Cango Inc.
CANG NYSE Finance Services Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$688M
524.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−63.5%
58.9 pts
Net income
Profit after all expenses, interest and tax.
−$622M
1,593.2%
Free cash flow
Cash from operations minus capital spending.
−$119M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−37.8%
36.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What Cango Inc. does
No business description yet.
- Legal name
- Cango Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 10, 2026
- Accession · CIK
- 0001104659-26-041972
0001725123
Revenue and margins
Cango Inc. had $688M of revenue in fiscal 2025, up 524.3% on the year before.
FY18
Revenue $159M
FY19
Revenue $207M
FY20
Revenue $315M
FY21
Revenue $615M
FY22
Revenue $287M
FY23
Revenue $1.7B
FY24
Revenue $110M
FY25
Revenue $688M
FY18
Gross 60.6%
Operating 25.4%
Net 27.7%
FCF 15.6%
FY19
Gross 62.6%
Operating 22.5%
Net 27.1%
FCF 26.4%
FY20
Gross 46.5%
Operating 15.5%
Net 164.2%
FCF −30.5%
FY21
Gross 24.6%
Operating −0.6%
Net −0.2%
FCF −10.8%
FY22
Gross 7.6%
Operating −47.8%
Net −56.1%
FCF −28.9%
FY23
Gross 87.5%
Operating −0.4%
Net −0.3%
FCF 8.6%
FY24
Gross 31.9%
Operating −4.6%
Net 37.8%
FCF −37.1%
FY25
Gross 4.1%
Operating −63.5%
Net −90.4%
FCF −17.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $44.0M
FY19
Net income $56.2M
FY20
Net income $516M
FY21
Net income −$1.3M
FY22
Net income −$161M
FY23
Net income −$5.5M
FY24
Net income $41.7M
FY25
Net income −$622M
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital 5.8%
Return on equity 5.8%
Return on assets 4.1%
FY19
Return on capital 4.9%
Return on equity 7.2%
Return on assets 4.8%
FY20
Return on capital 5.6%
Return on equity 49.9%
Return on assets 33.1%
FY21
Return on capital −0.3%
Return on equity −0.1%
Return on assets −0.1%
FY22
Return on capital −25.2%
Return on equity −18.7%
Return on assets −11.8%
FY23
Return on capital −1.3%
Return on equity −0.9%
Return on assets −0.7%
FY24
Return on capital −1.1%
Return on equity 7.7%
Return on assets 5.7%
FY25
Return on capital −37.8%
Return on equity −130.8%
Return on assets −63.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$119M in fiscal 2025, −17.3% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $24.8M
FY19
Free cash flow $54.6M
FY20
Free cash flow −$96.1M
FY21
Free cash flow −$66.4M
FY22
Free cash flow −$82.9M
FY23
Free cash flow $146M
FY24
Free cash flow −$40.9M
FY25
Free cash flow −$119M
FY18
Cash from operations $26.9M
Capital spending $2.1M
FY19
Cash from operations $60.7M
Capital spending $6.2M
FY20
Cash from operations −$95.3M
Capital spending $0.8M
FY21
Cash from operations −$63.5M
Capital spending $3.0M
FY22
Cash from operations −$82.3M
Capital spending $0.7M
FY23
Cash from operations $146M
Capital spending $0.3M
FY24
Cash from operations −$40.8M
Capital spending $0.1M
FY25
Cash from operations −$110M
Capital spending $9.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Cango Inc. returned $1.2M to shareholders in fiscal 2025. The diluted share count rose 21.6%.
FY18
Dividends $3.9M
Buybacks —
FY19
Dividends $36.9M
Buybacks —
FY20
Dividends $41.0M
Buybacks —
FY21
Dividends $150M
Buybacks —
FY22
Dividends $271M
Buybacks —
FY23
Dividends —
Buybacks $34.2M
FY24
Dividends —
Buybacks $12.6M
FY25
Dividends —
Buybacks $1.2M
Dividends
Buybacks
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares 0.29B
FY22
Diluted shares 0.27B
FY23
Diluted shares 0.25B
FY24
Diluted shares 0.23B
FY25
Diluted shares 0.28B
Balance sheet
Cash, debt and the ratios that show how comfortably Cango Inc. can carry it.
