Latest Ratios: P/E Ratio 0.6x · EV/EBITDA 0.9x · ROE 24.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $974M | $2.6B | $5.8B | $2.6B | $3.3B | $3.7B | $1.8B | $1.5B | $1.6B | — | — |
| Enterprise Value | $844M | $1.7B | $2.8B | $-751655253 | $-3706731568 | $-2008179773 | $-2395297247 | $-417018574 | $127M | — | — |
| P/E Ratio → | 0.59 | 0.23 | 0.92 | 0.61 | 0.80 | 0.65 | 0.55 | 0.59 | — | — | — |
| P/S Ratio | 0.35 | 0.14 | 0.34 | 0.16 | 0.20 | 0.22 | 0.13 | 0.21 | 0.43 | — | — |
| P/B Ratio | 0.28 | 0.11 | 0.24 | 0.12 | 0.17 | 0.24 | 0.19 | 0.20 | 0.35 | — | — |
| P/FCF | 0.60 | 0.24 | 0.63 | 0.37 | 0.56 | 0.64 | 0.34 | 0.50 | 5.69 | — | — |
| P/OCF | 0.59 | 0.24 | 0.62 | 0.37 | 0.55 | 0.64 | 0.34 | 0.49 | 5.51 | — | — |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.09 | 0.16 | -0.05 | -0.22 | -0.12 | -0.18 | -0.06 | 0.03 | — | — |
| EV / EBITDA | 0.89 | 0.27 | 0.36 | -0.15 | -0.81 | -0.29 | -0.63 | -0.14 | 0.08 | — | — |
| EV / EBIT | 0.90 | 0.24 | 0.35 | -0.10 | -0.42 | -0.20 | -0.28 | -0.14 | 0.08 | — | — |
| EV / FCF | — | 0.16 | 0.30 | -0.11 | -0.63 | -0.35 | -0.45 | -0.14 | 0.46 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.5% | 81.5% | 61.8% | 64.1% | 70.7% | 77.2% | 76.4% | 87.6% | 95.0% | 92.2% | -694.8% |
| Operating Margin | 33.9% | 33.9% | 43.9% | 29.8% | 27.0% | 40.8% | 27.9% | 41.6% | 45.4% | 33.3% | -1727.6% |
| Net Profit Margin | 31.0% | 31.0% | 36.5% | 26.3% | 24.3% | 34.8% | 25.8% | 35.1% | 32.7% | 25.8% | -1249.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.0% | 24.0% | 27.1% | 20.9% | 23.6% | 46.8% | 41.9% | 42.9% | 46.1% | 46.3% | — |
| ROA | 11.0% | 11.0% | 13.3% | 9.9% | 10.9% | 20.0% | 15.6% | 18.1% | 22.8% | 10.3% | -55.5% |
| ROIC | 17.7% | 17.7% | 23.3% | 17.4% | 19.3% | 40.2% | 33.2% | 37.5% | 48.1% | 44.9% | — |
| ROCE | 20.4% | 20.4% | 25.2% | 17.2% | 17.8% | 28.7% | 17.4% | 22.1% | 32.9% | 13.6% | -84.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.06 | 0.04 | 0.01 | 0.03 | 0.02 | 0.03 | — | — | — |
| Debt / EBITDA | 0.60 | 0.60 | 0.18 | 0.17 | 0.04 | 0.06 | 0.06 | 0.07 | — | — | — |
| Net Debt / Equity | — | -0.04 | -0.13 | -0.15 | -0.37 | -0.37 | -0.44 | -0.26 | -0.33 | -0.64 | — |
| Net Debt / EBITDA | -0.14 | -0.14 | -0.40 | -0.68 | -1.54 | -0.83 | -1.10 | -0.63 | -0.87 | -2.19 | — |
| Debt / FCF | — | -0.08 | -0.33 | -0.48 | -1.18 | -0.99 | -0.79 | -0.64 | -5.23 | — | — |
| Interest Coverage | — | — | — | — | — | — | — | 71.15 | 23.17 | 14.76 | — |
Net cash position: cash ($4.7B) exceeds total debt ($3.8B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.47 | 0.47 | 0.69 | 0.67 | 1.04 | 1.30 | 22.56 | 15.07 | 17.71 | 30.49 | 9.70 |
| Quick Ratio | 0.47 | 0.47 | 0.69 | 0.67 | 1.04 | 1.30 | 22.56 | 15.07 | 17.71 | 30.49 | 9.70 |
| Cash Ratio | 0.19 | 0.19 | 0.24 | 0.26 | 0.53 | 0.61 | 7.87 | 3.97 | 4.37 | 10.96 | 0.76 |
| Asset Turnover | — | 0.33 | 0.36 | 0.36 | 0.41 | 0.50 | 0.56 | 0.35 | 0.50 | 0.21 | 0.04 |
| 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 20.2% | 52.6% | 21.7% | 36.2% | 30.2% | — | — | — | — | — | — |
| Payout Ratio | 23.8% | 23.8% | 20.2% | 22.0% | 24.6% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 444.1% | 109.2% | 164.8% | 124.9% | 154.9% | 182.6% | 170.0% | — | — | — |
| FCF Yield | 100.0% | 413.5% | 157.8% | 270.7% | 179.8% | 156.4% | 293.8% | 200.5% | 17.6% | — | — |
| Buyback Yield | 74.1% | 100.0% | 51.1% | 24.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 94.3% | 100.0% | 72.7% | 60.7% | 30.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $136M | $152M | $164M | $161M | $161M | $153M | $150M | $101M | $144M | $198M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying QFIN stock.
