X Financial is a US-listed company in the consumer finance industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$23
Price-to-book vs peers
Base case. Range ~$23–$45. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
X Financial valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.06bn, up 30.3% on a year earlier, faster than the 19.9% growth a quarter earlier. That growth ranks 8 of 39 among the consumer finance companies we cover. The diluted share count is down 15.0% on a year earlier, which lifts each remaining share. Our price-to-book vs peers value is $23.02 a share, against a share price of $4.76.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
X Financial's trailing-twelve-month revenue grew 30.3% year on year, with a free-cash-flow margin of 18.9%. Where it stands out: change in share count of -15.0% ranks 1 of 38 consumer finance companies we cover.
Current signal Gross margin expanding: TTM gross margin reached 73.6%, up 3.2pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for XYF from the sources we follow. See filings →
We value X Financial as a bank or lender, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$130 ~$91–$200 | Left out: out of range vs price (27.25x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$98 ~$82–$120 | Left out: out of range vs price (20.17x) |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$57 ~$41–$72 | Left out: out of range vs price (11.74x) |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$23 ~$30–$45 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$52 ~$58–$78 | Left out: out of range vs price (10.76x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$100 ~$82–$130 | Left out: out of range vs price (20.98x) |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$23 ~$23–$45 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare X Financial with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 26, 2026, before the open.
No analyst estimates are published for X Financial: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY16 Q4 | $34.7M |
| FY17 Q4 | $264.6M |
| FY18 Q4 | $536.5M |
| FY19 Q4 | $447.2M |
| FY20 Q4 | $317.9M |
| FY21 Q4 | $562.2M |
| FY22 Q4 | $530.6M |
| FY23 Q4 | $680.5M |
| FY24 Q4 | $816.1M |
| FY25 Q4 | $1.1B |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | 662.5% |
| FY18 Q4 | 102.8% |
| FY19 Q4 | -16.6% |
| FY20 Q4 | -28.9% |
| FY21 Q4 | 76.9% |
| FY22 Q4 | -5.6% |
| FY23 Q4 | 28.2% |
| FY24 Q4 | 19.9% |
| FY25 Q4 | 30.3% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY16 Q4 | -59.4% |
| FY17 Q4 | 28.1% |
| FY18 Q4 | 36.0% |
| FY19 Q4 | 26.3% |
| FY20 Q4 | -65.2% |
| FY21 Q4 | 36.2% |
| FY22 Q4 | 34.1% |
| FY23 Q4 | 30.4% |
| FY24 Q4 | 31.9% |
| FY25 Q4 | 21.3% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q4 | 34.4% |
| FY17 Q4 | -35.6% |
| FY18 Q4 | -0.9% |
| FY19 Q4 | 19.0% |
| FY20 Q4 | -31.2% |
| FY21 Q4 | 12.3% |
| FY22 Q4 | 17.4% |
| FY23 Q4 | 28.7% |
| FY24 Q4 | 25.7% |
| FY25 Q4 | 18.9% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 35 | 265 | 537 | 447 | 318 | 562 | 531 | 680 | 816 | 1,063 |
| Gross profit | −4 | 152 | 357 | 210 | 18 | 258 | 331 | 462 | 575 | 782 |
| EBITDA | −20 | 75 | 195 | 119 | −206 | 205 | 182 | 207 | 261 | 228 |
| Operating income | −21 | 74 | 193 | 118 | −207 | 203 | 181 | 207 | 260 | 227 |
| Net income | −18 | 50 | 134 | 112 | −190 | 128 | 121 | 168 | 214 | 204 |
| Diluted EPS | −$0.45 | $1.08 | $2.65 | $2.10 | −$3.54 | $2.28 | $2.25 | $3.46 | $4.38 | $4.90 |
| Growth (year on year) | ||||||||||
| Revenue | — | +662.5% | +102.8% | −16.6% | −28.9% | +76.9% | −5.6% | +28.2% | +19.9% | +30.3% |
| EBITDA | — | — | +159.4% | −38.7% | −272.3% | — | −11.1% | +14.1% | +26.1% | −12.6% |
| Operating income | — | — | +160.2% | −39.1% | −276.2% | — | −11.1% | +14.3% | +26.0% | −12.9% |
| Net income | — | — | +165.6% | −16.2% | −269.1% | — | −5.5% | +38.7% | +27.6% | −4.8% |
| Diluted EPS | — | — | +144.1% | −20.5% | −268.3% | — | −1.2% | +53.7% | +26.5% | +11.9% |
| Margins | ||||||||||
