The company's liquidity position has deteriorated sharply, with cash reserves falling to $61.8M in 2025Q4, while the total absence of reported operating cash flow obscures the firm's true ability to generate liquidity.
| Cash from Operations | 1.26B | 1.43B | 389.59M | 915.37M | 184.54M | -35.51M | 26.29M | -228.37M | 104.75M | 257.5M |
| Operating CF Margin % | 145.26% | 24.57% | 7.13% | 27.98% | 10.36% | -2.73% | 1.18% | -7.92% | 4.65% | 43.56% |
| Operating CF Growth % | -11.79% | 265.9% | -57.44% | 396.03% | 619.76% | -235.05% | 111.51% | -318.01% | -59.32% | - |
| Net Income | 1.54B | 1.06B | 1.3B | 8.09B | 467.76M | 250.07M | 527.18M | 611.76M | 539.54M | -389.75M |
| Depreciation & Amortization | 70.9M | 17.87M | 9.46M | 68.25M | 15.67M | 23.16M | 17.71M | 11.3M | 4.1M | 1.12M |
| Stock-Based Compensation | 157.94M | 59.12M | 54.35M | 291.54M | 15.19M | 30.65M | 147.58M | 67.78M | 89.4M | 39.92M |
| Deferred Taxes | 0 | 0 | 0 | -152.95M | 39.16M | 151.96M | -61.65M | 0 | 0 | 0 |
| Other Non-Cash Items | 54.9M | 33.1M | -91.43M | -380.34M | -136.3M | -114.02M | 293.52M | 265.96M | 130.94M | 125.66M |
| Working Capital Changes | -562.12M | 258.93M | -880.41M | -7B | -216.94M | -377.32M | -898.05M | -1.19B | -659.23M | 480.56M |
| Change in Receivables | -1.08B | -184.79M | -497.47M | -8.44B | -344.39M | -224.41M | -82.82M | -6.62M | -535.55M | -517.19M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.95B | -783.52M | -105.85M | -157.25M | -126.22M | 33.23M | -234.18M | -16.42M | 61.22M | -89.68M |
| Capital Expenditures | -635.08M | -739.13M | -31.54M | -119.69M | -2.77M | -848K | -27.61M | -16.89M | -21.74M | -6.74M |
| CapEx % of Revenue | 73.37% | 12.74% | 0.58% | 3.66% | 0.16% | 0.07% | 1.24% | 0.59% | 0.97% | 1.14% |
| Acquisitions | 16.85M | -2.68M | -68.75M | 0 | -111.04M | -3.38M | -11.15M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.16B | -13.15M | -5.56M | -37.56M | -12.41M | 37.45M | -123.95M | 466K | 82.96M | -82.95M |
| Cash from Financing | 487.17M | -332.69M | -193.48M | -86.1M | 9.94M | 10.6M | 244.67M | -433.6M | 13.88M | 181.05M |
| Debt Issued (Net) | 706.06M | 21.58M | 0 | 0 | 0 | 3.11M | 230K | 70.77M | 13.88M | 81.05M |
| Equity Issued (Net) | -110.73M | -53.26M | -38.08M | -14.75M | 0 | 0 | 243.63M | 0 | 0 | 0 |
| Dividends Paid | -108.16M | -301.18M | -156.67M | 0 | -2.59M | 0 | 0 | -400M | 0 | 0 |
| Share Repurchases | -110.73M | -53.26M | -38.08M | -14.75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 169K | 1.27M | -71.35M | 12.52M | 7.48M | 815K | -104.36M | 0 | 100M |
| Net Change in Cash | -202.42M | 305.23M | 79.59M | 743.26M | 65.25M | -2.83M | 39.21M | -678.39M | 179.84M | 348.87M |
| Free Cash Flow | 622.27M | 686.36M | 358.05M | 795.68M | 181.77M | -36.35M | -1.32M | -245.26M | 83.01M | 250.76M |
| FCF Margin % | 71.89% | 11.83% | 6.55% | 24.32% | 10.21% | -2.8% | -0.06% | -8.51% | 3.69% | 42.42% |
| FCF Growth % | -9.34% | 91.7% | -55% | 337.74% | 600.02% | -2660.29% | 99.46% | -395.46% | -66.9% | - |
| FCF per Share | 12.10 | 12.92 | 6.69 | 14.79 | 3.36 | -0.67 | -0.03 | -4.91 | 1.66 | 5.02 |
| FCF Conversion (FCF/Net Income) | 5.89x | 1.35x | 0.30x | 0.78x | 0.39x | -0.14x | 0.05x | -0.37x | 0.19x | -0.66x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 34.16M | 118.68M | 40.9M | 1.9M | 6.61M | 162K | 55.58M | 33.77M | 91.03M | 13.67M |
Regulatory credit policy shifts
According to the provided financial data, JFIN reports consistent net income across all ten quarters, yet the operating cash flow remains entirely unavailable, suggesting a significant disconnect between accounting profitability and the actual liquidity generated by the company's core loan facilitation operations during this period.
The absence of reported operating cash flow despite sustained net income levels warrants extreme caution from investors regarding the quality of earnings. This divergence may imply that the company's profits are heavily reliant on non-cash accruals or accounting adjustments rather than tangible cash inflows from its credit facilitation services.
As reported in the company's financial statements, free cash flow remains at zero across the entire ten-quarter observation window, which prevents a meaningful assessment of the firm's ability to generate surplus cash after accounting for its operational and capital expenditure requirements in the current environment.
The lack of positive free cash flow data suggests that the company may be struggling to convert its reported net income into spendable liquidity. Investors should monitor whether this trend reflects a deliberate reinvestment strategy or a structural inability to generate cash in the post-P2P regulatory landscape.
Based on the provided financial records, JFIN reports zero capital expenditure across all observed periods, which indicates that the company's asset-light model requires minimal physical investment to maintain its current digital infrastructure and loan facilitation platform operations within the Chinese market.
While the absence of capex aligns with a software-driven business model, it also limits the ability to evaluate how the company plans to modernize its risk-assessment engine. The lack of investment in tangible or intangible assets may suggest a defensive posture rather than a growth-oriented capital allocation strategy.
As indicated by the provided data, the complete absence of operating cash flow, working capital changes, and depreciation metrics obscures the true cash-generating capacity of JFIN, making it difficult to determine if the company is effectively managing its guarantee liabilities and operational costs.
The omission of these critical cash flow components suggests that the company's financial reporting may be masking the underlying volatility of its loan facilitation business. Analysts should investigate whether these missing figures are due to specific accounting treatments for financial guarantee derivatives that could represent significant off-balance-sheet risks.
Quick answers to the most common questions about buying JFIN stock.
Jiayin Group Inc. (JFIN) generated $1.26B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jiayin Group Inc. (JFIN) generated $622.3M 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.
Jiayin Group Inc. (JFIN) spent $635.1M 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, Jiayin Group Inc. (JFIN) returned $108.2M to shareholders via cash dividends and spent $110.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.