Stocks JFU Financial statements
Financial statements9F Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data 9F 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
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 636 | 192 | 119 | 81.4 | 58.1 | 17.1 | 19.2 |
| Cost of revenue | 6.73 | 8.68 | 4.08 | 3.62 | |||
| Gross profit | 15.7 | 11.4 | 13 | 15.6 | |||
| Selling and marketing | 337 | 52.6 | 35.2 | 9.02 | 3.92 | 1.93 | 1.77 |
| General and administrative | 166 | 200 | 82 | 54.4 | 38.1 | 30.5 | 25.9 |
| Operating income | -21.8 | -27.3 | -6.23 | 1.61 | |||
| Interest income | 32.4 | 15.7 | 7.46 | 6.9 | 13.8 | 11.6 | 26.1 |
| Other non-operating income | 7.59 | 5.99 | 0.37 | 1.86 | 0.03 | -0.33 | |
| Pre-tax income | -319 | -259 | -31.6 | -87.4 | -21.4 | 3.7 | 32.5 |
| Income tax | -25.1 | 82.5 | 4.2 | 1.69 | 1.09 | 1.92 | 8.06 |
| Net income to minority interests | 0.85 | 1.18 | 0.19 | -0.03 | -0.02 | 0.02 | -0.12 |
| Net income | -310 | -346 | -36.9 | -86.2 | -19.8 | 6.85 | 24.1 |
| EBITDA | -19.1 | -25.6 | -4.98 | 3.54 | |||
| EPS, basic | -1.79 | -1.74 | -0.17 | -0.37 | -0.08 | 0.03 | 0.10 |
| EPS, diluted | -1.79 | -1.74 | -0.17 | -0.37 | -0.08 | 0.03 | 0.10 |
| Shares, basic (weighted) | 175 | 199 | 214 | 233 | 235 | 235 | 235 |
| Shares, diluted (weighted) | 175 | 199 | 214 | 233 | 235 | 236 | 236 |
Balance sheet
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 673 | 418 | 383 | 371 | 231 | 54.2 | 62.1 |
| Short-term investments | 0.68 | 1.06 | |||||
| Receivables | 40.4 | 6.26 | 13.2 | 13.4 | 11.4 | 12.5 | |
| Property, plant and equipment | 15.9 | 9.72 | 6.83 | 10.1 | 8.7 | 7.35 | 6.09 |
| Lease right-of-use assets | 17.5 | 4.39 | 2.91 | 1.26 | 2.56 | 1.53 | 0.41 |
| Goodwill | 10.4 | 3.39 | 3.47 | 3.59 | |||
| Intangible assets | 10.6 | 6.81 | 5.85 | 5.09 | 4.16 | 0.63 | 0.47 |
| Long-term investments | 111 | 113 | 114 | 76.9 | 150 | 121 | 45.1 |
| Total assets | 1,276 | 826 | 792 | 625 | 569 | 565 | 615 |
| Total liabilities | 367 | 178 | 135 | 86.9 | 65.7 | 63.9 | 75.4 |
| Paid-in capital | 753 | 848 | 907 | 839 | 805 | 783 | 817 |
| Retained earnings | 70.1 | -279 | -323 | -389 | -398 | -381 | -375 |
| Other comprehensive income | 13.2 | -1.07 | -8.65 | 13.2 | 23.2 | 27.4 | 20.3 |
| Shareholders' equity | 902 | 639 | 649 | 530 | 495 | 493 | 531 |
| Minority interests | 6.76 | 8.39 | 8.75 | 7.94 | 7.69 | 7.51 | 8.49 |
| Total equity | 909 | 647 | 657 | 538 | 503 | 501 | 539 |
| Total liabilities and equity | 1,276 | 826 | 792 | 625 | 569 | 565 | 615 |
| Shares outstanding | 195 | 204 | 231 |
Cash flow statement
| FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -309 | -345 | -36.7 | -86.3 | -19.8 | 6.87 | 23.9 |
| Depreciation and amortization | 4.03 | 2.22 | 3.95 | 2.72 | 1.68 | 1.24 | 1.93 |
| Stock-based compensation | 50.7 | 44.5 | 8.21 | 0.79 | -10.2 | -0.13 | 0.01 |
| Change in receivables | -221 | 36 | -6.27 | -1.3 | 7.44 | -4.63 | -0.52 |
| Change in payables | 68.8 | -124 | -50.7 | -31.4 | -16.4 | ||
| Cash from operations | -61.6 | -267 | -36 | 9.18 | 8.8 | 6.37 | 29.7 |
| Capital expenditures | -8.14 | -1.21 | -6.5 | -0.81 | -0.16 | -0.38 | |
| Acquisitions | -7.1 | -1.7 | -0.42 | -0 | |||
| Purchases of investments | -50 | -11.4 | -32.4 | -453 | -273 | ||
| Sales and maturities of investments | 243 | 197 | |||||
| Cash from investing | -102 | 6.05 | -50.5 | -40.3 | -134 | -177 | -10.6 |
| Stock issued | 31.3 | ||||||
| Cash from financing | 67.8 | 1.98 | 31.3 | 0.8 | |||
| Exchange rate effect | 0.72 | 0.03 | -4.19 | 15.5 | 10.5 | 9.47 | -4.65 |
| Net change in cash | -94.8 | -259 | -59.4 | -15.6 | -114 | -161 | 15.2 |
| Free cash flow | -69.8 | -37.3 | 2.68 | 7.99 | 6.21 | 29.3 | |
| Income taxes paid | 47 | 25 | 0.46 | 3.14 | 3.41 | 1.17 | 7.4 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 81.2% | Gross profit / revenue. |
| Operating margin | 8.4% | Operating income / revenue. |
| EBITDA margin | 18.4% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 169.0% | Pre-tax income / revenue. |
