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Boqii Holding Limited (BQ) 10-Year Financial Performance & Capital Metrics

BQ • • Industrial / General
Consumer CyclicalSpecialty RetailPet Products & ServicesOnline Pet Retailers
AboutBoqii Holding Limited operates a pet-focused platform in the People's Republic of China. The company offers food, treats, shampoos, toys, cages, apparel, OTC veterinary drugs, and other pet products to pet parents, and small and medium pet businesses through e-commerce platforms and offline distribution network. It also operates Boqii Community, an interactive content platform; and provides online marketing and information services. The company was founded in 2008 and is headquartered in Shanghai, the People's Republic of China.Show more
  • Revenue $469M -33.9%
  • EBITDA -$45M -24.4%
  • Net Income -$54M +15.0%
  • EPS (Diluted) -44.85 +78.4%
  • Gross Margin 21.47% +8.2%
  • EBITDA Margin -9.51% -88.1%
  • Operating Margin -12.65% -49.2%
  • Net Margin -11.54% -28.6%
  • ROE -22.13% +15.6%
  • ROIC -18% -19.5%
  • Debt/Equity 0.22 -13.8%
  • Interest Coverage -9.12 -11.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading at only 0.0x book value
  • ✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 16 (bottom 16%)
  • ✗Sales declining 9.4% over 5 years
  • ✗Shares diluted 100.0% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-9.45%
3Y-26.61%
TTM-

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-

EPS CAGR

10Y-
5Y-
3Y-
TTM-

ROCE

10Y Avg-76.37%
5Y Avg-27.98%
3Y Avg-21.49%
Latest-20.4%

Peer Comparison

Online Pet Retailers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
CHWYChewy, Inc.7.82B32.7736.016.4%1.22%38.76%5.79%1.92
TSCOTractor Supply Company26.81B50.7324.872.25%7.18%42.95%2.38%2.39
BQBoqii Holding Limited8.47M1.97-0.04-33.9%-10.97%-36.96%0.22
BARKBARK, Inc.161.13M0.94-4.94-1.22%-7.81%-40.8%0.86
WOOFPetco Health and Wellness Company, Inc.715.75M2.94-7.95-2.22%-0.04%-0.19%6.94%2.66

Profit & Loss

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+803.83M770.24M1.01B1.19B1.09B709.35M468.89M
Revenue Growth %--0.04%0.31%0.17%-0.08%-0.35%-0.34%
Cost of Goods Sold+599.48M611.47M823.69M943.7M858.61M568.62M368.24M
COGS % of Revenue0.75%0.79%0.81%0.8%0.79%0.8%0.79%
Gross Profit+204.35M158.77M187.3M242.73M233.49M140.74M100.65M
Gross Margin %0.25%0.21%0.19%0.2%0.21%0.2%0.21%
Gross Profit Growth %--0.22%0.18%0.3%-0.04%-0.4%-0.28%
Operating Expenses+405.48M296.15M393.29M380.98M337.25M200.9M159.97M
OpEx % of Revenue0.5%0.38%0.39%0.32%0.31%0.28%0.34%
Selling, General & Admin409.33M298.55M394.36M381.26M296.86M144.36M125.14M
SG&A % of Revenue0.51%0.39%0.39%0.32%0.27%0.2%0.27%
Research & Development0000000
R&D % of Revenue-------
Other Operating Expenses-843K-2.4M-1.07M-280K40.4M56.54M34.84M
Operating Income+-201.13M-137.39M-206M-138.25M-103.77M-60.16M-59.32M
Operating Margin %-0.25%-0.18%-0.2%-0.12%-0.1%-0.08%-0.13%
Operating Income Growth %-0.32%-0.5%0.33%0.25%0.42%0.01%
EBITDA+-180.04M-117.09M-187.22M-118.87M-71.33M-35.86M-44.59M
EBITDA Margin %-0.22%-0.15%-0.19%-0.1%-0.07%-0.05%-0.1%
EBITDA Growth %-0.35%-0.6%0.37%0.4%0.5%-0.24%
D&A (Non-Cash Add-back)21.09M20.3M18.77M19.38M32.44M24.3M14.73M
EBIT-213.1M-116.66M-165.74M-113.93M-93.45M-62.55M-52.87M
Net Interest Income+-18.54M-58.87M-10.1M-5.41M-5.93M-4.69M-5.53M
Interest Income114K400K17.55M15.48M7.42M2.64M972K
Interest Expense18.65M59.27M27.65M20.88M13.35M7.33M6.51M
Other Income/Expense-30.63M-39.06M11.91M3.85M-3.12M-9.67M-76K
Pretax Income+-231.76M-176.44M-194.09M-134.39M-106.89M-69.83M-59.4M
Pretax Margin %-0.29%-0.23%-0.19%-0.11%-0.1%-0.1%-0.13%
Income Tax+-141K-512K-871K-1.57M-911K-927K-801K
Effective Tax Rate %1.01%1.01%1%0.96%0.96%0.91%0.91%
Net Income+-234.24M-179.02M-194.44M-128.39M-102.8M-63.66M-54.13M
Net Margin %-0.29%-0.23%-0.19%-0.11%-0.09%-0.09%-0.12%
Net Income Growth %-0.24%-0.09%0.34%0.2%0.38%0.15%
Net Income (Continuing)-231.53M-175.93M-193.22M-132.82M-105.98M-68.9M-58.6M
Discontinued Operations0000000
Minority Interest4.63M43.74M45.02M49.17M46.67M42.2M38.57M
EPS (Diluted)+-2054.25-1279.95-278.25-417.75-339.00-208.05-44.85
EPS Growth %-0.38%0.78%-0.5%0.19%0.39%0.78%
EPS (Basic)-2054.25-1279.95-278.25-417.75-339.00-145.20-44.85
Diluted Shares Outstanding306K306K300.2K305.53K306.07K306.07K1.21M
Basic Shares Outstanding306K306K300.2K305.53K306.07K306.07K1.21M
Dividend Payout Ratio-------

