What is Cango Inc's earnings per share (EPS)?

Cango Inc (CANG) reported diluted earnings per share of $-1.60 for fiscal year 2025. This represents a -8100.0% 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.

Cango Inc Financials

CANG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 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 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).

Rhea AI CANG FY2025 2026-04-22

Revenue-mix instability, not steady scale, is shaping Cango's economics, and the latest year ended with a tighter funding posture.

When gross margin peaked at 87.5%, operating cash flow reached $146.3M even though net profit stayed near breakeven, a sign of a temporarily cash-rich earnings mix. In the latest year, gross margin was only 4.1% and operating cash flow was -$109.8M, showing the business had shifted from internally funded to cash-consuming.

The move from $1.70B of revenue to $688.1M matters mainly because profitability changed far more than sales, which points to a material revenue-mix change rather than a simple rise-or-fall in volume. That lower-margin mix left only $28.1M of gross profit and still produced an operating margin of -63.5%, so the cost structure no longer fits the economics of the revenue being booked.

The brief profit was a weak earnings-quality moment: net income was $41.7M while operating cash flow was -$40.8M. The latest balance sheet shows why that mattered, with cash at $41.2M and long-term debt at $557.6M, leaving much less liquidity cushion than the company had two years earlier.

Financial Health Signals

Financial Profile 14/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Profitability

Cango Inc has an operating margin of -63.5%, meaning the company retains $-64 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -4.6% the prior year.

Growth

Cango Inc's revenue surged 524.3% year-over-year to $688.1M, reflecting rapid business expansion. This strong growth earns a score of 0/100.

Leverage

Cango Inc carries a low D/E ratio of 1.40, meaning only $1.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Cango Inc's current ratio of 0.71 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Cango Inc generated -$109.8M in operating cash flow, capex of $9.4M consumed most of it, leaving -$119.2M 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 -156.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 7.5% the prior year.

Piotroski F-Score Weak

2/9

Cango Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.18x

For every $1 of reported earnings, Cango Inc generates $0.18 in operating cash flow (-$109.8M OCF vs -$622.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$688.1M

YoY+524.3%

5Y CAGR+16.9%

Cango Inc generated $688.1M in revenue in fiscal year 2025. This represents an increase of 524.3% from the prior year.

EBITDA

-$320.1M

YoY-4855.5%

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.

Net Income

-$622.0M

YoY-1593.2%

Cango Inc reported -$622.0M in net income in fiscal year 2025. This represents a decrease of 1593.2% from the prior year.

EPS (Diluted)

$-1.60

YoY-8100.0%

Cango Inc earned $-1.60 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 8100.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$119.2M

YoY-191.6%

Cango Inc generated -$119.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 191.6% from the prior year.

Cash & Debt

$41.2M

YoY-54.4%

5Y CAGR-28.4%

Cango Inc held $41.2M in cash against $557.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

4.1%

YoY-27.8pp

5Y CAGR-42.4pp

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.

Operating Margin

-63.5%

YoY-58.9pp

5Y CAGR-79.0pp

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.

Net Margin

-90.4%

YoY-128.2pp

5Y CAGR-254.6pp

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.

Return on Equity

-156.7%

YoY-164.2pp

5Y CAGR-196.9pp

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

R&D Spending

N/A

Share Buybacks

$1.2M

YoY-90.1%

5Y CAGR-30.2%

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.

Capital Expenditures

$9.4M

YoY+14350.5%

5Y CAGR+62.8%

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.

