Qudian Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Qudian (QD) 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).

Financial Health Signals

Financial Profile 51/100

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

Profitability

Qudian has an operating margin of -142.4%, meaning the company retains $-142 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 up from -262.0% the prior year.

Growth

100

Qudian's revenue surged 66.6% year-over-year to $29.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Qudian carries a low D/E ratio of 0.10, meaning only $0.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 9.02, Qudian holds $9.02 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Qudian generated -$15.2M in operating cash flow, capex of $43.6M consumed most of it, leaving -$58.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Qudian generates a 0.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 3/100. This is up from 0.3% the prior year.

Piotroski F-Score Neutral

4/9

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

Earnings Quality Low Quality

-1.21x

For every $1 of reported earnings, Qudian generates $-1.21 in operating cash flow (-$15.2M OCF vs $12.6M 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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Revenue

$29.7M

YoY+66.6%

5Y CAGR-52.8%

Qudian generated $29.7M in revenue in fiscal year 2024. This represents an increase of 66.6% from the prior year.

EBITDA

-$39.1M

YoY+12.4%

Qudian's EBITDA was -$39.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.4% from the prior year.

Free Cash Flow

-$58.8M

YoY-95.9%

Qudian generated -$58.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 95.9% from the prior year.

Net Income

$12.6M

YoY+128.0%

5Y CAGR-51.5%

Qudian reported $12.6M in net income in fiscal year 2024. This represents an increase of 128.0% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$584.1M

YoY-42.5%

5Y CAGR+7.3%

Qudian held $584.1M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

99.5%

YoY+21.5pp

5Y CAGR+3.7pp

Qudian's gross margin was 99.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 21.5 percentage points from the prior year.

Operating Margin

-142.4%

YoY+119.6pp

5Y CAGR-185.9pp

Qudian's operating margin was -142.4% in fiscal year 2024, reflecting core business profitability. This is up 119.6 percentage points from the prior year.

Net Margin

42.4%

YoY+11.4pp

5Y CAGR+5.4pp

Qudian's net profit margin was 42.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 11.4 percentage points from the prior year.

Return on Equity

0.8%

YoY+0.5pp

5Y CAGR-26.6pp

Qudian's ROE was 0.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.

R&D Spending

$8.0M

YoY+19.1%

5Y CAGR-22.9%

Qudian invested $8.0M in research and development in fiscal year 2024. This represents an increase of 19.1% from the prior year.

Share Buybacks

$73.0M

YoY+23.3%

5Y CAGR-24.6%

Qudian spent $73.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 23.3% from the prior year.

Capital Expenditures

$43.6M

YoY-45.3%

5Y CAGR+31.8%

Qudian invested $43.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 45.3% from the prior year.

QD Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$29.7M+66.6%	$17.8M-78.7%	$83.7M-67.7%	$259.6M-54.1%	$565.2M-55.5%	$1.3B
Cost of Revenue	$140K-96.4%	$3.9M-91.8%	$47.4M+284.6%	$12.3M-87.5%	$98.9M+88.0%	$52.6M
Gross Profit	$29.5M+112.5%	$13.9M-61.8%	$36.3M-85.3%	$247.2M-47.0%	$466.3M-61.7%	$1.2B
R&D Expenses	$8.0M+19.1%	$6.7M-20.4%	$8.4M-61.9%	$22.2M-15.3%	$26.2M-11.1%	$29.4M
SG&A Expenses	$37.9M-1.7%	$38.5M-7.5%	$41.7M-40.1%	$69.6M+58.8%	$43.8M+6.6%	$41.1M
Operating Income	-$42.2M+9.4%	-$46.6M+2.4%	-$47.8M-133.0%	$144.8M+9.1%	$132.7M-76.0%	$552.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$9.0M+2.7%	$8.8M-34.5%	$13.4M-67.2%	$40.9M+1.8%	$40.2M-55.4%	$90.0M
Net Income	$12.6M+128.0%	$5.5M+110.5%	-$52.5M-156.8%	$92.4M-37.1%	$146.9M-68.7%	$468.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
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

