The absence of reported operating cash flow, combined with significant stock-based compensation reaching $32.7 million in 2023Q4, obscures the true cash conversion efficiency of the firm's core operations.
| Cash from Operations | 0 | 3.61B | 1.08B | 2.79B | 98.84M | 2.67B | -211.02M | -778.5M | 2.79B | 1.66B | 379.84M | -1.49B |
| Operating CF Margin % | - | 28.26% | 7.61% | 21.35% | 1% | 23.44% | -1.81% | -7.34% | 36.79% | 29.78% | 8.75% | -58.82% |
| Operating CF Growth % | 0% | 234.22% | -61.2% | 2719.65% | -96.29% | 1364.07% | 72.89% | -127.86% | 68.12% | 337.64% | 125.58% | - |
| Net Income | 1.61B | 1.68B | 1.1B | 1.07B | 825.93M | 2.33B | 594.98M | 2.29B | 1.98B | 240.35M | -117.94M | -310.19M |
| Depreciation & Amortization | 0 | 143.67M | 0 | 145.14M | 148.14M | 145.3M | 107.29M | 87.84M | 30.4M | 18.86M | 4.59M | 1.39M |
| Stock-Based Compensation | 101.95M | 96.17M | 94.62M | 117.85M | 156.32M | 187.88M | 198.82M | 177.26M | 122.64M | 75.74M | 24M | 14.49M |
| Deferred Taxes | 0 | -208.56M | -292.71M | -67.55M | 33.34M | -396.26M | -503.52M | 59.92M | 58.18M | 3.56M | 47.05M | -89.46M |
| Other Non-Cash Items | -1.72B | 4.32B | 6.36B | 5.72B | 1.72B | 1.9B | 4.84B | 775.8M | 617.3M | 651.76M | 311.2M | 70.09M |
| Working Capital Changes | 0 | -2.41B | -6.18B | -4.19B | -2.78B | -1.5B | -5.45B | -4.17B | -11.11M | 672.06M | 110.94M | -1.17B |
| Change in Receivables | 0 | 1.71B | -57.58M | 515.07M | -399.29M | 178.96M | 287.66M | 36.08M | 219.45M | 231.84M | -253.66M | -1.31B |
| Change in Inventory | 0 | 1.57M | 8.01M | 20.91M | -5.63M | -692K | 60.01M | -48.58M | 47.79M | 4.29M | -65.1M | -33.27M |
| Change in Payables | 0 | 26.73M | 24.64M | 23.83M | 12.76M | -27.26M | -158.88M | 65.99M | -62.33M | 125.47M | 41.94M | 30.64M |
| Cash from Investing | 0 | -2.61B | -904.88M | 2.33B | -2.41B | 414.62M | -2.14B | -783.58M | 3.6B | -5.42B | -4.5B | -1.59B |
| Capital Expenditures | 0 | -352.92M | -247.06M | -229.52M | -148.82M | -121.53M | -86.57M | -49.87M | -54.23M | -37.84M | -32.15M | -10.42M |
| CapEx % of Revenue | 0% | 2.76% | 1.74% | 1.76% | 1.51% | 1.07% | 0.74% | 0.47% | 0.71% | 0.68% | 0.74% | 0.41% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 239.5M | 414.63M | 364.2M | 455M | 618.38M | 469.06M | 521.8M | 511.61M | 186.07M | 23.48M | 24.89M | 11.58M |
| Other Investing | 0 | 319.66M | 3.93B | 7.72B | 1.98B | 4.36B | 5.07B | -355.01M | 3.78B | -5.38B | -4.46B | -1.57B |
| Cash from Financing | 0 | -1.03B | -387.28M | -3.85B | 1.11B | -1.78B | 1.23B | 3.06B | -5.62B | 4.41B | 4.46B | 3.03B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -179.07M | 0 | 0 | -326.94M | 0 | 0 | 8.74M | -450K | 651.02M | 0 | 203.24M |
| Dividends Paid | 0 | -383.14M | -164.43M | -135.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -202.13M | 0 | 0 | -326.94M | 0 | 0 | -339.53M | -171.24M | 0 | -87.92M | 0 |
| Other Financing | 0 | -4.65M | 19.25M | 5.88M | 15.17M | 7.12M | 47.97M | -13.08M | 56.1M | -1.7M | -108.98M | -3.65M |
| Net Change in Cash | 0 | -27.71M | -209.62M | 1.27B | -1.19B | 1.28B | -1.15B | 1.49B | 761.85M | 646.87M | 344.23M | -26.21M |
| Free Cash Flow | 0 | 3.26B | 834.4M | 2.56B | -49.97M | 2.55B | -297.59M | -828.37M | 2.74B | 1.62B | 347.69M | -1.5B |
| FCF Margin % | 0% | 25.5% | 5.87% | 19.59% | -0.51% | 22.37% | -2.56% | -7.81% | 36.07% | 29.1% | 8.01% | -59.23% |
| FCF Growth % | - | 290.88% | -67.37% | 5217.92% | -101.96% | 955.5% | 64.07% | -130.23% | 68.7% | 367.22% | 123.25% | - |
| FCF per Share | 0.00 | 18.37 | 4.92 | 14.22 | -0.25 | 12.27 | -1.45 | -4.41 | 15.11 | 9.43 | 2.10 | -27.03 |
