What is Fangdd Network Group Ltd.'s earnings per share (EPS)?

Fangdd Network Group Ltd. (DUO) reported diluted earnings per share of $-1.85 for fiscal year 2025. This represents a -493.6% 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.

Fangdd Network Group Ltd. Financials

DUO

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Fangdd Network Group Ltd. (DUO) 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).

Rhea AI DUO FY2024 2026-05-06

Fangdd’s recent improvement comes mainly from cost compression and balance-sheet repair, while cash burn still defines the operating model.

The headline profit in FY2024 was $4.2M, but operating cash flow stayed negative at -$8.3M, so the turnaround is still accounting-led rather than cash-led. That gap matters because the core business still showed an operating loss, even as SG&A fell from 95.3% of revenue in FY2023 to 45.0% in FY2024.

Gross margin expansion to 18.2% from 14.5% shows some improvement in transaction economics, but a negative operating margin of -37.1% means overhead is still too large for the current revenue base. The sharper loss reduction therefore looks more like an overhead reset than evidence that modest sales growth now drops cleanly into profit.

The balance sheet is less strained: debt-to-equity improved to 0.9x from 3.0x in FY2023, and the current ratio reached 1.7x. But receivables of $26.9M still exceed cash of $10.3M by a wide margin, which means liquidity depends heavily on collection rather than cash already on hand.

Financial Health Signals

Financial Health Score 37/100

Scored as: Emerging companies peer group

Scored against emerging companies 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 Fangdd Network Group Ltd.'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.

Cash Runway

R&D Intensity

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Distress

-7.72

Fangdd Network Group Ltd. scores -7.72, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($23.5M) relative to total liabilities ($29.9M). 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.

Piotroski F-Score Partial

2/7

Fangdd Network Group Ltd. 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, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.71x

For every $1 of reported earnings, Fangdd Network Group Ltd. generates $0.71 in operating cash flow (-$8.6M OCF vs -$12.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-1588.5x

Fangdd Network Group Ltd. earns $-1588.5 in operating income for every $1 of interest expense (-$19.1M vs $12K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$50.7M

YoY+9.2%

5Y CAGR-33.0%

Fangdd Network Group Ltd. generated $50.7M in revenue in fiscal year 2025. This represents an increase of 9.2% from the prior year.

EBITDA

-$17.6M

YoY-2.5%

Fangdd Network Group Ltd.'s EBITDA was -$17.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.5% from the prior year.

Net Income

-$12.1M

YoY-386.7%

Fangdd Network Group Ltd. reported -$12.1M in net income in fiscal year 2025. This represents a decrease of 386.7% from the prior year.

EPS (Diluted)

$-1.85

YoY-493.6%

Fangdd Network Group Ltd. earned $-1.85 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 493.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$12.0M

YoY-4.6%

Fangdd Network Group Ltd. generated -$12.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 4.6% from the prior year.

Cash & Debt

$4.2M

YoY-59.4%

5Y CAGR-49.6%

Fangdd Network Group Ltd. held $4.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

39M

Fangdd Network Group Ltd. had 39M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

17.9%

YoY-0.3pp

5Y CAGR+1.0pp

Fangdd Network Group Ltd.'s gross margin was 17.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.

Operating Margin

-37.6%

YoY-0.5pp

5Y CAGR-28.3pp

Fangdd Network Group Ltd.'s operating margin was -37.6% in fiscal year 2025, reflecting core business profitability. This is down 0.5 percentage points from the prior year.

Net Margin

-23.9%

YoY-33.0pp

5Y CAGR-14.9pp

Fangdd Network Group Ltd.'s net profit margin was -23.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 33.0 percentage points from the prior year.

Return on Equity

-14.6%

YoY-22.6pp

5Y CAGR+0.6pp

Fangdd Network Group Ltd.'s ROE was -14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$3.6M

YoY+6.9%

5Y CAGR-39.9%

Fangdd Network Group Ltd. invested $3.6M in research and development in fiscal year 2025. This represents an increase of 6.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$3.3M

YoY+6.0%

5Y CAGR+16.3%

Fangdd Network Group Ltd. invested $3.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 6.0% from the prior year.

