The asset base has contracted for three consecutive quarters from a peak of $61.4B to $53.1B, yet the company maintains a strong equity cushion with an equity-to-assets ratio of 0.47 and holds a significant $7.7B cash position.
Qfin Holdings, Inc. (QFIN) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash & Short Term Investments | 35.4B | 7.55B | 7.85B | 4.19B | 7.22B | 6.12B | 4.42B | 2.11B | 1.45B | 468.55M | 6.17M |
| Cash & Due from Banks | 7.68B | 4.7B | 4.45B | 4.18B | 7.17B | 6.12B | 4.42B | 2.11B | 1.45B | 468.55M | 6.17M |
| Short Term Investments | 2.7B | 2.85B | 3.39B | 15M | 57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 38.89B | 41.54B | 35.18B | 30.42B | 18.54B | 12.7B | 7.5B | 9.19B | 811.43M | 1.19B | 0 |
| Investments Growth % | 47.31% | 18.05% | 15.68% | 64.04% | 45.95% | 69.43% | -18.45% | 1033.12% | -31.94% | - | - |
| Long-Term Investments | 149.18B | 38.68B | 31.79B | 30.4B | 18.48B | 12.7B | 7.5B | 9.19B | 811.43M | 1.19B | 0 |
| Accounts Receivables | 482.95M | 972.26M | 2.24B | 3.06B | 3.13B | 3.32B | 2.79B | 2.4B | 1.79B | 327.1M | 5.4M |
| Goodwill & Intangibles | 1.01B | 1.02B | 1.01B | 1.03B | 1B | 1.02B | 3.4M | 3.51M | 847K | 262K | 208K |
| Goodwill | 45.17M | 45.2M | 42.41M | 41.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 965.96M | 977.25M | 968.56M | 990.9M | 1B | 1.02B | 3.4M | 3.51M | 847K | 262K | 208K |
| PP&E (Net) | 641.12M | 636.99M | 362.77M | 231.22M | 47.6M | 24.94M | 19.36M | 17.11M | 6.87M | 5.99M | 1.98M |
| Other Assets | 1.75B | 3.54B | 1.16B | 2.25B | 5.69B | 5.96B | 2.81B | 2.44B | 676.81M | 521.79M | 0 |
| Total Current Assets | 11.94B | 11.69B | 12.6B | 10.84B | 14.1B | 12.96B | 12.66B | 8.01B | 5.85B | 1.3B | 79.03M |
| Total Non-Current Assets | 41.17B | 45.26B | 35.53B | 34.98B | 26.25B | 20.55B | 11.73B | 12.35B | 1.5B | 1.8B | 10.49M |
| Total Assets | 53.11B | 56.95B | 48.13B | 45.82B | 40.34B | 33.5B | 24.39B | 20.36B | 7.35B | 3.1B | 89.52M |
| Asset Growth % | 35.28% | 18.32% | 5.05% | 13.57% | 20.41% | 37.39% | 19.81% | 176.96% | 137.14% | 3362.23% | - |
| Return on Assets (ROA) | 6.63% | 11.4% | 13.34% | 9.95% | 10.9% | 19.97% | 15.63% | 18.06% | 22.84% | 10.34% | -55.54% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 2.95B | 3.82B | 1.4B | 827.73M | 180.7M | 423.36M | 215.33M | 221.02M | 0 | 0 | 0 |
| Net Debt | -4.74B | -873.23M | -3.06B | -3.35B | -6.98B | -5.69B | -4.2B | -1.89B | -1.45B | -468.55M | -6.17M |
| Long-Term Debt | 761.02M | 1.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 2.18B | 2.22B | 1.37B | 798.59M | 150M | 397.58M | 186.8M | 200M | 0 | 0 | 0 |
| Other Liabilities | 25.04B | 5.09B | 5.26B | 7.53B | 7.7B | 8.17B | 14.31B | 12.61B | 2.56B | 2.32B | 103.2M |
| Total Current Liabilities | 2.18B | 25.01B | 18.18B | 16.06B | 13.61B | 9.99B | 561.15M | 531.45M | 330.58M | 42.75M | 8.15M |
| Total Non-Current Liabilities | 26.13B | 7.78B | 5.7B | 7.75B | 7.8B | 8.29B | 14.35B | 12.61B | 2.58B | 2.32B | 103.2M |
| Total Liabilities | 28.32B | 32.79B | 23.89B | 23.81B | 21.41B | 18.29B | 14.91B | 13.14B | 2.91B | 2.37B | 111.35M |
| Total Equity | 24.79B | 24.16B | 24.25B | 22.01B | 18.93B | 15.22B | 9.48B | 7.21B | 4.44B | 734.15M | -21.83M |
| Equity Growth % | 13.75% | -0.37% | 10.16% | 16.26% | 24.41% | 60.49% | 31.41% | 62.49% | 504.81% | 3462.57% | - |
| Equity / Assets (Capital Ratio) | 46.68% | 42.42% | 50.37% | 48.04% | 46.93% | 45.42% | 38.88% | 35.44% | 60.41% | 23.69% | -24.39% |
| Return on Equity (ROE) | 15.33% | 24.75% | 27.09% | 20.93% | 23.57% | 46.82% | 41.89% | 42.93% | 46.12% | 46.29% | - |
| Book Value per Share | 173.84 | 177.51 | 159.80 | 134.00 | 117.58 | 94.69 | 61.83 | 47.95 | 43.80 | 5.10 | -0.11 |
| Tangible BV per Share | 166.75 | 170.00 | 153.14 | 127.71 | 111.35 | 88.32 | 61.81 | 47.92 | 43.79 | 5.10 | -0.11 |
| Common Stock | 24.75B | 20K | 21K | 22K | 22K | 22K | 21K | 20K | 20K | 0 | 0 |
| Additional Paid-in Capital | 0 | 3.87B | 4.34B | 6.06B | 6.1B | 5.67B | 5.42B | 5.12B | 4.87B | 0 | 0 |
