Qudian Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 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 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 2026-04-22

Qudian now looks like a balance-sheet-managed company, with a tiny revenue engine overshadowed by cash, assets, and operating losses.

Revenue fell from $29.7M in FY2024 to $5.9M in FY2025, but operating cash flow swung from -$15.2M to $98.2M. At the same time, net income rose to $101.3M while operating loss widened to -$57.0M, pointing to profit and cash being driven more by balance-sheet movements and non-operating items than by the current sales base.

The balance sheet still provides a large cushion: FY2025 cash of $791.1M was nearly 3x current liabilities of $283.2M. With total liabilities of $283.3M against equity of $1.66B, the company remains liquid and lightly leveraged even though the operating business is loss-making.

The cost structure has not resized to the smaller business: FY2025 SG&A plus R&D totaled $48.2M against only $5.9M of revenue. Meanwhile, capex fell to $16.7M from $79.6M in FY2023, suggesting less reinvestment behind operations and an overhead-heavy model relative to current activity.

Financial Health Signals

Financial Profile 53/100

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 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.

Profitability

Qudian has an operating margin of -972.6%, meaning the company retains $-973 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 -142.4% the prior year.

Growth

Qudian's revenue declined 80.2% year-over-year, from $29.7M to $5.9M. This contraction results in a growth score of 0/100.

Leverage

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 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

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 100/100.

Cash Flow

100

Qudian converts 1392.6% of revenue into free cash flow ($81.6M). This strong cash generation earns a score of 100/100.

Returns

Qudian generates a 6.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from 0.8% the prior year.

Piotroski F-Score Weak

3/9

Qudian passes 3 of 9 financial strength tests. 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 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

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Earnings & Revenue

Revenue

$5.9M

YoY-80.2%

5Y CAGR-59.9%

Qudian generated $5.9M in revenue in fiscal year 2025. This represents a decrease of 80.2% from the prior year.

EBITDA

-$49.7M

YoY-27.1%

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.

Net Income

$101.3M

YoY+706.3%

5Y CAGR-7.2%

Qudian reported $101.3M in net income in fiscal year 2025. This represents an increase of 706.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$81.6M

YoY+238.8%

5Y CAGR-25.0%

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.

Cash & Debt

$791.1M

YoY+35.4%

5Y CAGR+27.4%

Qudian held $791.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

81.1%

YoY-18.4pp

5Y CAGR-1.4pp

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.

Operating Margin

-972.6%

YoY-830.2pp

5Y CAGR-996.0pp

Qudian's operating margin was -972.6% in fiscal year 2025, reflecting core business profitability. This is down 830.2 percentage points from the prior year.

Net Margin

1729.9%

YoY+1687.5pp

5Y CAGR+1703.9pp

Qudian's net profit margin was 1729.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1687.5 percentage points from the prior year.

Return on Equity

6.1%

YoY+5.3pp

5Y CAGR-2.0pp

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.

Capital Allocation

R&D Spending

$6.5M

YoY-18.4%

5Y CAGR-24.2%

Qudian invested $6.5M in research and development in fiscal year 2025. This represents a decrease of 18.4% from the prior year.

Share Buybacks

$43.0M

YoY-41.2%

5Y CAGR+78.4%

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.

Capital Expenditures

$16.7M

YoY-61.7%

5Y CAGR-13.3%

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

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.9M-80.2%	$29.7M+66.6%	$17.8M-78.7%	$83.7M-67.7%	$259.6M-54.1%	$565.2M
Cost of Revenue	$1.1M+692.9%	$140K-96.4%	$3.9M-91.8%	$47.4M+284.6%	$12.3M-87.5%	$98.9M
Gross Profit	$4.8M-83.9%	$29.5M+112.5%	$13.9M-61.8%	$36.3M-85.3%	$247.2M-47.0%	$466.3M
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
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
Operating Income	-$57.0M-35.0%	-$42.2M+9.4%	-$46.6M+2.4%	-$47.8M-133.0%	$144.8M+9.1%	$132.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$4.4M-51.3%	$9.0M+2.7%	$8.8M-34.5%	$13.4M-67.2%	$40.9M+1.8%	$40.2M
Net Income	$101.3M+706.3%	$12.6M+128.0%	$5.5M+110.5%	-$52.5M-156.8%	$92.4M-37.1%	$146.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.9B+14.0%	$1.7B-2.9%	$1.8B-4.9%	$1.8B-16.4%	$2.2B+7.7%	$2.1B
Current Assets	$1.6B+17.3%	$1.4B-2.9%	$1.4B-10.7%	$1.6B-16.4%	$1.9B+7.0%	$1.8B
Cash & Equivalents	$791.1M+35.4%	$584.1M-42.5%	$1.0B+100.8%	$505.5M+56.0%	$324.1M+37.5%	$235.6M
Inventory	$8.0M	N/A	$1.5M-91.4%	$16.9M+608.9%	$2.4M-83.1%	$14.1M
Accounts Receivable	$765K-83.7%	$4.7M+28.8%	$3.6M	$0-100.0%	$32.1M+88.8%	$17.0M
Goodwill	N/A	N/A	N/A	N/A	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
Current Liabilities	$283.2M+83.9%	$154.0M+44.9%	$106.3M+25.3%	$84.8M+9.5%	$77.4M+6.9%	$72.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.7B+7.5%	$1.5B-6.0%	$1.6B-5.7%	$1.7B-11.1%	$2.0B+7.7%	$1.8B
Retained Earnings	$1.3B+12.9%	$1.2B-1.7%	$1.2B-2.4%	$1.2B-11.4%	$1.4B+9.6%	$1.3B

Metric	Q4'25	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
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
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
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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	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
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
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$60.1M
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
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

QD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$16.7M-61.7%	$43.6M-45.3%	$79.6M+100.6%	$39.7M-47.2%	$75.1M+120.9%	$34.0M
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
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
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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$43.0M-41.2%	$73.0M+23.3%	$59.2M+180.2%	$21.1M	N/A	$2.4M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	81.1%-18.4pp	99.5%+21.5pp	78.1%+34.7pp	43.4%-51.8pp	95.3%+12.7pp	82.5%
Operating Margin	-972.6%-830.2pp	-142.4%+119.6pp	-262.0%-204.9pp	-57.1%-112.8pp	55.8%+32.3pp	23.5%
Net Margin	1729.9%+1687.5pp	42.4%+11.4pp	31.0%+93.7pp	-62.7%-98.3pp	35.6%+9.6pp	26.0%
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%
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%
Current Ratio	5.75-3.3	9.02-4.4	13.47-5.4	18.91-5.9	24.76+0.0	24.74
Debt-to-Equity	0.17+0.1	0.10+0.0	0.070.0	0.06-0.1	0.130.0	0.13
FCF Margin	1392.6%+1590.8pp	-198.2%-29.6pp	-168.6%-166.4pp	-2.2%-29.0pp	26.8%-34.2pp	61.0%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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	5.75-3.3	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
Debt-to-Equity	0.17+0.1	0.10+0.0	0.070.0	0.06-0.1	0.130.0	0.13-0.4	0.54+0.5	0.04
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 $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, with a net profit margin of 1729.9%.

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 operating margin?

Qudian (QD) had an operating margin of -972.6% in fiscal year 2025, 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 1729.9% in fiscal year 2025, 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 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.

Does Qudian buy back shares?

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

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 Piotroski F-Score?

Qudian (QD) has a Piotroski F-Score of 3 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 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 53 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.