XYFNYSEFinance ServicesFiscal year ends December 31
X Financial
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 30, 2026
$5.10+0.12 (+2.41%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
73.6%+68.0 pts over 5 years
Operating margin
21.3%+86.6 pts over 5 years
Net margin
19.2%+78.8 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 | +30.1% | +28.9% | +28.4% | – | |
| Gross profit | +35.9% | +36.2% | +115.3% | – | |
| Operating income | -13.0% | +10.3% | – | – | |
| Net income | -4.9% | +21.7% | – | – | |
| EPS, diluted | +11.8% | +32.6% | – | – | |
| Free cash flow | -4.2% | +32.6% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -35.2% | 19.8% | |
| Return on assets | – | -16.6% | 11.1% | |
| Capex to revenue | 1.5% | 0.2% | 0.3% | |
| Diluted shares | 238M | 321M | 249M |
Where the cash went
Fiscal 2021 to 2025, five years combined
X Financial generated CN¥5.46B from operations and spent CN¥1.47B on capital expenditure, dividends and share buybacks. 4% of that went back into the business.
Generated
CN¥5.46B
Used
CN¥1.47B
Capital expenditureCN¥53.25M4%DividendsCN¥329.81M22%Share buybacksCN¥1.09B74%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin19.2%
×Asset turnover0.58×
×Equity multiplier1.79×
=Return on equity, FY202519.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 19.2% | 0.58× | 1.79× | 19.8% |
| FY2024 | 26.2% | 0.50× | 1.83× | 24.1% |
| FY2023 | 24.6% | 0.47× | 1.93× | 22.4% |
| FY2022 | 22.8% | 0.44× | 1.85× | 18.6% |
| FY2021 | 22.8% | 0.49× | 2.10× | 23.4% |
| FY2020 | -59.7% | 0.28× | 2.12× | -35.2% |
| FY2019 | 25.1% | 0.48× | 1.64× | 19.6% |
| FY2018 | 24.9% | 0.83× | 1.61× | 33.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥1.46B
- Cash generatingOperating cash flow above zeroCN¥1.47B
- Return on assets improvedROA up on the prior year13.2% → 12.4%
- Earnings backed by cashOperating cash flow above net incomeCN¥1.47B vs CN¥1.46B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise293M → 249M
- Gross margin improvedGross margin up on the prior year70.40% → 73.55%
- More efficientAsset turnover rose0.50 → 0.65