Operating margins have compressed significantly from 34.2% in 2025Q1 to 8.7% in 2025Q4, reflecting the difficulty of scaling fixed costs amidst a 23.4% year-over-year revenue decline.
| Sales/Revenue | 865.58M | 5.8B | 5.47B | 3.27B | 1.78B | 1.3B | 2.23B | 2.88B | 2.25B | 591.1M |
| Revenue Growth % | -85.08% | 6.11% | 67.11% | 83.74% | 36.94% | -41.7% | -22.62% | 28.04% | 280.79% | - |
| Cost of Goods Sold | 191.64M | 2.03B | 2.01B | 565.23M | 335.93M | 239.2M | 425.56M | 401.68M | 229.35M | 143.2M |
| COGS % of Revenue | 22.14% | 35.05% | 36.8% | 17.28% | 18.87% | 18.4% | 19.08% | 13.94% | 10.19% | 24.23% |
| Gross Profit | 673.94M | 3.77B | 3.46B | 2.71B | 1.44B | 1.06B | 1.8B | 2.48B | 2.02B | 447.9M |
| Gross Margin % | 77.86% | 64.95% | 63.2% | 82.72% | 81.13% | 81.6% | 80.92% | 86.06% | 89.81% | 75.77% |
| Gross Profit Growth % | -82.11% | 9.04% | 27.68% | 87.34% | 36.16% | -41.21% | -27.24% | 22.69% | 351.33% | - |
| Operating Expenses | 423.91M | 2.52B | 2.12B | 1.52B | 1.01B | 758.85M | 1.27B | 1.8B | 1.33B | 960.7M |
| OpEx % of Revenue | 48.97% | 43.43% | 38.83% | 46.59% | 56.87% | 58.37% | 56.94% | 62.29% | 59.3% | 162.53% |
| Selling, General & Admin | 2.73B | 2.13B | 1.75B | 1.28B | 824.44M | 530.03M | 830.19M | 877.05M | 980.46M | 522.72M |
| SG&A % of Revenue | 315.45% | 36.8% | 32.08% | 38.99% | 46.3% | 40.77% | 37.23% | 30.43% | 43.56% | 88.43% |
| Research & Development | 427.13M | 372.44M | 296.32M | 216.69M | 143.73M | 151.55M | 201.4M | 184.3M | 180.97M | 88.7M |
| R&D % of Revenue | 49.35% | 6.42% | 5.42% | 6.62% | 8.07% | 11.66% | 9.03% | 6.4% | 8.04% | 15.01% |
| Other Operating Expenses | -2.73B | 12.2M | 72.76M | 32.05M | 44.43M | 77.28M | 238.35M | 20.3M | 12.61M | 3.33M |
| Operating Income | 250.03M | 1.25B | 1.33B | 1.18B | 431.96M | 302.11M | 534.67M | 685.21M | 686.66M | -512.8M |
| Operating Margin % | 28.89% | 21.51% | 24.37% | 36.13% | 24.26% | 23.24% | 23.97% | 23.78% | 30.51% | -86.75% |
| Operating Income Growth % | -79.97% | -6.34% | 12.73% | 173.64% | 42.98% | -43.5% | -21.97% | -0.21% | 233.9% | - |
| EBITDA | 259.89M | 1.27B | 1.34B | 1.19B | 447.63M | 325.26M | 552.38M | 696.51M | 690.76M | -511.68M |
| EBITDA Margin % | 30.03% | 21.82% | 24.55% | 36.44% | 25.14% | 25.02% | 24.77% | 24.17% | 30.69% | -86.56% |
| EBITDA Growth % | -79.47% | -5.67% | 12.58% | 166.29% | 37.62% | -41.12% | -20.69% | 0.83% | 235% | - |
| D&A (Non-Cash Add-back) | 9.86M | 17.87M | 9.46M | 9.96M | 15.67M | 23.16M | 17.71M | 11.3M | 4.1M | 1.12M |
| EBIT | 260.61M | 1.25B | 1.33B | 1.18B | 431.96M | 302.11M | 534.67M | 685.21M | 686.66M | -512.8M |
| Net Interest Income | 1.24M | 18.28M | 12.89M | 281K | -173.19K | 7.72M | 5.72M | 169K | 1.92M | 1.45M |
| Interest Income | 1.24M | 18.28M | 12.89M | 281K | -173.19K | 7.72M | 5.72M | 169K | 1.92M | 1.45M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 10.58M | 47.35M | 212.72M | 153.61M | 161.53M | 56.77M | 29.52M | 20.47M | 14.53M | -218.82M |
| Pretax Income | 260.61M | 1.3B | 1.55B | 1.34B | 593.49M | 358.88M | 564.19M | 705.67M | 701.19M | -508.02M |
| Pretax Margin % | 30.11% | 22.33% | 28.26% | 40.83% | 33.33% | 27.6% | 25.3% | 24.49% | 31.15% | -85.94% |
| Income Tax | 46.97M | 238.9M | 247.62M | 155.4M | 125.72M | 108.81M | 37.01M | 93.92M | 161.65M | -118.27M |
| Effective Tax Rate % | 18.02% | 18.44% | 16.02% | 11.63% | 21.18% | 30.32% | 6.56% | 13.31% | 23.05% | 23.28% |
| Net Income | 213.64M | 1.06B | 1.3B | 1.18B | 472.09M | 252.88M | 527.75M | 611.76M | 539.54M | -389.75M |
| Net Margin % | 24.68% | 18.21% | 23.74% | 36.06% | 26.51% | 19.45% | 23.66% | 21.23% | 23.97% | -65.94% |
| Net Income Growth % | -79.78% | -18.58% | 10% | 149.88% | 86.68% | -52.08% | -13.73% | 13.38% | 238.43% | - |
| Net Income (Continuing) | 213.64M | 1.06B | 1.3B | 1.18B | 467.76M | 250.07M | 527.18M | 611.76M | 539.54M | -389.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.56M | -1.66M | -1.68M | -1.58M | -2.12M | -2.14M | 255K | 0 | 0 | 0 |
| EPS (Diluted) | 4.16 | 19.88 | 24.24 | 21.92 | 8.72 | 4.68 | 10.04 | 12.24 | 10.79 | -7.80 |
| EPS Growth % | -79.07% | -17.99% | 10.58% | 151.38% | 86.32% | -53.39% | -17.97% | 13.44% | 238.33% | - |
| EPS (Basic) | 4.16 | 19.88 | 24.24 | 21.92 | 8.76 | 4.68 | 10.04 | 12.24 | 10.79 | -7.80 |
| Diluted Shares Outstanding | 51.43M | 53.11M | 53.5M | 53.81M | 54.02M | 54.02M | 52.6M | 50M | 50M | 50M |