QD Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.7B-2.9%	$1.8B-4.9%	$1.8B-16.4%	$2.2B+7.7%	$2.1B-22.1%	$2.6B
Current Assets	$1.4B-2.9%	$1.4B-10.7%	$1.6B-16.4%	$1.9B+7.0%	$1.8B-26.7%	$2.4B
Cash & Equivalents	$584.1M-42.5%	$1.0B+100.8%	$505.5M+56.0%	$324.1M+37.5%	$235.6M-42.7%	$410.9M
Inventory	N/A	$1.5M-91.4%	$16.9M+608.9%	$2.4M-83.1%	$14.1M+999.7%	$1.3M
Accounts Receivable	$4.7M+28.8%	$3.6M	$0-100.0%	$32.1M+88.8%	$17.0M-37.7%	$27.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$160.7M+43.6%	$111.9M+9.6%	$102.0M-58.5%	$246.0M+7.9%	$228.1M-75.3%	$924.7M
Current Liabilities	$154.0M+44.9%	$106.3M+25.3%	$84.8M+9.5%	$77.4M+6.9%	$72.4M-87.1%	$559.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.5B-6.0%	$1.6B-5.7%	$1.7B-11.1%	$2.0B+7.7%	$1.8B+6.5%	$1.7B
Retained Earnings	$1.2B-1.7%	$1.2B-2.4%	$1.2B-11.4%	$1.4B+9.6%	$1.3B+6.5%	$1.2B

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Total Assets	$1.7B-2.9%	$1.8B-4.9%	$1.8B-16.4%	$2.2B+7.7%	$2.1B-22.1%	$2.6B+11.6%	$2.4B-20.6%	$3.0B
Current Assets	$1.4B-2.9%	$1.4B-10.7%	$1.6B-16.4%	$1.9B+7.0%	$1.8B-26.7%	$2.4B+16.0%	$2.1B-28.5%	$2.9B
Cash & Equivalents	$584.1M-42.5%	$1.0B+100.8%	$505.5M+56.0%	$324.1M+37.5%	$235.6M-42.7%	$410.9M+13.0%	$363.8M-65.4%	$1.1B
Inventory	N/A	$1.5M-91.4%	$16.9M+608.9%	$2.4M-83.1%	$14.1M+999.7%	$1.3M-93.1%	$18.6M	N/A
Accounts Receivable	$4.7M+28.8%	$3.6M	$0-100.0%	$32.1M+88.8%	$17.0M-37.7%	$27.3M	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$160.7M+43.6%	$111.9M+9.6%	$102.0M-58.5%	$246.0M+7.9%	$228.1M-75.3%	$924.7M+17.0%	$790.2M-47.8%	$1.5B
Current Liabilities	$154.0M+44.9%	$106.3M+25.3%	$84.8M+9.5%	$77.4M+6.9%	$72.4M-87.1%	$559.8M-23.3%	$730.0M-49.1%	$1.4B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$60.1M-23.3%	$78.4M
Total Equity	$1.5B-6.0%	$1.6B-5.7%	$1.7B-11.1%	$2.0B+7.7%	$1.8B+6.5%	$1.7B+8.8%	$1.6B+7.3%	$1.5B
Retained Earnings	$1.2B-1.7%	$1.2B-2.4%	$1.2B-11.4%	$1.4B+9.6%	$1.3B+6.5%	$1.2B+62.4%	$737.0M+94.3%	$379.3M

QD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$15.2M-130.7%	$49.6M+31.1%	$37.8M-73.9%	$144.7M-61.8%	$378.8M-52.1%	$790.5M
Capital Expenditures	$43.6M-45.3%	$79.6M+100.6%	$39.7M-47.2%	$75.1M+120.9%	$34.0M+209.8%	$11.0M
Free Cash Flow	-$58.8M-95.9%	-$30.0M-1522.2%	-$1.8M-102.7%	$69.6M-79.8%	$344.8M-55.8%	$779.5M
Investing Cash Flow	-$321.2M-158.5%	$548.7M+100.8%	$273.3M+806.2%	-$38.7M+92.3%	-$501.1M-275.3%	-$133.5M
Financing Cash Flow	$25.6M+132.1%	-$79.7M+34.2%	-$121.1M-816.3%	-$13.2M+94.6%	-$243.9M+49.7%	-$484.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$73.0M+23.3%	$59.2M+180.2%	$21.1M	N/A	$2.4M-99.2%	$299.8M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
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

