Cango Inc Financials

CANG

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows Cango Inc (CANG) financial statements, including the 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).

Financial Health Signals

Financial Profile 37/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Cango Inc has an operating margin of 22.2%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 72/100, reflecting efficient cost management and pricing power. This is up from -0.6% the prior year.

Growth

Cango Inc's revenue declined 93.5% year-over-year, from $1.7B to $110.2M. This contraction results in a growth score of 0/100.

Leverage

Cango Inc carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Cango Inc's current ratio of 1.84 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Cango Inc generated -$42.5M in operating cash flow, capex of $80K consumed most of it, leaving -$42.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Cango Inc generates a 7.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is up from -1.0% the prior year.

Altman Z-Score Distress

0.88

Cango Inc scores 0.88, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak

3/9

Cango Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

-1.03x

For every $1 of reported earnings, Cango Inc generates $-1.03 in operating cash flow (-$42.5M OCF vs $41.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

271.4x

Cango Inc earns $271.4 in operating income for every $1 of interest expense ($24.5M vs $90K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$110.2M

YoY-93.5%

5Y CAGR-11.8%

Cango Inc generated $110.2M in revenue in fiscal year 2024. This represents a decrease of 93.5% from the prior year.

EBITDA

$36.5M

YoY+492.8%

5Y CAGR-5.3%

Cango Inc's EBITDA was $36.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 492.8% from the prior year.

Net Income

$41.1M

YoY+870.0%

5Y CAGR-6.1%

Cango Inc reported $41.1M in net income in fiscal year 2024. This represents an increase of 870.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$42.6M

YoY-129.5%

Cango Inc generated -$42.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 129.5% from the prior year.

Cash & Debt

$90.4M

YoY-37.1%

5Y CAGR-20.7%

Cango Inc held $90.4M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

21.8%

YoY-65.7pp

5Y CAGR-40.8pp

Cango Inc's gross margin was 21.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 65.7 percentage points from the prior year.

Operating Margin

22.2%

YoY+22.8pp

5Y CAGR-0.2pp

Cango Inc's operating margin was 22.2% in fiscal year 2024, reflecting core business profitability. This is up 22.8 percentage points from the prior year.

Net Margin

37.3%

YoY+37.6pp

5Y CAGR+10.1pp

Cango Inc's net profit margin was 37.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 37.6 percentage points from the prior year.

Return on Equity

7.4%

YoY+8.4pp

5Y CAGR+0.3pp

Cango Inc's ROE was 7.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 8.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$749K

YoY-82.3%

5Y CAGR-38.1%

Cango Inc invested $749K in research and development in fiscal year 2024. This represents a decrease of 82.3% from the prior year.

Share Buybacks

$12.5M

YoY-64.2%

5Y CAGR+33.3%

Cango Inc spent $12.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 64.2% from the prior year.

Capital Expenditures

$80K

YoY-68.3%

5Y CAGR-58.1%

Cango Inc invested $80K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 68.3% from the prior year.

CANG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$110.2M-93.5%	$1.7B+492.7%	$287.1M-53.3%	$615.4M+95.6%	$314.5M+52.1%	$206.9M
Cost of Revenue	$86.2M-59.5%	$212.9M-19.7%	$265.3M-42.8%	$464.2M+175.8%	$168.3M+117.3%	$77.5M
Gross Profit	$24.0M-98.4%	$1.5B+6730.0%	$21.8M-85.6%	$151.2M+3.4%	$146.3M+13.0%	$129.4M
R&D Expenses	$749K-82.3%	$4.2M-36.3%	$6.7M-39.6%	$11.0M+15.0%	$9.6M+16.3%	$8.2M
SG&A Expenses	$34.3M+55.0%	$22.1M-49.1%	$43.4M+0.2%	$43.3M+6.4%	$40.7M+19.8%	$34.0M
Operating Income	$24.5M+335.9%	-$10.4M+92.4%	-$137.3M-3663.9%	-$3.6M-107.5%	$48.8M+5.0%	$46.4M
Interest Expense	$90K-84.4%	$577K-76.3%	$2.4M+7.2%	$2.3M+437.5%	$423K-78.1%	$1.9M
Income Tax	$181K-98.6%	$13.2M-61.6%	$34.3M+948.8%	$3.3M-94.2%	$56.7M+375.7%	$11.9M
Net Income	$41.1M+870.0%	-$5.3M+96.7%	-$161.1M-11916.0%	-$1.3M-100.3%	$516.4M+819.7%	$56.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CANG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$817.8M+24.9%	$654.7M-35.6%	$1.0B-40.8%	$1.7B-7.7%	$1.9B+48.3%	$1.3B
Current Assets	$473.7M-13.4%	$547.1M-31.0%	$793.1M-33.6%	$1.2B-12.5%	$1.4B+71.4%	$795.9M
Cash & Equivalents	$90.4M-37.1%	$143.7M+161.7%	$54.9M-75.6%	$225.2M+3.0%	$218.7M-24.0%	$287.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.6M-82.0%	$9.1M-76.4%	$38.7M+10.3%	$35.1M+61.7%	$21.7M+1.7%	$21.3M
Goodwill	N/A	N/A	$20.9M-10.2%	$23.3M+4.9%	$22.2M+6.7%	$20.8M
Total Liabilities	$263.9M+125.3%	$117.1M-70.0%	$390.6M-37.1%	$620.9M+7.4%	$577.9M+24.0%	$466.1M
Current Liabilities	$257.4M+134.9%	$109.5M-70.1%	$366.9M-31.6%	$536.3M+42.4%	$376.6M-9.9%	$417.9M
Long-Term Debt	N/A	$100K-99.1%	$11.0M-85.6%	$76.3M-49.1%	$149.9M+245.8%	$43.3M
Total Equity	$553.9M+4.0%	$532.8M-15.0%	$626.6M-42.9%	$1.1B-14.5%	$1.3B+63.1%	$786.8M
Retained Earnings	-$13.6M+71.3%	-$47.3M-3679.1%	$1.3M-99.7%	$469.4M-22.6%	$606.2M+395.0%	$122.5M