DUO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$50.7M+9.2%	$46.5M+15.8%	$40.1M+12.6%	$35.7M-75.9%	$147.9M-60.6%	$375.7M
Cost of Revenue	$41.6M+9.6%	$38.0M+10.7%	$34.3M+7.0%	$32.1M-75.5%	$131.2M-58.0%	$312.2M
Gross Profit	$9.1M+7.5%	$8.5M+45.8%	$5.8M+61.8%	$3.6M-78.5%	$16.7M-73.7%	$63.5M
R&D Expenses	$3.6M+6.9%	$3.4M-25.0%	$4.5M-52.7%	$9.6M-63.6%	$26.3M-43.1%	$46.2M
SG&A Expenses	$23.2M+10.9%	$20.9M-45.3%	$38.2M+35.3%	$28.3M-78.3%	$130.5M+182.7%	$46.1M
Operating Income	-$19.1M-10.7%	-$17.2M+53.9%	-$37.3M-3.3%	-$36.2M+75.9%	-$150.2M-333.7%	-$34.6M
Interest Expense	$12K	N/A	N/A	N/A	N/A	N/A
Income Tax	-$2.9M-176.2%	-$1.0M-294.4%	-$266K-124.5%	$1.1M-22.3%	$1.4M-37.8%	$2.2M
Net Income	-$12.1M-386.7%	$4.2M+132.7%	-$12.9M+63.5%	-$35.4M+80.7%	-$183.8M-444.3%	-$33.8M
EPS (Diluted)	$-1.85-493.6%	$0.47+47100.0%	$-0.00+95.0%	$-0.02+77.8%	$-0.09	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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

DUO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$112.7M+12.5%	$100.2M-7.6%	$108.4M-30.5%	$156.1M-48.0%	$300.2M-51.6%	$620.4M
Current Assets	$55.8M-25.8%	$75.2M-13.0%	$86.3M-30.7%	$124.5M-51.2%	$255.4M-52.1%	$532.6M
Cash & Equivalents	$4.2M-59.4%	$10.3M-39.8%	$17.1M-17.8%	$20.9M-73.0%	$77.2M-40.3%	$129.3M
Inventory	$718K-2.6%	$737K-58.1%	$1.8M+8.8%	$1.6M	N/A	N/A
Accounts Receivable	$21.2M-21.2%	$26.9M-39.4%	$44.3M-35.1%	$68.3M-50.8%	$138.8M-59.8%	$345.1M
Goodwill	N/A	N/A	N/A	$66K	N/A	$4.8M
Total Liabilities	$29.9M-37.2%	$47.7M-41.5%	$81.5M-42.7%	$142.3M-43.7%	$252.5M-36.2%	$395.7M
Current Liabilities	$29.9M-33.1%	$44.7M-42.2%	$77.4M-43.8%	$137.7M-44.5%	$248.1M-36.7%	$392.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$82.7M+56.3%	$52.9M+91.9%	$27.6M+90.0%	$14.5M-70.5%	$49.2M-77.8%	$221.2M
Retained Earnings	-$672.6M-6.3%	-$632.7M+3.4%	-$654.9M+0.9%	-$660.8M+2.4%	-$676.9M-40.6%	-$481.6M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$112.7M+18.9%	$94.8M-5.4%	$100.2M+8.0%	$92.7M-14.5%	$108.4M-19.1%	$134.1M-14.1%	$156.1M-23.8%	$204.9M
Current Assets	$55.8M-13.1%	$64.2M-14.6%	$75.2M+6.5%	$70.6M-18.2%	$86.3M-23.2%	$112.4M-9.8%	$124.5M-27.2%	$171.0M
Cash & Equivalents	$4.2M-13.3%	$4.8M-53.1%	$10.3M-40.2%	$17.3M+0.7%	$17.1M-4.9%	$18.0M-13.6%	$20.9M-41.6%	$35.7M
Inventory	$718K+1.6%	$707K-4.1%	$737K-11.0%	$828K-53.0%	$1.8M+0.9%	$1.7M+7.8%	$1.6M-1.2%	$1.6M
Accounts Receivable	$21.2M-8.9%	$23.2M-13.5%	$26.9M	N/A	$44.3M-15.6%	$52.5M-23.2%	$68.3M-32.5%	$101.2M
Goodwill	N/A	N/A	N/A	$462K	N/A	$63K-4.5%	$66K-2.9%	$68K
Total Liabilities	$29.9M-28.0%	$41.6M-12.8%	$47.7M-25.1%	$63.6M-21.9%	$81.5M-18.0%	$99.4M-30.2%	$142.3M-23.3%	$185.4M
Current Liabilities	$29.9M-22.6%	$38.7M-13.5%	$44.7M-25.6%	$60.1M-22.4%	$77.4M-18.4%	$94.9M-31.1%	$137.7M-24.0%	$181.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$82.7M+55.8%	$53.1M+0.3%	$52.9M+80.1%	$29.4M+6.5%	$27.6M-21.9%	$35.3M+143.5%	$14.5M-27.9%	$20.1M
Retained Earnings	-$672.6M-3.5%	-$650.1M-2.7%	-$632.7M+0.7%	-$637.4M+2.7%	-$654.9M-4.4%	-$627.2M+5.1%	-$660.8M+1.9%	-$673.4M

