X Financial key statistics and ratios

In fiscal 2025, X Financial had return on equity of 19.7%, an operating margin of 21.3% and debt equal to 5.2% of equity. 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.

X Financial: 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	−12.5%	57.5%	66.5%	47.1%	5.5%	45.9%	62.5%	67.9%	70.4%	73.6%
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%
Return on equity	−33.2%	31.0%	34.2%	19.7%	−34.5%	23.4%	18.4%	22.2%	24.1%	19.7%
Return on assets	—	8.4%	21.0%	12.0%	−16.2%	11.1%	9.9%	11.5%	13.1%	11.0%
Asset turnover	—	0.44	0.84	0.48	0.27	0.49	0.44	0.47	0.50	0.57
Debt to equity	0.0%	0.0%	0.0%	0.0%	11.4%	4.2%	1.1%	9.7%	4.7%	5.2%
Effective tax rate	—	28.9%	−19.3%	−14.0%	—	31.0%	32.5%	17.8%	21.4%	16.7%
Capital spending as % of revenue	1.5%	1.2%	1.1%	0.5%	0.2%	0.1%	0.2%	0.2%	0.2%	0.3%
Free cash flow ÷ net income	—	−186.9%	−3.8%	75.6%	—	54.1%	76.4%	116.5%	98.0%	98.7%
Dividends ÷ net income	—	—	—	13.3%	—	0.0%	0.0%	4.9%	7.6%	10.6%
Dividends and buybacks ÷ free cash flow	—	—	—	17.6%	—	0.0%	23.6%	6.0%	19.8%	61.5%

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.

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.

Compare with peers

Head to head: HAPN vs XYF OPRT vs XYF UPST vs XYF

More: Consumer Finance stocks compared, Financials sector, rankings of US companies

Figures from X Financial's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to X Financial.