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Boqii Holding Ltd (BQ) stock

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NYSE: BQ NYSE Other Specialty Retail

C Fundamentals grade

Boqii Holding Ltd is a US-listed company in the other specialty retail industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.7

Revenue-to-maturity cash-flow model

Base case. Range ~$1.7–$2.5 across our lower- and higher-growth cases (0%–5% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Boqii Holding Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds5 adding, 3 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Boqii Holding files

Where Boqii stands after its latest Filing

Revenue for the twelve months was $59m, down 8.9% on a year earlier, a smaller fall than the 34.4% decline a quarter earlier. That puts it 32 of 35 for growth among the other specialty retail companies we cover. Free-cash-flow margin rose to -7.2% from -12.7% a year earlier. Operating margin widened to -7.1% from -11.7%. The diluted share count is up 214.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $1.74 a share, against a share price of $0.48.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Boqii Holding Ltd's trailing-twelve-month revenue fell 8.9% year on year, with a free-cash-flow margin of -7.2%. Where it stands out: change in growth rate of +25.5pp ranks 2 of 35 other specialty retail companies we cover. Where it lags: change in share count of 214.4% ranks 32 of 33 other specialty retail companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to -8.9% (+25.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 5.5 points on a year ago.

Things to watch

  • Revenue shrinking. Revenue fell 8.9% over the last 12 months.
  • Loss-making. Operating margin is -7.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -7.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 214.4% in a year.
  • Below peers: gross margin. Gross margin of 26.3% ranks 25 of 31 other specialty retail companies we cover (median 36.5%).

Price chart

  • 1 day+0.4%
  • 1 week+0.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$59.2M
Operating margin
-7.1%
Net margin
-1.2%
EPS (TTM, diluted)
$-0.19

Growth

Revenue growth
−8.9%
Change in growth rate
+25.5 pts
Share count change
+214.4%

Cash

Free cash flow (TTM)
-$4.3M
FCF margin
-7.2%
Stock pay % of revenue
0.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for BQ from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Boqii Holding Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Boqii Holding Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.7 ~$1.7–$2.5 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.1 ~$3.1–$12 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.6 ~$1.1–$1.7 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Boqii Holding Ltd with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Boqii Holding Ltd: too few analysts cover it.

Positioning

Short interest
0.6%
of tradable shares
Days to cover
0.88
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
6%
of shares
Held by insiders
0.1%
of shares
Employees
96
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Boqii Holding Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Boqii Holding Ltd
$0 $50M $100M $150M $200M FY19 Q4 FY21 Q4 FY23 Q4 FY26 Q4 Revenue (TTM), FY19 Q4: $120M Revenue (TTM), FY20 Q4: $110.6M Revenue (TTM), FY21 Q4: $149.2M Revenue (TTM), FY22 Q4: $184.9M Revenue (TTM), FY23 Q4: $159.5M Revenue (TTM), FY24 Q4: $99M Revenue (TTM), FY25 Q4: $65M Revenue (TTM), FY26 Q4: $59.2M $59.2M

