Iqiyi, Inc. key statistics and ratios

In fiscal 2025, Iqiyi, Inc. had return on equity of -1.5%, an operating margin of 0.8%, debt equal to 85.7% of equity and a current ratio of 0.47. 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.

Iqiyi, 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	−1.8%	−0.0%	−8.6%	−4.7%	6.1%	10.0%	23.0%	27.5%	24.9%	21.1%
Operating margin	−24.8%	−22.7%	−33.2%	−31.9%	−20.3%	−14.7%	4.5%	9.4%	6.2%	0.8%
Net margin	−27.4%	−21.5%	−36.5%	−35.6%	−23.7%	−20.2%	−0.5%	6.0%	2.6%	−0.8%
Free-cash-flow margin	19.7%	17.2%	9.1%	10.9%	−19.0%	−20.3%	−0.8%	10.4%	6.9%	0.0%
Return on equity	—	—	—	−74.4%	−72.6%	−84.7%	−2.3%	20.6%	6.0%	−1.5%
Return on assets	—	−17.8%	−28.7%	−23.1%	−14.8%	−13.6%	−0.3%	4.2%	1.7%	−0.4%
Asset turnover	—	0.83	0.79	0.65	0.62	0.67	0.65	0.70	0.65	0.59
Current ratio	—	0.49	1.00	1.00	0.90	0.51	0.49	0.57	0.44	0.47
Debt to equity	—	—	42.7%	155.1%	261.3%	317.9%	465.5%	142.1%	93.8%	85.7%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	1.8x	2.6x	1.7x	0.3x
Effective tax rate	—	—	—	—	—	—	—	3.9%	7.2%	—
R&D as % of revenue	7.3%	7.3%	8.0%	9.2%	9.0%	9.1%	6.5%	5.5%	6.1%	6.1%
SG&A as % of revenue	15.7%	15.4%	16.7%	18.1%	17.5%	15.5%	12.0%	12.6%	12.6%	14.1%
Capital spending as % of revenue	3.6%	5.9%	2.4%	2.6%	0.8%	0.9%	0.6%	0.1%	0.3%	0.4%
Free cash flow ÷ net income	—	—	—	—	—	—	—	172.1%	265.8%	—

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.

Financial health

1 of 7 checks passed · December 31, 2025

What it owns · $6.7bn

Short-term assets $1.5bnLonger-term assets $5.2bn

What it owes, and who funded it · $6.7bn

Short-term liabilities $3.2bnLonger-term liabilities $1.6bnShareholders' equity $1.9bn

Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $3.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.5bn short-term assets against $1.6bn of longer-dated liabilities.
More cash than debt $623m of cash against $1.3bn of debt.
Debt below 40% of shareholders' equity Debt is 67% of equity.
Debt burden no higher than five years ago Debt to equity moved from 179% to 67% over five years.
A year's operating cash flow covers at least 20% of debt $15m of operating cash flow against $1.3bn of debt.
Operating profit covers interest at least five times over Operating income of $32m against $127m of interest.

From Iqiyi, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

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