QUHUO Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data QUHUO 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	396	632	554	521	417	361
Cost of revenue	366	604	517	498	407	359
Gross profit	29.5	27.6	36.6	23.5	10.1	1.77
Research and development	2.01	3.16	1.82	1.74	1.47	1.02
General and administrative	31.2	37.8	31	26	20.4	26.9
Operating expenses	32.7	49.5	31.5	24.6	11.5	27.2
Operating income	-3.16	-21.9	5.17	-1.1	-1.42	-25.5
Interest expense	1.24	1.1	0.82	0.69	0.56	0.6
Interest income	0.13	0.1	0.1	0.15	0.05	0.03
Other non-operating income		-5.33	-3.78	2.35	-0.36	-0.03
Pre-tax income	3.04	-28.1	0.67	0.72	-2.29	-26.1
Income tax	3.9	1.89	3.05	-0.13	-2.51	-4.55
Net income to minority interests	-1.39	-5.23	-0.48	0.38	-0.15	-0.15
Net income	0.53	-24.8	-1.9	0.47	0.37	-21.4
EBITDA	-2.21	-21.1	6.26	-0.35	-0.81	-25.3
EPS, basic	0.01	-0.56	-0.03	0.01	0.00	-0.02
EPS, diluted	0.01	-0.56	-0.03	0.01	0.00	-0.02
Shares, basic (weighted)	28.3	43.9	56	55.5	416	1,394
Shares, diluted (weighted)	48.5	43.9	56	55.5	416	1,394

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15	4.49	13.8	6.36	8.66	5.49
Short-term investments	30.9	28.1	9.33	9.63
Receivables	58.4	80.1	71.8	67	40.5	38.1
Other current assets	2.84	1.55	2.31	2.35	1.52	14.1
Total current assets	113	120	104	98.5	64.8	57.9
Property, plant and equipment	3.59	2.34	1.66	2.06	1.21	0.34
Lease right-of-use assets	4.99	1.25	0.81	0.88	0.64	0.22
Goodwill	18.2	10.5	9.49	9.22	8.97	9.36
Intangible assets	17.2	19.5	14.7	11.7	7.94	6.38
Long-term investments	0.16	0.96	0.88	0.2	0.19	0.2
Other non-current assets	16.2	24.7	20.3	19.9	30.9	32.1
Total assets	173	180	153	145	119	114
Accounts payable	41.2	52.4	42.5	35.8	20	23.1
Accrued liabilities	16.2	19	18.3	15.2	10.2	16.1
Short-term debt	1.2	0.69	0.06	13.1	15.5	16.2
Total current liabilities	71.5	95.6	70.7	64.6	46.2	56.4
Long-term debt	0.79	0	0.19	1.06	0.65
Lease liabilities	2.24	0.22	0.16	0.2	0.22	0.02
Other non-current liabilities	6.29	7.96	9.7	7.64	8.55	7.67
Total liabilities	80.9	104	80.9	74.2	55.7	64.2
Total debt	1.99	0.69	0.25	1.45	1.03	0.04
Paid-in capital	273	291	273	266	252	268
Retained earnings	-185	-214	-200	-194	-188	-218
Other comprehensive income	-2.28	-2.87	-0.68	-0.35	-0.21	-0.31
Shareholders' equity	85.3	73.9	72.7	71.3	63.7	50.7
Minority interests	7.13	1.96	-0.52	-0.13	-0.56	-0.74
Total equity	92.4	75.9	72.1	71.2	63.1	50
Total liabilities and equity	173	180	153	145	119	114

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.86	-30	-2.38	0.85	0.22	-21.5
Depreciation and amortization	0.96	0.82	1.09	0.75	0.62	0.2
Stock-based compensation	12.7	10.8	2.87	-0.07		0.43
Deferred income tax	-0.11	-0.68	-0.76	-0.86	-1.87	-3.38
Change in receivables	-14.9	-21.1	1.9	2.78	24.6	4.2
Change in payables	4.88	10.2	-5.92	-5.52	-14.8	2.27
Cash from operations	1.7	-4.85	10.8	-13.7	-2.02	-5.43
Capital expenditures	-0.52	-1.46	-0.68	-0.02	-0.13	-0.21
Acquisitions	-4.22	-0.53	-0.73
Purchases of investments	-523	-482	-225	-9.86	-0.07	-4.19
Cash from investing	-28.7	-17.3	11.2	2.59	0.13	-2.81
Debt issued	0.01	0
Debt repaid	-1.32	-1.38	-0.45	-0.1	-0.26	-0.67
Stock issued					1.95	5.3
Cash from financing	23.5	10.8	-11.9	3.41	4.44	4.72
Exchange rate effect	-0.02	-0.04
Net change in cash	-3.53	-11.4	10.2	-7.69	2.56	-3.59
Free cash flow	1.18	-6.31	10.2	-13.7	-2.15	-5.63
Interest paid	1.25	0.97	0.83	0.45	0.38	0.34
Income taxes paid	1.82	1.66	0.61	0.4	0.06	0.05

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.97 on November 11, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	0.5%	Gross profit / revenue.
Operating margin	-7.0%	Operating income / revenue.
EBITDA margin	-7.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.2%	Pre-tax income / revenue.
Net margin	-5.9%	Net income / revenue.
FCF margin	-1.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.5%	Cash from operations / revenue.
Return on equity (ROE)	-37.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-18.3%	Net income / average total assets.
Return on invested capital (ROIC)	-39.7%	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	0.3%	Research and development expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-82.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-63.6%	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	-43.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-5,861.0%	Net income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-20.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.3%	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	-9.9%	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	-3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.3%	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	-8.0%	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	235.2%	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	192.0%	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	95.8%	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	1.03x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	56.2%	Total liabilities / total assets.
Net debt	-$5.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-42.4x	Operating income / interest expense.
Working capital	$1.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$35.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.10x	Revenue / average total assets.
Fixed asset turnover	466x	Revenue / average property, plant and equipment.
Receivables turnover	9.19x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.02	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	-$0.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.26	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	$0.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.03	Tangible book value / shares outstanding.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.2M	Share price x shares outstanding.
Enterprise value	$2.7M	Market cap + total debt - cash - short-term investments.
P/S	0.02x	Market cap / revenue.
P/B	0.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.23x	Market cap / tangible book value, when positive.
EV/Sales	0.01x	Enterprise value / revenue.
FCF yield	-69.0%	Free cash flow / market cap.
Earnings yield	-261.6%	Net income / market cap (the inverse of P/E).

What was QUHUO Ltd's revenue in fiscal 2025?

QUHUO Ltd reported revenue of $361.2M for fiscal 2025, 13.5% lower than the year before.

Was QUHUO Ltd profitable in fiscal 2025?

No. It reported a net loss of $21.4M.

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

Cash from operations of $5.4M minus capital expenditures of $208.0K left free cash flow of -$5.6M.

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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