Cango Inc. is a US-listed company in the consumer finance industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$0.8
Valuation models combined (2)
Base case. Range ~$0.4–$1.1. Weighted average of 2 models (price-to-book vs return on equity (peers), price-to-book vs peers).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Cango Inc. valuation: adjust assumptions and compare models →
Revenue for the twelve months was $688m, up 524.3% on a year earlier, against a decline of 93.5% a quarter earlier. The diluted share count is up 21.6% on a year earlier, which dilutes existing holders. Our price-to-book vs return on equity value is $0.82 a share, against a share price of $1.20.
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.
Cango Inc.'s trailing-twelve-month revenue grew 524.3% year on year, with a free-cash-flow margin of -17.3%. Where it stands out: revenue growth of 524.3% ranks 1 of 39 consumer finance companies we cover. Where it lags: net margin of -90.4% ranks 37 of 39 consumer finance companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 524.3% (+617.8pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for CANG from the sources we follow. See filings →
We value Cango Inc. as a bank or lender, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.35 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| 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-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$0.4 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$1.1 ~$1.5–$2.2 | Included |
| 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 |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: no current dividend figure in the company's tagged filings |
| Combined value Weighted average of the models that apply: the primary model (residual income) 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. | ~$0.8 ~$0.4–$1.1 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cango Inc. with banks and lenders 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 4, 2026, after the close. Analysts expect revenue of $215m and EPS of −$0.35 (range −$0.35 to −$0.35) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$8.39 | −107% | $1.6bn | −66% |
| Next | −$0.14 | +98% | $2.2bn | +39% |
Next year's EPS estimate has moved −120.0% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is +71.2% on 90 days ago. In the last 30 days, 0 analysts raised Cango Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Next fiscal year |
|---|---|
| 90 days ago | $0.70 |
| 60 days ago | $0.70 |
| 30 days ago | $0.70 |
| 7 days ago | $0.70 |
| Now | −$0.14 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.90 | −$0.74 | +18.1% |
| Mar 2026 | −$1.90 | −$5.35 | −181.4% |
| Dec 2025 | −$2.65 | −$5.74 | −116.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CANG | −50% | +36% | −22% | +331% | −32% | −93% |
| Industry peers (median) | +44% | −34% | +15% | +19% | +22% | +1% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CANG | 33% | 67% | 25% | 75% | 42% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CANG | −85% | −47% | −37% | −45% | −58% | −94% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since July 26, 2018: 98% from December 18, 2024 to November 2, 2026. Getting back needed a 3822% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY18 Q4 | $158.7M |
| FY19 Q4 | $206.9M |
| FY20 Q4 | $314.5M |
| FY21 Q4 | $615.4M |
| FY22 Q4 | $287.1M |
| FY23 Q4 | $1.7B |
| FY24 Q4 | $110.2M |
| FY25 Q4 | $688.1M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY19 Q4 | 30.3% |
| FY20 Q4 | 52.1% |
| FY21 Q4 | 95.6% |
| FY22 Q4 | -53.3% |
| FY23 Q4 | 492.7% |
| FY24 Q4 | -93.5% |
| FY25 Q4 | 524.3% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY18 Q4 | 25.4% |
| FY19 Q4 | 22.5% |
| FY20 Q4 | 15.5% |
| FY21 Q4 | -0.6% |
| FY22 Q4 | -47.8% |
| FY23 Q4 | -0.4% |
| FY24 Q4 | -4.6% |
| FY25 Q4 | -63.5% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY18 Q4 | 15.6% |
