Canaan (CAN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 28, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CAN SEC filings page.
Canaan Inc. (CAN) reported $529.7M in revenue for fiscal year 2025, up 96.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Canaan’s 2025 rebound restored positive gross profit, but cost-heavy economics and working-capital absorption still turned growth into cash outflow.
From FY2024 to FY2025, revenue rose to$530M while SG&A and R&D increased only modestly, showing that overhead was not the main obstacle. But gross margin reached only7.8% , leaving too little contribution to cover operating costs and producing an operating loss of$112M .
Cash conversion weakened relative to reported earnings: operating cash flow was
Inventory rose to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 Canaan Inc.'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.
Canaan Inc. has an operating margin of -21.2%, meaning the company loses $21 on every $100 of revenue. This results in a profitability score of 10/100. This is up from -84.3% the prior year.
Canaan Inc.'s revenue surged 96.7% year-over-year to $529.7M, reflecting rapid business expansion. This strong growth earns a score of 95/100.
Canaan Inc. carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.31, Canaan Inc. holds $3.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 82/100.
Canaan Inc.'s operations used $271.2M of cash, and capex of $24.6M added to the outflow, for a free cash flow shortfall of $295.8M. This results in a cash flow score of 5/100.
Canaan Inc. posts a -48.1% return on equity (ROE), meaning it loses $48 for every $100 of shareholders' equity. This results in a returns score of 8/100. This is up from -93.8% the prior year.
Canaan Inc. scores -0.07, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $660.8M against total assets of $602.9M. 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.
Canaan Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Canaan Inc. reported a net loss of $210.3M while operations used $271.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Canaan Inc. reported an operating loss of $112.2M against $2.0M 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
Canaan Inc. generated $529.7M in revenue in fiscal year 2025. This represents an increase of 96.7% from the prior year.
Canaan Inc. reported a net loss of $210.3M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Canaan Inc. recorded an outflow of $295.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Canaan Inc. held $80.8M in cash against $23.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Canaan Inc.'s gross margin was 7.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 39.1 percentage points from the prior year.
Canaan Inc.'s operating margin was -21.2% in fiscal year 2025, reflecting core business profitability. This is up 63.1 percentage points from the prior year.
Canaan Inc.'s net profit margin was -39.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 53.0 percentage points from the prior year.
Canaan Inc.'s ROE was -48.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 45.7 percentage points from the prior year.
Capital Allocation
Canaan Inc. invested $63.1M in research and development in fiscal year 2025. This represents an increase of 3.0% from the prior year.
Canaan Inc. spent $5.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Canaan Inc. invested $24.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 27.5% from the prior year.
CAN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | $529.7M+96.7% | $269.3M+27.4% | $211.5M-67.5% | $651.5M-15.7% | $772.8M+1026.3% | $68.6M-66.4% | $204.3M |
| Cost of Revenue | $488.6M+38.2% | $353.6M-21.8% | $452.3M+7.4% | $421.2M+27.3% | $331.0M+426.9% | $62.8M-77.4% | $278.5M |
| Gross Profit | $41.2Mn/m | -$84.3Mn/m | -$240.8M-204.6% | $230.3M-47.9% | $441.8M+7531.0% | $5.8Mn/m | -$74.1M |
| R&D Expenses | $63.1M+3.0% | $61.3M-5.4% | $64.8M-20.7% | $81.8M+56.7% | $52.2M+143.1% | $21.5M-11.6% | $24.3M |
| SG&A Expenses | $81.7M+5.5% | $77.4M-2.5% | $79.4M-18.7% | $97.7M-8.3% | $106.6M+358.9% | $23.2M-56.2% | $53.1M |
| Operating Income | -$112.2Mn/m | -$227.1Mn/m | -$410.9M-1056.9% | $42.9M-84.8% | $283.0Mn/m | -$38.9M | N/A |
| Interest Expense | $2.0M+277.4% | $521K | N/A | N/A | N/A | $550K-80.9% | $2.9M |
| Income Tax | $2.8M-96.4% | $77.5Mn/m | -$51.3M-378.3% | $18.4M+137.6% | $7.8Mn/m | $0 | N/A |
| Net Income | -$210.3Mn/m | -$249.8Mn/m | -$414.2M-692.6% | $69.9M-77.4% | $309.1Mn/m | -$33.0Mn/m | -$148.6M |
| EPS (Basic) | -$2.99 | -$6.13 | -$16.06-688.3% | $2.73-77.7% | $12.26n/m | -$1.41n/m | -$6.90 |
| EPS (Diluted) | -$2.99 | -$6.13 | -$16.06-692.6% | $2.71-77.4% | $12.00n/m | -$1.41n/m | -$6.90 |
| Diluted Shares (Avg) | 7.04B | 4.07B | 2.58B+0.1% | 2.58B+0.1% | 2.58B+9.8% | 2.35B+8.9% | 2.15B |
Not reported in any period shown, so not listed: EBITDA.
