What is Boqii Holding Ltd's earnings per share (EPS)?

Boqii Holding Ltd (BQ) reported diluted earnings per share of $-6.30 for fiscal year 2025. This represents a -6900.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Boqii Holding Ltd Financials

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2025 Currency USD FYE March

This page shows Boqii Holding Ltd (BQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BQ FY2025 2026-04-22

Boqii’s recent pattern is a shrinking sales base with stable gross economics, leaving overhead absorption and cash burn as the key constraint.

In FY2025, gross margin held at 21.5% even as revenue kept shrinking, but free-cash-flow margin slid to -15.0%. That mix says the business did not lose its basic product spread; it lost scale, so a leaner top line could no longer absorb overhead and cash costs.

The losses are cash-real, not mainly accounting noise: net loss was -$7.5M in FY2025 and operating cash flow was -$9.2M. Because those two lines stay broadly aligned across the period, reported earnings give a fairly honest read on the drain from day-to-day operations.

The balance sheet is cleaner but smaller: total liabilities fell from $114.0M in FY2021 to $12.1M in FY2025, cutting reliance on external financing. But cash reserves also dropped to $5.3M against current liabilities of $6.3M, so short-term obligations look manageable mainly because the company has already shed a lot of balance-sheet weight.

Financial Health Signals

Financial Health Score 23/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Boqii Holding Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Distress

-11.97

Boqii Holding Ltd scores -11.97, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($5.9M) relative to total liabilities ($12.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/7

Boqii Holding Ltd passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.23x

For every $1 of reported earnings, Boqii Holding Ltd generates $1.23 in operating cash flow (-$9.2M OCF vs -$7.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-9.9x

Boqii Holding Ltd earns $-9.9 in operating income for every $1 of interest expense (-$8.2M vs $823K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$64.6M

YoY-34.2%

Boqii Holding Ltd generated $64.6M in revenue in fiscal year 2025. This represents a decrease of 34.2% from the prior year.

EBITDA

-$7.5M

YoY-0.1%

Boqii Holding Ltd's EBITDA was -$7.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.1% from the prior year.

Net Income

-$7.5M

YoY+15.4%

Boqii Holding Ltd reported -$7.5M in net income in fiscal year 2025. This represents an increase of 15.4% from the prior year.

EPS (Diluted)

$-6.30

YoY-6900.0%

Boqii Holding Ltd earned $-6.30 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 6900.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$9.7M

YoY-168.8%

Boqii Holding Ltd generated -$9.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 168.8% from the prior year.

Cash & Debt

$5.3M

YoY-47.1%

Boqii Holding Ltd held $5.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

21.5%

YoY+1.6pp

Boqii Holding Ltd's gross margin was 21.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.

Operating Margin

-12.7%

YoY-4.2pp

Boqii Holding Ltd's operating margin was -12.7% in fiscal year 2025, reflecting core business profitability. This is down 4.2 percentage points from the prior year.

Net Margin

-11.6%

YoY-2.6pp

Boqii Holding Ltd's net profit margin was -11.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.6 percentage points from the prior year.

Return on Equity

-28.5%

YoY+0.6pp

Boqii Holding Ltd's ROE was -28.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$455K

YoY+523.3%

Boqii Holding Ltd invested $455K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 523.3% from the prior year.

BQ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$64.6M-34.2%	$98.2M-38.2%	$159.0M-15.0%	$187.2M+21.3%	$154.3M
Cost of Revenue	$50.7M-35.6%	$78.8M-37.0%	$125.0M-16.0%	$148.9M+18.4%	$125.7M
Gross Profit	$13.9M-28.8%	$19.5M-42.7%	$34.0M-11.2%	$38.3M+33.9%	$28.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$7.0M-15.0%	$8.2M+21.1%	$6.8M-43.6%	$12.0M-30.9%	$17.4M
Operating Income	-$8.2M+1.9%	-$8.3M+44.9%	-$15.1M+30.7%	-$21.8M+30.6%	-$31.4M
Interest Expense	$823K+17.4%	$701K-63.9%	$1.9M-41.0%	$3.3M-21.9%	$4.2M
Income Tax	-$110K+14.1%	-$128K+3.8%	-$133K+46.4%	-$248K-86.5%	-$133K
Net Income	-$7.5M+15.4%	-$8.8M+41.1%	-$15.0M+26.1%	-$20.3M+31.7%	-$29.7M
EPS (Diluted)	$-6.30-6900.0%	$-0.09+59.1%	$-0.22+26.7%	$-0.30-50.0%	$-0.20