| Retained Earnings | 0 | 24.5B | 20.95B | 16.3B | 12.8B | 9.64B | 4.14B | 2.07B | -430.26M | 144.15M | -21.83M |
| Accumulated OCI | 0 | -195.69M | 11.88M | -34.66M | -51.77M | -110.93M | -74.39M | 24.91M | 3.68M | 0 | 0 |
| Treasury Stock | 0 | -4.07B | -1.11B | -384.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying QFIN stock.
As of 2025, Qfin Holdings, Inc. (QFIN) had total assets of $56.95B including $11.69B in current assets.
Qfin Holdings, Inc. (QFIN) carries total debt of $3.82B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Qfin Holdings, Inc. (QFIN) has total shareholders' equity (book value) of $24.11B ($177.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Qfin Holdings, Inc. (QFIN) reported a current ratio of 0.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Contracting asset base and NIM
Asset Base Contracts Amid NIM Compression
Total assets have contracted for three consecutive quarters from a peak of $61.4B to $53.1B, with the investment securities portfolio shrinking by $3.1B over the same period, suggesting a defensive posture in response to margin pressures.
The balance sheet is actively shrinking, a move that appears to be a deliberate de-risking strategy rather than an organic decline. This contraction coincides with a steady NIM decline from 3.9% to 3.5%, indicating management is prioritizing asset quality and margin protection over top-line scale. The shift suggests the company is navigating a challenging credit environment by reducing exposure, which may limit near-term earnings potential but could fortify long-term stability.
Equity Cushion Strong but Leverage Rising
While the equity-to-assets ratio improved to 0.47 in Q2 2026 from a low of 0.40, total liabilities remain substantial at $28.3B, and the debt-to-equity ratio has ticked up, indicating a modest increase in financial leverage despite the asset contraction.
The strengthening equity buffer is a positive development, providing a solid base against potential credit losses. However, the recent uptick in leverage suggests the company may be utilizing more external funding to manage its liquidity needs as operational cash flow weakens. This trend warrants monitoring, as increased leverage in a declining NIM environment could pressure returns on equity if not carefully managed.
Cash Surge Signals Defensive Liquidity Build
Cash and bank balances surged 35.8% quarter-over-quarter to $7.7B in Q2 2026, representing 14.5% of total assets, which appears to be a significant accumulation of liquid reserves in response to deteriorating operating cash flows.
The sharp increase in cash holdings, while the broader asset base contracts, indicates a strong focus on liquidity preservation. This move aligns with the reported decline in operating cash flow from $3.1B in Q4 2025 to $1.1B in Q2 2026, suggesting management is building a substantial buffer against potential operational headwinds or regulatory requirements. The defensive positioning may limit yield generation but provides a critical safety net in the current uncertain environment.
Unrealized Losses and Off-Balance Sheet Risks
The investment securities portfolio constitutes 73% of total assets at $38.9B, creating significant exposure to interest rate movements that could generate unrealized losses impacting book value, as evidenced by the portfolio's volatility across quarters.
The massive concentration in investment securities creates a material duration risk that is not captured by the current equity-to-assets ratio. A further rise in interest rates could lead to significant unrealized losses, potentially eroding the company's capital base and limiting its ability to deploy capital for growth or shareholder returns. This risk is compounded by the off-balance sheet facilitated loan portfolio, which represents true scale of credit risk exposure not fully reflected in the reported liability structure.