Canaan Inc.
CAN Nasdaq Finance Services Financials FY2019โFY2025
Revenue
Total sales reported in the income statement.
$530M
96.7%
vs prior year
Operating margin
Operating income as a share of revenue.
โ21.2%
63.1ย pts
Net income
Profit after all expenses, interest and tax.
โ$210M
Free cash flow
Cash from operations minus capital spending.
โ$296M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ21.7%
70.9ย pts
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$44.85 EPS (TTM)
What Canaan Inc. does
No business description yet.
- Legal name
- Canaan Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Apr 15, 2026
- Accession ยท CIK
- 0001104659-26-043786
0001780652
Revenue and margins
Canaan Inc. had $530M of revenue in fiscal 2025, up 96.7% on the year before.
FY19
Revenue $204M
FY20
Revenue $68.6M
FY21
Revenue $773M
FY22
Revenue $652M
FY23
Revenue $211M
FY24
Revenue $269M
FY25
Revenue $530M
FY19
Gross โ36.3%
Operating โ
Net โ72.7%
FCF โ20.3%
FY20
Gross 8.4%
Operating โ56.7%
Net โ48.0%
FCF 9.0%
FY21
Gross 57.2%
Operating 36.6%
Net 40.0%
FCF 25.4%
FY22
Gross 35.3%
Operating 6.6%
Net 10.7%
FCF โ30.8%
FY23
Gross โ113.9%
Operating โ194.3%
Net โ195.8%
FCF โ60.0%
FY24
Gross โ31.3%
Operating โ84.3%
Net โ92.7%
FCF โ81.2%
FY25
Gross 7.8%
Operating โ21.2%
Net โ39.7%
FCF โ55.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income โ$149M
FY20
Net income โ$33.0M
FY21
Net income $309M
FY22
Net income $69.9M
FY23
Net income โ$414M
FY24
Net income โ$250M
FY25
Net income โ$210M
FY19
Diluted EPS โ$103.50
FY20
Diluted EPS โ$21.15
FY21
Diluted EPS $180.00
FY22
Diluted EPS $40.65
FY23
Diluted EPS โ$240.90
FY24
Diluted EPS โ$91.95
FY25
Diluted EPS โ$44.85
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital โ
Return on equity โ149.3%
Return on assets โ104.3%
FY20
Return on capital โ1,471.4%
Return on equity โ39.8%
Return on assets โ21.9%
FY21
Return on capital โ
Return on equity 101.5%
Return on assets 59.3%
FY22
Return on capital โ
Return on equity 12.2%
Return on assets 8.9%
FY23
Return on capital โ
Return on equity โ86.7%
Return on assets โ70.3%
FY24
Return on capital โ92.6%
Return on equity โ81.3%
Return on assets โ52.2%
FY25
Return on capital โ21.7%
Return on equity โ59.8%
Return on assets โ39.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$296M in fiscal 2025, โ55.8% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow โ$41.4M
FY20
Free cash flow $6.1M
FY21
Free cash flow $197M
FY22
Free cash flow โ$200M
FY23
Free cash flow โ$127M
FY24
Free cash flow โ$219M
FY25
Free cash flow โ$296M
FY19
Cash from operations โ$40.2M
Capital spending $1.2M
FY20
Cash from operations $6.5M
Capital spending $0.3M
FY21
Cash from operations $202M
Capital spending $5.6M
FY22
Cash from operations โ$183M
Capital spending $17.7M
FY23
Cash from operations โ$124M
Capital spending $3.3M
FY24
Cash from operations โ$199M
Capital spending $19.3M
FY25
Cash from operations โ$271M
Capital spending $24.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
Canaan Inc. returned $5.0M to shareholders in fiscal 2025. The diluted share count rose 72.9%.
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks $3.7M
FY21
Dividends โ
Buybacks $16.1M
FY22
Dividends โ
Buybacks $37.4M
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks $5.0M
Dividends
Buybacks
FY19
Diluted shares 0.14B
FY20
Diluted shares 0.16B
FY21
Diluted shares 0.17B
FY22
Diluted shares 0.17B
FY23
Diluted shares 0.17B
FY24
Diluted shares 0.27B
FY25
Diluted shares 0.47B
Balance sheet
Cash, debt and the ratios that show how comfortably Canaan Inc. can carry it.
