# FinVolution Group (FINV.US)

Canonical: https://gigainvestors.com/s/FINV

Analysis as of: 2026-10-16T07:28:31.313Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.16 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 39.86×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.81×

- FY2017: -0.60×

- FY2018: -0.55×

- FY2019: 0.44×

- FY2020: 0.31×

- FY2021: 0.28×

- FY2022: 0.23×

- FY2023: 0.19×

- FY2024: 0.19×

- FY2025: 0.21×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 31.4%

- ROIC, second-lowest year: -91.2%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 79.5%

- Recent gross margin (lower of latest and 3-year median): 76.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 40.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -724.9%

- FY2017: -51.5%

- FY2018: -91.2%

- FY2019: 38.1%

- FY2020: 49.9%

- FY2021: 47.5%

- FY2022: 38.6%

- FY2023: 35.2%

- FY2024: 27.7%

- FY2025: 27.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 12B

- Net income, five-year total: CNY 12B

- Return on incremental invested capital: 72.1%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -21.8 pp

- Working capital / revenue, final three-year average: 31.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.01×

- FY2022: 1.01×

- FY2023: 0.81×

- FY2024: 1.02×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -91.2% vs 27.7%

- Per-share earnings: 1.67 to 9.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.2%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: CNY -1.4B

- Cumulative retained earnings: CNY 14B

- Diluted shares, 10-year annual growth: 7.2%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.6%

- Per-share value change: CNY 7.47

- Per-share value, starting three-year median: CNY 1.67

- Per-share value, ending three-year median: CNY 9.14

- Buybacks concentrated in cheaper years (correlation): 0.17

- Average buyback yield: 4.9%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 355M

- Cumulative net income, 10 years: CNY 20B

- ROIC, first three-year median: -91.2%

- ROIC, last three-year median: 27.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.67

- FY2017: CNY 4.83

- FY2018: CNY 7.90

- FY2019: CNY 7.64

- FY2020: CNY 6.85

- FY2021: CNY 8.45

- FY2022: CNY 7.84

- FY2023: CNY 8.56

- FY2024: CNY 9.14

- FY2025: CNY 9.31

### accounting: pass

- Sloan accruals: 2.4%

- Receivables to sales index (DSRI): 0.39×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -27.3%

- FY2017: -9.1%

- FY2018: 4.4%

- FY2019: 14.1%

- FY2020: -1.6%

- FY2021: 10.4%

- FY2022: 9.3%

- FY2023: 4.4%

- FY2024: -2.2%

- FY2025: 2.4%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 67% since Mar 2025 · sales +3.9%

Story as of 2026-10-16T09:58:45.428Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +3.9%; source https://www.sec.gov/Archives/edgar/data/1691445/000149315226019597/form20-f.htm; observed 2026-04-29.

- FY2016: CNY 1.2B 

- FY2017: CNY 3.9B 

- FY2018: CNY 4.5B 

- FY2019: CNY 6.0B 

- FY2020: CNY 7.6B 

- FY2021: CNY 9.5B 

- FY2022: CNY 11B 

- FY2023: CNY 13B 

- FY2024: CNY 13B 

- FY2025: CNY 14B 

### Gross margin · FY2025

gross margin 76.5%; source https://www.sec.gov/Archives/edgar/data/1691445/000149315226019597/form20-f.htm; observed 2026-04-29.

- FY2016: 68.1% 

- FY2017: 75.2% 

- FY2018: 78.3% 

- FY2019: 79.7% 

- FY2020: 82.5% 

- FY2021: 80.5% 

- FY2022: 81.7% 

- FY2023: 83.2% 

- FY2024: 79.3% 

- FY2025: 76.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in credit services; annual sales are CNY 13.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1691445/000149315226019597/form20-f.htm#000149315226019597 (filed 2026-04-29); FY2025: revenue 13569483000; grossProfit 10378650000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 76.5% to 83.2% during 2023–25; it earns 31.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 83.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 79.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1691445/000149315226019597/form20-f.htm (filed 2026-04-29); FY2025: grossProfit / revenue = 76.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,-7.249376948985559],[2017,-0.5153677506686618],[2018,-0.9119620279013588],[2019,0.3806997714999642],[2020,0.49932446356415144],[2021,0.4753018379596723],[2022,0.38588633774662084],[2023,0.3519720164221711],[2024,0.2769252871732778],[2025,0.27589690406634854]]; median 0.3144486517977244. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.2% of cash earnings on expansion; paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 17718000; upkeep 12086000; owner earnings 501490000. Growth capex / owner earnings = 0.03533071447087679.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 68316000; upkeep 22555000; owner earnings 1082983000. Growth capex / owner earnings = 0.06308132260617202.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 29582757.698886223; upkeep 59121242.30111378; owner earnings 2452114757.6988864. Growth capex / owner earnings = 0.012064181582858413.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 0; upkeep 48659000; owner earnings 2431276000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 32017000; owner earnings 2037116000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 0; upkeep 55271000; owner earnings 2522909000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 0; upkeep 52775000; owner earnings 2278613000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 33797795.67484248; upkeep 504297204.3251575; owner earnings 1905627795.6748424. Growth capex / owner earnings = 0.01773578017257752.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 27757000; owner earnings 2441641000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1691445/000149315226019597/form20-f.htm (filed 2026-04-29); FY2025: growth capex 4494000; upkeep 88858000; owner earnings 2473138000. Growth capex / owner earnings = 0.0018171246408409073.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,0],[2017,390715000],[2018,390715000],[2019,390715000],[2020,263569000],[2021,317569000],[2022,372483000],[2023,430353000],[2024,441331000],[2025,510201000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1691445/000149315226019597/form20-f.htm (filed 2026-04-29); FY2025: cash repurchases 767004000 CNY.