Qfin Holdings, Inc.'s current P/E ratio is 0.6x. The historical average is 0.6x. This places it at the 29th percentile of its historical range.
Qfin Holdings, Inc.'s current EV/EBITDA is 0.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.2x.
Qfin Holdings, Inc.'s return on equity (ROE) is 24.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 35.5%.
Based on historical data, Qfin Holdings, Inc. is trading at a P/E of 0.6x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Qfin Holdings, Inc.'s current dividend yield is 20.15% with a payout ratio of 23.8%.
Qfin Holdings, Inc. has 81.5% gross margin and 33.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Qfin Holdings, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Regulatory interest rate caps
Deep Value Discount Amidst Profitability Strains
QFIN trades at a P/B of 0.32 and a P/E of 0.66, an extreme discount that appears to price in severe, permanent earnings deterioration rather than a cyclical downturn.
The valuation multiples are compressed far below peers like FinVolution (P/B 0.36) and Lexin (P/B 0.08), suggesting the market is pricing QFIN as a distressed balance sheet rather than a technology platform. The P/B multiple implies a return on equity expectation significantly below the company's historical trend, creating a wide gap between reported tangible book value and market perception of asset quality.
ROE Collapse Driven by Margin and Leverage
ROE has deteriorated from 8.1% in Q4 2024 to just 1.6% in Q2 2026, a collapse driven primarily by NIM compression and a sharp increase in the efficiency ratio.
A DuPont decomposition reveals that the decline is not solely a function of falling asset yields (NIM down to 3.5%), but also a severe deterioration in operating leverage, as the efficiency ratio ballooned from 23.8% to 45.4% over the same period. This suggests that the platform's high fixed-cost base is now a significant drag on profitability as revenue growth stalls, and the leverage provided by equity (Eq/TA 0.47) is insufficient to offset the income statement pressures.
Funding Cost Advantage Eroded by Operational Bloat
NIM compressed 40 basis points sequentially to 3.5%, while the efficiency ratio nearly doubled year-over-year, indicating a dual squeeze from both funding/asset yields and cost control.
The NIM downtrend suggests that any historical funding cost advantage QFIN held via its institutional partnerships is being eroded, possibly by rising partner rates or regulatory caps on borrower charges. More concerning is the efficiency ratio surge to 45.4%, which appears driven by revenue failing to cover an expanding cost structure, a poor omen for a business model predicated on scalable technology.
Fortress Equity Masks Inefficient Deployment
With an equity-to-assets ratio of 0.47 and $4.7B in cash, QFIN maintains a fortress-like capital position, yet this capital appears to be generating minimal returns in the current environment.
The strong capital ratios provide ample regulatory headroom, but the declining ROE indicates that the excess capital is not being deployed productively. The massive cash accumulation to $7.7B in Q2 2026, representing 14.5% of assets, suggests management is building a defensive buffer rather than redeploying capital into higher-yielding loan facilitation, which may reflect a lack of confidence in the current risk/return environment.
Provision Volatility Obscures Credit Quality
Provision for credit losses swung from $1.8B in Q3 2025 to $802.8M in Q2 2026, creating significant earnings volatility that complicates the assessment of underlying asset quality trends.
The wild swings in provisioning suggest that management is actively adjusting reserves based on evolving macro assumptions, which introduces substantial judgment into the earnings process. While the current provision level is lower, it remains high relative to revenue, and the lack of stable charge-off data makes it difficult to confirm whether the underlying health of the facilitated loan book is improving or merely being managed through reserve adjustments.
P/B Multiple Misleads on Earning Power
The P/B ratio of 0.32 is the most commonly misapplied metric for QFIN, as it fails to account for the company's asset-light model and the significant off-balance-sheet risk from facilitated loans.
Investors often treat the low P/B as a simple indicator of undervaluation, but for QFIN, it obscures the true driver of value: the fee-based platform income, not the balance sheet. The tangible book value is inflated by a large cash position and securities portfolio, while the core earnings power resides in off-balance-sheet origination volumes. Therefore, comparing QFIN's P/B to traditional banks is misleading; a more appropriate metric would be a price-to-net-originations or a P/E ratio that normalizes for the volatile provisions.