| Basic Shares Outstanding | 51.43M | 53.14M | 53.53M | 53.82M | 54.14M | 54.03M | 52.6M | 50M | 50M | 49.97M |
| Dividend Payout Ratio | 50.63% | 28.51% | 12.07% | - | 0.55% | - | - | 65.39% | - | - |
Regulatory credit policy shifts
As indicated by the most recent quarterly data, JFIN's revenue growth has decelerated significantly to -23.4% year-over-year, marking a sharp reversal from the double-digit expansion observed in early 2025 and suggesting that the firm's core loan facilitation volume is struggling to maintain its previous momentum.
The transition from high-growth periods to recent contraction suggests that the company may be reaching a saturation point within its specific near-prime borrower niche. Investors should monitor whether this decline reflects a deliberate strategic pivot toward higher-quality, lower-volume lending or an inability to compete effectively for traffic in a tightening Chinese credit environment.
Based on the latest financial statements, JFIN has maintained a robust gross margin of 69.9% in 2025Q4, demonstrating that despite the broader revenue decline, the underlying unit economics of its loan facilitation platform remain structurally sound and capable of absorbing significant top-line pressure without immediate collapse.
The ability to sustain margins near 70% implies that the company retains pricing power with its institutional funding partners, likely due to the proprietary nature of its risk-assessment engine. However, the compression from the 84.9% peak seen in 2025Q2 warrants further investigation into whether rising service costs or competitive fee pressure are beginning to erode this advantage.
According to reported figures, JFIN's operating margin plummeted to 8.7% in 2025Q4, a stark contrast to the 34.2% margin achieved in 2025Q1, which suggests that the company's fixed cost base is becoming increasingly difficult to scale efficiently as revenue volume continues to trend downward.
The widening gap between gross and operating profitability indicates that SG&A expenses are not adjusting as rapidly as revenue, potentially due to persistent customer acquisition costs or overhead requirements. This lack of operating flexibility may leave the firm vulnerable to further margin compression if top-line growth does not stabilize in the coming quarters.
As reported in recent filings, JFIN's net income experienced a 62.3% year-over-year decline in 2025Q4, highlighting that the company's bottom-line performance is highly sensitive to the current revenue contraction and the absence of significant non-operating offsets that previously bolstered earnings during more favorable periods.
The erratic nature of EPS, which fell from a peak of 10.12 in 2025Q1 to 1.96 in 2025Q4, suggests that the quality of earnings is heavily tied to transactional volume rather than recurring service revenue. Investors should be cautious of the potential for future volatility, as the lack of stock-based compensation in recent quarters may be masking the true cost of talent retention.
Based on an analysis of the income statement, the primary risk for JFIN is that the current 9.2% net margin may be unsustainable if the company is forced to increase marketing spend to combat declining loan volumes, potentially leading to a period of negative earnings growth.
Short-sellers would likely focus on the rapid deterioration of operating margins as evidence that the company's business model is losing its competitive edge in the Chinese fintech market. The reliance on transactional fees in a regulatory-sensitive environment suggests that the current profitability levels may be more fragile than the historical averages imply.
Quick answers to the most common questions about buying JFIN stock.
For fiscal year 2025, Jiayin Group Inc. (JFIN) reported total revenue of $865.6M. This represents a 46.4% increase compared to $591.1M in 2016.
Jiayin Group Inc. (JFIN) is profitable, generating $213.6M in net income for the fiscal year ending 2025 with a net profit margin of 24.7%.
Jiayin Group Inc. (JFIN) reported an operating income of $250.0M, resulting in an operating profit margin of 28.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Jiayin Group Inc. (JFIN) generated $673.9M in gross profit for the year, representing a gross profit margin of 77.9%. This demonstrates the company's core pricing power and production efficiency.