NYSE : XYF
X Financial — Financial statements
Financials · Credit Services · China
Last price 4.81 USD (Oct 30, 2026, 9:30 AM EDT) · Market cap 185.26M
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Financial statements
X Financial (XYF) reported revenue of 5.60B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.76B | 4.92B | 3.86B | 3.34B | 2.42B | 2.86B |
| Other Revenue | 2.84B | 2.72B | 2.01B | 1.48B | 1.15B | 765.28M |
| Revenue | 5.60B | 7.64B | 5.87B | 4.81B | 3.56B | 3.63B |
| Cost of Revenue | 2.23B | 2.36B | 1.96B | 1.77B | 1.50B | 2.04B |
| Gross Profit | 3.37B | 5.28B | 3.91B | 3.04B | 2.07B | 1.59B |
| Selling, General & Admin | 191.66M | 199.56M | 175.93M | 153.94M | 143.23M | 208.69M |
| Operating Expenses | 442.87M | 442.28M | 211.66M | 166.18M | 165.07M | 285.94M |
| Operating Income | 2.92B | 4.84B | 3.70B | 2.88B | 1.90B | 1.30B |
| Interest Expense | -11.90M | -18.85M | -22.89M | -30.66M | ||
| Interest & Investment Income | 46.51M | 29.51M | 39.46M | 16.79M | 3.76M | 19.71M |
| Earnings From Equity Investments | -130.44M | 6.21M | 51.28M | -20.65M | -11.83M | 3.34M |
| Currency Exchange Gain (Loss) | 8.03M | -8.54M | -9.53M | -4.02M | -19.96M | 5.15M |
| Other Non Operating Income (Expenses) | 17.59M | 129.66M | 11.28M | 49.61M | 170.91M | -136.99M |
| EBT Excluding Unusual Items | 2.85B | 4.97B | 3.77B | 2.89B | 2.04B | 1.19B |
| Merger & Restructuring Charges | -1.11B | -2.20B | -1.58B | -1.37B | -833.11M | |
| Gain (Loss) on Sale of Investments | -3.73M | -14.53M | -155.38K | -86.02K | -17.64M | 1.22M |
| Gain (Loss) on Sale of Assets | -3.69K | -3.69K | 56.29K | -148.20K | 2.68K | 180.54K |
| Other Unusual Items | -987.70M | -1.00B | -241.74M | -67.52M | 14.00M | 24.28K |
| Pretax Income | 754.42M | 1.76B | 1.95B | 1.45B | 1.21B | 1.19B |
| Income Tax Expense | 191.08M | 291.65M | 405.70M | 261.13M | 396.07M | 368.74M |
| Earnings From Continuing Operations | 563.34M | 1.46B | 1.54B | 1.19B | 812.00M | 825.41M |
| Minority Interest in Earnings | 478.00 | |||||
| Net Income | 563.34M | 1.46B | 1.54B | 1.19B | 812.00M | 825.41M |
| Net Income to Common | 563.34M | 1.46B | 1.54B | 1.19B | 812.00M | 825.41M |
| Shares Outstanding (Basic) | 38.81M | 40.66M | 48.14M | 48.02M | 52.74M | 54.87M |
| Shares Outstanding (Diluted) | 39.00M | 41.58M | 48.89M | 48.47M | 53.73M | 56.15M |
| EPS (Basic) | 14.52 | 36.02 | 31.99 | 24.71 | 15.40 | 15.04 |
| EPS (Diluted) | 14.46 | 35.22 | 31.50 | 24.48 | 15.12 | 14.70 |
| Free Cash Flow | 1.45B | 1.51B | 1.38B | 620.73M | 446.55M | |
| Free Cash Flow Per Share | 34.77 | 30.87 | 28.53 | 11.55 | 7.95 | |
| Dividend Per Share | 3.82 | 3.92 | 3.07 | 1.19 | ||
| Gross Margin | 60.11% | 69.10% | 66.62% | 63.17% | 58.01% | 43.77% |
| Operating Margin | 52.20% | 63.31% | 63.02% | 59.72% | 53.38% | 35.89% |
| Profit Margin | 10.06% | 19.17% | 26.23% | 24.65% | 22.79% | 22.76% |
| Free Cash Flow Margin | 18.92% | 25.70% | 28.72% | 17.42% | 12.31% | |
| EBITDA | 2.94B | 4.85B | 3.71B | 2.88B | 1.91B | 1.31B |
| EBITDA Margin | 52.43% | 63.45% | 63.14% | 59.83% | 53.57% | 36.11% |