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

BQ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$43.6M-17.9%	$53.1M-32.6%	$78.7M-35.9%	$122.8M-8.6%	$134.4M
Current Assets	$30.6M-20.5%	$38.5M-34.8%	$59.1M-35.2%	$91.3M-13.9%	$106.0M
Cash & Equivalents	$5.3M-47.1%	$10.1M-23.0%	$13.1M-49.1%	$25.7M-42.4%	$44.6M
Inventory	$5.5M-27.7%	$7.6M-35.2%	$11.8M-31.9%	$17.3M+24.1%	$14.0M
Accounts Receivable	$4.0M-41.8%	$6.9M-37.9%	$11.2M+43.9%	$7.8M+11.3%	$7.0M
Goodwill	N/A	N/A	N/A	$6.4M+4.6%	$6.1M
Total Liabilities	$12.1M-28.6%	$16.9M-63.2%	$46.0M-45.0%	$83.6M-26.7%	$114.0M
Current Liabilities	$6.3M-36.6%	$10.0M-65.1%	$28.6M-42.7%	$49.8M+50.7%	$33.1M
Long-Term Debt	N/A	N/A	N/A	N/A	$10.4M
Total Equity	$26.2M-13.6%	$30.3M+16.7%	$26.0M-17.4%	$31.4M+149.0%	$12.6M
Retained Earnings	-$429.3M-1.3%	-$423.9M+2.7%	-$435.8M+4.4%	-$455.8M-8.2%	-$421.2M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Total Assets	$43.6M-17.9%	$53.1M-32.6%	$78.7M-35.9%	$122.8M-8.6%	$134.4M
Current Assets	$30.6M-20.5%	$38.5M-34.8%	$59.1M-35.2%	$91.3M-13.9%	$106.0M
Cash & Equivalents	$5.3M-47.1%	$10.1M-23.0%	$13.1M-49.1%	$25.7M-42.4%	$44.6M
Inventory	$5.5M-27.7%	$7.6M-35.2%	$11.8M-31.9%	$17.3M+24.1%	$14.0M
Accounts Receivable	$4.0M-41.8%	$6.9M-37.9%	$11.2M+43.9%	$7.8M+11.3%	$7.0M
Goodwill	N/A	N/A	N/A	$6.4M+4.6%	$6.1M
Total Liabilities	$12.1M-28.6%	$16.9M-63.2%	$46.0M-45.0%	$83.6M-26.7%	$114.0M
Current Liabilities	$6.3M-36.6%	$10.0M-65.1%	$28.6M-42.7%	$49.8M+50.7%	$33.1M
Long-Term Debt	N/A	N/A	N/A	N/A	$10.4M
Total Equity	$26.2M-13.6%	$30.3M+16.7%	$26.0M-17.4%	$31.4M+149.0%	$12.6M
Retained Earnings	-$429.3M-1.3%	-$423.9M+2.7%	-$435.8M+4.4%	-$455.8M-8.2%	-$421.2M

BQ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$9.2M-161.4%	-$3.5M+55.3%	-$7.9M+66.2%	-$23.3M+38.4%	-$37.8M
Capital Expenditures	$455K+523.3%	$73K-72.2%	$263K-45.8%	$485K-51.2%	$993K
Free Cash Flow	-$9.7M-168.8%	-$3.6M+55.8%	-$8.1M+65.8%	-$23.8M+38.7%	-$38.8M
Investing Cash Flow	$3.4M-48.8%	$6.6M-2.2%	$6.8M+102.9%	$3.3M+111.9%	-$28.1M
Financing Cash Flow	$1.1M+124.5%	-$4.6M+58.9%	-$11.2M-3643.2%	$315K-99.7%	$99.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

