Boqii Holding Ltd Financials
Boqii Holding Ltd (BQ) reported $61.0M in revenue for fiscal year 2026, down 5.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Cost-base contraction is Boqii’s dominant mechanic: shrinking sales coexist with wider gross margins, narrower losses, and continued cash outflow.
By FY2026, revenue had fallen to$61.0M from FY2024’s larger base while gross margin reached26.3% ; economics improved despite shrinking scale. SG&A also fell to$5.2M , helping operating losses narrow to-$4.3M , so the margin step-up reflects cost discipline more than fixed-cost absorption.
FY2026’s net loss was only
Debt-to-equity declined from 0.6x in FY2024 to 0.3x in FY2026; deleveraging occurred alongside business contraction rather than expanding operating scale. The latest current ratio of 3.3x indicates current assets exceed near-term liabilities, but does not erase the cash-generation gap.
Financial Health Signals
Boqii Holding Ltd does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Boqii Holding Ltd scores -15.62, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.8M) relative to total liabilities ($9.0M). 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.
Boqii Holding Ltd passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Boqii Holding Ltd reported a net loss of $738K while operations used $4.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Boqii Holding Ltd reported an operating loss of $4.3M against $120K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Boqii Holding Ltd generated $61.0M in revenue in fiscal year 2026. This represents a decrease of 5.7% from the prior year.
Boqii Holding Ltd's EBITDA was -$4.2M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 44.1% from the prior year.
Boqii Holding Ltd reported -$738K in net income in fiscal year 2026. This represents an increase of 90.1% from the prior year.
Cash & Balance Sheet
Boqii Holding Ltd recorded an outflow of $4.4M in free cash flow in fiscal year 2026, representing a cash shortfall after capex. This represents an increase of 54.5% from the prior year.
Boqii Holding Ltd held $7.2M in cash as of fiscal year 2026; long-term debt is not reported for that period.
Not reported for fiscal year 2026.
Margins & Returns
Boqii Holding Ltd's gross margin was 26.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 4.8 percentage points from the prior year.
Boqii Holding Ltd's operating margin was -7.1% in fiscal year 2026, reflecting core business profitability. This is up 5.5 percentage points from the prior year.
Boqii Holding Ltd's net profit margin was -1.2% in fiscal year 2026, showing the share of revenue converted to profit. This is up 10.3 percentage points from the prior year.
Boqii Holding Ltd's ROE was -2.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 25.8 percentage points from the prior year.
Capital Allocation
Boqii Holding Ltd invested $154K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 66.2% from the prior year.
Not reported for fiscal year 2026.
Not reported for fiscal year 2026.
BQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue | $61.0M-5.7% | $64.6M-34.2% | $98.2M-38.2% | $159.0M-15.0% | $187.2M+21.3% | $154.3M |
| Cost of Revenue | $44.9M-11.4% | $50.7M-35.6% | $78.8M-37.0% | $125.0M-16.0% | $148.9M+18.4% | $125.7M |
| Gross Profit | $16.0M+15.4% | $13.9M-28.8% | $19.5M-42.7% | $34.0M-11.2% | $38.3M+33.9% | $28.6M |
| SG&A Expenses | $5.2M-25.3% | $7.0M-15.0% | $8.2M+21.1% | $6.8M-43.6% | $12.0M-30.9% | $17.4M |
| Operating Income | -$4.3M+46.9% | -$8.2M+1.9% | -$8.3M+44.9% | -$15.1M+30.7% | -$21.8M+30.6% | -$31.4M |
| Interest Expense | $120K-85.4% | $823K+17.4% | $701K-63.9% | $1.9M-41.0% | $3.3M-21.9% | $4.2M |
| Income Tax | $185K+268.2% | -$110K+14.1% | -$128K+3.8% | -$133K+46.4% | -$248K-86.5% | -$133K |
| Net Income | -$738K+90.1% | -$7.5M+15.4% | -$8.8M+41.1% | -$15.0M+26.1% | -$20.3M+31.7% | -$29.7M |
| EPS (Diluted) | -$0.21 | -$6.30 | -$0.09+59.1% | -$0.22+26.7% | -$0.30 | -$0.20 |
Not reported in any period shown, so not listed: R&D Expenses.
BQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Total Assets | $35.0M-19.6% | $43.6M-17.9% | $53.1M-32.6% | $78.7M-35.9% | $122.8M-8.6% | $134.4M |
| Current Assets | $28.1M-8.4% | $30.6M-20.5% | $38.5M-34.8% | $59.1M-35.2% | $91.3M-13.9% | $106.0M |
| Cash & Equivalents | $7.2M+34.5% | $5.3M-47.1% | $10.1M-23.0% | $13.1M-49.1% | $25.7M-42.4% | $44.6M |
| Inventory | $3.8M-31.2% | $5.5M-27.7% | $7.6M-35.2% | $11.8M-31.9% | $17.3M+24.1% | $14.0M |
| Accounts Receivable | $1.7M-57.2% | $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 | N/A | $6.4M+4.6% | $6.1M |
| Total Liabilities | $9.0M-25.7% | $12.1M-28.6% | $16.9M-63.2% | $46.0M-45.0% | $83.6M-26.7% | $114.0M |
| Current Liabilities | $8.6M+36.5% | $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 | N/A | $10.4M |
| Total Equity | $27.3M+4.2% | $26.2M-13.6% | $30.3M+16.7% | $26.0M-17.4% | $31.4M+149.0% | $12.6M |
| Retained Earnings | -$452.4M-5.4% | -$429.3M-1.3% | -$423.9M+2.7% | -$435.8M+4.4% | -$455.8M-8.2% | -$421.2M |
BQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.2M+53.9% | -$9.2M-161.4% | -$3.5M+55.3% | -$7.9M+66.2% | -$23.3M+38.4% | -$37.8M |
| Capital Expenditures | $154K-66.2% | $455K+523.3% | $73K-72.2% | $263K-45.8% | $485K-51.2% | $993K |
| Free Cash Flow | -$4.4M+54.5% | -$9.7M-168.8% | -$3.6M+55.8% | -$8.1M+65.8% | -$23.8M+38.7% | -$38.8M |
| Investing Cash Flow | $3.4M+1.4% | $3.4M-48.8% | $6.6M-2.2% | $6.8M+102.9% | $3.3M+111.9% | -$28.1M |
| Financing Cash Flow | $2.4M+110.6% | $1.1M+124.5% | -$4.6M+58.9% | -$11.2M-3643.2% | $315K-99.7% | $99.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Gross Margin | 26.3%+4.8pp | 21.5%+1.6pp | 19.8%-1.5pp | 21.4%+0.9pp | 20.5%+1.9pp | 18.5% |
| Operating Margin | -7.1%+5.5pp | -12.7%-4.2pp | -8.5%+1.0pp | -9.5%+2.2pp | -11.7%+8.7pp | -20.4% |
| Net Margin | -1.2%+10.3pp | -11.6%-2.6pp | -9.0%+0.4pp | -9.4%+1.4pp | -10.8%+8.4pp | -19.2% |
| Return on Equity | -2.7%+25.8pp | -28.5%+0.6pp | -29.1%+28.5pp | -57.7%+6.8pp | -64.5%+170.7pp | -235.2% |
| Return on Assets | -2.1%+15.0pp | -17.1%-0.5pp | -16.6%+2.4pp | -19.0%-2.5pp | -16.5%+5.6pp | -22.1% |
| Current Ratio | 3.25-1.6x | 4.85+1.0x | 3.86+1.8x | 2.07+0.2x | 1.83-1.4x | 3.21 |
| Debt-to-Equity | 0.33-0.1x | 0.46-0.1x | 0.56-1.2x | 1.77-0.9x | 2.66+1.8x | 0.82 |
| FCF Margin | -7.2%+7.7pp | -15.0%-11.3pp | -3.7%+1.5pp | -5.1%+7.6pp | -12.7%+12.4pp | -25.1% |
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Where Boqii Holding Ltd Ranks
Frequently Asked Questions
What is Boqii Holding Ltd's annual revenue?
Boqii Holding Ltd (BQ) reported $61.0M in total revenue for fiscal year 2026. This represents a -5.7% 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 5.7% year-over-year, from $64.6M to $61.0M in fiscal year 2026.
Is Boqii Holding Ltd profitable?
No, Boqii Holding Ltd (BQ) reported a net income of -$738K in fiscal year 2026, with a net profit margin of -1.2%.
What is Boqii Holding Ltd's EBITDA?
Boqii Holding Ltd (BQ) had EBITDA of -$4.2M in fiscal year 2026, 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 26.3% in fiscal year 2026, 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 -7.1% in fiscal year 2026, 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 -1.2% in fiscal year 2026, 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 -2.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Boqii Holding Ltd's free cash flow?
Boqii Holding Ltd (BQ) recorded an outflow of $4.4M in free cash flow during fiscal year 2026. This represents a 54.5% 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) recorded an outflow of $4.2M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are Boqii Holding Ltd's total assets?
Boqii Holding Ltd (BQ) had $35.0M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Boqii Holding Ltd's capital expenditures?
Boqii Holding Ltd (BQ) invested $154K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Boqii Holding Ltd's current ratio?
Boqii Holding Ltd (BQ) had a current ratio of 3.25 as of fiscal year 2026, 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 0.33 as of fiscal year 2026, 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 -2.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Boqii Holding Ltd's Altman Z-Score?
Boqii Holding Ltd (BQ) has an Altman Z-Score of -15.62, 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 3 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) reported a net loss of $738K while operations used $4.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $4.3M against $120K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.