Nano Labs Ltd key statistics and ratios

In fiscal 2025, Nano Labs Ltd had return on equity of 27.2%, an operating margin of 264.4%, debt equal to 29.5% of equity and a current ratio of 2.09. 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.

Nano Labs Ltd: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	40.3%	−10.4%	23.4%	—	28.6%	—
Operating margin	<−999%	−453.3%	2.1%	−332.9%	−281.4%	264.4%
Net margin	<−999%	−443.6%	3.2%	−322.7%	−278.8%	501.6%
Free-cash-flow margin	−186.4%	159.8%	−29.7%	−305.0%	−432.8%	−401.1%
Return on equity	—	—	46.4%	—	−106.5%	27.2%
Return on assets	—	−19.0%	4.7%	−69.7%	−23.5%	15.4%
Asset turnover	—	0.04	1.49	0.22	0.08	0.03
Current ratio	—	0.96	1.57	0.52	1.61	2.09
Debt to equity	—	—	10.3%	—	84.1%	29.5%
Interest cover (operating income ÷ interest)	—	—	—	—	n/m	4.2x
Effective tax rate	—	—	0.0%	—	—	—
R&D as % of revenue	>999%	368.8%	13.4%	113.1%	123.5%	29.8%
Capital spending as % of revenue	44.0%	22.0%	1.8%	134.7%	89.6%	0.2%
Free cash flow ÷ net income	—	—	−939.9%	—	—	−80.0%

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 · $160m

Short-term assets $62mLonger-term assets $98m

What it owes, and who funded it · $161m

Short-term liabilities $29mLonger-term liabilities $25mShareholders' equity $107m

Short-term assets cover short-term liabilities $62m of assets due within a year against $29m of liabilities due within a year.
Short-term assets cover long-term liabilities $62m short-term assets against $25m of longer-dated liabilities.
More cash than debt $1m of cash against $25m of debt.
Debt below 40% of shareholders' equity Debt is 24% 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 −$15m of operating cash flow against $25m of debt.
Operating profit covers interest at least five times over Operating income of $10m against $2m of interest.

From Nano Labs 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: Low.

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