.4	62.9	53.4
Paid-in capital	161	167	156	153	137	137
Retained earnings	-59.2	-66.4	-46.6	-19.8	-5.77	7.61
Treasury stock		-0.03	-1.03	-2.35	-3.6	-6.22
Other comprehensive income	-3.35	-5.44	1.52	2.53	3.29	2.31
Shareholders' equity	98.5	95.5	112	135	132	142
Total equity	98.5	95.5	112	135	132	142
Total liabilities and equity	160	173	193	204	194	196

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.74	-5.81	15.9	25.5	13.5	13.6
Depreciation and amortization	0.43	1.01	1.57	1.65	1.87	1.11
Stock-based compensation	12.2	2.38	1.89	1.33	0.39	0.1
Change in receivables	-8.84	3.39	-4.13	2.58	1.26	0.73
Change in inventory	0.34	-1.98	0.97	0.43	-0.99	0.07
Cash from operations	34.2	6	27.3	24.2	8.02	7.34
Capital expenditures	-2.44	-5.07	-0.96	-0.92	-1.02	-0.7
Purchases of investments			-32.3	-53.6	-34.6	-96
Cash from investing	-2.44	-5.01	-4.76	-0.92	-7.23	5.8
Stock issued	90.4	0.08	0	0.01	0.01	0.03
Share buybacks		-0.03	-1.01	-1.34	-1.32	-2.46
Dividends paid					-4.83	-5.59
Cash from financing	87.7	0.06	-1.01	-1.33	-14	-8.02
Exchange rate effect	-3.41	-2.04	6.67	1.07	0.83	-1.14
Net change in cash	116	-0.99	28.2	23.1	-12.4	3.98
Free cash flow	31.7	0.93	26.4	23.3	7	6.64
Income taxes paid	0	0.07	1.21	3.28	2.99	0.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.9%	Gross profit / revenue.
Operating margin	8.3%	Operating income / revenue.
EBITDA margin	9.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.6%	Pre-tax income / revenue.
Net margin	11.8%	Net income / revenue.
FCF margin	5.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.4%	Cash from operations / revenue.
Effective tax rate	6.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.0%	Net income / average total assets.
R&D / revenue	25.8%	Research and development expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.9%	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	6.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-9.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-15.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	1.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-35.5%	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	-26.5%	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	-5.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-36.9%	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	-26.9%	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	8.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	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	7.6%	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	0.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	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	4.0%	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	-1.3%	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	-0.3%	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	3.4%	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	3.57x	Current assets / current liabilities.
Quick ratio	3.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.16x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	27.3%	Total liabilities / total assets.
Working capital	$133.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$139.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	274x	Revenue / average property, plant and equipment.
Inventory turnover	11.8x	Cost of revenue / average inventory.
Days inventory	31 days	365 x average inventory / cost of revenue.
Receivables turnover	16.7x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	15 days	Days inventory + days sales outstanding - days payables.
FCF conversion	48.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.05	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	$0.05	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.43	Revenue / diluted weighted shares.
FCF per share	$0.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.03	Cash from operations / diluted weighted shares.
Book value per share	$0.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.52	Tangible book value / shares outstanding.
Cash per share	$0.62	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	84.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	37.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.8M	Share price x shares outstanding.
Enterprise value	-$105.8M	Market cap + total debt - cash - short-term investments.
P/E	4.31x	Market cap / net income. Only when net income is positive.
P/S	0.51x	Market cap / revenue.
P/B	0.41x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.42x	Market cap / tangible book value, when positive.
P/FCF	8.86x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.01x	Market cap / cash from operations, when positive.
FCF yield	11.3%	Free cash flow / market cap.
Earnings yield	23.2%	Net income / market cap (the inverse of P/E).
Dividend yield	9.5%	Dividends paid over the period / market cap.
Shareholder yield	13.7%	(Dividends paid + share buybacks) / market cap.

What was iHuman Inc.'s revenue in fiscal 2025?

iHuman Inc. reported revenue of $115.4M for fiscal 2025, 8.7% lower than the year before.

Was iHuman Inc. profitable in fiscal 2025?

Yes. Net income was $13.6M, a net margin of 11.8%.

How much free cash flow did iHuman Inc. generate in fiscal 2025?

Cash from operations of $7.3M minus capital expenditures of $701.0K left free cash flow of $6.6M.

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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