DUO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$8.6M-4.1%	-$8.3M+68.4%	-$26.2M-42.4%	-$18.4M-93.5%	-$9.5M+80.9%	-$49.8M
Capital Expenditures	$3.3M+6.0%	$3.2M+7421.4%	$42K+50.0%	$28K-98.6%	$2.0M+24.4%	$1.6M
Free Cash Flow	-$12.0M-4.6%	-$11.4M+56.5%	-$26.3M-42.4%	-$18.4M-60.8%	-$11.5M+77.7%	-$51.4M
Investing Cash Flow	-$6.1M+69.3%	-$20.0M-551.9%	$4.4M+119.2%	-$23.1M-236.6%	-$6.9M-866.6%	$895K
Financing Cash Flow	$6.9M-65.9%	$20.1M+19.0%	$16.9M+298.5%	-$8.5M+82.4%	-$48.2M-575.5%	-$7.1M
Dividends Paid	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

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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

DUO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	17.9%-0.3pp	18.2%+3.8pp	14.5%+4.4pp	10.1%-1.2pp	11.3%-5.6pp	16.9%
Operating Margin	-37.6%-0.5pp	-37.1%+56.0pp	-93.1%+8.3pp	-101.4%+0.2pp	-101.6%-92.4pp	-9.2%
Net Margin	-23.9%-33.0pp	9.1%+41.3pp	-32.2%+67.0pp	-99.2%+25.1pp	-124.3%-115.3pp	-9.0%
Return on Equity	-14.6%-22.6pp	8.0%+54.8pp	-46.9%+196.9pp	-243.8%+130.1pp	-373.9%-358.6pp	-15.3%
Return on Assets	-10.8%-15.0pp	4.2%+16.1pp	-11.9%+10.8pp	-22.7%+38.5pp	-61.2%-55.8pp	-5.4%
Current Ratio	1.86+0.2	1.68+0.6	1.12+0.2	0.90-0.1	1.03-0.3	1.36
Debt-to-Equity	0.36-0.5	0.90-2.1	2.95-6.8	9.80+4.7	5.14+3.3	1.79
FCF Margin	-23.6%+1.0pp	-24.6%+40.8pp	-65.4%-13.7pp	-51.7%-44.0pp	-7.8%+5.9pp	-13.7%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
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	1.86+0.2	1.66-0.0	1.68+0.5	1.17+0.1	1.12-0.1	1.18+0.3	0.90-0.0	0.94
Debt-to-Equity	0.36-0.4	0.78-0.1	0.90-1.3	2.17-0.8	2.95+0.1	2.81-7.0	9.80+0.6	9.22
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 Fangdd Network Group Ltd.'s annual revenue?