| Net margin | 125.2% | Net income / revenue. |
| FCF margin | 152.6% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 154.6% | Cash from operations / revenue. |
| Effective tax rate | 24.8% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 4.7% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 4.1% | Net income / average total assets. |
| Return on invested capital (ROIC) | 0.3% | 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%. |
| Stock-based pay / revenue | 0.0% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 2.0% | Capital expenditures / revenue. |
| D&A / revenue | 10.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 12.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -38.2% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -36.9% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 19.5% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -0.3% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 251.2% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | 233.3% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 366.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 47.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 371.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 121.9% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 7.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 0.0% | 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 | -3.6% | 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 | 8.8% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -0.6% | 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 | -5.7% | 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 | 0.0% | 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 | 3.5% | 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 |
|---|---|---|
| Liabilities / assets | 12.3% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 0.1% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $530.3M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.03x | Revenue / average total assets. |
| Fixed asset turnover | 2.86x | Revenue / average property, plant and equipment. |
| Receivables turnover | 1.61x | Revenue / average receivables. |
| Days sales outstanding | 227 days | 365 x average receivables / revenue. |
| FCF conversion | 121.9% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 1.3% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.10 | 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 | $0.10 | Net income per basic share, as reported (split-adjusted). |
| Revenue per share | $0.08 | Revenue / diluted weighted shares. |
| FCF per share | $0.12 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.13 | Cash from operations / diluted weighted shares. |
| Book value per share | $2.25 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $2.25 | Tangible book value / shares outstanding. |
| Cash per share | $0.26 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $31.4M | Share price x shares outstanding. |
| Enterprise value | -$30.7M | Market cap + total debt - cash - short-term investments. |
| P/E | 1.31x | Market cap / net income. Only when net income is positive. |
| P/S | 1.64x | Market cap / revenue. |
| P/B | 0.06x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 0.06x | Market cap / tangible book value, when positive. |
| P/FCF | 1.07x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 1.06x | Market cap / cash from operations, when positive. |
| FCF yield | 93.3% | Free cash flow / market cap. |
| Earnings yield | 76.5% | Net income / market cap (the inverse of P/E). |
What was 9F Inc.'s revenue in fiscal 2025?
9F Inc. reported revenue of $19.2M for fiscal 2025, 12.2% higher than the year before.
Was 9F Inc. profitable in fiscal 2025?
Yes. Net income was $24.1M, a net margin of 125.2%.
How much free cash flow did 9F Inc. generate in fiscal 2025?
Cash from operations of $29.7M minus capital expenditures of $381.0K left free cash flow of $29.3M.