High Templar Tech Ltd key statistics and ratios

In fiscal 2025, High Templar Tech Ltd had return on equity of 6.1%, an operating margin of -972.6%, debt equal to 13.5% of equity and a current ratio of 5.75. 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.

High Templar Tech Ltd: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	36.8%	81.4%	81.6%	64.4%	89.8%	76.6%	81.9%	33.7%	−26.7%	7.1%	7.1%
Operating margin	−98.3%	49.4%	50.7%	35.0%	43.5%	23.5%	55.8%	−57.1%	−262.0%	−142.4%	−972.6%
Net margin	−99.2%	40.0%	45.3%	32.4%	36.9%	26.0%	35.6%	−62.7%	31.0%	42.4%	>999%
Free-cash-flow margin	−44.2%	54.7%	58.4%	41.5%	61.4%	61.0%	26.8%	−2.2%	−168.6%	−198.2%	>999%
Return on equity	—	—	65.9%	24.8%	28.8%	7.9%	4.8%	−2.9%	0.3%	0.8%	6.1%
Return on assets	—	8.5%	16.0%	14.1%	18.9%	5.9%	4.3%	−2.7%	0.3%	0.7%	5.4%
Asset turnover	—	0.21	0.35	0.44	0.51	0.23	0.12	0.04	0.01	0.02	0.00
Current ratio	—	1.53	2.06	2.89	4.37	24.74	24.76	18.91	13.47	9.02	5.75
Debt to equity	—	—	89.0%	39.5%	28.4%	6.9%	5.4%	—	0.0%	6.4%	13.5%
Effective tax rate	—	18.0%	10.6%	6.0%	16.1%	21.5%	30.8%	—	61.4%	41.8%	4.1%
R&D as % of revenue	16.0%	3.6%	3.2%	2.6%	2.3%	4.6%	8.5%	10.1%	37.8%	27.0%	111.6%
Capital spending as % of revenue	0.6%	0.3%	0.2%	1.8%	0.9%	6.0%	28.9%	47.4%	447.2%	146.9%	284.7%
Free cash flow ÷ net income	—	136.9%	128.7%	128.1%	166.3%	234.7%	75.3%	—	−544.3%	−467.7%	80.5%
Dividends and buybacks ÷ free cash flow	—	—	15.1%	44.2%	38.5%	0.7%	—	—	—	—	52.7%

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 High Templar Tech Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to High Templar Tech Ltd.