QFINNasdaqFinance ServicesFiscal year ends December 31Also trades as QFNHF
Qfin Holdings, Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 27, 2026
$5.58−0.09 (-1.59%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
84.4%−3.8 pts over 5 years
Operating margin
34.8%+6.8 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.9% | +5.1% | +7.2% | – | |
| Gross profit | +13.6% | +4.5% | +6.3% | – | |
| Operating income | -11.3% | +14.3% | +12.0% | – | |
| EPS, diluted | +6.6% | +20.8% | +14.1% | – | |
| Free cash flow | +18.0% | +22.5% | +15.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | – | |
| Current ratio | – | 1.63 | 2.43 | |
| Capex to revenue | – | 0.1% | 1.3% | |
| Diluted shares | – | 307M | 272M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Qfin generated CN¥39.26B from operations and spent CN¥8.99B on capital expenditure, dividends and share buybacks. 6% of that went back into the business.
Generated
CN¥39.26B
Used
CN¥8.99B
Capital expenditureCN¥530.53M6%DividendsCN¥00%Share buybacksCN¥8.46B94%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin26.8%
×Asset turnover0.85×
×Equity multiplier2.02×
=Return on equity, FY201846.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2018 | 26.8% | 0.85× | 2.02× | 46.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zeroCN¥11.08B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net incomeCN¥11.08B vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.45 → 2.43
- No dilutionShare count did not rise303M → 272M
- Gross margin improvedGross margin up on the prior year83.10% → 84.37%
- More efficientAsset turnover rose0.37 → 0.40