QHNasdaqServices-Business Services, NECFiscal year ends December 31
QUHUO Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 2, 2026
$3.56+0.21 (+6.27%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
0.5%−7.0 pts over 5 years
Operating margin
-7.0%−6.3 pts over 5 years
Net margin
-5.9%−6.1 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 | -17.1% | -12.9% | -0.4% | – | |
| Gross profit | -83.2% | -63.4% | -42.2% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -3.1% | -36.5% | |
| Return on assets | – | 0.4% | -17.9% | |
| Current ratio | – | 1.58 | 1.03 | |
| Debt to equity | – | 0.16 | – | |
| Interest coverage | – | -2.6× | -42.4× | |
| Capex to revenue | – | 0.1% | 0.1% | |
| Diluted shares | – | 49M | 1.39B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Quhuo generated CN¥255.58M from operations and spent CN¥16.51M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥255.58M
Used
CN¥16.51M
Capital expenditureCN¥16.51M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-5.9%
×Asset turnover3.03×
×Equity multiplier2.03×
=Return on equity, FY2025-36.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.9% | 3.03× | 2.03× | -36.5% |
| FY2024 | 0.1% | 3.21× | 1.96× | 0.6% |
| FY2023 | 0.1% | 3.55× | 2.07× | 0.7% |
| FY2022 | -0.3% | 3.47× | 2.26× | -2.7% |
| FY2021 | -3.9% | 3.54× | 2.22× | -30.7% |
| FY2020 | 0.1% | 2.75× | -8.40× | -3.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥149.46M
- Cash generatingOperating cash flow above zero-CN¥37.94M
- Return on assets improvedROA up on the prior year0.3% → -17.2%
- Earnings backed by cashOperating cash flow above net income-CN¥37.94M vs -CN¥149.46M
- Less leverageLong-term debt to assets fell0.5% → –
- Better liquidityCurrent ratio rose1.40 → 1.03
- No dilutionShare count did not rise416M → 1.39B
- Gross margin improvedGross margin up on the prior year2.42% → 0.49%
- More efficientAsset turnover rose2.95 → 2.91