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $120M
FY20 Q4 $110.6M
FY21 Q4 $149.2M
FY22 Q4 $184.9M
FY23 Q4 $159.5M
FY24 Q4 $99M
FY25 Q4 $65M
FY26 Q4 $59.2M
Revenue growth, TTM YoY Boqii Holding Ltd
-40% -20% 0% 20% 40% FY20 Q4 FY22 Q4 FY24 Q4 FY26 Q4 Revenue growth, TTM YoY, FY20 Q4: -7.8% Revenue growth, TTM YoY, FY21 Q4: 34.9% Revenue growth, TTM YoY, FY22 Q4: 23.9% Revenue growth, TTM YoY, FY23 Q4: -13.7% Revenue growth, TTM YoY, FY24 Q4: -37.9% Revenue growth, TTM YoY, FY25 Q4: -34.4% Revenue growth, TTM YoY, FY26 Q4: -8.9% -8.9%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 -7.8%
FY21 Q4 34.9%
FY22 Q4 23.9%
FY23 Q4 -13.7%
FY24 Q4 -37.9%
FY25 Q4 -34.4%
FY26 Q4 -8.9%
Operating margin (TTM) Boqii Holding Ltd
-30% -20% -10% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY26 Q4 Operating margin (TTM), FY19 Q4: -25.0% Operating margin (TTM), FY20 Q4: -17.8% Operating margin (TTM), FY21 Q4: -20.4% Operating margin (TTM), FY22 Q4: -11.7% Operating margin (TTM), FY23 Q4: -9.5% Operating margin (TTM), FY24 Q4: -8.5% Operating margin (TTM), FY25 Q4: -12.7% Operating margin (TTM), FY26 Q4: -7.1% -7.1%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 -25.0%
FY20 Q4 -17.8%
FY21 Q4 -20.4%
FY22 Q4 -11.7%
FY23 Q4 -9.5%
FY24 Q4 -8.5%
FY25 Q4 -12.7%
FY26 Q4 -7.1%
FCF margin (TTM) Boqii Holding Ltd
-30% -20% -10% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY26 Q4 FCF margin (TTM), FY19 Q4: -25.9% FCF margin (TTM), FY20 Q4: -21.7% FCF margin (TTM), FY21 Q4: -25.1% FCF margin (TTM), FY22 Q4: -12.7% FCF margin (TTM), FY23 Q4: -5.1% FCF margin (TTM), FY24 Q4: -3.7% FCF margin (TTM), FY25 Q4: -15.0% FCF margin (TTM), FY26 Q4: -7.2% -7.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 -25.9%
FY20 Q4 -21.7%
FY21 Q4 -25.1%
FY22 Q4 -12.7%
FY23 Q4 -5.1%
FY24 Q4 -3.7%
FY25 Q4 -15.0%
FY26 Q4 -7.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026
Income
Revenue 120 111 149 185 160 99 65 59
Gross profit 31 23 28 38 34 20 14 16
EBITDA −30 −19 −29 −20 −14 −8 −7 −4
Operating income −30 −20 −30 −22 −15 −8 −8 −4
Net income −35 −26 −29 −20 −15 −9 −8 −1
Diluted EPS −$0.23 −$0.14 −$0.03 −$0.05 −$5.85 −$2.38 −$2.11 −$0.21
Growth (year on year)
Revenue — −7.8% +34.9% +23.9% −13.7% −37.9% −34.4% −8.9%
Margins
Gross margin 25.4% 20.6% 18.5% 20.5% 21.4% 19.8% 21.5% 26.3%
EBITDA margin −24.6% −17.2% −19.7% −11.0% −8.8% −7.6% −11.5% −6.8%
Operating margin −25.0% −17.8% −20.4% −11.7% −9.5% −8.5% −12.7% −7.1%
Net margin −29.1% −23.2% −19.2% −10.8% −9.4% −9.0% −11.5% −1.2%
Free-cash-flow margin −25.9% −21.7% −25.1% −12.7% −5.1% −3.7% −15.0% −7.2%
Cash flow
Cash from operations −31 −24 −37 −23 −8 −4 −9 −4
Capital spending 0 0 1 0 0 0 0 0
Free cash flow −31 −24 −37 −23 −8 −4 −10 −4
Stock-based pay — — 8 2 −1 0 0 0
Free cash flow after stock pay — — −46 −26 −7 −4 −10 −4
Balance sheet
Cash 4 12 45 26 13 10 5 7
Total debt 0 18 37 51 25 4 2 5
Net debt (negative = net cash) −4 6 −8 25 12 −6 −3 −3
Diluted shares 400m 400m 402m 408m 3m 4m 4m 4m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · March 31, 2026
What it owns · $35m
Short-term assets $28mLonger-term assets $7m
What it owes, and who funded it · $36m
Short-term liabilities $9mLonger-term liabilities $0mShareholders' equity $27m
  • Short-term assets cover short-term liabilities $28m of assets due within a year against $9m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $28m short-term assets against $358,510 of longer-dated liabilities.
  • More cash than debt $7m of cash against $5m of debt.
  • Debt below 40% of shareholders' equity Debt is 17% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 82% to 17% over five years.
  • A year's operating cash flow covers at least 20% of debt −$4m of operating cash flow against $5m of debt.
  • Operating profit covers interest at least five times over Operating income of −$4m against $116,200 of interest.

