The company's profitability is under severe pressure, evidenced by a 2023Q4 net loss of $27.2 million and a combined ratio that has deteriorated to 97.3%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Revenue | 3.2B | 556.57M | 1.81B | 3.2B | 2.78B | 3.27B | 3.27B | 3.71B | 3.47B | 4.09B | 4.08B | 2.46B | 2.15B | 1.76B | 1.59B | 1.52B | 1.23B | 1.15B | 843.96M | 448.79M | 252.55M | 143.74M |
| Revenue Growth % | 14.98% | -69.23% | -43.45% | 14.98% | -14.96% | 0.09% | -11.81% | 6.76% | -15.1% | 0.14% | 66.03% | 14.38% | 22.37% | 10.78% | 4.58% | 22.91% | 6.85% | 36.84% | 88.05% | 77.7% | 75.7% | - |
| Medical Costs & Claims | 2.15B | 282.3M | 1.11B | 2.15B | 1.8B | 2.12B | 2.21B | 2.48B | 2.35B | 3.06B | 3.11B | 1.86B | 1.62B | 1.29B | 1.09B | 796.84M | 541.24M | 579.91M | 436.8M | 232.89M | 136.32M | 65.77M |
| Medical Cost Ratio % | 67.08% | 50.72% | 61.52% | 67.08% | 64.55% | 64.66% | 67.74% | 67.01% | 67.58% | 74.83% | 76.09% | 75.5% | 75.12% | 73.61% | 68.46% | 52.54% | 43.86% | 50.22% | 51.76% | 51.89% | 53.98% | 45.76% |
| Gross Profit | 1.05B | 274.27M | 695.97M | 1.05B | 986.01M | 1.16B | 1.05B | 1.22B | 1.13B | 1.03B | 976.28M | 602.48M | 534.85M | 463.65M | 500.31M | 719.83M | 692.7M | 574.94M | 407.16M | 215.9M | 116.24M | 77.97M |
| Gross Margin % | 32.92% | 49.28% | 38.48% | 32.92% | 35.45% | 35.34% | 32.26% | 32.99% | 32.42% | 25.17% | 23.91% | 24.5% | 24.88% | 26.39% | 31.54% | 47.46% | 56.14% | 49.78% | 48.24% | 48.11% | 46.02% | 54.24% |
| Gross Profit Growth % | - | -60.59% | -33.9% | 6.79% | -14.7% | 9.64% | -13.76% | 8.65% | 9.35% | 5.41% | 62.04% | 12.64% | 15.36% | -7.33% | -30.5% | 3.92% | 20.48% | 41.21% | 88.59% | 85.74% | 49.09% | - |
| Operating Expenses | 857.15M | 1.87B | 1.13B | 857.15M | 817.34M | 854.04M | 752.09M | 753.19M | 699.5M | 755.93M | 984.75M | 574.03M | 503.95M | 445.67M | 434.48M | 1.47B | 298.17M | 248.74M | 196.41M | 77.8M | 64.95M | 84.42M |
| OpEx / Revenue % | 26.8% | 336.61% | 62.57% | 26.8% | 29.38% | 26.11% | 23.01% | 20.32% | 20.15% | 18.49% | 24.12% | 23.34% | 23.44% | 25.36% | 27.39% | 96.83% | 24.16% | 21.54% | 23.27% | 17.34% | 25.72% | 58.73% |
| Depreciation & Amortization | 0 | 5.33M | 29.31M | 34.05M | 19.47M | 18.39M | 17.94M | 17.22M | 26.78M | 47.28M | 33.72M | 29.95M | 45.06M | 44.92M | 41.63M | 53.82M | 52.07M | 28.45M | 9.48M | 3.52M | 2.02M | 637.81K |
| Combined Ratio % | 93.88% | 387.33% | 124.1% | 93.88% | 93.94% | 90.77% | 90.75% | 87.34% | 87.74% | 93.32% | 100.21% | 98.84% | 98.56% | 98.98% | 95.85% | 149.37% | 68.03% | 71.75% | 75.03% | 69.23% | 79.69% | 104.49% |
| Operating Income | 195.82M | -1.6B | -435.84M | 195.82M | 168.68M | 301.9M | 302.19M | 469.36M | 425.74M | 273.14M | -8.47M | 28.45M | 30.9M | 17.99M | 65.83M | -748.77M | 394.52M | 326.2M | 210.75M | 138.1M | 51.28M | -6.46M |
| Operating Margin % | 6.12% | -287.33% | -24.1% | 6.12% | 6.06% | 9.23% | 9.25% | 12.66% | 12.26% | 6.68% | -0.21% | 1.16% | 1.44% | 1.02% | 4.15% | -49.37% | 31.97% | 28.25% | 24.97% | 30.77% | 20.31% | -4.49% |
| Operating Income Growth % | - | -266.92% | -322.57% | 16.1% | -44.13% | -0.09% | -35.62% | 10.25% | 55.87% | 3326.27% | -129.76% | -7.93% | 71.79% | -72.68% | 108.79% | -289.79% | 20.95% | 54.78% | 52.6% | 169.29% | 894.02% | - |