| D&A For EBITDA | 13.14M | 11.16M | 7.20M | 5.26M | 6.65M | 8.14M |
| EBIT | 2.92B | 4.84B | 3.70B | 2.88B | 1.90B | 1.30B |
| EBIT Margin | 52.20% | 63.31% | 63.02% | 59.72% | 53.38% | 35.89% |
| Effective Tax Rate | 25.33% | 16.61% | 20.85% | 18.04% | 32.79% | 30.88% |
| Revenue as Reported | 5.60B | 7.64B | 5.87B | 4.81B | 3.56B | 3.63B |
| Advertising Expenses | 10.52M | 8.56M | 8.11M | 8.49M | 7.40M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.13B | 987.63M | 984.61M | 1.20B | 602.27M | 584.76M |
| Cash & Short-Term Investments | 1.13B | 987.63M | 984.61M | 1.20B | 602.27M | 584.76M |
| Accounts Receivable | 1.38B | 3.15B | 2.03B | 1.66B | 1.16B | 755.37M |
| Other Receivables | 15.00M | 15.00M | ||||
| Receivables | 5.51B | 8.44B | 6.86B | 6.62B | 5.12B | 3.66B |
| Prepaid Expenses | 36.22M | 21.41M | 10.68M | 8.42M | 22.10M | 19.33M |
| Restricted Cash | 827.67M | 1.15B | 676.79M | 749.07M | 404.69M | 407.28M |
| Other Current Assets | 882.91M | 1.74B | 1.98B | 1.74B | 1.80B | 1.68B |
| Total Current Assets | 8.39B | 12.34B | 10.51B | 10.31B | 7.95B | 6.35B |
| Property, Plant & Equipment | 24.50M | 68.68M | 55.07M | 59.27M | 68.55M | 31.39M |
| Long-Term Investments | 3.11B | 1.76B | 1.01B | 1.10B | 688.61M | 642.88M |
| Other Intangible Assets | 38.23M | 39.18M | 36.59M | 36.81M | 36.55M | 36.82M |
| Long-Term Deferred Tax Assets | 486.39M | 455.36M | 197.71M | 135.96M | 88.43M | 274.87M |
| Other Long-Term Assets | 48.81M | 8.58M | 5.71M | 4.64M | 4.52M | 6.08M |
| Total Assets | 12.10B | 14.67B | 11.82B | 11.65B | 8.84B | 7.34B |
| Accrued Expenses | 841.06M | 1.12B | 1.14B | 789.72M | 709.91M | 451.86M |
| Short-Term Debt | 396.21M | 409.53M | 328.50M | 565.00M | 70.21M | 166.50M |
| Current Portion of Leases | 10.86M | 12.73M | 12.85M | 11.30M | 12.33M | |
| Current Income Taxes Payable | 659.05M | 677.52M | 591.49M | 446.50M | 270.09M | 117.15M |
| Other Current Liabilities | 12.19M | 228.24M | 146.64M | 208.97M | 182.08M | 634.88M |
| Total Current Liabilities | 1.91B | 2.44B | 2.22B | 2.02B | 1.24B | 1.38B |
| Long-Term Leases | 28.90M | 34.81M | 27.52M | 37.57M | 51.19M | 12.02M |
| Long-Term Unearned Revenue | 392.79M | 467.63M | 164.72M | 46.60M | ||
| Long-Term Deferred Tax Liabilities | 22.99M | 69.67M | 65.96M | 30.04M | 721.68K | |
| Other Long-Term Liabilities | 1.99B | 3.82B | 2.38B | 3.67B | 2.79B | 1.97B |
| Total Liabilities | 4.35B | 6.83B | 4.87B | 5.80B | 4.08B | 3.37B |
| Common Stock | 207.00K | 206.79K | 206.79K | 206.79K | 206.79K | 206.79K |
| Additional Paid-In Capital | 3.26B | 3.26B | 3.21B | 3.20B | 3.19B | 3.16B |
| Retained Earnings | 5.50B | 5.48B | 4.17B | 2.69B | 1.62B | 810.86M |
| Treasury Stock | -1.04B | -967.77M | -509.64M | -111.52M | -124.60M | |
| Comprehensive Income & Other | 39.23M | 63.72M | 81.05M | 69.48M | 63.60M | 6.31M |
| Total Common Equity | 7.76B | 7.84B | 6.95B | 5.85B | 4.75B | 3.98B |
| Shareholders' Equity | 7.76B | 7.84B | 6.95B | 5.85B | 4.75B | 3.98B |
| Total Liabilities & Equity | 12.10B | 14.67B | 11.82B | 11.65B | 8.84B | 7.34B |