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$1.1B+37.2%	$817.8M+24.9%	$654.7M-35.6%	$1.0B-40.8%	$1.7B-7.7%	$1.9B+48.3%	$1.3B+18.2%	$1.1B
Current Assets	$762.9M+61.0%	$473.7M-13.4%	$547.1M-31.0%	$793.1M-33.6%	$1.2B-12.5%	$1.4B+71.4%	$795.9M+15.1%	$691.5M
Cash & Equivalents	$117.8M+30.3%	$90.4M-37.1%	$143.7M+161.7%	$54.9M-75.6%	$225.2M+3.0%	$218.7M-24.0%	$287.6M-32.1%	$423.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$2.2M+33.3%	$1.6M-82.0%	$9.1M-76.4%	$38.7M+10.3%	$35.1M+61.7%	$21.7M+1.7%	$21.3M+69.6%	$12.6M
Goodwill	N/A	N/A	N/A	$20.9M-10.2%	$23.3M+4.9%	$22.2M+6.7%	$20.8M-1.2%	$21.1M
Total Liabilities	$471.3M+78.6%	$263.9M+125.3%	$117.1M-70.0%	$390.6M-37.1%	$620.9M+7.4%	$577.9M+24.0%	$466.1M+56.6%	$297.5M
Current Liabilities	$471.3M+83.1%	$257.4M+134.9%	$109.5M-70.1%	$366.9M-31.6%	$536.3M+42.4%	$376.6M-9.9%	$417.9M+83.5%	$227.7M
Long-Term Debt	N/A	N/A	$100K-99.1%	$11.0M-85.6%	$76.3M-49.1%	$149.9M+245.8%	$43.3M-37.0%	$68.8M
Total Equity	$651.0M+17.5%	$553.9M+4.0%	$532.8M-15.0%	$626.6M-42.9%	$1.1B-14.5%	$1.3B+63.1%	$786.8M+3.0%	$763.8M
Retained Earnings	-$381.2M-2705.6%	-$13.6M+71.3%	-$47.3M-3679.1%	$1.3M-99.7%	$469.4M-22.6%	$606.2M+395.0%	$122.5M+20.6%	$101.5M

CANG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$42.5M-129.4%	$144.5M+275.7%	-$82.3M-29.6%	-$63.5M+33.4%	-$95.3M-256.8%	$60.7M
Capital Expenditures	$80K-68.3%	$251K-62.5%	$670K-77.4%	$3.0M+261.4%	$822K-86.7%	$6.2M
Free Cash Flow	-$42.6M-129.5%	$144.3M+273.9%	-$82.9M-24.8%	-$66.4M+30.9%	-$96.1M-276.1%	$54.6M
Investing Cash Flow	-$171.2M-157.2%	$299.3M+5.3%	$284.1M-32.0%	$417.6M+652.1%	-$75.6M+56.1%	-$172.1M
Financing Cash Flow	-$17.5M+89.6%	-$168.1M+61.2%	-$433.5M-41.9%	-$305.4M-423.3%	-$58.4M-155.6%	$104.9M
Dividends Paid	N/A	N/A	$271.3M+80.9%	$149.9M+266.1%	$41.0M+10.9%	$36.9M
Share Buybacks	$12.5M-64.2%	$34.8M+126.6%	$15.3M-78.0%	$69.7M+824.5%	$7.5M+154.4%	$3.0M