| Gross margin | −12.5% | 57.5% | 66.5% | 47.1% | 5.5% | 45.9% | 62.5% | 67.9% | 70.4% | 73.6% |
| EBITDA margin | −58.1% | 28.4% | 36.3% | 26.7% | −64.7% | 36.4% | 34.3% | 30.5% | 32.0% | 21.5% |
| Operating margin | −59.4% | 28.1% | 36.0% | 26.3% | −65.2% | 36.2% | 34.1% | 30.4% | 31.9% | 21.3% |
| Net margin | −51.9% | 19.0% | 24.9% | 25.1% | −59.7% | 22.8% | 22.8% | 24.6% | 26.2% | 19.2% |
| Free-cash-flow margin | 34.4% | −35.6% | −0.9% | 19.0% | −31.2% | 12.3% | 17.4% | 28.7% | 25.7% | 18.9% |
| Cash flow | ||||||||||
| Cash from operations | 12 | −91 | 1 | 87 | −98 | 70 | 93 | 197 | 212 | 204 |
| Capital spending | 1 | 3 | 6 | 2 | 1 | 0 | 1 | 1 | 2 | 3 |
| Free cash flow | 12 | −94 | −5 | 85 | −99 | 69 | 92 | 195 | 210 | 201 |
| Stock-based pay | 6 | 11 | 26 | 23 | 12 | 14 | 8 | 6 | 6 | 8 |
| Free cash flow after stock pay | 6 | −105 | −31 | 62 | −111 | 56 | 84 | 189 | 204 | 193 |
| Balance sheet | ||||||||||
| Cash | 73 | 103 | 156 | 145 | 114 | 92 | 87 | 168 | 135 | 141 |
| Total debt | 0 | 0 | 0 | 0 | 54 | 26 | 7 | 80 | 45 | 59 |
| Net debt (negative = net cash) | −73 | −103 | −156 | −145 | −61 | −66 | −80 | −89 | −90 | −83 |
| Diluted shares | 40m | 47m | 51m | 53m | 54m | 56m | 54m | 48m | 49m | 42m |
| Returned to shareholders | ||||||||||
| Dividends | — | — | — | 15 | — | 0 | 0 | 8 | 16 | 22 |
| Buybacks | — | — | — | — | — | 0 | 22 | 4 | 25 | 102 |
| Total returned | — | — | — | 15 | — | 0 | 22 | 12 | 42 | 124 |
| Last 12 months unless stated | XYF | HAPN | OPRT | UPST | JFIN | PRAA | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.1bn | $1.0bn | $948m | $1.2bn | $866m | $1.3bn | $1.6bn |
| Revenue growth, last 12 months | 30.3% | 10.0% | −2.3% | 46.3% | 7.4% | 17.6% | 10.4% |
| Revenue growth, 3-year average | — | 3.5% | −3.0% | 31.9% | — | 16.9% | 11.3% |
| Revenue growth, latest quarter | — | −1.2% | −0.5% | 41.7% | — | 29.4% | 10.6% |
| Operating margin | 21.3% | — | — | 4.0% | 28.9% | 5.0% | 11.2% |
| Operating margin, 3-year average | 28.5% | — | — | −14.1% | 27.9% | 20.1% | 19.8% |
| Net margin | 19.2% | 20.2% | 2.1% | 4.8% | 24.7% | −19.9% | 10.5% |
| Cash from operations / revenue | 19.2% | −266.8% | 44.4% | −22.8% | 20.2% | −2.4% | 22.7% |
| Free-cash-flow margin | 18.9% | −275.2% | 42.4% | −23.2% | 10.0% | −2.8% | 18.4% |
| Free-cash-flow margin, 3-year average | −1.5% | −313.4% | 39.4% | −18.9% | 8.0% | −7.0% | 23.6% |
| Stock pay / revenue | 0.8% | 2.8% | 1.3% | 11.7% | 2.5% | 1.3% | 1.3% |
| Change in share count | −15.0% | 1.0% | 9.4% | 15.8% | −1.7% | −2.4% | −0.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 30.3% | 10.4% | 8 of 39 |
| Change in growth rate Growth | +10.3pp | +0.6pp | 4 of 38 |
| Operating margin Profitability | 21.3% | 13.9% | 7 of 16 |
| Net margin Profitability | 19.2% | 10.5% | 7 of 39 |
| Stock pay as % of revenue Cash generation | 0.8% | 1.3% | 11 of 36 |
| Change in share count Balance sheet | -15.0% | -0.0% | 1 of 38 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Two Sigma Investments, LP | $923,385 | 191K | 22.1% | ▲ 11.2% |
| Qube Research & Technologies Ltd | $662,073 | 137K | 15.8% | ▼ 18.9% |
| Acadian Asset Management LLC | $505,000 | 105K | 12.1% | ▼ 61.0% |
| Trexquant Investment LP | $413,230 | 85K | 9.9% | ▼ 24.6% |
| Citadel Advisors LLC | $384,049 | 79K | 9.2% | ▲ 465.8% |
| O'Shaughnessy Asset Management, LLC | $302,892 | 63K | 7.2% | ▼ 52.5% |
| UBS Group AG | $233,278 | 48K | 5.6% | ▲ 9.4% |
| Ramsey Quantitative Systems | $134,736 | 28K | 3.2% | New |
| Gsa Capital Partners LLP | $126,000 | 26K | 3.0% | ▼ 33.9% |
| Jane Street Group, LLC | $120,996 | 25K | 2.9% | ▲ 72.0% |
| Jpmorgan Chase & Co | $114,443 | 23K | 2.7% | ▲ 62.3% |
| State Street Corp | $104,757 | 22K | 2.5% | ▼ 6.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not X Financial's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Wan Zheng Director | June 15, 2026 | Sell | 90,000 | $5.18 | $466,200 |
| Wan Zheng Director | June 15, 2026 | Sell | 90,000 | $5.29 | $476,100 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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