Canaan Inc. key statistics and ratios

In fiscal 2025, Canaan Inc. had return on equity of -59.8%, an operating margin of -21.2%, debt equal to 11.9% of equity and a current ratio of 3.31. 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.

Canaan Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−36.3%	8.4%	57.2%	35.3%	—	−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%
Return on equity	−149.3%	−39.8%	101.5%	12.2%	−86.7%	−81.3%	−59.8%
Return on assets	−104.3%	−21.9%	59.3%	8.9%	−70.3%	−52.2%	−39.5%
Asset turnover	1.43	0.46	1.48	0.83	0.36	0.56	0.99
Current ratio	3.30	1.70	2.53	7.38	2.69	1.87	3.31
Debt to equity	14.4%	8.0%	0.0%	0.0%	0.0%	9.0%	11.9%
Interest cover (operating income ÷ interest)	—	n/m	—	—	—	n/m	n/m
Effective tax rate	—	—	2.5%	20.9%	—	—	—
R&D as % of revenue	11.9%	31.3%	6.8%	12.5%	30.7%	22.8%	11.9%
Capital spending as % of revenue	0.6%	0.5%	0.7%	2.7%	1.6%	7.2%	4.6%
Free cash flow ÷ net income	—	—	63.6%	−286.7%	—	—	—
Dividends and buybacks ÷ free cash flow	—	59.6%	8.2%	—	—	—	—

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.

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.

Compare with peers

Head to head: ARLO vs CAN AIOT vs CAN CAN vs DDD

More: Electronic Equipment & Instruments stocks compared, Technology sector, rankings of US companies

Figures from Canaan Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Canaan Inc.