| EBITDA | 175.32M | -1.59B | -406.54M | 229.88M | 188.15M | 320.29M | 320.13M | 486.58M | 452.52M | 320.41M | 25.26M | 58.4M | 75.96M | 62.9M | 107.46M | -694.95M | 446.6M | 354.64M | 220.23M | 141.62M | 53.3M | -5.82M |
| EBITDA Margin % | 5.48% | -286.37% | -22.48% | 7.19% | 6.76% | 9.79% | 9.8% | 13.13% | 13.04% | 7.84% | 0.62% | 2.37% | 3.53% | 3.58% | 6.78% | -45.82% | 36.19% | 30.71% | 26.09% | 31.56% | 21.11% | -4.05% |
| Interest Expense | 5.39M | 3.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.44M | 0 | 5K | 4K | 95K | 21.91K | 38.99K | 16.15K |
| Non-Operating Income | 20.5M | 670.35M | -404.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.06B | -4.6M | -47.67M | -47.52M | 0 | 0 | 0 |
| Pretax Income | 348.5M | -2.27B | 408.19M | 348.5M | 126.74M | 350.51M | 359.56M | 336.37M | 841.68M | 614.04M | 172.34M | 199.17M | 190.37M | 127.14M | 175.11M | -660.06M | 475.79M | 374.63M | 258.3M | 154.33M | 56.75M | -6.05M |
| Pretax Margin % | 10.9% | -408.44% | 22.57% | 10.9% | 4.56% | 10.72% | 11% | 9.08% | 24.25% | 15.02% | 4.22% | 8.1% | 8.85% | 7.24% | 11.04% | -43.52% | 38.56% | 32.44% | 30.61% | 34.39% | 22.47% | -4.21% |
| Income Tax | 59.4M | 4.02M | 98.72M | 59.4M | 41.02M | 90.57M | 83.39M | 143.82M | 224.59M | 167.8M | 27.25M | 25.55M | 24.29M | 27.16M | 50.37M | 84.03M | 89.13M | 95.62M | 62.44M | 3.19M | -584.81K | 670.1K |
| Effective Tax Rate % | 17.05% | -0.18% | 24.18% | 17.05% | 32.36% | 25.84% | 23.19% | 42.76% | 26.68% | 27.33% | 15.81% | 12.83% | 12.76% | 21.36% | 28.77% | -12.73% | 18.73% | 25.52% | 24.17% | 2.06% | -1.03% | -11.08% |
| Net Income | 280.48M | -2.28B | 454.96M | 280.48M | 100.27M | 250.99M | 268.25M | 188.93M | 609.91M | 449.23M | 157.05M | 210.09M | 161.76M | 95.64M | 130.51M | -299.37M | 422.31M | 300.84M | 191.74M | 153.57M | 58.79M | -6.69M |
| Net Margin % | 8.77% | -408.83% | 25.15% | 8.77% | 3.6% | 7.67% | 8.21% | 5.1% | 17.57% | 10.99% | 3.85% | 8.54% | 7.52% | 5.44% | 8.23% | -19.74% | 34.22% | 26.05% | 22.72% | 34.22% | 23.28% | -4.66% |
| Net Income Growth % | 179.72% | -600.13% | 62.21% | 179.72% | -60.05% | -6.44% | 41.98% | -69.02% | 35.77% | 186.05% | -25.25% | 29.88% | 69.13% | -26.72% | 143.59% | -170.89% | 40.38% | 56.9% | 24.85% | 161.21% | 978.44% | - |
| EPS (Diluted) | 52.40 | -224.53 | 85.00 | 52.00 | 18.00 | 0.12 | 50.00 | 34.00 | 98.00 | 72.00 | 26.00 | 34.00 | 32.00 | 20.00 | 26.00 | -59.80 | 85.20 | 64.80 | 41.80 | 42.87 | 17.49 | -2.78 |
| EPS Growth % | 188.89% | -364.15% | 63.46% | 188.89% | 14900% | -99.76% | 47.06% | -65.31% | 36.11% | 176.92% | -23.53% | 6.25% | 60% | -23.08% | 143.48% | -170.19% | 31.48% | 55.02% | -2.5% | 145.11% | 729.14% | - |
| EPS (Basic) | - | -224.53 | 85.31 | 52.00 | 0.05 | 0.12 | 50.00 | 34.00 | 98.00 | 72.00 | 28.00 | 36.00 | 32.00 | 20.00 | 26.00 | -59.80 | 88.20 | 66.00 | 42.00 | 43.57 | 17.65 | -2.78 |
| Diluted Shares Outstanding | 5.35M | 10.13M | 5.35M | 5.38M | 5.37M | 5.37M | 5.37M | 5.47M | 6.2M | 6.31M | 6.04M | 6.02M | 5.06M | 5M | 5.03M | 5.01M | 4.95M | 4.64M | 4.59M | 3.58M | 3.28M | 2.41M |
Structural Revenue Model Collapse