FY19
Cash $75.8M
Debt $14.4M
FY20
Cash $69.5M
Debt $5.3M
FY21
Cash $421M
Debt โ
FY22
Cash $102M
Debt โ
FY23
Cash $96.2M
Debt โ
FY24
Cash $96.5M
Debt $23.9M
FY25
Cash $80.8M
Debt $52.2M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $421M | $102M | $96.2M | $96.5M | $80.8M |
| Debt incl. finance leases | โ | โ | โ | $23.9M | $52.2M |
| Debt / equity | โ | โ | โ | 0.1x | 0.1x |
| Interest coverage | โ | โ | โ | โ436.0x | โ57.1x |
| Current ratio | 2.5x | 7.4x | 2.7x | 1.9x | 3.3x |
| Quick ratio | 2.1x | 4.6x | 1.6x | 1.3x | 1.9x |
| Total assets | $884M | $685M | $493M | $463M | $603M |
| Total liabilities | $341M | $77.3M | $145M | $197M | $166M |
| Shareholders' equity | $542M | $608M | $348M | $266M | $437M |
| Net debt (โ = net cash) | โ | โ | โ | โ$72.6M | โ$28.5M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | 5 / 9 | 6 / 8 | 3 / 8 | 1 / 8 | 4 / 8 | 4 / 9 |
| Accruals ratio | โ76.1% | โ26.2% | 20.5% | 32.2% | โ49.3% | โ10.6% | 11.4% |
| Altman Z'' | โ | โ2.03 | 8.00 | 14.20 | โ1.49 | โ2.85 | 1.24 |
7 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $204M | $68.6M | $773M | $652M | $211M | $269M | $530M |
| Gross profit | โ$74.1M | $5.8M | $442M | $230M | โ$241M | โ$84.3M | $41.2M |
| Research and development | $24.3M | $21.5M | $52.2M | $81.8M | $64.8M | $61.3M | $63.1M |
| Operating income | โ | โ$38.9M | $283M | $42.9M | โ$411M | โ$227M | โ$112M |
| Interest expense | $2.9M | $0.6M | โ | โ | โ | $0.5M | $2.0M |
| Pretax income | โ$149M | โ$33.0M | $317M | $88.3M | โ$465M | โ$172M | โ$207M |
| Income tax | โ | $0.0M | $7.8M | $18.5M | โ$51.3M | $77.5M | $2.8M |
| Net income | โ$149M | โ$33.0M | $309M | $69.9M | โ$414M | โ$250M | โ$210M |
| Diluted EPS | โ$103.50 | โ$21.15 | $180.00 | $40.65 | โ$240.90 | โ$91.95 | โ$44.85 |
| Diluted shares | 0.14B | 0.16B | 0.17B | 0.17B | 0.17B | 0.27B | 0.47B |
| Cash flow | |||||||
| Cash from operations | โ$40.2M | $6.5M | $202M | โ$183M | โ$124M | โ$199M | โ$271M |
| Capital expenditure | $1.2M | $0.3M | $5.6M | $17.7M | $3.3M | $19.3M | $24.6M |
| Free cash flow | โ$41.4M | $6.1M | $197M | โ$200M | โ$127M | โ$219M | โ$296M |
| Stock-based compensation | $38.8M | $0.5M | $76.5M | $63.0M | $42.1M | $30.9M | $22.8M |
| Share buybacks | โ | $3.7M | $16.1M | $37.4M | โ | โ | $5.0M |
| Dividends and buybacks | โ | $3.7M | $16.1M | $37.4M | โ | โ | $5.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $75.8M | $69.5M | $421M | $102M | $96.2M | $96.5M | $80.8M |
| Total debt | $14.4M | $5.3M | โ | โ | โ | $23.9M | $52.2M |
| Current assets | $135M | $154M | $828M | $556M | $364M | $334M | $433M |