| FY19 Q4 | 26.4% |
| FY20 Q4 | -30.5% |
| FY21 Q4 | -10.8% |
| FY22 Q4 | -28.9% |
| FY23 Q4 | 8.6% |
| FY24 Q4 | -37.1% |
| FY25 Q4 | -17.3% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 65 | 156 | 159 | 207 | 315 | 615 | 287 | 1,702 | 110 | 688 |
| Gross profit | 40 | 99 | 96 | 129 | 146 | 151 | 22 | 1,489 | 35 | 28 |
| EBITDA | 28 | 70 | 41 | 48 | 50 | −2 | −136 | −7 | 7 | −320 |
| Operating income | 28 | 70 | 40 | 46 | 49 | −4 | −137 | −7 | −5 | −437 |
| Net income | 19 | 50 | 44 | 56 | 516 | −1 | −161 | −5 | 42 | −622 |
| Growth (year on year) | ||||||||||
| Revenue | — | +138.1% | +1.9% | +30.3% | +52.1% | +95.6% | −53.3% | +492.7% | −93.5% | +524.3% |
| EBITDA | — | +150.0% | −41.0% | +16.1% | +4.8% | −104.6% | — | — | — | <−999% |
| Operating income | — | +150.5% | −42.2% | +15.4% | +5.0% | −107.5% | — | — | — | — |
| Net income | — | +160.0% | −12.8% | +27.5% | +819.7% | −100.3% | — | — | — | <−999% |
| Margins | ||||||||||
| Gross margin | 60.8% | 63.3% | 60.6% | 62.6% | 46.5% | 24.6% | 7.6% | 87.5% | 31.9% | 4.1% |
| EBITDA margin | 42.8% | 45.0% | 26.0% | 23.2% | 16.0% | −0.4% | −47.5% | −0.4% | 6.1% | −46.5% |
| Operating margin | 42.5% | 44.7% | 25.4% | 22.5% | 15.5% | −0.6% | −47.8% | −0.4% | −4.6% | −63.5% |
| Net margin | 29.7% | 32.4% | 27.7% | 27.1% | 164.2% | −0.2% | −56.1% | −0.3% | 37.8% | −90.4% |
| Free-cash-flow margin | 18.5% | 55.1% | 15.6% | 26.4% | −30.5% | −10.8% | −28.9% | 8.6% | −37.1% | −17.3% |
| Cash flow | ||||||||||
| Cash from operations | 13 | 87 | 27 | 61 | −95 | −63 | −82 | 146 | −41 | −110 |
| Capital spending | 0 | 1 | 2 | 6 | 1 | 3 | 1 | 0 | 0 | 9 |
| Free cash flow | 12 | 86 | 25 | 55 | −96 | −66 | −83 | 146 | −41 | −119 |
| Stock-based pay | 1 | 0 | 5 | 12 | 12 | 14 | 23 | 4 | 1 | 5 |
| Free cash flow after stock pay | 12 | 86 | 20 | 43 | −108 | −80 | −106 | 143 | −42 | −124 |
| Balance sheet | ||||||||||
| Cash | 6 | 123 | 424 | 288 | 219 | 225 | 55 | 102 | 90 | 41 |
| Total debt | — | 32 | 233 | 374 | 393 | 314 | 144 | 6 | — | 558 |
| Net debt (negative = net cash) | −6 | −92 | −191 | 87 | 174 | 89 | 89 | −97 | −90 | 516 |
| Diluted shares | — | — | — | — | — | 290m | 274m | 254m | 233m | 283m |
| Returned to shareholders | ||||||||||
| Dividends | 0 | — | 4 | 37 | 41 | 150 | 271 | — | — | — |
| Buybacks | — | — | — | 3 | 8 | 70 | 15 | 34 | 13 | 1 |
| Total returned | 0 | — | 4 | 40 | 48 | 220 | 287 | 34 | 13 | 1 |
| Last 12 months unless stated | CANG | RM | DAVE | LU | NAVI | YRD | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $688m | $684m | $644m | $778m | $600m | $796m | $1.6bn |
| Revenue growth, last 12 months | 524.3% | 8.4% | 48.6% | −31.4% | −35.6% | −1.4% | 10.4% |
| Revenue growth, 3-year average | — | 8.1% | 39.6% | — | −23.7% | — | 11.3% |
| Revenue growth, latest quarter | — | 8.0% | 29.6% | — | −3.8% | — | 10.6% |
| Operating margin | −63.5% | — | −4.2% | — | — | −103.9% | 11.2% |
| Net margin | −90.4% | 7.0% | 34.6% | −37.5% | −8.2% | 1.0% | 10.5% |
| Cash from operations / revenue | −16.0% | 47.4% | 50.8% | 223.2% | 56.7% | 12.3% | 22.7% |
| Free-cash-flow margin | −17.3% | 46.7% | 50.7% | 222.1% | — | 11.9% | 18.4% |
| Free-cash-flow margin, 3-year average | — | 46.3% | 40.5% | — | — | 5.0% | 23.6% |
| Stock pay / revenue | 0.7% | 1.3% | 5.8% | — | 2.5% | 0.5% | 1.3% |
| Change in share count | 21.6% | −3.9% | −1.7% | 24.2% | −8.8% | −0.0% | −0.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 524.3% | 10.4% | 1 of 39 |
| Change in growth rate Growth | +617.8pp | +0.6pp | 1 of 38 |
| Operating margin Profitability | -63.5% | 13.9% | 15 of 16 |
| Net margin Profitability | -90.4% | 10.5% | 37 of 39 |
| Stock pay as % of revenue Cash generation | 0.7% | 1.3% | 7 of 36 |
| Change in share count Balance sheet | 21.6% | -0.0% | 35 of 38 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
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 |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
