Latest Ratios: P/E Ratio 0.2x · EV/EBITDA -0.5x · ROE 19.3%. (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 | $34M | $39M | $68M | $30M | $27M | $28M | $18M | $45M | $108M | — | — |
| Enterprise Value | $-108763693 | $-1686351004 | $-2533796774 | $-2290403590 | $-2264028479 | $-1878171079 | $-1269048555 | $-1459456306 | $-803193520 | — | — |
| P/E Ratio → | 0.16 | 0.03 | 0.04 | 0.02 | 0.03 | 0.03 | — | 0.06 | 0.12 | — | — |
| P/S Ratio | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | — | 0.04 | 0.05 | — | — |
| P/B Ratio | 0.03 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | — | — |
| P/FCF | 0.16 | 0.03 | 0.04 | 0.04 | 0.09 | 0.06 | — | 0.22 | — | — | — |
| P/OCF | 0.16 | 0.03 | 0.04 | 0.04 | 0.08 | 0.06 | — | 0.07 | 20.20 | — | — |
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 | — | -0.23 | -0.43 | -0.70 | -0.97 | -1.24 | — | -1.14 | -0.37 | — | — |
| EV / EBITDA | -0.46 | -1.05 | -1.35 | -1.55 | -1.85 | -1.57 | — | -2.16 | -0.73 | — | — |
| EV / EBIT | -0.46 | -0.99 | -0.68 | -1.56 | -1.86 | -1.58 | — | -2.20 | -0.74 | — | — |
| EV / FCF | — | -1.17 | -1.68 | -2.84 | -7.15 | -4.21 | — | -7.10 | — | — | — |
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 | 73.6% | 73.6% | 66.6% | 48.8% | 56.9% | 90.4% | 2275.4% | 75.8% | 69.9% | 65.1% | 120.7% |
| Operating Margin | 21.4% | 21.4% | 31.9% | 44.8% | 52.5% | 78.8% | 2604.1% | 51.9% | 50.0% | 47.7% | 375.8% |
| Net Profit Margin | 19.2% | 19.2% | 26.2% | 36.2% | 35.0% | 54.6% | 2127.6% | 60.6% | 40.7% | 33.9% | 305.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 19.3% | 24.1% | 22.4% | 18.6% | 23.4% | -35.2% | 19.6% | 33.4% | 31.8% | -31.8% |
| ROA | 10.8% | 10.8% | 13.1% | 11.6% | 10.0% | 11.1% | -16.6% | 12.0% | 20.7% | 12.2% | -7.1% |
| ROIC | 14.6% | 14.6% | 20.5% | 19.6% | 20.4% | 23.5% | -30.7% | 12.3% | 29.7% | 33.5% | -29.3% |
| ROCE | 12.6% | 12.6% | 17.2% | 15.3% | 15.8% | 17.1% | -21.6% | 11.0% | 28.2% | 19.0% | -10.4% |
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 | 0.15 | 0.15 | 0.05 | 0.10 | 0.02 | 0.04 | 0.12 | 0.00 | 0.06 | — | — |
| Debt / EBITDA | 0.73 | 0.73 | 0.18 | 0.39 | 0.07 | 0.15 | — | 0.03 | 0.18 | — | — |
| Net Debt / Equity | — | -0.22 | -0.37 | -0.40 | -0.48 | -0.48 | -0.42 | -0.34 | -0.26 | -0.38 | -1.34 |
| Net Debt / EBITDA | -1.08 | -1.08 | -1.38 | -1.57 | -1.87 | -1.59 | — | -2.23 | -0.83 | -1.39 | — |
| Debt / FCF | — | -1.19 | -1.72 | -2.88 | -7.24 | -4.27 | — | -7.32 | — | — | -6.37 |
| Interest Coverage | — | — | 2.34 | 1.07 | 1.46 | — | — | — | — | — | — |
Net cash position: cash ($2.1B) exceeds total debt ($1.2B)
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 | 15.93 | 15.93 | 6.73 | 5.10 | 9.78 | 8.79 | 3.66 | 7.37 | 4.65 | 6.74 | 2.75 |
| Quick Ratio | 15.93 | 15.93 | 6.73 | 5.10 | 9.78 | 8.79 | 3.66 | 7.37 | 4.65 | 6.74 | 2.75 |
| Cash Ratio | 5.21 | 5.21 | 3.96 | 3.22 | 6.45 | 6.06 | 2.74 | 4.36 | 2.02 | 2.43 | 1.94 |
| Asset Turnover | — | 0.51 | 0.50 | 0.28 | 0.26 | 0.21 | -0.01 | 0.15 | 0.47 | 0.26 | -0.02 |
| 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 | 66.4% | 100.0% | 100.0% | 100.0% | — | — | — | 100.0% | — | — | — |
| Payout Ratio | 10.9% | 10.9% | 7.6% | 4.9% | — | — | — | 13.3% | — | — | — |
| 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% | 3670.7% | 2268.9% | 4013.1% | 3004.0% | 2930.2% | — | 1718.3% | 817.8% | — | — |
| FCF Yield | 100.0% | 3725.0% | 2223.3% | 2724.8% | 1170.8% | 1585.4% | — | 456.2% | — | — | — |
| Buyback Yield | 100.0% | 100.0% | 100.0% | 84.1% | 100.0% | 0.0% | 0.4% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 0.4% | 100.0% | 0.0% | — | — |
| Shares Outstanding | — | $7M | $8M | $8M | $9M | $9M | $9M | $9M | $8M | $8M | $7M |
Regulatory margin compression risk
Based on current market data, XYF trades at a P/B of 0.03 and a P/E of 0.16, suggesting that investors are heavily discounting the company's book value due to persistent concerns regarding the long-term viability of its credit facilitation model within the Chinese regulatory landscape.
