Qudian Inc. American (QD) Financials

FY2025 annual

Revenue $5.9M -80.2% YoY

Net Income $101.3M +706.3% YoY

Free Cash Flow $81.6M +238.8% YoY

Operating Cash Flow $98.2M +746.1% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Apr 10, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Apr 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the QD SEC filings page.

Qudian Inc. American (QD) reported $5.9M in revenue for fiscal year 2025, down 80.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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 QD FY2025 2026-10-03

Qudian now operates as an asset-heavy development-stage business: revenue is tiny, fixed costs dominate, and cash generation is disconnected from sales.

FY2025 net income of $101M coexisted with an operating loss of $57M. Operating cash flow of $98M alongside that mismatch means reported earnings and cash were not a clean read on the underlying sales engine; non-operating or balance-sheet effects mattered materially.

Revenue fell from $30M in FY2024 to $6M in FY2025, making the business far smaller on its reported top line. R&D was $7M while SG&A was $42M, so the cost base remained many times larger than the commercial base—a development-stage structure rather than a scaled operating model.

Debt-to-equity rose from 0.1x in FY2024 to 0.2x in FY2025, indicating greater balance-sheet reliance on liabilities even from a low starting point. Current ratio fell from 9.0x to 5.8x, showing the cushion over near-term obligations narrowed while current assets still substantially exceeded current liabilities.

Financial Health Signals

Financial Health Score 51/100

Scored against operating 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 Qudian Inc. American'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

Qudian Inc. American's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 10/100.

Growth

Qudian Inc. American's revenue declined 80.2% year-over-year, from $29.7M to $5.9M. This contraction results in a growth score of 1/100.

Leverage

Qudian Inc. American carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 5.75, Qudian Inc. American holds $5.75 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 94/100.

Cash Flow

100

Qudian Inc. American's reported free cash flow margin for fiscal year 2025 is above the highest share of revenue this page publishes, so the figure is not shown here. This dimension scores 100/100.

Returns

Qudian Inc. American generates a 6.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 21/100. This is up from 0.8% the prior year.

Altman Z-Score Safe

3.04

Qudian Inc. American scores 3.04, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/7

Qudian Inc. American passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed

0.97x

For every $1 of reported earnings, Qudian Inc. American generates $0.97 in operating cash flow ($98.2M OCF vs $101.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$791.1M

YoY+35.4%

QoQ+35.4%

Qudian Inc. American held $791.1M in cash as of Q4 2025; long-term debt is not reported for that period.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Shares Outstanding

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

QD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

QD quarterly income statement

Metric	FY2510-K	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	$5.9M-80.2%	$29.7M+66.6%	$17.8M-78.7%	$83.7M-67.7%	$259.6M-54.1%	$565.2M-55.5%	$1.3B+13.5%	$1.1B+52.4%	$734.0M
Cost of Revenue	$1.1M+692.9%	$140K-96.4%	$3.9M-91.8%	$47.4M+284.6%	$12.3M-87.5%	$98.9M+88.0%	$52.6M-82.0%	$291.4M+115.3%	$135.4M
Gross Profit	$4.8M-83.9%	$29.5M+112.5%	$13.9M-61.8%	$36.3M-85.3%	$247.2M-47.0%	$466.3M-61.7%	$1.2B+47.1%	$827.4M+38.2%	$598.6M
R&D Expenses	$6.5M-18.4%	$8.0M+19.1%	$6.7M-20.4%	$8.4M-61.9%	$22.2M-15.3%	$26.2M-11.1%	$29.4M+1.3%	$29.0M+23.2%	$23.6M
SG&A Expenses	$41.7M+10.0%	$37.9M-1.7%	$38.5M-7.5%	$41.7M-40.1%	$69.6M+58.8%	$43.8M+6.6%	$41.1M+10.4%	$37.2M+31.8%	$28.2M
Operating Income	-$57.0M-35.0%	-$42.2M+9.4%	-$46.6M+2.4%	-$47.8M-133.0%	$144.8M+9.1%	$132.7M-76.0%	$552.8M+41.3%	$391.2M+5.1%	$372.1M
EBITDA	-$49.7M-27.1%	-$39.1M+12.4%	-$44.7M+4.2%	-$46.6M-131.5%	$148.2M+10.4%	$134.3M-75.9%	$556.0M+41.5%	$392.9M+5.3%	$373.0M
Income Tax	$4.4M-51.3%	$9.0M+2.7%	$8.8M-34.5%	$13.4M-67.2%	$40.9M+1.8%	$40.2M-55.4%	$90.0M+292.1%	$22.9M-41.6%	$39.3M
Net Income	$101.3M+706.3%	$12.6M+128.0%	$5.5M+110.5%	-$52.5M-156.8%	$92.4M-37.1%	$146.9M-68.7%	$468.9M+29.4%	$362.3M+8.9%	$332.7M

