Stocks XYF Financial statements
Financial statementsX Financial financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data X Financial 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 | 515 | 444 | 336 | 569 | 517 | 678 | 804 | 1,092 |
| Cost of revenue | 172 | 235 | 317 | 308 | 308 | 404 | 238 | 289 |
| Gross profit | 342 | 209 | 18.6 | 261 | 208 | 274 | 566 | 803 |
| Selling and marketing | 29.9 | 14.8 | 5.46 | 3.27 | 2.24 | 1.77 | ||
| General and administrative | 32 | 32.7 | 27.5 | 29.5 | 24.9 | 26.3 | 24.1 | 28.5 |
| Operating income | 185 | 117 | -219 | 206 | 157 | 202 | 257 | 233 |
| Interest income | 0.01 | |||||||
| Other non-operating income | -0.86 | 3.75 | 1.95 | 5.1 | 5.9 | 3.43 | 1.85 | 18.9 |
| Pre-tax income | 158 | 95.4 | -245 | 187 | 177 | 198 | 260 | 250 |
| Income tax | 30.5 | -13.4 | 46 | 57.9 | 56.5 | 35.1 | 55.6 | 41.7 |
| Net income to minority interests | -0.01 | 0.03 | 0.01 | -0 | 0 | 0 | ||
| Net income | 128 | 111 | -201 | 130 | 118 | 167 | 211 | 209 |
| EBITDA | 187 | 118 | -217 | 207 | 158 | 203 | 258 | 235 |
| EPS, basic | 0.45 | 0.35 | -0.62 | 0.39 | 0.37 | 0.58 | 0.73 | 0.86 |
| EPS, diluted | 0.42 | 0.35 | -0.62 | 0.38 | 0.37 | 0.57 | 0.72 | 0.84 |
| Shares, basic (weighted) | 287 | 314 | 321 | 329 | 316 | 288 | 289 | 244 |
| Shares, diluted (weighted) | 304 | 320 | 321 | 337 | 322 | 291 | 293 | 249 |
| Dividend per share | 0.06 | 0.03 | 0.09 |
Balance sheet
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 156 | 145 | 114 | 91.8 | 87.3 | 168 | 135 | 141 |
| Short-term investments | 0.92 | |||||||
| Other current assets | 16.8 | 6.41 | 1.75 | 1.04 | 1.6 | 2.21 | 0.75 | 1.15 |
| Property, plant and equipment | 3.38 | 2.89 | 1.71 | 0.97 | 0.85 | 1.22 | 2.17 | 3.42 |
| Lease right-of-use assets | 8.94 | 6.93 | 3.95 | 9.09 | 7.13 | 5.38 | 6.4 | |
| Intangible assets | 4.13 | 5.05 | 5.74 | 5.78 | 5.3 | 5.18 | 5.01 | 5.6 |
| Long-term investments | 41.8 | 42 | 45.3 | 87.9 | 71.9 | 69.5 | 68.2 | 73.7 |
| Other non-current assets | 0.99 | 9.88 | 7.89 | 4.91 | 9.74 | 7.78 | 6.16 | 7.63 |
| Total assets | 674 | 1,189 | 1,149 | 1,152 | 1,281 | 1,641 | 1,619 | 2,097 |
| Short-term debt | 45 | 58.6 | ||||||
| Other non-current liabilities | 6.08 | 4.23 | 1.89 | 7.42 | 5.29 | 3.77 | 4.98 | |
| Total liabilities | 163 | 562 | 678 | 528 | 592 | 817 | 667 | 977 |
| Paid-in capital | 411 | 429 | 470 | 496 | 463 | 450 | 439 | 466 |
| Retained earnings | 93.1 | 188 | -2.23 | 127 | 235 | 379 | 572 | 784 |
| Treasury stock | -18.1 | -15.7 | -69.8 | -138 | ||||
| Other comprehensive income | 7.64 | 9.64 | 3.23 | 0.99 | 9.22 | 9.79 | 11.1 | 9.11 |
| Shareholders' equity | 512 | 627 | 471 | 624 | 689 | 824 | 953 | 1,121 |
| Minority interests | 0.15 | 0.18 | 0.2 | |||||
| Total equity | 505 | 669 | 483 | 577 | 669 | 824 | 994 | 1,121 |
| Total liabilities and equity | 674 | 1,189 | 1,149 | 1,152 | 1,281 | 1,641 | 1,619 | 2,097 |
| Shares outstanding | 304 | 321 | 323 | 329 | 288 | 294 | 251 | 235 |
Cash flow statement
| FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 128 | 111 | -201 | 130 | 118 | 167 | 211 | 209 |
| Depreciation and amortization | 1.4 | 1.63 | 1.83 | 1.28 | 0.96 | 0.74 | 0.99 | 1.6 |
| Stock-based compensation | 25 | 22.6 | 12.3 | 13.9 | 7.76 | 6 | 5.5 | 8.72 |
| Deferred income tax | -0.46 | -23.7 | -21.8 | 52.3 | 28.4 | -4.12 | -3.73 | -36.9 |
| Cash from operations | 0.78 | 86.3 | -104 | 70.5 | 46.8 | 115 | 209 | 210 |
| Capital expenditures | -5.62 | -2.18 | -0.82 | -0.41 | -0.88 | -1.19 | -1.95 | -3.13 |
| Purchases of investments | -0.92 | -49.4 | -57.1 | -17.2 | -40.3 | |||
| Sales and maturities of investments | 54.7 | 4.97 | ||||||
| Cash from investing | 60 | -442 | -568 | -368 | -132 | -156 | 16.7 | -152 |
| Stock issued | 0.87 | 0.09 | 0.46 | 0.04 | 0.15 | 0.02 | 2.73 | |
| Share buybacks | -21.3 | -3.5 | -25 | -105 | ||||
| Dividends paid | -14.8 | -8.23 | -16 | -22.1 | ||||
| Cash from financing | 26.4 | 389 | 688 | 204 | 83.6 | 173 | -265 | 11.3 |
| Exchange rate effect | -0.91 | 1.53 | -4.35 | -1.47 | 4.24 | 0.32 | 0.94 | -1.18 |
| Net change in cash | 86.4 | 34.8 | 12 | -95.2 | 2.16 | 132 | -38.8 | 67.5 |
| Free cash flow | -4.84 | 84.1 | -105 | 70.1 | 45.9 | 113 | 207 | 207 |
| Interest paid | 0.5 | 1.75 | 1.05 | 0.29 | 3.27 | 3.31 | 4.15 | |
| Income taxes paid | 43.9 | 6.18 | 16.5 | 4.86 | 5.42 | 14.4 | 39.6 | 47.6 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 73.6% | Gross profit / revenue. |
| Operating margin | 21.3% | Operating income / revenue. |
| EBITDA margin | 21.5% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 22.9% | Pre-tax income / revenue. |
| Net margin | 19.2% | Net income / revenue. |
| FCF margin | 18.9% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 19.2% | Cash from operations / revenue. |