### Are managers owners

Insiders own 11.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); FINV.US SharesStats.PercentInsiders = 11.434999999999999 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Closing price 3.16 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 51.07588275812747; price multiple 0.41400381425630456. FY2025 cash earnings/share 9.308954993544695. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-11: $9.60 per share

- 2017-12: $7.11 per share

- 2018-01: $7.65 per share

- 2018-02: $7.08 per share

- 2018-03: $7.45 per share

- 2018-04: $6.80 per share

- 2018-05: $7.43 per share

- 2018-06: $5.95 per share

- 2018-07: $4.54 per share

- 2018-08: $6.50 per share

- 2018-09: $5.38 per share

- 2018-10: $5.71 per share

- 2018-11: $5.55 per share

- 2018-12: $3.60 per share

- 2019-01: $3.56 per share

- 2019-02: $4.82 per share

- 2019-03: $3.78 per share

- 2019-04: $5.22 per share

- 2019-05: $4.71 per share

- 2019-06: $4.35 per share

- 2019-07: $3.88 per share

- 2019-08: $3.74 per share

- 2019-09: $2.90 per share

- 2019-10: $2.80 per share

- 2019-11: $2.93 per share

- 2019-12: $2.65 per share

- 2020-01: $2.02 per share

- 2020-02: $1.98 per share

- 2020-03: $1.78 per share

- 2020-04: $1.92 per share

- 2020-05: $1.52 per share

- 2020-06: $1.81 per share

- 2020-07: $2.03 per share

- 2020-08: $1.90 per share

- 2020-09: $1.84 per share

- 2020-10: $2.03 per share

- 2020-11: $2.18 per share

- 2020-12: $2.67 per share

- 2021-01: $3.45 per share

- 2021-02: $5.62 per share

- 2021-03: $7.01 per share

- 2021-04: $6.71 per share

- 2021-05: $7.52 per share

- 2021-06: $9.52 per share

- 2021-07: $6.53 per share

- 2021-08: $6.09 per share

- 2021-09: $5.64 per share

- 2021-10: $6.12 per share

- 2021-11: $5.87 per share

- 2021-12: $4.93 per share

- 2022-01: $3.95 per share

- 2022-02: $4.07 per share

- 2022-03: $3.97 per share

- 2022-04: $3.76 per share

- 2022-05: $4.21 per share

- 2022-06: $4.75 per share

- 2022-07: $4.19 per share

- 2022-08: $4.92 per share

- 2022-09: $4.28 per share

- 2022-10: $4.34 per share

- 2022-11: $4.67 per share

- 2022-12: $4.96 per share

- 2023-01: $5.49 per share

- 2023-02: $5.07 per share

- 2023-03: $4.17 per share

- 2023-04: $3.98 per share

- 2023-05: $3.86 per share

- 2023-06: $4.60 per share

- 2023-07: $5.87 per share

- 2023-08: $5.02 per share

- 2023-09: $4.98 per share

- 2023-10: $4.73 per share

- 2023-11: $4.43 per share

- 2023-12: $4.90 per share

- 2024-01: $4.81 per share

- 2024-02: $5.23 per share

- 2024-03: $5.04 per share

- 2024-04: $4.77 per share

- 2024-05: $4.78 per share

- 2024-06: $4.77 per share

- 2024-07: $5.58 per share

- 2024-08: $5.30 per share

- 2024-09: $6.18 per share

- 2024-10: $6.06 per share

- 2024-11: $6.98 per share

- 2024-12: $6.79 per share

- 2025-01: $7.64 per share

- 2025-02: $8.24 per share

- 2025-03: $9.63 per share

- 2025-04: $7.91 per share

- 2025-05: $8.36 per share

- 2025-06: $9.48 per share

- 2025-07: $8.59 per share

- 2025-08: $8.25 per share

- 2025-09: $7.37 per share

- 2025-10: $6.11 per share

- 2025-11: $4.99 per share

- 2025-12: $5.23 per share

- 2026-01: $5.13 per share

- 2026-02: $5.62 per share

- 2026-03: $4.79 per share

- 2026-04: $4.96 per share

- 2026-05: $5.25 per share

- 2026-06: $4.79 per share

- 2026-07: $4.85 per share

- 2026-08: $3.67 per share

- 2026-09: $3.03 per share

- 2026-10: $3.16 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:13.070Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1691445/000149315226019597/form20-f.htm); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.