From Boqii Holding Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+214.4%
year over year
R&D spending
0.0%
of revenue
Days sales outstanding
11 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated BQ TLF GIFT RECT GRWG NAAS Median
Revenue, last 12 months $59m $77m $83m $40m $167m $17m $1.2bn
Revenue growth, last 12 months −8.9% 3.4% −8.2% 21.5% 1.6% −37.7% 4.0%
Revenue growth, 3-year average — −0.9% −15.9% — −12.2% — 2.6%
Revenue growth, latest quarter — 1.5% 4.0% — 5.5% — 2.3%
Gross margin 26.3% 59.5% 20.1% 32.2% 26.4% 85.9% 36.5%
Operating margin −7.1% −0.5% −10.3% 8.3% −10.8% −212.4% 2.2%
Operating margin, 3-year average — 1.4% −13.6% — −22.4% — 1.5%
Net margin −1.2% −2.1% −10.3% 7.0% −10.1% −350.8% 0.8%
Cash from operations / revenue −7.0% 1.6% −2.6% −4.2% −4.1% 0.4% 5.5%
Free-cash-flow margin −7.2% −3.0% −3.4% −4.6% −9.0% −0.2% 3.0%
Free-cash-flow margin, 3-year average — −3.6% −3.2% — −11.9% — 2.7%
Stock pay / revenue 0.0% 0.7% 2.1% — 0.7% −14.0% 0.6%
Change in share count 214.4% −8.5% 17.4% 3.2% 0.9% 270.0% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth -8.9% 4.0% 32 of 35
Change in growth rate Growth +25.5pp -0.2pp 2 of 35
Gross margin Profitability 26.3% 36.5% 25 of 31
Operating margin Profitability -7.1% 2.2% 26 of 33
Net margin Profitability -1.2% 0.8% 24 of 35
Free-cash-flow margin Cash generation -7.2% 3.1% 32 of 34
Stock pay as % of revenue Cash generation 0.0% 0.7% 2 of 30
Long-term debt as % of assets Balance sheet 6.6% 14.2% 8 of 26
Change in share count Balance sheet 214.4% 0.6% 32 of 33
Days sales outstanding Balance sheet 11 days 13 days 9 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$66,077
Institutions reporting
6
Shares held vs prior quarter
▲ 88.3%
Positions opened / closed
2 / 2

Top buyers and sellers, Q2 2026: 5 institutions bought and 3 sold ; the biggest buyer was Jane Street Group, LLC (+27K shares) and the biggest seller Xtx Topco Ltd (−11K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jane Street Group, LLC $34,078 42K 51.6% ▲ 188.4%
Two Sigma Investments, LP $12,070 15K 18.3% ▲ 21.7%
Susquehanna International Group, LLP $9,369 11K 14.2% New
Virtu Financial LLC $8,000 10K 12.1% New
Barclays PLC $2,559 3K 3.9% ▲ 6.7%
UBS Group AG $1 0K 0.0% ▼ 99.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Boqii Holding Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Boqii Holding Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Boqii Holding Ltd in brief

What does Boqii Holding Ltd do?
Boqii Holding Ltd is a US-listed company in the other specialty retail industry. Its financial year ends in March.
What is Boqii Holding Ltd's stock ticker?
Boqii Holding Ltd trades under the ticker BQ on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Boqii Holding Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Boqii Holding Ltd reported revenue of $59.2M, 8.9% lower than a year earlier, according to its SEC filings.
What is Boqii Holding Ltd's free cash flow?
Boqii Holding Ltd's free-cash-flow margin is -7.2% of revenue over the trailing twelve months, ranking 32 of the 34 other specialty retail companies we cover.
Who are Boqii Holding Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jane Street Group, LLC, Two Sigma Investments, LP and Susquehanna International Group, LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Boqii Holding Ltd have?
Boqii Holding Ltd's debt-to-equity ratio is 17.0%, from its latest balance sheet (82.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Boqii Holding Ltd's competitors?
In our Other Specialty Retail peer group, the companies closest to Boqii Holding Ltd are Tandy Leather Factory Inc, Giftify, Inc., Rectitude Holdings Ltd., Growgeneration Corp. and Naas Technology Inc. The side-by-side comparison below sets their revenue, margins and growth against Boqii Holding Ltd's.