Canaan Inc. is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
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~$0.5
Price-to-sales vs peers
Base case. Range ~$0.5–$6.0. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Canaan Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $530m, up 96.7% on a year earlier, faster than the 27.4% growth a quarter earlier. The diluted share count is up 72.9% on a year earlier, which dilutes existing holders. Our price-to-sales vs peers value is $0.31 a share, against a share price of $0.20.
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.
Canaan Inc.'s trailing-twelve-month revenue grew 96.7% year on year, with a free-cash-flow margin of -55.8%. Where it stands out: revenue growth of 96.7% ranks 4 of 53 electronic equipment & instruments companies we cover. Where it lags: change in share count of 72.9% ranks 43 of 46 electronic equipment & instruments companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 96.7% (+69.3pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Canaan Inc. as an operating company, with every model that fits that kind of business. Cost of equity 13%: the 10-year Treasury yield (4.9%) plus a beta of 1.79 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| 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 |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.5 ~$1.3–$6.0 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) 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. | ~$0.5 ~$0.5–$6.0 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Canaan Inc. with Electronic Equipment & Instruments 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.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 17, 2026, before the open. Analysts expect revenue of $14m and EPS of −$0.07 (range −$0.11 to −$0.03) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $141m | −73% |
| Next | — | — | $241m | +70% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.15 | −$0.11 | +25.5% |
| Mar 2026 | −$0.07 | −$0.13 | −85.7% |
| Dec 2025 | −$0.01 | −$0.09 | −764.0% |
| Sept 2025 | −$0.01 | −$0.00 | +84.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CAN | −13% | −60% | +12% | −11% | −66% | −72% |
| Industry peers (median) | 0% | −37% | +25% | +2% | −5% | −15% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CAN | 42% | 25% | 50% | 42% | 50% | 18% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CAN | −87% | −71% | −69% | −67% | −75% | −81% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 20, 2019: 100% from March 11, 2021 to July 31, 2026. Getting back needed a 21312% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $204.3M |
| FY20 Q4 | $68.6M |
| FY21 Q4 | $772.8M |
| FY22 Q4 | $651.5M |
| FY23 Q4 | $211.5M |
| FY24 Q4 | $269.3M |
| FY25 Q4 | $529.7M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | -66.4% |
| FY21 Q4 | 1026.3% |
| FY22 Q4 | -15.7% |
| FY23 Q4 | -67.5% |
| FY24 Q4 | 27.4% |
| FY25 Q4 | 96.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY20 Q4 | -56.7% |
| FY21 Q4 | 36.6% |
| FY22 Q4 | 6.6% |
| FY23 Q4 | -194.3% |
| FY24 Q4 | -84.3% |
| FY25 Q4 | -21.2% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | -20.3% |
| FY20 Q4 | 9.0% |
| FY21 Q4 | 25.4% |
| FY22 Q4 | -30.8% |
| FY23 Q4 | -60.0% |
| FY24 Q4 | -81.2% |
| FY25 Q4 | -55.8% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 204 | 69 | 773 | 652 | 211 | 269 | 530 |
| Gross profit | −74 | 6 | 442 | 230 | −241 | −84 | 41 |
| Operating income | — | −39 | 283 | 43 | −411 | −227 | −112 |
| Net income | −149 | −33 | 309 | 70 | −414 | −250 | −210 |
| Growth (year on year) | |||||||
| Revenue | — | −66.4% | +>999% | −15.7% | −67.5% | +27.4% | +96.7% |
| Operating income | — | — | — | −84.8% | <−999% | — | — |