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CANG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	21.8%-65.7pp	87.5%+79.9pp	7.6%-17.0pp	24.6%-21.9pp	46.5%-16.0pp	62.5%
Operating Margin	22.2%+22.8pp	-0.6%+47.2pp	-47.8%-47.2pp	-0.6%-16.1pp	15.5%-6.9pp	22.4%
Net Margin	37.3%+37.6pp	-0.3%+55.8pp	-56.1%-55.9pp	-0.2%-164.4pp	164.2%+137.0pp	27.2%
Return on Equity	7.4%+8.4pp	-1.0%+24.7pp	-25.7%-25.6pp	-0.1%-40.3pp	40.2%+33.1pp	7.1%
Return on Assets	5.0%+5.8pp	-0.8%+15.0pp	-15.8%-15.8pp	-0.1%-27.8pp	27.7%+23.3pp	4.5%
Current Ratio	1.84-3.2	4.99+2.8	2.16-0.1	2.23-1.4	3.62+1.7	1.90
Debt-to-Equity	0.48+0.5	0.00-0.0	0.02-0.1	0.07-0.0	0.12+0.1	0.06
FCF Margin	-38.6%-47.1pp	8.5%+37.4pp	-28.9%-18.1pp	-10.8%+19.8pp	-30.6%-56.9pp	26.4%

Metric	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.62-0.2	1.84-3.2	4.99+2.8	2.16-0.1	2.23-1.4	3.62+1.7	1.90-1.1	3.04
Debt-to-Equity	0.72+0.2	0.48+0.5	0.00-0.0	0.02-0.1	0.07-0.0	0.12+0.1	0.06-0.0	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Cango Inc's annual revenue?

Cango Inc (CANG) reported $110.2M in total revenue for fiscal year 2024. This represents a -93.5% 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 Cango Inc's revenue growing?

Cango Inc (CANG) revenue declined by 93.5% year-over-year, from $1.7B to $110.2M in fiscal year 2024.

Is Cango Inc profitable?

Yes, Cango Inc (CANG) reported a net income of $41.1M in fiscal year 2024, with a net profit margin of 37.3%.

What is Cango Inc's EBITDA?

Cango Inc (CANG) had EBITDA of $36.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Cango Inc's gross margin?

Cango Inc (CANG) had a gross margin of 21.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Cango Inc's operating margin?

Cango Inc (CANG) had an operating margin of 22.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Cango Inc's net profit margin?

Cango Inc (CANG) had a net profit margin of 37.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Cango Inc's return on equity (ROE)?

Cango Inc (CANG) has a return on equity of 7.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Cango Inc's free cash flow?

Cango Inc (CANG) generated -$42.6M in free cash flow during fiscal year 2024. This represents a -129.5% 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 Cango Inc's operating cash flow?

Cango Inc (CANG) generated -$42.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Cango Inc's total assets?

Cango Inc (CANG) had $817.8M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Cango Inc's capital expenditures?

Cango Inc (CANG) invested $80K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Cango Inc spend on research and development?

Cango Inc (CANG) invested $749K in research and development during fiscal year 2024.

Does Cango Inc buy back shares?

Yes, Cango Inc (CANG) spent $12.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Cango Inc's current ratio?

Cango Inc (CANG) had a current ratio of 1.84 as of fiscal year 2024, which is generally considered healthy.

What is Cango Inc's debt-to-equity ratio?

Cango Inc (CANG) had a debt-to-equity ratio of 0.48 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cango Inc's return on assets (ROA)?

Cango Inc (CANG) had a return on assets of 5.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Cango Inc's cash runway?

Based on fiscal year 2024 data, Cango Inc (CANG) had $90.4M in cash against an annual operating cash burn of $42.5M. This gives an estimated cash runway of approximately 26 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 Cango Inc's Altman Z-Score?

Cango Inc (CANG) has an Altman Z-Score of 0.88, 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 Cango Inc's Piotroski F-Score?

Cango Inc (CANG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cango Inc's earnings high quality?

Cango Inc (CANG) has an earnings quality ratio of -1.03x, 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 Cango Inc cover its interest payments?

Cango Inc (CANG) has an interest coverage ratio of 271.4x, meaning it can comfortably 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 Cango Inc?

Cango Inc (CANG) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.