| Effective tax rate | 16.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 20.2% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 11.3% | Net income / average total assets. |
| Return on invested capital (ROIC) | 21.6% | 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 | 0.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.3% | Capital expenditures / revenue. |
| D&A / revenue | 0.1% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 35.8% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 28.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 26.6% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 41.9% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 56.8% | 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 | 112.3% | 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 | -9.2% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 14.1% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -8.9% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 14.1% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | -0.7% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 21.2% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | 16.7% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 31.4% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 0.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 64.9% | 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 | -0.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 65.1% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 216.8% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | 17.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 17.6% | 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 | 29.5% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 17.8% | 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 | 12.8% | 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 | -15.0% | 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 | -8.2% | 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 | -4.9% | 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 | 46.6% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 0.3% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $1.12B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.59x | Revenue / average total assets. |
| Fixed asset turnover | 391x | Revenue / average property, plant and equipment. |
| FCF conversion | 98.7% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 1.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.84 | 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 | $0.86 | Net income per basic share, as reported (split-adjusted). |
| Revenue per share | $4.38 | Revenue / diluted weighted shares. |
| FCF per share | $0.83 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.84 | Cash from operations / diluted weighted shares. |
| Book value per share | $4.78 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $4.75 | Tangible book value / shares outstanding. |
| Cash per share | $0.60 | (Cash + short-term investments) / shares outstanding. |
| Dividend per share | $0.09 | Dividend declared per common share (paid, when declared is not tagged). |
| Payout ratio | 10.6% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 10.7% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 50.8% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $288.2M | Share price x shares outstanding. |
| Enterprise value | $146.9M | Market cap + total debt - cash - short-term investments. |
| P/E | 1.38x | Market cap / net income. Only when net income is positive. |
| P/S | 0.26x | Market cap / revenue. |
| P/B | 0.26x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 0.26x | Market cap / tangible book value, when positive. |
| P/FCF | 1.39x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 1.37x | Market cap / cash from operations, when positive. |
| EV/Sales | 0.13x | Enterprise value / revenue. |
| EV/EBIT | 0.63x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 0.63x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 0.71x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 71.7% | Free cash flow / market cap. |
| Earnings yield | 72.7% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 7.7% | Dividends paid over the period / market cap. |
| Shareholder yield | 44.1% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.04x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was X Financial's revenue in fiscal 2025?
X Financial reported revenue of $1.09B for fiscal 2025, 35.8% higher than the year before.
Was X Financial profitable in fiscal 2025?
Yes. Net income was $209.4M, a net margin of 19.2%.
How much free cash flow did X Financial generate in fiscal 2025?
Cash from operations of $209.9M minus capital expenditures of $3.1M left free cash flow of $206.7M.