| Current liabilities | $41.0M | $90.8M | $327M | $75.3M | $135M | $179M | $131M |
| Inventory | $28.2M | $34.6M | $127M | $212M | $142M | $94.6M | $181M |
| Property and equipment, net | $3.2M | $1.9M | $29.1M | $85.4M | $29.5M | $40.2M | $44.0M |
| Intangible assets | โ | โ | โ | โ | โ | $0.9M | $0.7M |
| Total assets | $142M | $159M | $884M | $685M | $493M | $463M | $603M |
| Total liabilities | $42.9M | $92.5M | $341M | $77.3M | $145M | $197M | $166M |
| Shareholders' equity | $99.5M | $66.3M | $542M | $608M | $348M | $266M | $437M |
| Margins | |||||||
| Gross margin | โ36.3% | 8.4% | 57.2% | 35.3% | โ113.9% | โ31.3% | 7.8% |
| Operating margin | โ | โ56.7% | 36.6% | 6.6% | โ194.3% | โ84.3% | โ21.2% |
| Net margin | โ72.7% | โ48.0% | 40.0% | 10.7% | โ195.8% | โ92.7% | โ39.7% |
| FCF margin | โ20.3% | 9.0% | 25.4% | โ30.8% | โ60.0% | โ81.2% | โ55.8% |
| Returns | |||||||
| Return on capital | โ | โ1,471.4% | โ | โ | โ | โ92.6% | โ21.7% |
| Return on capital employed | โ | โ57.2% | 50.8% | 7.0% | โ114.7% | โ79.9% | โ23.8% |
| Return on equity | โ149.3% | โ39.8% | 101.5% | 12.2% | โ86.7% | โ81.3% | โ59.8% |
| Return on assets | โ104.3% | โ21.9% | 59.3% | 8.9% | โ70.3% | โ52.2% | โ39.5% |
| Return on tangible equity | โ149.3% | โ49.7% | 57.0% | 11.5% | โ118.9% | โ94.1% | โ48.2% |
| Growth | |||||||
| Revenue growth | โ | โ66.4% | 1,026.3% | โ15.7% | โ67.5% | 27.4% | 96.7% |
| Net income growth | โ | โ | โ | โ77.4% | โ692.6% | โ | โ |
| EPS growth | โ | โ | โ | โ77.4% | โ692.6% | โ | โ |
| FCF growth | โ | โ | 3,098.4% | โ201.9% | โ | โ | โ |
| Share count change | โ | 8.9% | 9.8% | 0.1% | 0.1% | 57.9% | 72.9% |
| Financial health | |||||||
| Debt / equity | 0.1x | 0.1x | โ | โ | โ | 0.1x | 0.1x |
| Interest coverage | โ | โ70.7x | โ | โ | โ | โ436.0x | โ57.1x |
| Current ratio | 3.3x | 1.7x | 2.5x | 7.4x | 2.7x | 1.9x | 3.3x |
| Quick ratio | 2.6x | 1.3x | 2.1x | 4.6x | 1.6x | 1.3x | 1.9x |
| Capital allocation | |||||||
| Capex / revenue | 0.6% | 0.5% | 0.7% | 2.7% | 1.6% | 7.2% | 4.6% |
| Stock comp / revenue | 19.0% | 0.7% | 9.9% | 9.7% | 19.9% | 11.5% | 4.3% |
| Payouts / FCF | โ | 59.6% | 8.2% | โ | โ | โ | โ |
| Quality scores | |||||||
| Piotroski F-score | โ | 5.0 | 6.0 | 3.0 | 1.0 | 4.0 | 4.0 |
| Altman Z'' | โ | โ2.0 | 8.0 | 14.2 | โ1.5 | โ2.8 | 1.2 |
| Accruals ratio | โ76.1% | โ26.2% | 20.5% | 32.2% | โ49.3% | โ10.6% | 11.4% |
Source: SEC EDGAR XBRL filings (CIK 0001780652). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Per-share figures are per US-listed share (1 ADS = 15 ordinary shares). For information only โ not investment advice. Check the original filings before relying on any figure.