Qfin Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Qfin Holdings, 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

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	647	1,324	2,079	2,610	2,400	2,294	2,352	2,746
Cost of revenue	106	156	245	353	344	375	397	429
Gross profit	541	1,169	1,833	2,257	2,056	1,920	1,954	2,317
Selling and marketing	192	410	165	328	320	273	236	353
General and administrative	82.8	61.5	69.9	87.5	59.9	59.3	61.6	94.2
Operating income	239	416	581	1,065	648	684	1,031	955
Interest income	1.46
Other non-operating income	1.12	20.2	17.3	10.1	38.9	32.5	17.2	23.6
Pre-tax income	241	426	626	1,102	688	743	1,081	1,055
Income tax	67.8	66.9	89.8	197	107	142	225	200
Net income to minority interests		-0.04	-0.14	-2.7	-2.7	-2.36	-2.22	-2.01
Net income	174	359	536	907	583	604	858	857
EBITDA	240	417	586	1,075	660	694	1,042	965
EPS, basic	-1.37	1.24	1.80	2.95	1.87	1.88	2.88	3.21
EPS, diluted	-1.37	1.19	1.75	2.82	1.81	1.84	2.83	3.15
Shares, basic (weighted)	203	289	298	307	313	321	298	266
Shares, diluted (weighted)	203	301	307	321	322	329	303	272

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	210	303	677	960	1,039	588	610	672
Short-term investments					8.26	2.11	465	408
Other current assets	15.9	93.7	61.5	60.2	55	46.5	201	111
Total current assets	1,068	2,802	3,353	4,356	4,944	5,605	5,861	7,076
Property, plant and equipment	1	2.46	2.97	3.91	6.9	32.6	49.7	91.1
Goodwill						5.8	5.81	6.46
Intangible assets	0.12	0.5	0.52	0.78	0.68	1.89	1.62	1.53
Other non-current assets		7.95	7.51	6.69	8.07	6.47	4.97	27.9
Total assets	1,069	2,924	3,738	5,258	5,849	6,453	6,594	8,144
Total current liabilities	421	1,389	2,051	2,219	2,429	2,803	2,394	2,911
Other non-current liabilities		4.48	2.3	2.07	5.73	14.4	35	85.7
Total liabilities	423	1,888	2,284	2,870	3,104	3,353	3,272	4,689
Paid-in capital	708	735	830	890	884	853	594	554
Retained earnings	-62.6	298	634	1,513	1,856	2,295	2,870	3,504
Treasury stock						-54.2	-153	-581
Other comprehensive income	0.54	3.58	-11.4	-17.4	-7.51	-4.88	1.63	-28
Shareholders' equity	646	1,036	1,453	2,386	2,733	3,090	3,314	3,448
Minority interests		0.19	0.08	2	12.2	10.2	7.7	6.02
Total equity	646	1,036	1,453	2,388	2,745	3,100	3,322	3,454
Total liabilities and equity	1,069	2,924	3,738	5,258	5,849	6,453	6,594	8,144
Shares outstanding	288	293	304	310	323	315	284	244

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	174	359	536	905	581	601	856	855
Depreciation and amortization	0.55	1.1	5.53	10.4	11.2	10.4	10.3	9.74
Stock-based compensation	88.3	36	46.2	39.8	29	26.1	23	54.1
Change in receivables	-223	-108	-78.6	-129	-4.81	-17.4	50.4	133
Cash from operations	41.5	427	816	909	859	1,003	1,280	1,585
Capital expenditures	-1.24	-3.67	-2.34	-3.97	-3.91	-11.9	-21	-34.4
Acquisitions						-3.7	-0.36
Purchases of investments					-8.26	-35	-636	-1,447
Cash from investing	47.7	-1,273	137	-952	-1,067	-1,570	-1,095	-1,871
Debt issued					2.59	10.2	21.5
Debt repaid							-0.05
Stock issued	30.5
Share buybacks						-89.6	-407	-693
Dividends paid					-143	-133	-173	-197
Cash from financing	66.5	1,107	-503	355	465	150	-290	398
Exchange rate effect	-1.9	0.25	0.34	-0.54
Net change in cash	154	262	450	312	254	-416	-103	105
Free cash flow	40.2	423	814	905	855	991	1,259	1,551
Interest paid		9.45	0.88	2.16	1.58	1.81	2.55	4.89
Income taxes paid	-7.47	-80.1	-114	-190	-131	-120	-173	-230

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $7.05 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	84.4%	Gross profit / revenue.
Operating margin	34.8%	Operating income / revenue.
EBITDA margin	35.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	38.4%	Pre-tax income / revenue.
Net margin	31.2%	Net income / revenue.
FCF margin	56.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	57.7%	Cash from operations / revenue.
Effective tax rate	19.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.6%	Net income / average total assets.
Return on invested capital (ROIC)	28.2%	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	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.1%	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	4.8%	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	-7.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.7%	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	14.2%	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	23.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	22.0%	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	13.8%	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	4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.1%	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	18.9%	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	23.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.7%	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	16.9%	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	-10.3%	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	-5.5%	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	-2.4%	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	2.43x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	57.6%	Total liabilities / total assets.
Working capital	$4.16B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.44B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.37x	Revenue / average total assets.
Fixed asset turnover	39.0x	Revenue / average property, plant and equipment.
FCF conversion	181.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.15	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	$3.21	Net income per basic share, as reported (split-adjusted).
Revenue per share	$10.09	Revenue / diluted weighted shares.
FCF per share	$5.70	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.82	Cash from operations / diluted weighted shares.
Book value per share	$14.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.11	Tangible book value / shares outstanding.
Cash per share	$4.43	(Cash + short-term investments) / shares outstanding.
Payout ratio	23.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	44.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$858.4M	Share price x shares outstanding.
Enterprise value	-$221.2M	Market cap + total debt - cash - short-term investments.
P/E	1.00x	Market cap / net income. Only when net income is positive.
P/S	0.31x	Market cap / revenue.
P/B	0.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.25x	Market cap / tangible book value, when positive.
P/FCF	0.55x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.54x	Market cap / cash from operations, when positive.
FCF yield	180.6%	Free cash flow / market cap.
Earnings yield	99.8%	Net income / market cap (the inverse of P/E).
Dividend yield	23.0%	Dividends paid over the period / market cap.
Shareholder yield	103.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.05x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Qfin Holdings, Inc.'s revenue in fiscal 2025?

Qfin Holdings, Inc. reported revenue of $2.75B for fiscal 2025, 16.8% higher than the year before.

Was Qfin Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $856.5M, a net margin of 31.2%.

How much free cash flow did Qfin Holdings, Inc. generate in fiscal 2025?

Cash from operations of $1.58B minus capital expenditures of $34.4M left free cash flow of $1.55B.

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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