# Qfin Holdings (QFIN.US)

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

Analysis as of: 2026-10-16T07:31:25.346Z. Financial observations: FY2016–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: $5.82 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 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: 2

- Years with a net loss: 1

- Operating margin variation: 3.71×

Chart: Operating margin; fiscal year observations.

- FY2016: -17.28×

- FY2017: 0.27×

- FY2018: 0.37×

- FY2019: 0.32×

- FY2020: 0.28×

- FY2021: 0.41×

- FY2022: 0.27×

- FY2023: 0.30×

- FY2024: 0.44×

- FY2025: 0.38×

### moat: fail

- Recent gross margin fell 7.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 32.8%

- ROIC, second-lowest year: 16.3%

- Typical minus recent gross margin: 7.2 pp

- Typical gross margin (annual median): 69.2%

- Recent gross margin (lower of latest and 3-year median): 62.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 33.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -108.3%

- FY2017: 16.3%

- FY2018: 39.7%

- FY2019: 47.0%

- FY2020: 61.5%

- FY2021: 58.6%

- FY2022: 32.0%

- FY2023: 21.2%

- FY2024: 33.7%

- FY2025: 29.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 26B

- Net income, five-year total: CNY 26B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -6.0 pp

- Working capital / revenue, change between three-year averages: -65.2 pp

- Working capital / revenue, final three-year average: -73.3%

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

- FY2021: 1.01×

- FY2022: 1.01×

- FY2023: 1.00×

- FY2024: 0.99×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.3% vs 29.4%

- Per-share earnings: 0.83 to 20.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -2.4%

- Market cap gain: CNY 14B

- Cumulative retained earnings: CNY 25B

- Diluted shares, 5-year annual growth: -2.4%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 58.2%

- Per-share value change: CNY 19.81

- Per-share value, starting three-year median: CNY 0.83

- Per-share value, ending three-year median: CNY 20.64

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 6.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: CNY 34B

- ROIC, first three-year median: 16.3%

- ROIC, last three-year median: 29.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY -0.50

- FY2017: CNY 0.83

- FY2018: CNY 5.89

- FY2019: CNY 8.31

- FY2020: CNY 11.40

- FY2021: CNY 17.99

- FY2022: CNY 12.50

- FY2023: CNY 13.04

- FY2024: CNY 20.64

- FY2025: CNY 22.01

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.39×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 128.1%

- FY2017: 8.9%

- FY2018: 12.4%

- FY2019: -2.3%

- FY2020: -7.5%

- FY2021: -0.0%

- FY2022: -4.7%

- FY2023: -6.2%

- FY2024: -6.4%

- FY2025: -8.9%

## Holders

## Price story

Down 87% since Mar 2025 · "* Revenue of $585.3M (-8.71% Y/Y) misses by $79.64M." (seekingalpha.com, Mar 2026) · sales +11.9%

Story as of 2026-10-16T09:59:27.963Z; price observation 2026-10-15.

- 2026-03-18: Qfin Holdings misses top-line estimates; gives Q1 outlook ([seekingalpha.com](https://seekingalpha.com/news/4565635-qfin-holdings-misses-top-line-estimates-gives-q1-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +11.9%; source https://www.sec.gov/Archives/edgar/data/1741530/000110465926049501/qfin-20251231x20f.htm; observed 2026-04-27.

- FY2016: CNY 4.0M 

- FY2017: CNY 788M 

- FY2018: CNY 4.4B 

- FY2019: CNY 9.2B 

- FY2020: CNY 14B 

- FY2021: CNY 17B 

- FY2022: CNY 17B 

- FY2023: CNY 16B 

- FY2024: CNY 17B 

- FY2025: CNY 19B 

### Gross margin · FY2025

gross margin 62%; source https://www.sec.gov/Archives/edgar/data/1741530/000110465926049501/qfin-20251231x20f.htm; observed 2026-04-27.