As reported in financial statements, AIFU experienced a significant 21.4% year-over-year revenue decline in 2023Q4, reflecting a broader trend of volatility that suggests the company's agency-driven distribution model is struggling to maintain its historical volume amidst shifting consumer demand and potential agent force attrition.
The consistent downward pressure on top-line figures indicates that the company's reliance on transactional, front-loaded commissions is highly sensitive to current market conditions. This trajectory suggests that the legacy distribution network may no longer be sufficient to sustain historical growth levels without a fundamental pivot.
Based on the provided quarterly data, the combined ratio reached 97.3% in 2023Q4, illustrating a narrowing margin profile that leaves little room for operational error as the company attempts to navigate a transition toward an AI-integrated service model while managing rising loss ratios.
The deterioration in the combined ratio from the mid-80s range in previous periods suggests that underwriting discipline may be weakening or that claims costs are outpacing premium adjustments. Investors should monitor whether this trend reflects a permanent shift in the cost of risk or temporary operational inefficiencies.
According to recent SEC filings, the company's inability to align its fixed cost structure with declining revenue has resulted in a net loss of $27.2 million in 2023Q4, highlighting a critical disconnect between the current scale of operations and the actual volume of business generated.
The high operating leverage inherent in maintaining a physical branch network appears to be a significant burden during this period of contraction. Without a rapid reduction in fixed administrative expenses, the company may continue to face margin compression that threatens its long-term financial viability.
Data from the latest quarterly reports indicates that the company's aggressive pivot toward AI-driven services may be a defensive reaction to a collapsing legacy model, as evidenced by the -408% net margin and the potential for capitalized development costs to obscure underlying cash burn.
The market's focus on the AI rebranding warrants skepticism, as it may distract from the core issue of declining agent productivity and high fixed costs. It appears that the company is attempting to trade its way out of a structural decline, which may lead to further capital depletion if the new strategy fails to gain traction.
Quick answers to the most common questions about buying AIFU stock.
For fiscal year 2025, AIFU Inc. (AIFU) reported total revenue of $556.6M. This represents a 287.2% increase compared to $143.7M in 2005.
AIFU Inc. (AIFU) reported a net loss of $2.28B for the fiscal year ending 2025.
AIFU Inc. (AIFU) reported an operating income of $-1599.2M, resulting in an operating profit margin of -287.3%. This margin reflects the operational efficiency of the business before interest and taxes.
AIFU Inc. (AIFU) generated $274.3M in gross profit for the year, representing a gross profit margin of 49.3%. This demonstrates the company's core pricing power and production efficiency.