CANNasdaqFinance ServicesFiscal year ends December 31
Canaan Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 15, 2026
$0.23+0.00 (+0.48%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
7.8%−0.7 pts over 5 years
Operating margin
-21.2%+35.5 pts over 5 years
Net margin
-39.7%+8.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +96.7% | -6.7% | +50.5% | – | |
| Gross profit | – | -43.7% | +48.0% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -39.8% | -59.8% | |
| Return on assets | – | -21.9% | -39.5% | |
| Current ratio | – | 1.70 | 3.31 | |
| Debt to equity | – | – | 0.12 | |
| Interest coverage | – | -70.7× | -57.1× | |
| Inventory turnover | – | 2.0× | 3.5× | |
| Capex to revenue | – | 0.5% | 4.6% | |
| Diluted shares | 1.97B | 2.35B | 7.04B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Canaan generated $978.99M from operations and spent $129.10M on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
$978.99M
Used
$129.10M
Capital expenditure$70.62M55%Dividends$00%Share buybacks$58.49M45%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-39.7%
×Asset turnover0.99×
×Equity multiplier1.51×
=Return on equity, FY2025-59.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -39.7% | 0.99× | 1.51× | -59.8% |
| FY2024 | -92.7% | 0.56× | 1.56× | -81.3% |
| FY2023 | -195.8% | 0.36× | 1.23× | -86.7% |
| FY2022 | 10.7% | 0.83× | 1.36× | 12.2% |
| FY2021 | 40.0% | 1.48× | 1.71× | 101.5% |
| FY2020 | -48.0% | 0.46× | 1.82× | -39.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$210.27M
- Cash generatingOperating cash flow above zero-$271.22M
- Return on assets improvedROA up on the prior year-50.6% → -45.4%
- Earnings backed by cashOperating cash flow above net income-$271.22M vs -$210.27M
- Less leverageLong-term debt to assets fell1.6% → 3.9%
- Better liquidityCurrent ratio rose1.87 → 3.31
- No dilutionShare count did not rise4.07B → 7.04B
- Gross margin improvedGross margin up on the prior year-31.31% → 7.77%
- More efficientAsset turnover rose0.55 → 1.14