| Total Debt | 425.11M | 455.19M | 368.75M | 615.42M | 132.71M | 190.85M |
| Net Cash (Debt) | 706.62M | 532.44M | 615.86M | 579.93M | 469.56M | 393.91M |
| Net Cash Per Share | 18.12 | 12.80 | 12.60 | 11.96 | 8.74 | 7.02 |
| Filing Date Shares Outstanding | 37.54M | 38.52M | 42.21M | 49.19M | 48.15M | 54.85M |
| Total Common Shares Outstanding | 37.54M | 39.09M | 41.78M | 48.93M | 47.99M | 54.85M |
| Working Capital | 6.48B | 9.89B | 8.29B | 8.29B | 6.71B | 4.97B |
| Book Value Per Share | 206.57 | 200.50 | 166.42 | 119.51 | 99.05 | 72.50 |
| Tangible Book Value | 7.72B | 7.80B | 6.92B | 5.81B | 4.72B | 3.94B |
| Tangible Book Value Per Share | 205.55 | 199.50 | 165.55 | 118.76 | 98.29 | 71.83 |
| Machinery | 40.62M | 33.82M | 26.65M | 26.21M | 23.12M | |
| Leasehold Improvements | 33.38M | 27.53M | 24.31M | 23.71M | 22.80M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.46B | 1.54B | 1.19B | 812.00M | 825.41M | |
| Depreciation & Amortization | 11.16M | 7.20M | 5.26M | 6.65M | 8.14M | |
| Loss (Gain) From Sale of Assets | 3.69K | -56.29K | 148.20K | -2.68K | -180.54K | |
| Loss (Gain) From Sale of Investments | 40.63M | -58.10M | 12.31M | -12.79M | -1.22M | |
| Loss (Gain) on Equity Investments | -25.72M | -10.16M | 1.93M | 42.25M | -3.34M | |
| Stock-Based Compensation | 60.97M | 40.18M | 42.60M | 53.54M | 88.43M | |
| Provision & Write-off of Bad Debts | 242.72M | 35.73M | 12.23M | 21.84M | 77.25M | |
| Other Operating Activities | 904.78M | 311.68M | 116.92M | 58.77M | 502.62M | |
| Change in Accounts Receivable | -1.36B | -405.69M | -509.91M | -436.27M | -411.42M | |
| Change in Income Taxes | 122.47M | 143.87M | 176.41M | 152.94M | 41.23M | |
| Change in Other Net Operating Assets | 207.67M | -215.15M | 117.61M | -230.72M | -753.75M | |
| Operating Cash Flow | 1.47B | 1.52B | 1.39B | 626.78M | 449.17M | |
| Capital Expenditures | -21.88M | -14.22M | -8.47M | -6.06M | -2.62M | |
| Sale of Property, Plant & Equipment | 58.32K | 107.95K | 18.05K | 5.44K | 236.78K | |
| Investment in Securities | -233.94M | 242.45M | -424.15M | -83.69M | -351.84M | |
| Other Investing Activities | -623.48M | 664.70M | -793.48M | -1.09B | -1.46B | |
| Investing Cash Flow | -1.07B | 122.03M | -1.68B | -1.22B | -2.35B | |
| Short-Term Debt Issued | 725.38M | 133.50M | 802.50M | 70.21M | 266.50M | |
| Long-Term Debt Issued | 98.80M | 2.51B | ||||
| Total Debt Issued | 725.38M | 133.50M | 802.50M | 169.01M | 2.77B | |
| Short-Term Debt Repaid | -641.82M | -370.00M | -307.71M | -166.50M | -450.55M | |
| Long-Term Debt Repaid | -1.51B | -3.10B | -2.44B | -1.78B | -2.49B | |
| Total Debt Repaid | -2.15B | -3.47B | -2.74B | -1.94B | -2.94B | |
| Net Debt Issued (Repaid) | -1.43B | -3.33B | -1.94B | -1.77B | -166.52M | |
| Issuance of Common Stock | 19.09M | 122.51K | 1.10M | 277.34K | 2.96M | |
| Repurchase of Common Stock | -733.98M | -182.20M | -24.87M | -146.74M | ||
| Common Dividends Paid | -154.77M | -116.64M | -58.40M | |||
| Other Financing Activities | 2.37B | 1.70B | 3.25B | 2.50B | 1.46B | |
