Kingsoft Cloud Holdings Ltd financial statements

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

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,008	1,422	1,186	993	1,067	1,367
Cost of revenue	953	1,367	1,124	873	883	1,152
Gross profit	54.7	55.1	62.3	120	184	215
Research and development	119	164	141	111	116	116
Selling and marketing	62.7	81.3	81.2	64.8	65.7	78.9
General and administrative	58.2	94.4	167	149	114	131
Operating expenses	240	340	389	417	422	326
Operating income	-185	-284	-326	-297	-238	-111
Interest expense	1.45	8.17	20	20.6	31.5	71.2
Interest income	11.8	11.3	11.7	11	3.7	11.6
Other non-operating income	-1.66	14.9	3.34	14.1	-0.87	27.3
Pre-tax income	-145	-247	-386	-305	-271	-136
Income tax	2.28	2.47	3.55	2.53	-0.21	-0.6
Net income to minority interests	0.01	-0.48	-4.38	-1.03	-1.69	-1.06
Net income	-147	-249	-385	-307	-269	-134
EBITDA	-68.8	-150	-159	-165	-65.2	244
EPS, basic	-0.41	-0.07	-0.11	-0.09	-0.07	-0.03
EPS, diluted	-0.41	-0.07	-0.11	-0.09	-0.07	-0.03
Shares, basic (weighted)	2,401	3,442	3,624	3,558	3,658	4,107
Shares, diluted (weighted)	2,401	3,442	3,624	3,558	3,658	4,107

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	525	662	496	318	363	861
Short-term investments	413	391	182		12.4	0
Receivables	358	560	348	215	201	249
Other current assets	12	21.8	13.2	11.4	16.6	23.2
Total current assets	1,463	1,948	1,312	859	937	1,576
Property, plant and equipment	300	371	309	308	634	1,444
Lease right-of-use assets	40.9	40.2	32	22.4	18.8	14.1
Goodwill		726	668	649	631	659
Intangible assets	2.54	184	146	118	95.2	76.2
Long-term investments						33.5
Other non-current assets	0.44	0.58	0.3	1.43	4.73	13.9
Total assets	1,828	3,308	2,511	2,123	2,410	3,822
Accounts payable	315	461	334	254	257	288
Deferred revenue	29.3	59.5	59.7	61.2	34.1	38.7
Short-term debt	11.4	0	132	156	305	479
Total current liabilities	531	1,179	965	962	1,255	1,347
Long-term debt					227	432
Lease liabilities	28	24.8	17.8	11	9.01	7.31
Other non-current liabilities	6.22	193	53.7
Total liabilities	565	1,504	1,121	1,102	1,656	2,490
Total debt	11.4	0	250	300	781	990
Paid-in capital	2,169	2,863	2,704	2,649	2,595	3,442
Retained earnings	-899	-1,170	-1,465	-1,735	-1,958	-2,180
Treasury stock			-30.2	-29.4	-14.5	-4.44
Other comprehensive income	-10.5	-32.6	65.7	78.2	77.7	63
Shareholders' equity	1,263	1,664	1,276	970	708	1,332
Minority interests	0.01	139	113	50.1	46.2	-0.57
Total equity	1,263	1.8	1,389	1,021	5,505	1,332
Total liabilities and equity	1,828	3,308	2,511	2,123	2,410	3,822
Shares outstanding	3,340	3,646	3,508	3,562	4,480	3,688

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-147	-250	-390	-308	-271	-135
Depreciation and amortization	116	134	168	132	173	355
Stock-based compensation	50.6	68.2	52.2	25.6	29.4	63.9
Deferred income tax	-0.03	-1.86	-5.1	-3.45	-5.6	-5.69
Change in receivables	-157	-149	120	52.9	-30	-65.7
Cash from operations	-44.5	-111	27.4	-23.8	86.1	544
Acquisitions		21.9	-22.8		0
Purchases of investments	-859	-403	-370	-77.5	-12.3	-10.1
Sales and maturities of investments	443	427	586	258	0	23.1
Cash from investing	-661	-66.2	-4.77	-94.8	-496	-648
Debt repaid	-15.3	-11.7			-0.27	-22.8
Stock issued	1.72	7.99	2.58	0.54	1.65	648
Share buybacks			-30.2		0
Cash from financing	939	347	-167	-32.1	446	598
Exchange rate effect	-18.1	-7.85	10.6	3.64	-3.12	-9.6
Net change in cash	233	170	-134	-147	36.1	484
Interest paid	1.41	7.19	18.9	13.6	25.4	45.1
Income taxes paid	0.96	1.08	9.41	4.78	4.67	4.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $9.15 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.7%	Gross profit / revenue.
Operating margin	-8.1%	Operating income / revenue.
EBITDA margin	17.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-9.9%	Pre-tax income / revenue.
Net margin	-9.8%	Net income / revenue.
Operating cash flow margin	39.8%	Cash from operations / revenue.
Return on equity (ROE)	-13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.3%	Net income / average total assets.
Return on invested capital (ROIC)	-6.7%	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	8.5%	Research and development expense / revenue.
Stock-based pay / revenue	4.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	25.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	51.1%	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	31.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	531.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	170.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	88.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.4%	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	1.1%	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	58.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.0%	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	15.9%	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	12.3%	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	4.3%	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	11.3%	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	1.17x	Current assets / current liabilities.
Quick ratio	0.82x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.64x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.9%	Total debt / total assets.
Liabilities / assets	65.2%	Total liabilities / total assets.
Net debt	$129.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.53x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.55x	Operating income / interest expense.
Working capital	$229.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$597.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	1.32x	Revenue / average property, plant and equipment.
Receivables turnover	6.07x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	86 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.03	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	-$0.03	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.33	Revenue / diluted weighted shares.
Operating cash flow per share	$0.13	Cash from operations / diluted weighted shares.
Book value per share	$0.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.16	Tangible book value / shares outstanding.
Cash per share	$0.23	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.74B	Share price x shares outstanding.
Enterprise value	$2.87B	Market cap + total debt - cash - short-term investments.
P/S	2.00x	Market cap / revenue.
P/B	2.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.58x	Market cap / tangible book value, when positive.
P/OCF	5.04x	Market cap / cash from operations, when positive.
EV/Sales	2.10x	Enterprise value / revenue.
EV/EBITDA	11.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-4.9%	Net income / market cap (the inverse of P/E).

What was Kingsoft Cloud Holdings Ltd's revenue in fiscal 2025?

Kingsoft Cloud Holdings Ltd reported revenue of $1.37B for fiscal 2025, 28.2% higher than the year before.

Was Kingsoft Cloud Holdings Ltd profitable in fiscal 2025?

No. It reported a net loss of $133.9M.

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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