Latest Ratios: P/E Ratio 38.2x · EV/EBITDA N/A · ROE 0.8%. (2014–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $287M | $530M | $450M | $234M | $258M | $379M | $1.4B | $1.4B | $3.8B | — | — |
| Enterprise Value | $-219492679 | $-2946366580 | $-6687916005 | $-3115513939 | $-774447638 | $-130559238 | $2.0B | $3.2B | $5.5B | — | — |
| P/E Ratio → | 38.22 | 5.76 | 11.33 | — | 0.43 | 0.38 | 0.43 | 0.55 | 1.77 | — | — |
| P/S Ratio | 9.10 | 2.45 | 3.56 | 0.41 | 0.16 | 0.10 | 0.16 | 0.18 | 0.80 | — | — |
| P/B Ratio | 0.31 | 0.05 | 0.04 | 0.02 | 0.02 | 0.03 | 0.12 | 0.13 | 0.40 | — | — |
| P/FCF | — | — | — | — | 0.58 | 0.17 | 0.26 | 0.43 | 1.25 | — | — |
| P/OCF | — | — | 1.28 | 0.90 | 0.28 | 0.15 | 0.26 | 0.41 | 1.24 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -13.61 | -52.94 | -5.39 | -0.47 | -0.04 | 0.22 | 0.41 | 1.15 | — | — |
| EV / EBITDA | — | — | — | — | -0.76 | -0.14 | 0.51 | 1.17 | 2.26 | — | — |
| EV / EBIT | — | -18.70 | -65.91 | — | -0.90 | -0.10 | 0.51 | 1.19 | 2.27 | — | — |
| EV / FCF | — | — | — | — | -1.75 | -0.06 | 0.37 | 0.99 | 1.79 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.1% | 7.1% | -26.7% | 33.7% | 81.9% | 76.6% | 89.8% | 64.4% | 81.6% | 81.4% | 36.8% |
| Operating Margin | -142.4% | -142.4% | -262.0% | -57.1% | 55.8% | 23.5% | 43.5% | 35.0% | 50.7% | 49.4% | -98.3% |
| Net Profit Margin | 42.4% | 42.4% | 31.0% | -62.7% | 35.6% | 26.0% | 36.9% | 32.4% | 45.3% | 40.0% | -99.2% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.8% | 0.8% | 0.3% | -2.9% | 4.8% | 8.0% | 28.7% | 24.5% | 70.9% | — | — |
| ROA | 0.7% | 0.7% | 0.3% | -2.7% | 4.3% | 6.0% | 18.9% | 14.0% | 16.3% | 11.8% | -14.5% |
| ROIC | -1.9% | -1.9% | -2.1% | -1.9% | 5.2% | 4.6% | 19.0% | 12.2% | 19.3% | 64.5% | — |
| ROCE | -2.7% | -2.7% | -2.8% | -2.6% | 7.0% | 6.3% | 30.0% | 25.3% | 38.3% | 69.6% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.01 | 0.01 | 0.08 | 0.09 | 0.29 | 0.39 | 0.89 | — | — |
| Debt / EBITDA | — | — | — | — | 1.01 | 1.13 | 0.88 | 1.58 | 3.50 | 5.96 | — |
| Net Debt / Equity | — | -0.31 | -0.61 | -0.28 | -0.08 | -0.04 | 0.05 | 0.16 | 0.17 | — | — |
| Net Debt / EBITDA | — | — | — | — | -1.01 | -0.56 | 0.15 | 0.66 | 0.68 | 4.86 | — |
| Debt / FCF | — | — | — | — | -2.33 | -0.23 | 0.11 | 0.56 | 0.54 | 4.40 | — |
| Interest Coverage | — | — | — | -77.38 | 53.96 | 46.04 | 163.55 | — | — | — | — |
Net cash position: cash ($4.3B) exceeds total debt ($787M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.02 | 9.02 | 13.47 | 18.91 | 24.76 | 24.74 | 4.37 | 2.89 | 2.06 | 1.53 | 0.76 |
| Quick Ratio | 9.02 | 9.02 | 13.47 | 18.91 | 24.76 | 24.74 | 4.37 | 2.89 | 2.06 | 1.53 | 0.76 |
| Cash Ratio | 3.79 | 3.79 | 9.55 | 5.99 | 4.19 | 3.25 | 0.73 | 0.50 | 0.73 | 0.17 | 0.07 |
| Asset Turnover | — | 0.02 | 0.01 | 0.05 | 0.12 | 0.28 | 0.48 | 0.47 | 0.25 | 0.20 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 145.4% | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 17.4% | 8.8% | — | 234.2% | 260.1% | 230.6% | 180.4% | 56.5% | — | — |
| FCF Yield | — | — | — | — | 171.9% | 594.3% | 383.5% | 231.1% | 80.1% | — | — |
| Buyback Yield | 27.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 27.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $188M | $220M | $246M | $266M | $274M | $300M | $322M | $305M | $330M | $79M |
Strategic Pivot Execution Failure