| Financing Cash Flow | 79.24M | -1.94B | 1.23B | 576.35M | 1.30B | |
| Foreign Exchange Rate Adjustments | -8.24M | 6.89M | 2.29M | 29.26M | -9.37M | |
| Net Cash Flow | 472.26M | -282.86M | 937.55M | 14.92M | -606.48M | |
| Free Cash Flow | 1.45B | 1.51B | 1.38B | 620.73M | 446.55M | |
| Free Cash Flow Margin | 18.92% | 25.70% | 28.72% | 17.42% | 12.31% | |
| Free Cash Flow Per Share | 34.77 | 30.87 | 28.53 | 11.55 | 7.95 | |
| Levered Free Cash Flow | 1.38B | 2.36B | 332.91M | -381.76M | 1.47B | |
| Unlevered Free Cash Flow | 1.39B | 2.37B | 352.07M | -381.76M | 1.47B | |
| Cash Interest Paid | 29.04M | 24.16M | 23.25M | 1.99M | 6.72M | |
| Cash Income Tax Paid | 333.21M | 289.08M | 102.28M | 37.37M | 30.96M | |
| Change in Working Capital | -1.57B | -564.66M | -215.89M | -514.04M | -1.12B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 183.34M | 236.37M | 394.94M | 176.23M | 165.66M | 165.11M |
| Enterprise Value | 79.31M | 196.05M | 312.30M | 62.62M | 93.22M | 28.10M |
| Last Close Price | 4.76 | 5.03 | 7.24 | 2.95 | 2.34 | 2.33 |
| PE Ratio | 2.24 | 1.13 | 1.87 | 1.05 | 1.41 | 1.27 |
| Forward PE | 3.46 | 3.46 | 3.46 | 3.46 | 3.46 | |
| PS Ratio | 0.22 | 0.22 | 0.49 | 0.26 | 0.32 | 0.29 |
| PB Ratio | 0.16 | 0.21 | 0.41 | 0.21 | 0.24 | 0.26 |
| P/TBV Ratio | 0.16 | 0.21 | 0.42 | 0.21 | 0.24 | 0.27 |
| P/FCF Ratio | 0.84 | 1.14 | 1.91 | 0.90 | 1.84 | 2.35 |
| P/OCF Ratio | 1.13 | 1.89 | 0.90 | 1.82 | 2.33 | |
| PEG Ratio | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 | |
| EV/Sales Ratio | 0.10 | 0.18 | 0.39 | 0.09 | 0.18 | 0.05 |
| EV/EBITDA Ratio | 0.18 | 0.28 | 0.61 | 0.15 | 0.34 | 0.14 |
| EV/EBIT Ratio | 0.18 | 0.28 | 0.62 | 0.15 | 0.34 | 0.14 |
| EV/FCF Ratio | 0.36 | 0.95 | 1.51 | 0.32 | 1.04 | 0.40 |
| Debt / Equity Ratio | 0.06 | 0.06 | 0.05 | 0.10 | 0.03 | 0.05 |
| Debt / EBITDA Ratio | 0.14 | 0.09 | 0.10 | 0.21 | 0.07 | 0.14 |
| Debt / FCF Ratio | 0.32 | 0.24 | 0.45 | 0.21 | 0.43 | |
| Net Debt / Equity Ratio | -0.09 | -0.07 | -0.09 | -0.10 | -0.10 | -0.10 |
| Net Debt / EBITDA Ratio | -0.24 | -0.11 | -0.17 | -0.20 | -0.25 | -0.30 |
| Net Debt / FCF Ratio | -0.37 | -0.41 | -0.42 | -0.76 | -0.88 | |
| Asset Turnover | 0.43 | 0.58 | 0.50 | 0.47 | 0.44 | 0.49 |
| Quick Ratio | 1.31 | 1.69 | 1.35 | 1.41 | 1.43 | 0.98 |
| Current Ratio | 4.40 | 5.05 | 4.73 | 5.10 | 6.39 | 4.59 |
| Return on Equity (ROE) | 7.28% | 19.80% | 24.06% | 22.39% | 18.60% | 23.41% |
| Return on Assets (ROA) | 14.16% | 22.83% | 19.71% | 17.54% | 14.69% | 10.96% |
| Return on Invested Capital (ROIC) | 30.77% | 59.13% | 50.48% | 49.36% | 32.50% | 28.52% |
| Return on Capital Employed (ROCE) | 28.70% | 39.60% | 38.60% | 29.90% | 25.00% | 21.80% |
| Earnings Yield | 44.73% | 88.58% | 53.42% | 94.97% | 71.07% | 78.70% |
| FCF Yield | 118.55% | 87.44% | 52.35% | 110.67% | 54.33% | 42.58% |
| Dividend Yield | 11.77% | 9.27% | 4.44% | 4.66% | ||
| Payout Ratio | 25.55% | 10.57% | 7.57% | 4.92% | ||
| Buyback Yield / Dilution | 14.93% | 14.95% | -0.87% | 9.79% | 4.30% | -4.87% |
| Total Shareholder Return | 26.70% | 24.22% | 3.58% | 14.46% | 4.30% | -4.87% |