Latest Ratios: P/E Ratio 1.2x · EV/EBITDA 2.0x · 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 | $2.0B | $1.3B | $5.8B | $2.6B | $3.3B | $3.7B | $1.8B | $1.5B | $1.6B | — | — |
| Enterprise Value | $1.9B | $438M | $2.8B | $-751655253 | $-3706731568 | $-2008179773 | $-2395297247 | $-417018574 | $127M | — | — |
| P/E Ratio → | 1.23 | 0.23 | 0.92 | 0.61 | 0.80 | 0.65 | 0.55 | 0.59 | — | — | — |
| P/S Ratio | 0.73 | 0.07 | 0.34 | 0.16 | 0.20 | 0.22 | 0.13 | 0.20 | 0.42 | — | — |
| P/B Ratio | 0.30 | 0.05 | 0.24 | 0.12 | 0.17 | 0.24 | 0.19 | 0.20 | 0.35 | — | — |
| P/FCF | 1.26 | 0.12 | 0.63 | 0.37 | 0.56 | 0.64 | 0.34 | 0.50 | 5.69 | — | — |
| P/OCF | 1.23 | 0.12 | 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 | — | 0.02 | 0.16 | -0.05 | -0.22 | -0.12 | -0.18 | -0.06 | 0.03 | — | — |
| EV / EBITDA | 2.00 | 0.07 | 0.36 | -0.15 | -0.81 | -0.29 | -0.63 | -0.14 | 0.08 | — | — |
| EV / EBIT | 2.02 | 0.06 | 0.35 | -0.10 | -0.42 | -0.20 | -0.28 | -0.14 | 0.08 | — | — |
| EV / FCF | — | 0.04 | 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% | 87.1% | 93.2% | 90.2% | -694.8% |
| Operating Margin | 33.9% | 33.9% | 43.9% | 29.8% | 27.0% | 40.8% | 27.9% | 41.4% | 44.6% | 32.6% | -1727.6% |
| Net Profit Margin | 31.0% | 31.0% | 36.5% | 26.3% | 24.3% | 34.8% | 25.8% | 34.9% | 32.0% | 25.2% | -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 | 0.51 | 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 | 19.3% | 100.0% | 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 | 81.5% | 444.1% | 109.2% | 164.8% | 124.9% | 154.9% | 182.6% | 170.0% | — | — | — |
| FCF Yield | 79.3% | 827.0% | 157.8% | 270.7% | 179.8% | 156.4% | 293.8% | 200.5% | 17.6% | — | — |
| Buyback Yield | 35.5% | 100.0% | 51.1% | 24.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 54.8% | 100.0% | 72.7% | 60.7% | 30.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $68M | $152M | $164M | $161M | $161M | $153M | $150M | $101M | $144M | $198M |
Regulatory interest rate caps
According to current market data, QFIN trades at a TTM P/E of 1.25 and a forward P/E of 0.57, suggesting that investors are heavily discounting the firm's earnings potential due to persistent concerns regarding the regulatory environment and the long-term sustainability of its credit-tech business model.
The extremely low PEG ratio of 0.04 indicates that the market is pricing in virtually zero growth, which appears disconnected from the company's historical ability to scale its platform services. This valuation gap suggests that the market may be misinterpreting QFIN as a traditional, high-risk lender rather than a scalable technology intermediary.
Based on reported financial figures, QFIN's ROIC has trended downward from 7.2% in 2024Q3 to 2.1% by 2025Q4, indicating a potential decay in the company's ability to generate incremental returns on its invested capital as it navigates a more challenging macroeconomic and regulatory landscape.
The compression in ROIC suggests that the firm's capital-light transition may be facing headwinds, or that the cost of maintaining its competitive moat is rising. Investors should monitor whether this decline is a structural shift or a temporary consequence of the company's aggressive capital return programs and shifting loan mix.
As reported in recent financial statements, QFIN's asset turnover has remained stagnant at approximately 0.07 to 0.10 over the last ten quarters, revealing that the company's asset base is not currently driving significant incremental revenue growth despite its ongoing investments in digital infrastructure and platform capabilities.
The lack of improvement in asset turnover suggests that the firm's growth is becoming increasingly capital-intensive, which may limit the scalability of its credit-tech model. This trend warrants further investigation into whether the company's reliance on proprietary data is yielding the expected operational leverage or if it is merely maintaining current market share.
Based on an analysis of the firm's business model, the Price-to-Book (P/B) ratio of 0.30 is frequently misapplied by analysts who fail to account for the fact that QFIN's primary assets are intangible data-driven platforms rather than the physical collateral typical of traditional banking institutions.
Using P/B to value QFIN obscures the value of its proprietary behavioral data and institutional partnerships, which are not fully captured on the balance sheet. A more appropriate valuation framework would focus on the company's ability to generate sustainable fee-based cash flows, rather than its book value of equity.
Includes 30+ ratios · 10 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying QFIN stock.
Qfin Holdings, Inc.'s current P/E ratio is 1.2x. The historical average is 0.6x. This places it at the 100th percentile of its historical range.
Qfin Holdings, Inc.'s current EV/EBITDA is 2.0x. 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 1.2x. This is at the 100th 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 19.29% 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.