FY18
Cash $462M
Debt $233M
FY19
Cash $373M
Debt $374M
FY20
Cash $884M
Debt $393M
FY21
Cash $633M
Debt $314M
FY22
Cash $336M
Debt $144M
FY23
Cash $192M
Debt $5.7M
FY24
Cash $130M
Debt $17.1M
FY25
Cash $41.2M
Debt $558M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $633M | $336M | $192M | $130M | $41.2M |
| Debt incl. finance leases | $314M | $144M | $5.7M | $17.1M | $558M |
| Net debt / EBITDA | — | — | — | −16.8x | — |
| Debt / equity | 0.3x | 0.2x | 0.0x | 0.0x | 1.4x |
| Interest coverage | −1.6x | −56.3x | −12.2x | −56.6x | — |
| Current ratio | 2.2x | 2.2x | 5.0x | 1.8x | 0.7x |
| Quick ratio | 2.2x | 2.2x | 5.0x | 1.8x | 0.7x |
| Total assets | $1.7B | $1.0B | $655M | $818M | $1.1B |
| Total liabilities | $621M | $391M | $117M | $264M | $736M |
| Shareholders' equity | $1.1B | $623M | $533M | $554M | $397M |
| Net debt (− = net cash) | −$318M | −$193M | −$186M | −$113M | $516M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” 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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | — | — | — | ✓ | ✓ | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 6 / 8 | 5 / 8 | 2 / 8 | 3 / 9 | 8 / 9 | 3 / 9 | 2 / 9 |
| Accruals ratio | 1.6% | −0.4% | 39.3% | 3.5% | −5.8% | −18.2% | 11.2% | −52.5% |
| Altman Z'' | 6.13 | 4.32 | 7.05 | 5.24 | 3.52 | 8.85 | 3.84 | −4.15 |
8 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $159M | $207M | $315M | $615M | $287M | $1.7B | $110M | $688M |
| Gross profit | $96.2M | $129M | $146M | $151M | $21.8M | $1.5B | $35.1M | $28.1M |
| Research and development | $6.8M | $8.2M | $9.6M | $11.0M | $6.7M | $4.2M | $0.7M | — |
| Operating income | $40.2M | $46.4M | $48.8M | −$3.6M | −$137M | −$7.0M | −$5.1M | −$437M |
| Interest expense | $2.8M | $1.9M | $0.4M | $2.3M | $2.4M | $0.6M | $0.1M | — |
| Pretax income | $57.6M | $70.1M | $574M | $1.9M | −$127M | $2.9M | $4.8M | −$452M |
| Income tax | $13.0M | $11.9M | $56.7M | $3.3M | $34.3M | $13.2M | $0.2M | $0.8M |
| Net income | $44.0M | $56.2M | $516M | −$1.3M | −$161M | −$5.5M | $41.7M | −$622M |
| Diluted shares | — | — | — | 0.29B | 0.27B | 0.25B | 0.23B | 0.28B |
| Cash flow | ||||||||
| Cash from operations | $26.9M | $60.7M | −$95.3M | −$63.5M | −$82.3M | $146M | −$40.8M | −$110M |
| Capital expenditure | $2.1M | $6.2M | $0.8M | $3.0M | $0.7M | $0.3M | $0.1M | $9.4M |
| Free cash flow | $24.8M | $54.6M | −$96.1M | −$66.4M | −$82.9M | $146M | −$40.9M | −$119M |
| Depreciation and amortization | $1.0M | $1.5M | $1.5M | $1.3M | $1.0M | $0.1M | $11.8M | $117M |
| Stock-based compensation | $4.9M | $11.8M | $12.1M | $13.8M | $23.0M | $3.5M | $1.4M | $4.9M |
| Acquisitions | $15.8M | — | — | −$0.3M | $0.0M | — | — | — |
| Share buybacks | — | — | — | — | — | $34.2M | $12.6M | $1.2M |
| Dividends paid | $3.9M | $36.9M | $41.0M | $150M | $271M | — | — | — |
| Dividends and buybacks | $3.9M | $36.9M | $41.0M | $150M | $271M | $34.2M | $12.6M | $1.2M |
| Balance sheet | ||||||||
| Cash and short-term investments | $462M | $373M | $884M | $633M | $336M | $192M | $130M | $41.2M |
