Kingsoft Cloud Holdings Ltd key statistics and ratios

In fiscal 2025, Kingsoft Cloud Holdings Ltd had return on equity of -12.8%, an operating margin of -8.1%, debt equal to 110.3% of equity and a current ratio of 1.17. 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.

Kingsoft Cloud Holdings Ltd: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−9.0%	0.2%	5.4%	3.9%	5.3%	12.1%	17.2%	15.7%
Operating margin	−44.2%	−28.9%	−18.4%	−20.0%	−27.5%	−29.9%	−22.3%	−8.1%
Net margin	−45.4%	−28.1%	−14.6%	−17.5%	−32.5%	−30.9%	−25.3%	−9.8%
Return on equity	—	—	−42.3%	−16.8%	−26.9%	−27.4%	−32.6%	−12.8%
Return on assets	—	−18.6%	−10.4%	−9.6%	−13.6%	−13.3%	−12.1%	−4.2%
Asset turnover	—	0.66	0.71	0.55	0.42	0.43	0.48	0.43
Current ratio	—	1.71	2.75	1.65	1.36	0.89	0.75	1.17
Debt to equity	—	—	4.3%	12.7%	29.9%	47.0%	153.4%	110.3%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	19.9%	15.0%	11.8%	11.5%	11.9%	11.1%	10.9%	8.5%

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

3 of 6 checks passed · December 31, 2025

What it owns · $3.8bn

Short-term assets $1.6bnLonger-term assets $2.2bn

What it owes, and who funded it · $3.8bn

Short-term liabilities $1.3bnLonger-term liabilities $1.1bnShareholders' equity $1.3bn

Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $1.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.6bn short-term assets against $1.1bn of longer-dated liabilities.
More cash than debt $861m of cash against $911m of debt.
Debt below 40% of shareholders' equity Debt is 68% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $529m of operating cash flow against $911m of debt.
Operating profit covers interest at least five times over Operating income of −$108m against $69m of interest.

From Kingsoft Cloud Holdings Ltd'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: High.

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