Metric	Q4'2510-K	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

QD Balance Sheet

QD quarterly balance sheet

Metric	FY2510-K	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$1.9B+14.0%	$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	$1.6B+17.3%	$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	$791.1M+35.4%	$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	$8.0M	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	$765K-83.7%	$4.7M+28.8%	$3.6M	$0-100.0%	$32.1M+88.8%	$17.0M-37.7%	$27.3M	N/A	N/A
Total Liabilities	$283.3M+76.3%	$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	$283.2M+83.9%	$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
Non-Current Liabilities	$94K-98.6%	$6.7M+19.2%	$5.6M-67.5%	$17.2M-89.8%	$168.5M+8.3%	$155.6M-57.3%	$364.9M+506.9%	$60.1M-23.3%	$78.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$60.1M-23.3%	$78.4M
Total Equity	$1.7B+7.5%	$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	$1.3B+12.9%	$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

Metric	Q4'2510-K	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$1.9B+14.0%	$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%
Current Assets	$1.6B+17.3%	$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%
Cash & Equivalents	$791.1M+35.4%	$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%
Inventory	$8.0M	N/A	$1.5M-91.4%	$16.9M+608.9%	$2.4M-83.1%	$14.1M+999.7%	$1.3M-93.1%	$18.6M
Accounts Receivable	$765K-83.7%	$4.7M+28.8%	$3.6M	$0-100.0%	$32.1M+88.8%	$17.0M-37.7%	$27.3M	N/A
Total Liabilities	$283.3M+76.3%	$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%
Current Liabilities	$283.2M+83.9%	$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%
Non-Current Liabilities	$94K-98.6%	$6.7M+19.2%	$5.6M-67.5%	$17.2M-89.8%	$168.5M+8.3%	$155.6M-57.3%	$364.9M+506.9%	$60.1M-23.3%
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$60.1M-23.3%
Total Equity	$1.7B+7.5%	$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%
Retained Earnings	$1.3B+12.9%	$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%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.

QD Cash Flow Statement

QD quarterly cash flow statement

Metric	FY2510-K	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	$98.2M+746.1%	-$15.2M-130.7%	$49.6M+31.1%	$37.8M-73.9%	$144.7M-61.8%	$378.8M-52.1%	$790.5M+63.1%	$484.7M+2.5%	$472.8M
Depreciation & Amortization	$7.2M+135.1%	$3.1M+57.3%	$2.0M+70.1%	$1.2M-66.0%	$3.4M+112.4%	$1.6M-49.7%	$3.2M+81.1%	$1.8M+97.2%	$890K
Stock-Based Compensation	$0-100.0%	$309K-55.5%	$695K-80.1%	$3.5M-37.1%	$5.5M-20.7%	$7.0M-44.2%	$12.5M+48.7%	$8.4M-14.3%	$9.8M
Capital Expenditures	$16.7M-61.7%	$43.6M-45.3%	$79.6M+100.6%	$39.7M-47.2%	$75.1M+120.9%	$34.0M+209.8%	$11.0M-46.3%	$20.4M+1075.9%	$1.7M
Free Cash Flow	$81.6M+238.8%	-$58.8M-95.9%	-$30.0M-1522.2%	-$1.8M-102.7%	$69.6M-79.8%	$344.8M-55.8%	$779.5M+67.9%	$464.2M-1.4%	$471.1M
Investing Cash Flow	$120.9M+137.6%	-$321.2M-158.5%	$548.7M+100.8%	$273.3M+806.2%	-$38.7M+92.3%	-$501.1M-275.3%	-$133.5M+67.1%	-$405.9M	N/A
Financing Cash Flow	$79.4M+210.4%	$25.6M+132.1%	-$79.7M+34.2%	-$121.1M-816.3%	-$13.2M+94.6%	-$243.9M+49.7%	-$484.4M+50.5%	-$978.5M	N/A
Share Buybacks	$43.0M-41.2%	$73.0M+23.3%	$59.2M+180.2%	$21.1M	N/A	$2.4M-99.2%	$299.8M+46.2%	$205.1M+216.9%	$64.7M