- FY2017: 74.9% 

- FY2018: 78.0% 

- FY2019: 67.8% 

- FY2020: 76.4% 

- FY2021: 77.2% 

- FY2022: 70.7% 

- FY2023: 64.1% 

- FY2024: 61.8% 

- FY2025: 62.0% 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are CNY 19.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1741530/000110465926049501/qfin-20251231x20f.htm#000110465926049501 (filed 2026-04-27); FY2025: revenue 19205059000; grossProfit 11902268000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); QFIN.US: Qfin Holdings, Inc., together with its subsidiaries, operate AI- driven credit-tech platform under the Qifu Jietiao brand in the People's Republic of China. The company provides credit-driven services that match borrowers with financial institutions to conduct borrower acquisition, credit assessment, fund matching, and post-facilitation services; and platform services, including loan and post-facilitation services to financial institution partners under capital light model, intelligence credit engine, referral services, and other technology solutions. It serves financial institutions, consumers, and small and micro-enterprises. The company was formerly known as Qifu Technology, Inc. and changed its name to Qfin Holdings, Inc. in July 2025. Qfin Holdings, Inc. was founded in 2016 and is headquartered in Shanghai, the People's Republic of China.

### Why customers stay

Margins ranged from 61.8% to 64.1% during 2023–25; it earns 32.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2023: grossProfit / revenue = 64.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2024: grossProfit / revenue = 61.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1741530/000110465926049501/qfin-20251231x20f.htm (filed 2026-04-27); FY2025: grossProfit / revenue = 62%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); 10-year return on capital observations [[2016,-1.0826564063714839],[2017,0.16253801780404958],[2018,0.3966628821671323],[2019,0.46961036464258094],[2020,0.6150625704767203],[2021,0.5856860004310344],[2022,0.3199720247799702],[2023,0.21199338714576701],[2024,0.33675869492044636],[2025,0.2937266011722731]]; median 0.3283653598502083. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.5% of cash earnings on expansion; paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2017: growth capex 5803000; upkeep 1306000; owner earnings 164865000. Growth capex / owner earnings = 0.03519849573893792.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2018: growth capex 4791000; upkeep 3760000; owner earnings 1193311000. Growth capex / owner earnings = 0.004014879608082051.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2019: growth capex 17916000; upkeep 7642000; owner earnings 2501595000. Growth capex / owner earnings = 0.007161830751980237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2020: growth capex 0; upkeep 15272000; owner earnings 3517397000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2021: growth capex 0; upkeep 25307000; cash acquisitions 1458000; owner earnings 5822391000. Growth capex plus acquisitions / owner earnings = 0.0002504125882305053.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2022: growth capex 0; upkeep 25307000; cash acquisitions 0; owner earnings 4075849000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2023: growth capex 0; upkeep 84554000; cash acquisitions 26239000; owner earnings 4274544000. Growth capex plus acquisitions / owner earnings = 0.006138432543915795.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); FY2024: growth capex 7202900.696417749; upkeep 145947099.30358225; cash acquisitions 2602000; owner earnings 6193260900.696418. Growth capex plus acquisitions / owner earnings = 0.00158315641043238.

- Source: https://www.sec.gov/Archives/edgar/data/1741530/000110465926049501/qfin-20251231x20f.htm (filed 2026-04-27); FY2025: growth capex 29722497.946895063; upkeep 210819502.05310494; owner earnings 5846992497.946895. Growth capex / owner earnings = 0.005083382261450101.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); Dividend observations: [[2016,0],[2017,0],[2018,3097733000],[2019,3097733000],[2020,0],[2021,0],[2022,276991000],[2023,941705000],[2024,1262935000],[2025,1378103000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1741530/000110465926049501/qfin-20251231x20f.htm (filed 2026-04-27); FY2025: cash repurchases 4848116000 CNY.