| Net income | — | — | — | −77.4% | −692.6% | — | — |
| Margins | |||||||
| Gross margin | −36.3% | 8.4% | 57.2% | 35.3% | −113.9% | −31.3% | 7.8% |
| Operating margin | — | −56.7% | 36.6% | 6.6% | −194.3% | −84.3% | −21.2% |
| Net margin | −72.7% | −48.0% | 40.0% | 10.7% | −195.8% | −92.7% | −39.7% |
| Free-cash-flow margin | −20.3% | 9.0% | 25.4% | −30.8% | −60.0% | −81.2% | −55.8% |
| Cash flow | |||||||
| Cash from operations | −40 | 6 | 202 | −183 | −124 | −199 | −271 |
| Capital spending | 1 | 0 | 6 | 18 | 3 | 19 | 25 |
| Free cash flow | −41 | 6 | 197 | −200 | −127 | −219 | −296 |
| Stock-based pay | 39 | 0 | 76 | 63 | 42 | 31 | 23 |
| Free cash flow after stock pay | −80 | 6 | 120 | −263 | −169 | −249 | −319 |
| Balance sheet | |||||||
| Cash | 74 | 60 | 421 | — | 96 | 96 | 81 |
| Total debt | 14 | 5 | 0 | 0 | 0 | 24 | 52 |
| Net debt (negative = net cash) | −60 | −55 | −421 | — | −96 | −73 | −29 |
| Diluted shares | 144m | 156m | 172m | 172m | 172m | 271m | 470m |
| Returned to shareholders | |||||||
| Buybacks | — | 4 | 16 | 37 | — | — | 5 |
| Total returned | — | 4 | 16 | 37 | — | — | 5 |
| Last 12 months unless stated | CAN | ARLO | AIOT | DDD | ITRN | TRNS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $530m | $587m | $450m | $388m | $359m | $348m | $104m |
| Revenue growth, last 12 months | 96.7% | 15.6% | 15.1% | −6.2% | 6.8% | 20.9% | 9.8% |
| Revenue growth, 3-year average | — | 7.5% | 50.2% | −9.0% | 28.3% | 13.8% | 7.2% |
| Revenue growth, latest quarter | — | 20.5% | 6.4% | −0.3% | — | 21.6% | 16.5% |
| Gross margin | 7.8% | 46.0% | 55.7% | 33.8% | 49.7% | 32.5% | 38.5% |
| Operating margin | −21.2% | 2.7% | 4.9% | −15.8% | 21.5% | 3.3% | −7.3% |
| Operating margin, 3-year average | — | −1.5% | −5.4% | −56.3% | 21.9% | 5.7% | −5.1% |
| Net margin | −39.7% | 5.2% | −4.2% | −14.2% | 16.1% | 1.0% | −5.3% |
| Cash from operations / revenue | −51.2% | 13.3% | 7.6% | −10.9% | 24.7% | 11.5% | −1.6% |
| Free-cash-flow margin | −55.8% | 12.2% | 3.5% | −13.5% | 18.6% | 7.3% | −2.5% |
| Free-cash-flow margin, 3-year average | — | 10.7% | −2.4% | −17.9% | 15.0% | 7.2% | 3.7% |
| Stock pay / revenue | 4.3% | 12.2% | 2.0% | 3.5% | — | 2.4% | 3.0% |
| Change in share count | 72.9% | 10.0% | 6.0% | 9.1% | −0.1% | 1.1% | 1.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 96.7% | 9.8% | 4 of 53 |
| Change in growth rate Growth | +69.3pp | +2.3pp | 6 of 53 |
| Operating margin Profitability | -21.2% | -7.3% | 36 of 53 |
| Net margin Profitability | -39.7% | -5.3% | 38 of 53 |
| Stock pay as % of revenue Cash generation | 4.3% | 3.0% | 31 of 49 |
| Long-term debt as % of assets Balance sheet | 3.9% | 15.2% | 6 of 31 |
| Change in share count Balance sheet | 72.9% | 1.9% | 43 of 46 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Invesco Ltd. | $11.6M | 40.4M | 29.5% | ▲ 41.5% |
| Weiss Asset Management LP | $11.2M | 38.9M | 28.4% | ▼ 2.4% |
| Galaxy Digital Inc. | $3.4M | 11.7M | 8.5% | ▼ 19.3% |
| Charles Schwab Investment Management Inc | $2.2M | 7.5M | 5.5% | ▼ 36.1% |
| Compass Rose Asset Management, LP | $1.4M | 4.8M | 3.5% | New |
| UBS Group AG | $1.2M | 4.2M | 3.1% | ▼ 3.5% |
| Mirae Asset Global Etfs Holdings Ltd. | $1.1M | 4.0M | 2.9% | ▼ 2.5% |
| Jane Street Group, LLC | $1.1M | 3.9M | 2.9% | ▲ 1727.8% |
| Vident Advisory, LLC | $1.1M | 3.6M | 2.7% | ▲ 16.2% |
| Marshall Wace, LLP | $579,536 | 2.0M | 1.5% | ▲ 209.1% |
| Oversea-Chinese Banking Corp Ltd | $576,499 | 2.0M | 1.5% | 0.0% |
| Susquehanna International Group, LLP | $532,914 | 1.9M | 1.4% | ▲ 128.2% |
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 Canaan Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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