CAN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $602.9M+30.2% | $463.0M-6.1% | $493.3M-28.0% | $685.0M-22.5% | $883.8M+456.5% | $158.8M+11.5% | $142.4M |
| Current Assets | $433.3M+29.7% | $334.0M-8.2% | $363.7M-34.6% | $555.7M-32.8% | $827.5M+436.1% | $154.4M+14.2% | $135.1M |
| Cash & Equivalents | $80.8M-16.3% | $96.5M+0.3% | $96.2M-5.3% | $101.6M-75.9% | $421.2M+602.4% | $60.0M-19.2% | $74.2M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0-100.0% | $9.6M+504.7% | $1.6M |
| Inventory | $180.8M+91.1% | $94.6M-33.5% | $142.3M-32.8% | $211.6M+66.0% | $127.5M+268.8% | $34.6M+22.7% | $28.2M |
| Accounts Receivable | $19.3M+1174.1% | $1.5M-49.5% | $3.0M | N/A | $58K-94.7% | $1.1M+164.4% | $413K |
| Long-Term Investments | $0n/m | $0n/m | $0-100.0% | $2.9M-7.6% | $3.1M+78350.0% | $4Kn/m | $0 |
| Total Liabilities | $165.5M-15.9% | $196.8M+35.6% | $145.1M+87.7% | $77.3M-77.3% | $341.1M+268.6% | $92.5M+115.7% | $42.9M |
| Current Liabilities | $131.1M-26.6% | $178.6M+32.1% | $135.2M+79.6% | $75.3M-77.0% | $327.2M+260.3% | $90.8M+121.6% | $41.0M |
| Non-Current Liabilities | $34.4M+89.3% | $18.2M+83.4% | $9.9M+386.4% | $2.0M-85.3% | $13.9M+698.7% | $1.7M-9.7% | $1.9M |
| Long-Term Debt | $23.7M+226.0% | $7.3M | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $437.4M+64.3% | $266.3M-23.5% | $348.2M-42.7% | $607.7M+12.0% | $542.5M+718.3% | $66.3M-33.4% | $99.5M |
| Retained Earnings | -$660.8Mn/m | -$450.5Mn/m | -$219.6M-212.9% | $194.5M+54.3% | $126.1Mn/m | -$183.2Mn/m | -$140.9M |
Not reported in any period shown, so not listed: Goodwill.
CAN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$271.2Mn/m | -$199.3Mn/m | -$123.6Mn/m | -$182.6M-190.3% | $202.3M+3021.2% | $6.5Mn/m | -$40.2M |
| Stock-Based Compensation | $22.8M-26.3% | $30.9M-26.5% | $42.1M-33.2% | $63.0M-17.6% | $76.5M+16824.1% | $452K-98.8% | $38.8M |
| Capital Expenditures | $24.6M+27.5% | $19.3M+482.9% | $3.3M-81.3% | $17.7M+214.3% | $5.6M+1595.2% | $333K-72.3% | $1.2M |
| Free Cash Flow | -$295.8Mn/m | -$218.6Mn/m | -$126.9Mn/m | -$200.3M-201.9% | $196.6M+3098.4% | $6.1Mn/m | -$41.4M |
| Investing Cash Flow | $56.7M-7.0% | $61.0M+53.9% | $39.6Mn/m | -$8.1M-1055.5% | $848Kn/m | -$7.6Mn/m | -$2.3M |
| Financing Cash Flow | $197.9M+41.6% | $139.7M+55.3% | $90.0Mn/m | -$56.2M-140.4% | $139.2Mn/m | -$17.2M-143.0% | $39.9M |
| Share Buybacks | $5.0M | N/A | N/A | $37.4M+132.1% | $16.1M+339.5% | $3.7M | N/A |
Not reported in any period shown, so not listed: Depreciation & Amortization, Dividends Paid.