### Are managers owners

Insiders own 3.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); QFIN.US SharesStats.PercentInsiders = 3.361 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-27); Closing price 5.82 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 70.56224596429466; price multiple 0.5519296560559753. FY2025 cash earnings/share 21.48272092220672. Closing-price date 2026-10-15.

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

- 2018-12: $15.51 per share

- 2019-01: $12.70 per share

- 2019-02: $16.83 per share

- 2019-03: $15.35 per share

- 2019-04: $19.87 per share

- 2019-05: $16.07 per share

- 2019-06: $11.75 per share

- 2019-07: $10.74 per share

- 2019-08: $9.96 per share

- 2019-09: $8.90 per share

- 2019-10: $8.85 per share

- 2019-11: $9.50 per share

- 2019-12: $9.77 per share

- 2020-01: $9.13 per share

- 2020-02: $8.36 per share

- 2020-03: $8.00 per share

- 2020-04: $9.00 per share

- 2020-05: $10.05 per share

- 2020-06: $10.71 per share

- 2020-07: $13.86 per share

- 2020-08: $12.50 per share

- 2020-09: $11.94 per share

- 2020-10: $11.52 per share

- 2020-11: $12.40 per share

- 2020-12: $11.79 per share

- 2021-01: $17.40 per share

- 2021-02: $23.43 per share

- 2021-03: $26.01 per share

- 2021-04: $25.61 per share

- 2021-05: $28.07 per share

- 2021-06: $41.84 per share

- 2021-07: $21.25 per share

- 2021-08: $22.80 per share

- 2021-09: $20.32 per share

- 2021-10: $20.41 per share

- 2021-11: $23.28 per share

- 2021-12: $22.93 per share

- 2022-01: $19.79 per share

- 2022-02: $18.75 per share

- 2022-03: $15.39 per share

- 2022-04: $14.43 per share

- 2022-05: $15.73 per share

- 2022-06: $17.30 per share

- 2022-07: $14.52 per share

- 2022-08: $15.98 per share

- 2022-09: $12.82 per share

- 2022-10: $10.16 per share

- 2022-11: $15.69 per share

- 2022-12: $20.36 per share

- 2023-01: $24.13 per share

- 2023-02: $20.36 per share

- 2023-03: $19.40 per share

- 2023-04: $17.64 per share

- 2023-05: $13.75 per share

- 2023-06: $17.28 per share

- 2023-07: $19.96 per share

- 2023-08: $17.00 per share

- 2023-09: $15.36 per share

- 2023-10: $14.79 per share

- 2023-11: $15.52 per share

- 2023-12: $15.82 per share

- 2024-01: $14.35 per share

- 2024-02: $15.45 per share

- 2024-03: $18.43 per share

- 2024-04: $18.29 per share

- 2024-05: $19.32 per share

- 2024-06: $19.73 per share

- 2024-07: $20.31 per share

- 2024-08: $26.49 per share

- 2024-09: $29.81 per share

- 2024-10: $32.81 per share

- 2024-11: $38.11 per share

- 2024-12: $38.38 per share

- 2025-01: $39.90 per share

- 2025-02: $40.08 per share

- 2025-03: $44.91 per share

- 2025-04: $41.03 per share

- 2025-05: $41.10 per share

- 2025-06: $43.36 per share

- 2025-07: $34.33 per share

- 2025-08: $29.12 per share

- 2025-09: $28.78 per share

- 2025-10: $24.15 per share

- 2025-11: $19.53 per share

- 2025-12: $19.27 per share

- 2026-01: $15.55 per share

- 2026-02: $14.56 per share

- 2026-03: $12.91 per share

- 2026-04: $13.08 per share

- 2026-05: $16.08 per share

- 2026-06: $15.81 per share

- 2026-07: $13.88 per share

- 2026-08: $8.66 per share

- 2026-09: $6.70 per share

- 2026-10: $5.82 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 2026-10-15T06:37:10.283Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1741530/000110465926049501/qfin-20251231x20f.htm); period 2025-12-31, filed 2026-04-27.

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.