Balance Sheet

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+172.6M279.09M694.79M578.55M406.18M278.25M222.32M
Cash & Short-Term Investments23.84M88.35M460.78M290.94M159.65M72.72M42.66M
Cash Only23.84M88.35M292.24M162.85M89.85M72.72M38.66M
Short-Term Investments00168.55M128.08M69.8M04M
Accounts Receivable58.3M106.35M80.55M108.13M86.12M75.12M60.97M
Days Sales Outstanding26.4750.429.0833.2728.7838.6547.46
Inventory69.37M63.06M91.55M109.92M81.05M55.19M40.08M
Days Inventory Outstanding42.2437.6440.5742.5134.4635.4339.72
Other Current Assets4.82M4.41M7.24M15.91M54.14M15.75M16.88M
Total Non-Current Assets+62.91M178.1M185.78M199.75M134.62M104.96M93.84M
Property, Plant & Equipment26.99M19.93M37.62M46.35M27.85M12.05M7.33M
Fixed Asset Turnover29.78x38.64x26.87x25.60x39.22x58.85x63.94x
Goodwill494K40.18M40.18M40.68M000
Intangible Assets1.99M33.54M29.54M25.54M21.59M17.91M14.67M
Long-Term Investments27.34M73.43M74.33M82.32M75.61M65.89M64.99M
Other Non-Current Assets6.09M11.02M4.11M4.86M6.59M9.11M6.85M
Total Assets+235.51M457.19M880.57M778.31M540.8M383.21M316.17M
Asset Turnover3.41x1.68x1.15x1.52x2.02x1.85x1.48x
Asset Growth %-0.94%0.93%-0.12%-0.31%-0.29%-0.17%
Total Current Liabilities+294.48M311.89M216.61M315.86M196.14M72.04M45.87M
Accounts Payable105.98M88M71.85M94.22M56.02M24.28M19.56M
Days Payables Outstanding64.5352.5331.8436.4423.8215.5819.39
Short-Term Debt92.14M151.47M85.57M161.13M86.26M15.21M9.06M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities39.7M20.06M16.25M14.72M17.64M10.3M3.6M
Current Ratio0.59x0.89x3.21x1.83x2.07x3.86x4.85x
Quick Ratio0.35x0.69x2.78x1.48x1.66x3.10x3.97x
Cash Conversion Cycle4.1835.537.8139.3439.4258.4967.8
Total Non-Current Liabilities+1.56B2.1B536.27M214.11M119.71M50.29M41.92M
Long-Term Debt50.35M218.92M501.37M179.56M101.33M42.44M38.44M
Capital Lease Obligations5.1M5.38M20M28.2M12.74M3.12M851K
Deferred Tax Liabilities1.81M10.59M8.96M4.85M4.14M3.23M2.43M
Other Non-Current Liabilities1.5B1.87B5.95M1.5M1.5M1.5M200K
Total Liabilities1.85B2.42B752.88M529.96M315.85M122.33M87.79M
Total Debt+162.58M383.74M614.99M380.39M209.55M66.38M50.06M
Net Debt138.74M295.39M322.76M217.53M119.7M-6.34M11.4M
Debt / Equity--4.82x1.53x0.93x0.25x0.22x
Debt / EBITDA-------
Net Debt / EBITDA-------
Interest Coverage-10.78x-2.32x-7.45x-6.62x-7.77x-8.21x-9.12x
Total Equity+-1.62B-1.96B127.69M248.34M224.95M260.88M228.38M
Equity Growth %--0.21%1.07%0.94%-0.09%0.16%-0.12%
Book Value per Share-5289.01-6402.14425.36812.83734.97852.37189.45
Total Shareholders' Equity-1.62B-2B82.67M199.18M178.28M218.68M189.81M
Common Stock130K139K446K454K455K1.04M3.2M
Retained Earnings-1.63B-2.02B-2.76B-2.89B-2.99B-3.06B-3.12B
Treasury Stock0000000
Accumulated OCI7.62M13.83M-17.13M-42.64M-33.31M-35.6M-33.89M
Minority Interest4.63M43.74M45.02M49.17M46.67M42.2M38.57M

