Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data ATRenew 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
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
34.9
Selling and marketing
189
223
176
187
236
General and administrative
68
33.4
37.5
42
39.3
Operating expenses
1,366
Operating income
-140
-380
-24.4
3.97
65.2
Interest expense
2.63
0.89
0.99
2.06
0.86
Interest income
1.31
2.58
5.34
3.68
2.93
Other non-operating income
-7.9
5.62
-0.83
-5.65
-1.48
Pre-tax income
-150
-373
-20.9
-0.06
65.8
Income tax
-22.6
-16.2
-5.99
-7.79
8.12
Net income
-128
-358
-22
-1.13
48.1
EBITDA
-81.8
-322
22.6
40.6
81.9
EPS, basic
-2.16
-2.20
-0.14
-0.01
0.30
EPS, diluted
-2.16
-2.20
-0.14
-0.01
0.30
Shares, basic (weighted)
96.3
163
162
162
161
Shares, diluted (weighted)
96.3
163
162
162
162
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
213
247
279
270
220
Short-term investments
80.1
113
57.8
80
38.3
Receivables
18.8
Inventory
75.1
62.8
143
73.3
154
Other current assets
132
78.2
79.9
81.9
134
Total current assets
651
564
638
571
678
Property, plant and equipment
16.3
17.2
20.9
21.4
34.2
Goodwill
283
Intangible assets
169
79
38.1
7.76
1.52
Long-term investments
37.9
31.8
65.8
76.2
69.4
Other non-current assets
20
13.9
11.3
20.8
70
Total assets
1,177
732
774
697
853
Accounts payable
6.48
10.6
75
23.5
48
Deferred revenue
33.3
28.3
16.9
13.5
33.1
Short-term debt
14.9
18
49.3
30.8
46.2
Total current liabilities
129
148
238
179
272
Lease liabilities
5.41
4.86
3.17
11
10
Total liabilities
170
169
251
191
282
Paid-in capital
2,033
1,904
1,869
1,830
1,914
Retained earnings
-1,026
-1,306
-1,291
-1,256
-1,263
Treasury stock
-31.6
-53.2
-66.3
-78.1
Other comprehensive income
0.68
-3.73
-2.37
-1.3
-1.85
Shareholders' equity
1,008
563
523
506
571
Total equity
1,008
563
523
506
571
Total liabilities and equity
1,177
732
774
697
853
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-128
-358
-22
-1.13
48.1
Depreciation and amortization
58.7
58.8
47
36.6
16.6
Stock-based compensation
71.3
25.3
18.9
22.8
7.56
Change in receivables
-10.2
Change in inventory
-47.8
5.28
-88.7
63.2
-81.7
Cash from operations
-160
128
34.4
88.1
-59.3
Capital expenditures
-11.6
-8.91
-12
-8.2
-20.6
Acquisitions
4.33
Purchases of investments
-124
-96.6
-59.4
-57.8
-39.3
Cash from investing
-105
-74.9
24.2
-58.1
-19.5
Stock issued
0.42
0.4
0.21
0.35
Share buybacks
-31.6
-22.5
-25.2
-13.2
Cash from financing
359
-27
9.68
-42.2
-1.96
Net change in cash
92.3
28.6
68.6
-12.1
-80.7
Free cash flow
-171
119
22.4
79.9
-79.9
Interest paid
2.63
0.89
0.99
2.06
0.86
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.94 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Effective tax rate
12.3%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
8.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
6.2%
Net income / average total assets.
Return on invested capital (ROIC)
19.5%
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%.
Growth
Metric
Value
How it is calculated
Operating income growth, 1y
1,544.0%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
101.9%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-167.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-200.1%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
12.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
0.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
22.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
5.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.4%
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
-0.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.49x
Current assets / current liabilities.
Quick ratio
1.02x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.95x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.30
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
$0.30
Net income per basic share, as reported (split-adjusted).
FCF per share
-$0.49
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.37
Cash from operations / diluted weighted shares.
Book value per share
$3.52
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
18.0x
Market cap / net income. Only when net income is positive.
P/B
1.51x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.52x
Market cap / tangible book value, when positive.
EV/EBIT
9.29x
Enterprise value / operating income, when both are positive.
EV/EBITDA
7.40x
Enterprise value / EBITDA, when both are positive.
FCF yield
-9.3%
Free cash flow / market cap.
Earnings yield
5.6%
Net income / market cap (the inverse of P/E).
Shareholder yield
1.5%
(Dividends paid + share buybacks) / market cap.
Was ATRenew Inc. profitable in fiscal 2025?
Yes. Net income was $48.1M, a net margin of -.
How much free cash flow did ATRenew Inc. generate in fiscal 2025?
Cash from operations of $59.3M minus capital expenditures of $20.6M left free cash flow of -$79.9M.
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.