The extreme valuation compression relative to historical norms and sector peers indicates that the market is pricing in a high probability of structural impairment to the company's earnings power. While the low multiples might appear attractive on a purely quantitative basis, they likely reflect a lack of confidence in the sustainability of the current take rate and the potential for future regulatory capital mandates.
As reported in recent financial statements, XYF's ROIC has experienced a significant decline, falling from 6.2% in 2025Q2 to a mere 0.2% by 2025Q4, which highlights a deteriorating ability to generate meaningful returns on the capital deployed within its core loan facilitation operations.
This downward trend in return on capital suggests that the company's competitive moat is being challenged by rising operational costs and a less favorable credit environment. Investors should monitor whether this decay is a temporary byproduct of increased risk provisioning or a permanent shift in the platform's ability to extract value from its institutional funding partnerships.
According to quarterly filings, XYF's DSO has fluctuated significantly, reaching 197 days in 2025Q4 compared to 146 days in 2025Q3, indicating increasing friction in the collection of service fees and a potential lengthening of the cash conversion cycle that warrants further investigation.
The volatility in receivables collection suggests that the company may be facing challenges in the timely realization of revenue from its loan facilitation services. This trend, if sustained, could place additional pressure on liquidity and force the company to rely more heavily on its existing cash reserves to fund ongoing operations.
Based on the latest balance sheet data, XYF maintains a current ratio of 15.93, which, while indicative of a fortress balance sheet, appears disproportionately high relative to the company's actual operational needs and may suggest an inefficient allocation of capital that drags on overall shareholder returns.
While this liquidity buffer provides a substantial safety net against regulatory shocks or credit market volatility, it also raises questions about management's strategy for deploying idle cash. The lack of productive reinvestment opportunities, combined with the high cash-to-debt ratio, suggests that the company is currently prioritizing capital preservation over growth-oriented expansion.
The P/E ratio is frequently misapplied to XYF's business model because it fails to account for the significant non-cash guarantee liabilities and provisions that distort reported net income, making the company appear cheaper than its underlying economic reality would otherwise suggest.
Analysts should instead focus on adjusted operating cash flow and the trend in M3+ delinquency rates to better gauge the true earning power of the platform. Relying on headline P/E multiples obscures the impact of credit risk provisioning, which is the most critical driver of the company's long-term financial health.
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Quick answers to the most common questions about buying XYF stock.
X Financial's current P/E ratio is 0.2x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
X Financial's current EV/EBITDA is -0.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
X Financial's return on equity (ROE) is 19.3%. The historical average is 12.6%.
Based on historical data, X Financial is trading at a P/E of 0.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
X Financial's current dividend yield is 66.45% with a payout ratio of 10.9%.
X Financial has 73.6% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
X Financial's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.