CAN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | 7.8%+39.1pp | -31.3% | -113.9% | 35.4%-21.8pp | 57.2%+48.7pp | 8.4%+44.7pp | -36.3% |
| Operating Margin | -21.2%+63.1pp | -84.3% | -194.3% | 6.6%-30.0pp | 36.6%+93.3pp | -56.7% | N/A |
| Net Margin | -39.7%+53.0pp | -92.7% | -195.8% | 10.7%-29.3pp | 40.0%+88.0pp | -48.0%+24.7pp | -72.7% |
| Return on Equity | -48.1%+45.7pp | -93.8%+25.2pp | -119.0%-130.4pp | 11.5%-45.5pp | 57.0%+106.7pp | -49.7%+99.6pp | -149.3% |
| Return on Assets | -34.9%+19.1pp | -53.9%+30.0pp | -84.0%-94.2pp | 10.2%-24.8pp | 35.0%+55.7pp | -20.8%+83.6pp | -104.4% |
| Current Ratio | 3.31+1.4x | 1.87-0.8x | 2.69-4.7x | 7.38+4.9x | 2.53+0.8x | 1.70-1.6x | 3.30 |
| Debt-to-Equity | 0.050.0x | 0.03 | N/A | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.38-0.4x | 0.74+0.3x | 0.42+0.3x | 0.13-0.5x | 0.63-0.8x | 1.40+1.0x | 0.43 |
| Asset Turnover | 0.88+0.3x | 0.58+0.2x | 0.43-0.5x | 0.95+0.1x | 0.87+0.4x | 0.43-1.0x | 1.43 |
| FCF Margin | -55.8%+25.3pp | -81.2%-21.1pp | -60.0%-29.3pp | -30.8%-56.2pp | 25.4%+16.5pp | 9.0%+29.2pp | -20.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Canaan Inc. CAN | FY2025 | $529.7M | -$210.3M | -39.7% | $166.2M | 48/100 |
| Unusual Machines, Inc. UMAC | FY2025 | $11.2M | -$19.2M | N/A | $880.2M | 26/100 |
| Nano Dimension Ltd. NNDM | FY2025 | $102.4M | -$293.3M | N/A | $299.4M | 63/100 |
| Stratasys Inc (ISRAEL) SSYS | FY2025 | $551.1M | N/A | N/A | $629.8M | 43/100 |
| Corsair Gaming, Inc. CRSR | FY2025 | $1.5B | -$16.2M | -1.1% | $1.5B | 38/100 |
| 3D Systems Corporation DDD | FY2025 | $386.9M | $29.9M | 7.7% | $496.8M | 34/100 |
Where Canaan Inc. Ranks
Frequently Asked Questions
What is Canaan Inc.'s annual revenue?
Canaan Inc. (CAN) reported $529.7M in total revenue for fiscal year 2025. This represents a 96.7% 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 Canaan Inc.'s revenue growing?
Canaan Inc. (CAN) revenue grew by 96.7% year-over-year, from $269.3M to $529.7M in fiscal year 2025.
Is Canaan Inc. profitable?
No, Canaan Inc. (CAN) reported a net loss of $210.3M in fiscal year 2025, with a net profit margin of -39.7%.
How much debt does Canaan Inc. have?
As of fiscal year 2025, Canaan Inc. (CAN) had $80.8M in cash and equivalents against $23.7M in long-term debt.
What is Canaan Inc.'s gross margin?
Canaan Inc. (CAN) had a gross margin of 7.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Canaan Inc.'s operating margin?
Canaan Inc. (CAN) had an operating margin of -21.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Canaan Inc.'s net profit margin?
Canaan Inc. (CAN) had a net profit margin of -39.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Canaan Inc.'s return on equity (ROE)?
Canaan Inc. (CAN) has a return on equity of -48.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Canaan Inc.'s free cash flow?
Canaan Inc. (CAN) recorded an outflow of $295.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 Canaan Inc.'s operating cash flow?
Canaan Inc. (CAN) recorded an outflow of $271.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Canaan Inc.'s total assets?
Canaan Inc. (CAN) had $602.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Canaan Inc.'s capital expenditures?
Canaan Inc. (CAN) invested $24.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Canaan Inc. spend on research and development?
Canaan Inc. (CAN) invested $63.1M in research and development during fiscal year 2025.
What is Canaan Inc.'s current ratio?
Canaan Inc. (CAN) had a current ratio of 3.31 as of fiscal year 2025, which is generally considered healthy.
What is Canaan Inc.'s debt-to-equity ratio?
Canaan Inc. (CAN) had a debt-to-equity ratio of 0.05 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Canaan Inc.'s liabilities-to-equity ratio?
Canaan Inc. (CAN) had a liabilities-to-equity ratio of 0.38 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Canaan Inc.'s return on assets (ROA)?
Canaan Inc. (CAN) had a return on assets of -34.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Canaan Inc.'s P/E ratio?
Canaan Inc. (CAN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $166.2M as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Canaan Inc.'s price-to-sales ratio?
Canaan Inc. (CAN) trades at 0.3x sales, its market capitalization divided by $529.7M revenue, FY2025. The market capitalization is $166.2M as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Canaan Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Canaan Inc. (CAN) held $80.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $271.2M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Canaan Inc.'s Altman Z-Score?
Canaan Inc. (CAN) has an Altman Z-Score of -0.07, 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 Canaan Inc.'s Piotroski F-Score?
Canaan Inc. (CAN) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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 Canaan Inc.'s earnings high quality?
Canaan Inc. (CAN) reported a net loss of $210.3M while operations used $271.2M 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 Canaan Inc. cover its interest payments?
Canaan Inc. (CAN) reported an operating loss of $112.2M against $2.0M 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.
How financially healthy is Canaan Inc.?
Canaan Inc. (CAN) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.