| Total debt | $233M | $374M | $393M | $314M | $144M | $5.7M | $17.1M | $558M |
| Current assets | $692M | $796M | $1.4B | $1.2B | $793M | $547M | $474M | $125M |
| Current liabilities | $228M | $418M | $377M | $536M | $367M | $110M | $257M | $177M |
| Property and equipment, net | $2.7M | $2.1M | $1.6M | $3.1M | $2.1M | $1.2M | $0.1M | $18.8M |
| Goodwill | $21.1M | $20.8M | $22.2M | $23.3M | $20.9M | — | — | — |
| Intangible assets | $0.2M | $6.4M | $6.9M | $7.2M | $7.0M | $6.8M | $6.5M | $0.3M |
| Total assets | $1.1B | $1.3B | $1.9B | $1.7B | $1.0B | $655M | $818M | $1.1B |
| Total liabilities | $298M | $466M | $578M | $621M | $391M | $117M | $264M | $736M |
| Shareholders' equity | $764M | $787M | $1.3B | $1.1B | $623M | $533M | $554M | $397M |
| Margins | ||||||||
| Gross margin | 60.6% | 62.6% | 46.5% | 24.6% | 7.6% | 87.5% | 31.9% | 4.1% |
| Operating margin | 25.4% | 22.5% | 15.5% | −0.6% | −47.8% | −0.4% | −4.6% | −63.5% |
| EBITDA margin | 26.0% | 23.2% | 16.0% | −0.4% | −47.5% | −0.4% | 6.1% | −46.5% |
| Net margin | 27.7% | 27.1% | 164.2% | −0.2% | −56.1% | −0.3% | 37.8% | −90.4% |
| FCF margin | 15.6% | 26.4% | −30.5% | −10.8% | −28.9% | 8.6% | −37.1% | −17.3% |
| Returns | ||||||||
| Return on capital | 5.8% | 4.9% | 5.6% | −0.3% | −25.2% | −1.3% | −1.1% | −37.8% |
| Return on capital employed | 4.8% | 5.5% | 3.3% | −0.3% | −21.1% | −1.3% | −0.9% | −45.7% |
| Return on equity | 5.8% | 7.2% | 49.9% | −0.1% | −18.7% | −0.9% | 7.7% | −130.8% |
| Return on assets | 4.1% | 4.8% | 33.1% | −0.1% | −11.8% | −0.7% | 5.7% | −63.8% |
| Return on tangible equity | 5.9% | 7.4% | 41.2% | −0.1% | −27.1% | −1.0% | 7.6% | −156.8% |
| Growth | ||||||||
| Revenue growth | — | 30.3% | 52.1% | 95.6% | −53.3% | 492.7% | −93.5% | 524.3% |
| Net income growth | — | 27.5% | 819.7% | −100.3% | — | — | — | −1,593.2% |
| FCF growth | — | 120.2% | −276.1% | — | — | — | −128.0% | — |
| Share count change | — | — | — | — | −5.5% | −7.4% | −8.2% | 21.6% |
| Financial health | ||||||||
| Net debt / EBITDA | −5.6x | 0.0x | −9.8x | — | — | — | −16.8x | — |
| Debt / equity | 0.3x | 0.5x | 0.3x | 0.3x | 0.2x | 0.0x | 0.0x | 1.4x |
| Interest coverage | 14.6x | 24.0x | 115.4x | −1.6x | −56.3x | −12.2x | −56.6x | — |
| Current ratio | 3.0x | 1.9x | 3.6x | 2.2x | 2.2x | 5.0x | 1.8x | 0.7x |
| Quick ratio | 3.0x | 1.9x | 3.6x | 2.2x | 2.2x | 5.0x | 1.8x | 0.7x |
| Capital allocation | ||||||||
| Capex / revenue | 1.3% | 3.0% | 0.3% | 0.5% | 0.2% | 0.0% | 0.1% | 1.4% |
| Stock comp / revenue | 3.1% | 5.7% | 3.8% | 2.2% | 8.0% | 0.2% | 1.3% | 0.7% |
| Payouts / FCF | 15.9% | 67.7% | — | — | — | 23.4% | — | — |
| Quality scores | ||||||||
| Piotroski F-score | — | 6.0 | 5.0 | 2.0 | 3.0 | 8.0 | 3.0 | 2.0 |
| Altman Z'' | 6.1 | 4.3 | 7.0 | 5.2 | 3.5 | 8.9 | 3.8 | −4.2 |
| Accruals ratio | 1.6% | −0.4% | 39.3% | 3.5% | −5.8% | −18.2% | 11.2% | −52.5% |
Source: SEC EDGAR XBRL filings (CIK 0001725123). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.