Boqii Holding Ltd key statistics and ratios

In fiscal 2026, Boqii Holding Ltd had return on equity of -2.7%, an operating margin of -7.1%, debt equal to 17.0% of equity and a current ratio of 3.25. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Boqii Holding Ltd: financial ratios, annual
Fiscal year	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026
Gross margin	25.4%	20.6%	18.5%	20.5%	21.4%	19.8%	21.5%	26.3%
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%
Return on equity	—	—	—	−90.9%	−52.3%	−31.6%	−26.6%	−2.7%
Return on assets	—	−39.8%	−28.9%	−15.6%	−14.9%	−13.5%	−15.5%	−1.8%
Asset turnover	—	1.71	1.50	1.44	1.58	1.50	1.34	1.51
Current ratio	—	0.89	3.21	1.83	2.07	3.86	4.85	3.25
Debt to equity	—	—	289.3%	161.8%	96.8%	13.9%	9.5%	17.0%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	—	—	—	1.0%	0.3%	0.3%	0.3%	0.0%
Capital spending as % of revenue	0.3%	0.2%	0.6%	0.3%	0.2%	0.1%	0.7%	0.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Boqii Holding Ltd's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Boqii Holding Ltd.