QD Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	99.5%+21.5pp	78.1%+34.7pp	43.4%-51.8pp	95.3%+12.7pp	82.5%-13.4pp	95.9%
Operating Margin	-142.4%+119.6pp	-262.0%-204.9pp	-57.1%-112.8pp	55.8%+32.3pp	23.5%-20.1pp	43.5%
Net Margin	42.4%+11.4pp	31.0%+93.7pp	-62.7%-98.3pp	35.6%+9.6pp	26.0%-10.9pp	36.9%
Return on Equity	0.8%+0.5pp	0.3%	N/A	4.7%-3.4pp	8.1%-19.3pp	27.4%
Return on Assets	0.7%+0.4pp	0.3%+3.1pp	-2.8%-7.0pp	4.2%-3.0pp	7.2%-10.6pp	17.8%
Current Ratio	9.02-4.4	13.47-5.4	18.91-5.9	24.76+0.0	24.74+20.4	4.37
Debt-to-Equity	0.10+0.0	0.070.0	0.06-0.1	0.130.0	0.13-0.4	0.54
FCF Margin	-198.2%-29.6pp	-168.6%-166.4pp	-2.2%-29.0pp	26.8%-34.2pp	61.0%-0.4pp	61.4%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
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	9.02-4.4	13.47-5.4	18.91-5.9	24.76+0.0	24.74+20.4	4.37+1.5	2.89+0.8	2.06
Debt-to-Equity	0.10+0.0	0.070.0	0.06-0.1	0.130.0	0.13-0.4	0.54+0.5	0.04-0.0	0.05
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 Qudian's annual revenue?

Qudian (QD) reported $29.7M in total revenue for fiscal year 2024. This represents a 66.6% 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 Qudian's revenue growing?

Qudian (QD) revenue grew by 66.6% year-over-year, from $17.8M to $29.7M in fiscal year 2024.

Is Qudian profitable?

Yes, Qudian (QD) reported a net income of $12.6M in fiscal year 2024, with a net profit margin of 42.4%.

What is Qudian's EBITDA?

Qudian (QD) had EBITDA of -$39.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Qudian's gross margin?

Qudian (QD) had a gross margin of 99.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Qudian's operating margin?

Qudian (QD) had an operating margin of -142.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Qudian's net profit margin?

Qudian (QD) had a net profit margin of 42.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Qudian's return on equity (ROE)?

Qudian (QD) has a return on equity of 0.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Qudian's free cash flow?

Qudian (QD) generated -$58.8M in free cash flow during fiscal year 2024. This represents a -95.9% 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 Qudian's operating cash flow?

Qudian (QD) generated -$15.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Qudian's total assets?

Qudian (QD) had $1.7B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Qudian's capital expenditures?

Qudian (QD) invested $43.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Qudian spend on research and development?

Qudian (QD) invested $8.0M in research and development during fiscal year 2024.

Does Qudian buy back shares?

Yes, Qudian (QD) spent $73.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Qudian's current ratio?

Qudian (QD) had a current ratio of 9.02 as of fiscal year 2024, which is generally considered healthy.

What is Qudian's debt-to-equity ratio?

Qudian (QD) had a debt-to-equity ratio of 0.10 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Qudian's return on assets (ROA)?

Qudian (QD) had a return on assets of 0.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Qudian's cash runway?

Based on fiscal year 2024 data, Qudian (QD) had $584.1M in cash against an annual operating cash burn of $15.2M. This gives an estimated cash runway of approximately 461 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 Qudian's Piotroski F-Score?

Qudian (QD) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 Qudian's earnings high quality?

Qudian (QD) has an earnings quality ratio of -1.21x, 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 Qudian?

Qudian (QD) scores 51 out of 100 on our Financial Profile, indicating moderate 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.