Qudian Financials
Qudian (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).
Qudian’s balance sheet now matters more than its operating business, with cash generation detached from a shrinking revenue base.
In FY2025, free cash flow of$81.6M arrived even though revenue was only$5.9M , a strong sign that cash results were being driven by balance-sheet activity rather than by the core operation. The same disconnect shows up in earnings: the company reported net income of$101.3M despite an operating loss of-$57.0M , so statutory profit and operating performance were telling very different stories.
The company remains cash-heavy: cash of
Capital allocation looks more like distribution than expansion: share buybacks were
Financial Health Signals
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'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.
Qudian'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 11/100.
Qudian's revenue declined 80.2% year-over-year, from $29.7M to $5.9M. This contraction results in a growth score of 2/100.
Qudian 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 76/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.75, Qudian holds $5.75 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 92/100.
Qudian'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.
Qudian generates a 6.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is up from 0.8% the prior year.
Qudian 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.
Qudian 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.
For every $1 of reported earnings, Qudian 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
Earnings & Revenue
Qudian generated $5.9M in revenue in fiscal year 2025. This represents a decrease of 80.2% from the prior year.
Qudian's EBITDA was -$49.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 27.1% from the prior year.
Qudian reported $101.3M in net income in fiscal year 2025. This represents an increase of 706.3% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Qudian generated $81.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 238.8% from the prior year.
Qudian held $791.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Qudian's gross margin was 81.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 18.4 percentage points from the prior year.
Qudian's ROE was 6.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.3 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Qudian invested $6.5M in research and development in fiscal year 2025. This represents a decrease of 18.4% from the prior year.
Qudian spent $43.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 41.2% from the prior year.
Qudian invested $16.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 61.7% from the prior year.
QD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | 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 |
| 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 |
Not reported in any period shown, so not listed: Interest Expense, EPS (Diluted).
QD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | 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 |
| 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 |
Not reported in any period shown, so not listed: Goodwill.
QD 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 | FY25 | 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 |
| 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 |
Not reported in any period shown, so not listed: Dividends Paid.
QD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | 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 |
| 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% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Qudian Ranks
Frequently Asked Questions
What is Qudian's annual revenue?
Qudian (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's revenue growing?
Qudian (QD) revenue declined by 80.2% year-over-year, from $29.7M to $5.9M in fiscal year 2025.
Is Qudian profitable?
Yes, Qudian (QD) reported a net income of $101.3M in fiscal year 2025.
What is Qudian's EBITDA?
Qudian (QD) had EBITDA of -$49.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Qudian's gross margin?
Qudian (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's return on equity (ROE)?
Qudian (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's free cash flow?
Qudian (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's operating cash flow?
Qudian (QD) generated $98.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Qudian's total assets?
Qudian (QD) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Qudian's capital expenditures?
Qudian (QD) invested $16.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Qudian spend on research and development?
Qudian (QD) invested $6.5M in research and development during fiscal year 2025.
What is Qudian's current ratio?
Qudian (QD) had a current ratio of 5.75 as of fiscal year 2025, which is generally considered healthy.
What is Qudian's debt-to-equity ratio?
Qudian (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's return on assets (ROA)?
Qudian (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's Altman Z-Score?
Qudian (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's Piotroski F-Score?
Qudian (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's earnings high quality?
Qudian (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?
Qudian (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.