| FCF Conversion (FCF/Net Income) | 0.00x | 2.22x | 0.98x | 2.61x | 0.12x | 1.14x | -0.35x | -0.34x | 1.41x | 6.92x | -3.22x | 4.79x |
| Interest Paid | 0 | 57.98M | 45.16M | 86.41M | 80.41M | 96.84M | 120.13M | 32.25M | 25.47M | 4.58M | 0 | 0 |
| Taxes Paid | 0 | 740.09M | 413.84M | 255.58M | 614.4M | 522.91M | 300.23M | 222.41M | 185.01M | 57.92M | 0 | 0 |
Regulatory APR Cap Sensitivity
According to the provided financial data, LexinFintech reports consistent net income growth, yet the absence of disclosed operating cash flow figures prevents a definitive assessment of earnings quality, leaving investors unable to verify if reported profits are supported by actual cash generation from core operations.
The lack of transparency regarding operating cash flow makes it difficult to determine if the reported net income is being converted into liquid assets or if it remains trapped in non-cash accounting adjustments. This ambiguity warrants further investigation into the company's underlying cash conversion efficiency, especially given the volatility observed in net income figures.
As reported in regulatory filings, Lexin consistently records significant stock-based compensation expenses, with figures reaching as high as $32.7 million in 2023Q4, which suggests that the company's reported earnings may be bolstered by non-cash adjustments that do not reflect the true economic cost of employee retention.
Investors should monitor the impact of these recurring stock-based compensation charges on the firm's overall cash position, as they represent a dilution of shareholder value not captured in standard net income metrics. The reliance on these non-cash expenses may mask the true operational cash requirements of the business.
Based on the provided financial statements, Lexin has not reported any dividends, share repurchases, or significant acquisitions over the last ten quarters, suggesting a strategy of cash accumulation that may be intended to buffer against potential regulatory shocks or future credit impairment cycles in China.
The absence of capital return programs implies that management is prioritizing liquidity over immediate shareholder returns, which may be a prudent response to the current regulatory environment. However, this approach raises questions about the long-term efficiency of capital deployment and whether the firm has identified viable growth opportunities.
As indicated by the historical data, the persistent absence of operating cash flow reporting creates a significant divergence between cumulative net income and actual cash reality, making it impossible to confirm if the firm's reported profitability is translating into tangible liquidity for the business.
The inability to reconcile net income with cash flow suggests that the firm's financial health may be more complex than the headline earnings figures imply. Analysts should remain cautious, as this divergence may hide underlying issues related to the timing of revenue recognition and the accumulation of credit-related liabilities.
Quick answers to the most common questions about buying LX stock.
LexinFintech Holdings Ltd. (LX) generated $3.61B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LexinFintech Holdings Ltd. (LX) generated $3.26B 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.
LexinFintech Holdings Ltd. (LX) spent $352.9M 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, LexinFintech Holdings Ltd. (LX) returned $383.1M to shareholders via cash dividends and spent $202.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.