BQ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	21.5%+1.6pp	19.8%-1.5pp	21.4%+0.9pp	20.5%+1.9pp	18.5%
Operating Margin	-12.7%-4.2pp	-8.5%+1.0pp	-9.5%+2.2pp	-11.7%+8.7pp	-20.4%
Net Margin	-11.6%-2.6pp	-9.0%+0.4pp	-9.4%+1.4pp	-10.8%+8.4pp	-19.2%
Return on Equity	-28.5%+0.6pp	-29.1%+28.5pp	-57.7%+6.8pp	-64.5%+170.7pp	-235.2%
Return on Assets	-17.1%-0.5pp	-16.6%+2.4pp	-19.0%-2.5pp	-16.5%+5.6pp	-22.1%
Current Ratio	4.85+1.0	3.86+1.8	2.07+0.2	1.83-1.4	3.21
Debt-to-Equity	0.46-0.1	0.56-1.2	1.77-0.9	2.66+1.8	0.82
FCF Margin	-15.0%-11.3pp	-3.7%+1.5pp	-5.1%+7.6pp	-12.7%+12.4pp	-25.1%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A
Current Ratio	4.85+1.0	3.86+1.8	2.07+0.2	1.83-1.4	3.21
Debt-to-Equity	0.46-0.1	0.56-1.2	1.77-0.9	2.66+1.8	0.82
FCF Margin	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Boqii Holding Ltd's annual revenue?

Boqii Holding Ltd (BQ) reported $64.6M in total revenue for fiscal year 2025. This represents a -34.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Boqii Holding Ltd's revenue growing?

Boqii Holding Ltd (BQ) revenue declined by 34.2% year-over-year, from $98.2M to $64.6M in fiscal year 2025.

Is Boqii Holding Ltd profitable?

No, Boqii Holding Ltd (BQ) reported a net income of -$7.5M in fiscal year 2025, with a net profit margin of -11.6%.

What is Boqii Holding Ltd's EBITDA?

Boqii Holding Ltd (BQ) had EBITDA of -$7.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Boqii Holding Ltd's gross margin?

Boqii Holding Ltd (BQ) had a gross margin of 21.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Boqii Holding Ltd's operating margin?

Boqii Holding Ltd (BQ) had an operating margin of -12.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Boqii Holding Ltd's net profit margin?

Boqii Holding Ltd (BQ) had a net profit margin of -11.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Boqii Holding Ltd's return on equity (ROE)?

Boqii Holding Ltd (BQ) has a return on equity of -28.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Boqii Holding Ltd's free cash flow?

Boqii Holding Ltd (BQ) generated -$9.7M in free cash flow during fiscal year 2025. This represents a -168.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Boqii Holding Ltd's operating cash flow?

Boqii Holding Ltd (BQ) generated -$9.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Boqii Holding Ltd's total assets?

Boqii Holding Ltd (BQ) had $43.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Boqii Holding Ltd's capital expenditures?

Boqii Holding Ltd (BQ) invested $455K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Boqii Holding Ltd's current ratio?

Boqii Holding Ltd (BQ) had a current ratio of 4.85 as of fiscal year 2025, which is generally considered healthy.

What is Boqii Holding Ltd's debt-to-equity ratio?

Boqii Holding Ltd (BQ) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Boqii Holding Ltd's return on assets (ROA)?

Boqii Holding Ltd (BQ) had a return on assets of -17.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Boqii Holding Ltd's cash runway?

Based on fiscal year 2025 data, Boqii Holding Ltd (BQ) had $5.3M in cash against an annual operating cash burn of $9.2M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Boqii Holding Ltd's Altman Z-Score?

Boqii Holding Ltd (BQ) has an Altman Z-Score of -11.97, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Boqii Holding Ltd's Piotroski F-Score?

Boqii Holding Ltd (BQ) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Boqii Holding Ltd's earnings high quality?

Boqii Holding Ltd (BQ) has an earnings quality ratio of 1.23x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Boqii Holding Ltd cover its interest payments?

Boqii Holding Ltd (BQ) has an interest coverage ratio of -9.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Boqii Holding Ltd?

Boqii Holding Ltd (BQ) scores 23 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.