Fangdd Network Group Ltd. (DUO) reported $50.7M in total revenue for fiscal year 2025. This represents a 9.2% 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 Fangdd Network Group Ltd.'s revenue growing?

Fangdd Network Group Ltd. (DUO) revenue grew by 9.2% year-over-year, from $46.5M to $50.7M in fiscal year 2025.

Is Fangdd Network Group Ltd. profitable?

No, Fangdd Network Group Ltd. (DUO) reported a net income of -$12.1M in fiscal year 2025, with a net profit margin of -23.9%.

What is Fangdd Network Group Ltd.'s EBITDA?

Fangdd Network Group Ltd. (DUO) had EBITDA of -$17.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Fangdd Network Group Ltd.'s gross margin?

Fangdd Network Group Ltd. (DUO) had a gross margin of 17.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Fangdd Network Group Ltd.'s operating margin?

Fangdd Network Group Ltd. (DUO) had an operating margin of -37.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Fangdd Network Group Ltd.'s net profit margin?

Fangdd Network Group Ltd. (DUO) had a net profit margin of -23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Fangdd Network Group Ltd.'s return on equity (ROE)?

Fangdd Network Group Ltd. (DUO) has a return on equity of -14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Fangdd Network Group Ltd.'s free cash flow?

Fangdd Network Group Ltd. (DUO) generated -$12.0M in free cash flow during fiscal year 2025. This represents a -4.6% 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 Fangdd Network Group Ltd.'s operating cash flow?

Fangdd Network Group Ltd. (DUO) generated -$8.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Fangdd Network Group Ltd.'s total assets?

Fangdd Network Group Ltd. (DUO) had $112.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Fangdd Network Group Ltd.'s capital expenditures?

Fangdd Network Group Ltd. (DUO) invested $3.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Fangdd Network Group Ltd. spend on research and development?

Fangdd Network Group Ltd. (DUO) invested $3.6M in research and development during fiscal year 2025.

How many shares does Fangdd Network Group Ltd. have outstanding?

Fangdd Network Group Ltd. (DUO) had 39M shares outstanding as of fiscal year 2025.

What is Fangdd Network Group Ltd.'s current ratio?

Fangdd Network Group Ltd. (DUO) had a current ratio of 1.86 as of fiscal year 2025, which is generally considered healthy.

What is Fangdd Network Group Ltd.'s debt-to-equity ratio?

Fangdd Network Group Ltd. (DUO) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fangdd Network Group Ltd.'s return on assets (ROA)?

Fangdd Network Group Ltd. (DUO) had a return on assets of -10.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Fangdd Network Group Ltd.'s cash runway?

Based on fiscal year 2025 data, Fangdd Network Group Ltd. (DUO) had $4.2M in cash against an annual operating cash burn of $8.6M. This gives an estimated cash runway of approximately 6 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 Fangdd Network Group Ltd.'s Altman Z-Score?

Fangdd Network Group Ltd. (DUO) has an Altman Z-Score of -7.72, 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 Fangdd Network Group Ltd.'s Piotroski F-Score?

Fangdd Network Group Ltd. (DUO) 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 Fangdd Network Group Ltd.'s earnings high quality?

Fangdd Network Group Ltd. (DUO) has an earnings quality ratio of 0.71x, 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 Fangdd Network Group Ltd. cover its interest payments?

Fangdd Network Group Ltd. (DUO) has an interest coverage ratio of -1588.5x, meaning it can struggle to 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 Fangdd Network Group Ltd.?

Fangdd Network Group Ltd. (DUO) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.