Cango vs Dave
Cango is the larger business, with $688m of revenue in fiscal 2025 against $554m for Dave (1.2 times as much). Cango grew faster (524.3% against 59.7%). Dave kept more of each dollar of sales as profit: a net margin of 35.3% against -90.4%. Dave carries less debt relative to equity (21.3% against 140.4%).
| Latest fiscal year | CangoCANG, 2025 | DaveDAVE, 2025 |
|---|---|---|
| Revenue | $688m | $554m |
| Revenue growth | 524.3% | 59.7% |
| Net income | −$622m | $196m |
| Operating margin | -63.5% | — |
| Net margin | -90.4% | 35.3% |
| Return on equity | -130.8% | 73.1% |
| Free cash flow | −$119m | $290m |
| Cash | $41.2m | $80.5m |
| Total debt | $558m | $75.0m |
| Debt to equity | 140.4% | 21.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $1.2m | $43.7m |
| Employees | — | 280 |
| Market value | $324m | $4.27bn |
| Price vs our value range | — | — |
| Moat score | — | 57 (Moderate) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 110 sales |