The company reports zero operating cash flow across the last ten quarters, suggesting a complete disconnect between accounting net income and actual cash generation.
| Cash from Operations | 0 | 82.15M | 757.23M | 1.71B | 919.25M | 689.69M | 1.12B | 1.3B | 1.33B | 1.29B | 379.88M |
| Operating CF Margin % | - | 13.12% | 47.32% | 92.85% | 49.84% | 50.25% | 61.04% | 41.88% | 31.12% | 37.65% | 29.08% |
| Operating CF Growth % | 0% | -89.15% | -55.61% | 85.56% | 33.28% | -38.4% | -13.82% | -2.52% | 3.58% | 238.7% | - |
| Net Income | -50.53M | -457.58M | 37.78M | 164.62M | 135.35M | 65.21M | 114.85M | 534.64M | 860.91M | 532.67M | 235.44M |
| Depreciation & Amortization | 0 | 15.54M | 11.54M | 1.75M | 2.24M | 3.82M | 6.05M | 10.92M | 13.3M | 10.8M | 6.6M |
| Stock-Based Compensation | 14.9M | 0 | 14.9M | 7.52M | 5.77M | 18.77M | 62.07M | 15.89M | 39.72M | 182.69M | 128.94M |
| Deferred Taxes | 0 | 0 | -38.04M | -16.49M | -133.91M | -190.01M | -94.39M | 3.91M | -105.09M | -57.89M | -33.47M |
| Other Non-Cash Items | 35.63M | 897.6M | 1.11B | 1.47B | 1.24B | 729.37M | 618.9M | -154.3M | 449.56M | 315.35M | 37.96M |
| Working Capital Changes | 0 | -373.42M | -382.31M | 77.04M | -330.44M | 62.54M | 412.09M | 888.06M | 74.26M | 303.02M | 4.42M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 3.18B | -263.67M | -2.48B | -1.1B | -2.35B | 524.05M | 4.94B | 641.39M | -9.58B | -4.7B |
| Capital Expenditures | 0 | -3.47M | -7.95M | -114.5M | -89.89M | -3.81M | -3.22M | -4.44M | -14.82M | -19.76M | -15.22M |
| CapEx % of Revenue | 0% | 0.55% | 0.5% | 6.23% | 4.87% | 0.28% | 0.18% | 0.14% | 0.35% | 0.58% | 1.17% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - |
| Investments | 8.23B | 2.45B | 318.8M | 11.96B | 11.1B | 10.64B | 9.48B | 10.95B | 15.72B | 16.66B | 7.4B |
| Other Investing | 0 | 3.16B | -439.53M | -2.48B | -1.47B | -1.82B | 291.25M | 6M | 946.5M | -9.28B | 500K |
| Cash from Financing | 0 | -4.07B | -1.33B | 1.01B | -288.16M | 1.93B | -1.37B | -7.7B | -2.55M | 9.26B | 4.29B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -1.73M | -4.58M | -30.69M | -87.63M | 0 | 0 | 0 | 313.78M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1.73M | -4.58M | -30.69M | -87.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -7 | 0 | -71.1M | 50.75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 0 | -782.81M | -831.22M | 229.42M | -459.25M | 270.51M | 255.57M | -1.46B | 1.97B | 957.22M | -26.94M |
| Free Cash Flow | 0 | 78.68M | 749.28M | 1.59B | 829.36M | 685.89M | 1.12B | 1.29B | 1.32B | 1.27B | 364.66M |
| FCF Margin % | 0% | 12.57% | 46.83% | 86.61% | 44.97% | 49.98% | 60.87% | 41.74% | 30.77% | 37.07% | 27.92% |
| FCF Growth % | - | -89.5% | -52.91% | 91.86% | 20.92% | -38.56% | -13.77% | -1.76% | 4.02% | 247.42% | - |
| FCF per Share | 0.00 | 229.44 | 218.51 | 440.21 | 217.24 | 179.80 | 292.77 | 352.82 | 379.41 | 380.62 | 118.55 |
| FCF Conversion (FCF/Net Income) | -0.00x | -0.18x | 20.04x | 10.36x | 6.79x | 10.58x | 9.75x | 2.43x | 1.55x | 2.42x | 1.61x |
| Interest Paid | 0 | 0 | 776.33M | 726.29M | 792.79M | 832.74M | 728.85M | 1.41B | 2B | 1.3B | 416.08M |
| Taxes Paid | 0 | 0 | 27.7M | 63.46M | 139.21M | 153.49M | 46.38M | 179.19M | 95.84M | 45.6M | 25.67M |
Collateral Liquidity and Solvency
According to the provided financial data, CNFinance reports zero operating cash flow across the last ten quarters, which suggests a complete disconnect between accounting net income and actual cash generation, warranting significant caution regarding the firm's ability to convert its reported earnings into tangible liquidity.
The absence of reported operating cash flow despite fluctuating net income figures suggests that the company's cash generation mechanism may be effectively stalled or obscured by non-cash accounting adjustments. Investors should monitor whether this lack of cash flow indicates a fundamental inability to collect on loan portfolios or if it reflects a shift toward non-cash accrual-based accounting that fails to capture the underlying economic reality of the business.
As reported in financial statements, CNFinance has failed to produce positive free cash flow over the observed ten-quarter period, indicating that the company's current business model is unable to sustain itself through internal cash generation during this period of severe revenue contraction and market volatility.
The consistent lack of free cash flow suggests that the firm is currently unable to cover its operational requirements, let alone generate surplus capital for reinvestment or shareholder returns. This trajectory appears to confirm that the company is in a state of capital preservation rather than growth, which may necessitate further investigation into the sustainability of its current funding arrangements.
Based on the provided data, the company's cash flow statement appears to omit critical operational details, as evidenced by the consistent reporting of zero values for operating cash flow, capital expenditures, and working capital changes, which obscures the true nature of the firm's liquidity management.
The lack of granular cash flow data suggests that the company may be relying on off-balance-sheet financing or that its cash movements are not being captured in standard reporting formats. This opacity makes it difficult to assess the true burn rate or the effectiveness of management's efforts to navigate the current downturn in the Chinese real estate sector.
Data from recent filings indicates that CNFinance has not engaged in dividends, share repurchases, or significant acquisitions over the last ten quarters, suggesting that management is prioritizing the retention of existing cash reserves over active capital deployment in the current distressed environment.
The absence of capital deployment activities may reflect a defensive posture necessitated by the ongoing contraction in the firm's core mortgage-backed lending business. While this approach preserves the current cash balance, it also suggests a lack of strategic opportunities to pivot or expand, which may leave the company vulnerable to further erosion of its competitive position.
Quick answers to the most common questions about buying CNF stock.
CNFinance Holdings Limited (CNF) generated $82.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CNFinance Holdings Limited (CNF) generated $78.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CNFinance Holdings Limited (CNF) spent $3.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CNFinance Holdings Limited (CNF) spent $1.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.