Cango Inc Financials
Cango Inc (CANG) reported $688.1M in revenue for fiscal year 2025, up 524.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
Cango's dominant mechanic shifted from cash-generative restructuring to leveraged operating deterioration, compressing margins and short-term liquidity.
In FY2024, reported net income of$41.7M coexisted with operating cash flow of-$40.8M , showing that accounting profit was not being produced by core operations. FY2025 then combined a net loss of-$622M with operating cash flow of-$109.8M , exposing a much deeper earnings and cash-conversion break.
Revenue rebounded to
Debt-to-equity rose to 1.4x in FY2025 from 0.5x in FY2024. The current ratio simultaneously fell to 0.7x from 1.8x, indicating greater reliance on liabilities while near-term assets no longer covered near-term obligations.
Financial Health Signals
Scored against banks 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 Cango 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.
Not available for Cango Inc, and counted as zero in the overall score.
Not available for Cango Inc, and counted as zero in the overall score.
Cango Inc passes 2 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), 1 of 2 efficiency signals pass.
Cango Inc reported a net loss of $622.0M while operations used $109.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Cango Inc generated $688.1M in revenue in fiscal year 2025. This represents an increase of 524.3% from the prior year.
Cango Inc's EBITDA was -$320.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4855.5% from the prior year.
Cango Inc reported -$622.0M in net income in fiscal year 2025. This represents a decrease of 1593.2% from the prior year.
Cash & Balance Sheet
Cango Inc recorded an outflow of $119.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 191.6% from the prior year.
Cango Inc held $41.2M in cash against $557.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Cango Inc's gross margin was 4.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 27.8 percentage points from the prior year.
Cango Inc's operating margin was -63.5% in fiscal year 2025, reflecting core business profitability. This is down 58.9 percentage points from the prior year.
Cango Inc's net profit margin was -90.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 128.2 percentage points from the prior year.
Cango Inc's ROE was -156.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 164.2 percentage points from the prior year.
Capital Allocation
Cango Inc spent $1.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 90.1% from the prior year.
Cango Inc invested $9.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 14350.5% from the prior year.
Not reported for fiscal year 2025.
CANG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
CANG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+0.9% | $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 |
| Current Assets | $125.1M-83.6% | $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 |
| Cash & Equivalents | $41.2M-65.0% | $117.8M+30.3% | $90.4M-11.6% | $102.3M+86.2% | $54.9M-75.6% | $225.2M+3.0% | $218.7M-24.0% | $287.6M |
| Accounts Receivable | N/A | $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 |
| Goodwill | N/A | N/A | N/A | N/A | $20.9M-10.2% | $23.3M+4.9% | $22.2M+6.7% | $20.8M |
| Total Liabilities | $735.9M+56.1% | $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 |
| Current Liabilities | $176.7M-62.5% | $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 |
| Long-Term Debt | $557.6M | N/A | N/A | $100K-99.1% | $11.0M-85.6% | $76.3M-49.1% | $149.9M+245.8% | $43.3M |
| Total Equity | $397.0M-39.0% | $651.0M+17.5% | $553.9M+4.0% | $532.8M-14.5% | $623.1M-43.2% | $1.1B-14.5% | $1.3B+63.1% | $786.8M |
| Retained Earnings | -$635.5M-66.7% | -$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 |
Not reported in any period shown, so not listed: Inventory.
CANG 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 | Q4'25 | Q2'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
CANG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q4'23 | Q4'22 | Q4'21 | Q4'20 | Q4'19 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71-0.9x | 1.62-0.2x | 1.84-3.2x | 4.99+2.8x | 2.16-0.1x | 2.23-1.4x | 3.62+1.7x | 1.90 |
| Debt-to-Equity | 1.40+0.7x | 0.72+0.2x | 0.48+0.5x | 0.000.0x | 0.02-0.1x | 0.070.0x | 0.12+0.1x | 0.06 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
Note: The current ratio is below 1.0 (0.71), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Cango Inc Ranks
Frequently Asked Questions
What is Cango Inc's annual revenue?
Cango Inc (CANG) reported $688.1M in total revenue for fiscal year 2025. This represents a 524.3% 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 grew by 524.3% year-over-year, from $110.2M to $688.1M in fiscal year 2025.
Is Cango Inc profitable?
No, Cango Inc (CANG) reported a net income of -$622.0M in fiscal year 2025, with a net profit margin of -90.4%.
What is Cango Inc's EBITDA?
Cango Inc (CANG) had EBITDA of -$320.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cango Inc have?
As of fiscal year 2025, Cango Inc (CANG) had $41.2M in cash and equivalents against $557.6M in long-term debt.
What is Cango Inc's gross margin?
Cango Inc (CANG) had a gross margin of 4.1% in fiscal year 2025, 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 -63.5% in fiscal year 2025, 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 -90.4% in fiscal year 2025, 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 -156.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cango Inc's free cash flow?
Cango Inc (CANG) recorded an outflow of $119.2M in free cash flow during fiscal year 2025. This represents a -191.6% 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) recorded an outflow of $109.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cango Inc's total assets?
Cango Inc (CANG) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cango Inc's capital expenditures?
Cango Inc (CANG) invested $9.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cango Inc's current ratio?
Cango Inc (CANG) had a current ratio of 0.71 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Cango Inc's debt-to-equity ratio?
Cango Inc (CANG) had a debt-to-equity ratio of 1.40 as of fiscal year 2025, 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 -54.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cango Inc's Piotroski F-Score?
Cango Inc (CANG) 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 Cango Inc's earnings high quality?
Cango Inc (CANG) reported a net loss of $622.0M while operations used $109.8M 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.
How financially healthy is Cango Inc?
Cango Inc (CANG) scores 18 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), 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.