CANG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$688.1M+524.3%	$110.2M-93.5%	$1.7B+492.7%	$287.1M-53.3%	$615.4M+95.6%	$314.5M
Cost of Revenue	$659.9M+778.9%	$75.1M-64.7%	$212.9M-19.7%	$265.3M-42.8%	$464.2M+175.8%	$168.3M
Gross Profit	$28.1M-19.9%	$35.1M-97.6%	$1.5B+6730.0%	$21.8M-85.6%	$151.2M+3.4%	$146.3M
R&D Expenses	N/A	$749K-82.3%	$4.2M-36.3%	$6.7M-39.6%	$11.0M+15.0%	$9.6M
SG&A Expenses	N/A	$15.8M+125.1%	$7.0M-83.8%	$43.4M+0.2%	$43.3M+6.4%	$40.7M
Operating Income	-$437.1M-8445.9%	-$5.1M+27.2%	-$7.0M+94.9%	-$137.3M-3663.9%	-$3.6M-107.5%	$48.8M
Interest Expense	N/A	$90K-84.4%	$577K-76.3%	$2.4M+7.2%	$2.3M+437.5%	$423K
Income Tax	$842K+365.1%	$181K-98.6%	$13.2M-61.6%	$34.3M+948.8%	$3.3M-94.2%	$56.7M
Net Income	-$622.0M-1593.2%	$41.7M+860.5%	-$5.5M+96.6%	-$161.1M-11916.0%	-$1.3M-100.3%	$516.4M
EPS (Diluted)	$-1.60-8100.0%	$0.02+100.0%	$0.01	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.1B+38.5%	$817.8M+24.9%	$654.7M-35.6%	$1.0B-40.8%	$1.7B-7.7%	$1.9B
Current Assets	$125.1M-73.6%	$473.7M-13.4%	$547.1M-31.0%	$793.1M-33.6%	$1.2B-12.5%	$1.4B
Cash & Equivalents	$41.2M-54.4%	$90.4M-11.6%	$102.3M+86.2%	$54.9M-75.6%	$225.2M+3.0%	$218.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$1.6M-82.0%	$9.1M-76.4%	$38.7M+10.3%	$35.1M+61.7%	$21.7M
Goodwill	N/A	N/A	N/A	$20.9M-10.2%	$23.3M+4.9%	$22.2M
Total Liabilities	$735.9M+178.9%	$263.9M+125.3%	$117.1M-70.0%	$390.6M-37.1%	$620.9M+7.4%	$577.9M
Current Liabilities	$176.7M-31.3%	$257.4M+134.9%	$109.5M-70.1%	$366.9M-31.6%	$536.3M+42.4%	$376.6M
Long-Term Debt	$557.6M	N/A	$100K-99.1%	$11.0M-85.6%	$76.3M-49.1%	$149.9M
Total Equity	$397.0M-28.3%	$553.9M+4.0%	$532.8M-14.5%	$623.1M-43.2%	$1.1B-14.5%	$1.3B
Retained Earnings	-$635.5M-4578.2%	-$13.6M+71.3%	-$47.3M-3679.1%	$1.3M-99.7%	$469.4M-22.6%	$606.2M

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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

CANG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$109.8M-169.0%	-$40.8M-127.9%	$146.3M+277.8%	-$82.3M-29.6%	-$63.5M+33.4%	-$95.3M
Capital Expenditures	$9.4M+14350.5%	$65K-74.1%	$251K-62.5%	$670K-77.4%	$3.0M+261.4%	$822K
Free Cash Flow	-$119.2M-191.6%	-$40.9M-128.0%	$146.1M+276.1%	-$82.9M-24.8%	-$66.4M+30.9%	-$96.1M
Investing Cash Flow	$78.7M+144.0%	-$178.7M-159.0%	$303.0M+6.6%	$284.1M-32.0%	$417.6M+652.1%	-$75.6M
Financing Cash Flow	-$148.9M-741.3%	-$17.7M+89.6%	-$170.2M+60.7%	-$433.5M-41.9%	-$305.4M-423.3%	-$58.4M
Dividends Paid	N/A	N/A	N/A	$271.3M+80.9%	$149.9M+266.1%	$41.0M
Share Buybacks	$1.2M-90.1%	$12.6M-63.0%	$34.2M+122.7%	$15.3M-78.0%	$69.7M+824.5%	$7.5M

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	4.1%-27.8pp	31.9%-55.6pp	87.5%+79.9pp	7.6%-17.0pp	24.6%-21.9pp	46.5%
Operating Margin	-63.5%-58.9pp	-4.6%-4.2pp	-0.4%+47.4pp	-47.8%-47.2pp	-0.6%-16.1pp	15.5%
Net Margin	-90.4%-128.2pp	37.8%+38.1pp	-0.3%+55.8pp	-56.1%-55.9pp	-0.2%-164.4pp	164.2%
Return on Equity	-156.7%-164.2pp	7.5%+8.6pp	-1.0%+24.8pp	-25.9%-25.7pp	-0.1%-40.3pp	40.2%
Return on Assets	-54.9%-60.0pp	5.1%+5.9pp	-0.8%+15.0pp	-15.8%-15.8pp	-0.1%-27.8pp	27.7%
Current Ratio	0.71-1.1	1.84-3.2	4.99+2.8	2.16-0.1	2.23-1.4	3.62
Debt-to-Equity	1.40+0.9	0.48+0.5	0.00-0.0	0.02-0.1	0.07-0.0	0.12
FCF Margin	-17.3%+19.8pp	-37.1%-45.7pp	8.6%+37.5pp	-28.9%-18.1pp	-10.8%+19.8pp	-30.6%

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
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	0.71-0.9	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
Debt-to-Equity	1.40+0.7	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
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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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) generated -$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) generated -$109.8M in operating cash flow during fiscal year 2025, representing cash generated from 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.

Does Cango Inc buy back shares?

Yes, Cango Inc (CANG) spent $1.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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 cash runway?

Based on fiscal year 2025 data, Cango Inc (CANG) had $41.2M in cash against an annual operating cash burn of $109.8M. This gives an estimated cash runway of approximately 5 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 Piotroski F-Score?

Cango Inc (CANG) has a Piotroski F-Score of 2 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 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) has an earnings quality ratio of 0.18x, 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.

How financially healthy is Cango Inc?

Cango Inc (CANG) scores 14 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.