Cash Flow

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+-206.22M-165.91M-247.49M-147.5M-54.07M-25.43M-66.83M
Operating CF Margin %-0.26%-0.22%-0.24%-0.12%-0.05%-0.04%-0.14%
Operating CF Growth %-0.2%-0.49%0.4%0.63%0.53%-1.63%
Net Income-231.53M-175.93M-193.22M-132.82M-105.98M-68.9M-58.6M
Depreciation & Amortization21.09M20.3M18.77M19.38M32.44M24.3M14.73M
Stock-Based Compensation0055.02M14.41M-7.68M679K81K
Deferred Taxes-141K-661K-1.89M-989K-989K-907K-801K
Other Non-Cash Items18.71M32.46M-10.37M2.53M45.15M11.45M-104K
Working Capital Changes-17.23M-42.08M-115.81M-50.01M-17.01M7.95M-22.14M
Change in Receivables-10.54M-16.01M-880K-6.13M-27.45M29.59M8.01M
Change in Inventory14.45M15.49M-38.84M-23.18M30.58M26.54M15.13M
Change in Payables-15.75M-19.54M-22.03M18.11M-36.34M-31.5M-4.63M
Cash from Investing+-22.56M-75.06M-184.42M21.15M46.5M47.81M24.6M
Capital Expenditures-2.05M-1.21M-6.51M-3.1M-1.85M-527K-3.3M
CapEx % of Revenue0%0%0.01%0%0%0%0.01%
Acquisitions-------
Investments-------
Other Investing-9.15M-25.66M-9.42M-295K-6.96M-394K2.51M
Cash from Financing+199.31M295.03M648.49M2M-76.66M-33.13M8.15M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing009K1.27M25K29K0
Net Change in Cash-------
Free Cash Flow+-208.28M-167.12M-254M-150.6M-55.92M-25.99M-70.14M
FCF Margin %-0.26%-0.22%-0.25%-0.13%-0.05%-0.04%-0.15%
FCF Growth %-0.2%-0.52%0.41%0.63%0.54%-1.7%
FCF per Share-680.64-546.14-846.09-492.93-182.72-84.92-58.18
FCF Conversion (FCF/Net Income)0.88x0.93x1.27x1.15x0.53x0.40x1.23x
Interest Paid0000000
Taxes Paid0000000

Key Ratios

Metric2019202020212022202320242025
Return on Equity (ROE)---152.27%-68.29%-43.44%-26.21%-22.13%
Return on Invested Capital (ROIC)---34.3%-22.63%-19.2%-15.06%-18%
Gross Margin25.42%20.61%18.53%20.46%21.38%19.84%21.47%
Net Margin-29.14%-23.24%-19.23%-10.82%-9.41%-8.97%-11.54%
Debt / Equity--4.82x1.53x0.93x0.25x0.22x
Interest Coverage-10.78x-2.32x-7.45x-6.62x-7.77x-8.21x-9.12x
FCF Conversion0.88x0.93x1.27x1.15x0.53x0.40x1.23x
Revenue Growth--4.18%31.26%17.35%-7.95%-35.05%-33.9%

Revenue by Segment

202120222023
Product Sales153.12M1.14B1.05B
Product Sales Growth-642.78%-7.81%
Online Marketing And Information Services And Other Revenue1.19M49.1M43.6M
Online Marketing And Information Services And Other Revenue Growth-4029.52%-11.20%

Frequently Asked Questions

Growth & Financials

Boqii Holding Limited (BQ) reported $984.0M in revenue for fiscal year 2025. This represents a 22% increase from $803.8M in 2019.

Boqii Holding Limited (BQ) saw revenue decline by 33.9% over the past year.

Boqii Holding Limited (BQ) reported a net loss of $107.9M for fiscal year 2025.

Dividend & Returns

Boqii Holding Limited (BQ) has a return on equity (ROE) of -22.1%. Negative ROE indicates the company is unprofitable.

Boqii Holding Limited (BQ) had negative free cash flow of $1.40B in fiscal year 2025, likely due to heavy capital investments.

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