Cango Inc. key statistics and ratios

In fiscal 2025, Cango Inc. had return on equity of -130.8%, an operating margin of -63.5%, debt equal to 140.4% of equity and a current ratio of 0.71. 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.

Cango Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	60.8%	63.3%	60.6%	62.6%	46.5%	24.6%	7.6%	87.5%	31.9%	4.1%
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%
Return on equity	—	—	5.8%	7.2%	49.9%	−0.1%	−18.7%	−0.9%	7.7%	−130.8%
Return on assets	—	—	4.1%	4.8%	33.1%	−0.1%	−11.8%	−0.7%	5.7%	−63.8%
Asset turnover	—	—	0.15	0.18	0.20	0.34	0.21	2.04	0.15	0.71
Current ratio	—	—	3.04	1.90	3.62	2.23	2.16	4.99	1.84	0.71
Debt to equity	—	—	30.5%	47.6%	30.6%	28.7%	23.0%	1.1%	3.1%	140.4%
Interest cover (operating income ÷ interest)	—	—	14.6x	24.0x	115.4x	n/m	n/m	n/m	n/m	—
Effective tax rate	—	—	22.5%	17.0%	9.9%	—	—	—	3.8%	—
R&D as % of revenue	—	—	4.3%	4.0%	3.0%	1.8%	2.3%	0.2%	0.7%	—
Capital spending as % of revenue	0.6%	0.9%	1.3%	3.0%	0.3%	0.5%	0.2%	0.0%	0.1%	1.4%
Free cash flow ÷ net income	62.4%	170.0%	56.3%	97.2%	−18.6%	—	—	—	−98.2%	—
Dividends ÷ net income	0.8%	—	8.9%	65.8%	7.9%	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	1.3%	—	15.9%	73.1%	—	—	—	23.4%	—	—

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.

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Figures from Cango Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cango Inc.