Metric	Q4'2510-K	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

QD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

QD quarterly financial ratios

Metric	FY2510-K	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Gross Margin	81.1%-18.4pp	99.5%+21.5pp	78.1%+34.7pp	43.4%-51.8pp	95.3%+12.7pp	82.5%-13.4pp	95.9%+21.9pp	74.0%-7.6pp	81.5%
Operating Margin	-972.6%	-142.4%	-262.0%	-57.1%-112.8pp	55.8%+32.3pp	23.5%-20.1pp	43.5%+8.6pp	35.0%-15.7pp	50.7%
Net Margin	1729.9%	42.4%+11.4pp	31.0%+93.7pp	-62.7%-98.3pp	35.6%+9.6pp	26.0%-10.9pp	36.9%+4.5pp	32.4%-12.9pp	45.3%
Return on Equity	6.1%+5.3pp	0.8%+0.5pp	0.3%+3.3pp	-3.0%-7.7pp	4.7%-3.4pp	8.1%-19.3pp	27.4%+4.4pp	23.0%+0.3pp	22.7%
Return on Assets	5.2%+4.5pp	0.7%+0.4pp	0.3%+3.1pp	-2.8%-7.0pp	4.2%-3.0pp	7.2%-10.6pp	17.8%+2.5pp	15.3%+4.2pp	11.2%
Current Ratio	5.75-3.3x	9.02-4.4x	13.47-5.4x	18.91-5.9x	24.760.0x	24.74+20.4x	4.37+1.5x	2.89+0.8x	2.06
Debt-to-Equity	0.17+0.1x	0.100.0x	0.070.0x	0.06-0.1x	0.130.0x	0.13-0.4x	0.54+0.5x	0.040.0x	0.05
Asset Turnover	0.000.0x	0.020.0x	0.010.0x	0.05-0.1x	0.12-0.2x	0.28-0.2x	0.480.0x	0.47+0.2x	0.25
FCF Margin	1392.6%	-198.2%	-168.6%	-2.2%-29.0pp	26.8%-34.2pp	61.0%-0.4pp	61.4%+19.9pp	41.5%-22.7pp	64.2%

Metric	Q4'2510-K	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Current Ratio	5.75-3.3x	9.02-4.4x	13.47-5.4x	18.91-5.9x	24.760.0x	24.74+20.4x	4.37+1.5x	2.89+0.8x
Debt-to-Equity	0.17+0.1x	0.100.0x	0.070.0x	0.06-0.1x	0.130.0x	0.13-0.4x	0.54+0.5x	0.040.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Qudian Inc. American QD	FY2025	$5.9M	$101.3M	N/A	$632.4M	51/100
Green Dot Corporation GDOT	FY2025	$2.1B	-$98.9M	-4.8%	$718.6M	33/100
PRA Group, Inc. PRAA	FY2025	$1.2B	-$305.0M	-25.4%	$754.1M	29/100
OppFi Inc. OPFI	FY2025	$381.2M	$26.3M	6.9%	$505.3M	44/100
X Financial XYF	FY2025	$1.1B	$209.4M	19.2%	$190.2M	53/100
LexinFintech Holdings Ltd. LX	FY2025	$1.9B	$239.8M	12.8%	$116.0M	43/100

Where Qudian Inc. American Ranks

Frequently Asked Questions

What is Qudian Inc. American's annual revenue?

Qudian Inc. American (QD) reported $5.9M in total revenue for fiscal year 2025. This represents a -80.2% 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 Qudian Inc. American's revenue growing?

Qudian Inc. American (QD) revenue declined by 80.2% year-over-year, from $29.7M to $5.9M in fiscal year 2025.

Is Qudian Inc. American profitable?

Yes, Qudian Inc. American (QD) reported a net income of $101.3M in fiscal year 2025.

What is Qudian Inc. American's EBITDA?

Qudian Inc. American (QD) had EBITDA of -$49.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Qudian Inc. American's gross margin?

Qudian Inc. American (QD) had a gross margin of 81.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

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

Qudian Inc. American (QD) has a return on equity of 6.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Qudian Inc. American's free cash flow?

Qudian Inc. American (QD) generated $81.6M in free cash flow during fiscal year 2025. This represents a 238.8% 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 Inc. American's operating cash flow?

Qudian Inc. American (QD) generated $98.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Qudian Inc. American's total assets?

Qudian Inc. American (QD) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Qudian Inc. American's capital expenditures?

Qudian Inc. American (QD) invested $16.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Qudian Inc. American spend on research and development?

Qudian Inc. American (QD) invested $6.5M in research and development during fiscal year 2025.

Does Qudian Inc. American buy back shares?

Yes, Qudian Inc. American (QD) spent $43.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Qudian Inc. American's current ratio?

Qudian Inc. American (QD) had a current ratio of 5.75 as of fiscal year 2025, which is generally considered healthy.

What is Qudian Inc. American's debt-to-equity ratio?

Qudian Inc. American (QD) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Qudian Inc. American (QD) had a return on assets of 5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Qudian Inc. American's Altman Z-Score?

Qudian Inc. American (QD) has an Altman Z-Score of 3.04, placing it in the Safe Zone (low 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 Qudian Inc. American's Piotroski F-Score?

Qudian Inc. American (QD) has a Piotroski F-Score of 3 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 Qudian Inc. American's earnings high quality?

Qudian Inc. American (QD) has an earnings quality ratio of 0.97x, considered mixed quality. 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 Inc. American?

Qudian Inc. American (QD) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.