Based on recent financial data, Qudian trades at a price-to-book ratio of 0.31, which suggests that the market assigns little to no value to the company's operating business, effectively pricing the equity as a liquidation play on its massive cash reserves rather than a going concern.
The P/S ratio of 9.10 appears disconnected from the company's fundamental performance, likely reflecting the extreme contraction in revenue rather than growth expectations. Investors should monitor whether this discount narrows through capital return programs or if it persists as a permanent valuation ceiling due to the lack of a viable, scalable business model.
As reported in financial statements, the company's net margin of 89.3% in 2025Q2 is fundamentally decoupled from its core operations, as the firm continues to struggle with negative operating margins that reached -32.6% in the same period, indicating that profitability is entirely dependent on non-operating interest income.
The gross margin of 15.3% remains insufficient to cover the high variable costs associated with the company's current strategic focus. This suggests that the underlying business model lacks the operating leverage required to achieve sustainable profitability, leaving the firm vulnerable to any decline in interest rates on its cash pile.
According to recent SEC filings, Qudian's ROIC has consistently remained in negative territory, with a -0.7% reading in 2025Q2, confirming that the company is failing to generate a return on its invested capital that exceeds its cost of capital, regardless of the industry it attempts to enter.
The persistent inability to generate positive returns on capital suggests that management's strategic pivots have been value-destructive rather than value-additive. Analysts should interpret these figures as evidence that the company's capital is being deployed into low-moat, high-burn activities that do not contribute to long-term shareholder wealth creation.
Based on reported figures, the company's asset turnover ratio has remained near zero for multiple quarters, highlighting that the firm's massive asset base is not being utilized to drive revenue, but is instead held in stagnant cash and equivalents that generate minimal operational velocity.
The DSO of 317 days in 2025Q2 indicates significant friction in the company's ability to convert its business activities into actual cash inflows. This inefficiency suggests that the current operational structure is not optimized for the rapid turnover required in the competitive sectors the company has attempted to penetrate.
The P/E ratio is the most commonly misapplied metric for Qudian, as it suggests a level of earnings quality that does not exist, given that the company's net income is derived from interest on cash rather than the success of its core business operations.
Investors should instead focus on the company's operating cash flow and the sustainability of its gross margins to gauge true business health. Relying on P/E multiples in this context may lead to a dangerous underestimation of the operational risks inherent in the company's current pivot-heavy strategy.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying QD stock.
Qudian Inc.'s current P/E ratio is 38.2x. The historical average is 3.0x. This places it at the 100th percentile of its historical range.
Qudian Inc.'s return on equity (ROE) is 0.8%. The historical average is 16.9%.
Based on historical data, Qudian Inc. is trading at a P/E of 38.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Qudian Inc. has 7.1% gross margin and -142.4% operating margin.