Liquidity is under pressure as cash reserves have plummeted from $2.2 billion in 2023Q1 to $420.5 million in 2025Q2, with zero reported operating cash flow across the last ten quarters.
| Cash from Operations | 0 | 196.17M | 46.49M | 62.5M | 63.32M | -229.72M | -1.74B | -429.05M | 2.35B | 2.87B | 413.97M |
| Operating CF Margin % | - | 42.68% | 15% | 15.15% | 11.27% | -30.17% | -138.9% | -9.7% | 42.22% | 42.5% | 18.31% |
| Operating CF Growth % | 0% | 321.93% | -25.62% | -1.29% | 127.56% | 86.83% | -306.62% | -118.29% | -18.14% | 592.22% | - |
| Net Income | 256.05M | 163.62M | 50.16M | -140.35M | -594.74M | -234.91M | -2.26B | -2.16B | 1.98B | 597.7M | 156.04M |
| Depreciation & Amortization | 0 | 22.04M | 22.34M | 17.59M | 21M | 31.54M | 24.22M | 37.47M | 18.76M | 11.89M | 9.36M |
| Stock-Based Compensation | -3.35M | 0 | -959K | -72.13M | 5.46M | 52.34M | 290.63M | 353.15M | 508.16M | 2.18B | 110.43M |
| Deferred Taxes | 0 | 0 | -5.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -252.7M | -23.75M | -20.79M | 227.64M | 618.3M | 217.52M | 666.1M | 2.43B | -103.11M | 471.29M | 297.29M |
| Working Capital Changes | 0 | 34.26M | 1.03M | 29.75M | 13.3M | -296.21M | -466.65M | -1.09B | -59.72M | -395.8M | -159.14M |
| Change in Receivables | 0 | -5.28M | -8.64M | 52.79M | -8.99M | -32.98M | -100.25M | -1.57B | 109.98M | -219.67M | -2.45M |
| 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 | -66.35M | -1.29B | -949.02M | -277.77M | -321.52M | 39.47M | -707.61M | -1.24B | -1.01B | -222.91M |
| Capital Expenditures | 0 | -2.59M | -1.14M | -5.74M | -44.81M | -7.74M | 0 | -56.69M | -48.58M | -47.69M | -20.09M |
| CapEx % of Revenue | 0% | 0.56% | 0.37% | 1.39% | 7.98% | 1.02% | - | 1.28% | 0.87% | 0.71% | 0.89% |
| Acquisitions | 0 | 0 | 9.3M | -14K | -2.9M | -10.83M | 0 | -58.3M | 0 | -30.28M | -20.8M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 5.84M | 729K | -53.88M | -230.06M | -302.95M | 39.47M | -592.62M | -1.19B | -933.71M | -182.02M |
| Cash from Financing | 0 | 5.41M | 0 | 0 | 0 | 199.63M | 12.9M | 471.98M | 545.89M | 563.36M | 701K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 199.2M | 0 | 463.06M | 544.78M | 557.33M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 5.41M | 0 | 0 | 0 | 433K | 12.9M | 8.91M | 1.1M | 6.03M | 701K |
| Net Change in Cash | 0 | 134.03M | -1.18B | -811.99M | -107.32M | -378.08M | -1.69B | -659.64M | 1.69B | 2.39B | 1.38B |
| Free Cash Flow | 0 | 193.58M | 45.35M | 56.76M | 18.51M | -237.46M | -1.74B | -485.74M | 2.3B | 2.82B | 393.89M |
| FCF Margin % | 0% | 42.12% | 14.63% | 13.76% | 3.3% | -31.19% | -138.9% | -10.98% | 41.34% | 41.8% | 17.42% |
| FCF Growth % | - | 326.83% | -20.1% | 206.68% | 107.79% | 86.39% | -259.17% | -121.14% | -18.47% | 615.41% | - |
| FCF per Share | 0.00 | 16.41 | 3.85 | 4.82 | 1.59 | -22.23 | -175.69 | -55.66 | 237.01 | 290.72 | 40.64 |
| FCF Conversion (FCF/Net Income) | 0.00x | 1.20x | 0.93x | -0.45x | -0.11x | 0.98x | 0.77x | 0.20x | 1.36x | 7.14x | 2.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 8.52M | 24.22M | 21.63M | 2.91M | 163M | 327.23M | 522.29M | 293.8M | 50.87M |
Regulatory and accounting opacity
Based on the provided financial data, JFU reports consistent net income figures, yet the operating cash flow remains entirely unavailable across all ten reported quarters, suggesting a profound disconnect between accounting profitability and the actual cash-generating capacity of the company's core fintech and e-commerce operations.
The absence of reported operating cash flow in the presence of positive net income is a significant red flag that warrants extreme caution. It implies that the company's earnings may be driven by non-cash accounting adjustments or accruals that do not translate into liquid resources, potentially masking underlying operational weaknesses.
As reported in the company's financial statements, JFU has failed to demonstrate any positive free cash flow over the last ten quarters, with the data showing zero cash flow activity despite periods of both net losses and net income, indicating a lack of visible cash-generating momentum.
The lack of FCF data makes it impossible to assess the company's ability to self-fund its operations or return capital to shareholders. Investors should monitor whether this is a reporting limitation or a reflection of a business model that struggles to convert its service-based revenue into tangible cash inflows.
According to the provided quarterly filings, JFU reports zero capital expenditure across the entire ten-quarter period, which may indicate an asset-light business model or, alternatively, a lack of transparency regarding the reinvestment required to maintain its technological infrastructure and e-commerce platform capabilities.
While an asset-light model is typical for fintech, the complete absence of reported capex is unusual for a firm managing a complex digital ecosystem. This suggests that the company may be capitalizing costs elsewhere or that its infrastructure needs are being met through arrangements not captured in standard cash flow reporting.
Data from recent financial disclosures indicates that JFU's cash flow statement is effectively non-functional, with zero reported values for operating cash flow, capex, and working capital changes, which obscures the true impact of stock-based compensation and other non-cash items on the company's liquidity position.
The extreme volatility in stock-based compensation, which swung from -$37.2 million to positive values, suggests that equity-based incentives are a major component of the company's cost structure. Without a clear cash flow statement, it is difficult to determine how these non-cash expenses are impacting the company's long-term financial health.
Quick answers to the most common questions about buying JFU stock.
9F Inc. (JFU) generated $196.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
9F Inc. (JFU) generated $193.6M 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.
9F Inc. (JFU) spent $2.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.