CAN Nasdaq Finance Services Financials FY2019βFY2025
Canaan Inc. had $530M of revenue in fiscal 2025, up 96.7% on the year before. Over five years, revenue changed +50.5% a year on average.
Hi! I read Canaan Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+96.7%
Yes. Sales grew 96.7% last year.
Does it make a profit?
β39.7%
No. It lost money last year.
Does profit turn into cash?
β55.8%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Canaan Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 17, 2026
Tuesday Β· in 22 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 15, 2026 | Period ended Dec 31, 2025 | After the market closes | 20-F β |
| Apr 18, 2025 | Period ended Dec 31, 2024 | After the market closes | 20-F β |
| Apr 17, 2024 | Period ended Dec 31, 2023 | After the market closes | 20-F β |
| Apr 19, 2023 | Period ended Dec 31, 2022 | After the market closes | 20-F β |
| Apr 29, 2022 | Period ended Dec 31, 2021 | After the market closes | 20-F β |
| Apr 21, 2021 | Period ended Dec 31, 2020 | Before the market opens | 20-F β |
| Apr 15, 2020 | Period ended Dec 31, 2019 | Before the market opens | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Canaan Inc. had $530M of revenue in fiscal 2025, up 96.7% on the year before. Over five years, revenue changed +50.5% a year on average. Its operating margin was β21.2%, up 63.1Β pts: of every 100 in sales, about β21 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Canaan Inc. lost $210M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$296M in fiscal 2025, β55.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
KIRA Β· Canaan Inc. returned $5.0M to shareholders in fiscal 2025. The diluted share count rose 72.9%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Canaan Inc. has $28.5M more cash than debt.
Cash, debt and the ratios that show how comfortably Canaan Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β | β | β | $23.9M | $52.2M |
| Debt / equity | β | β | β | 0.1x | 0.1x |
| Interest coverage | β | β | β | β436.0x | β57.1x |
| 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 (β = net cash) | β | β | β | β$72.6M | β$28.5M |
KIRA Β· Its return on capital was β21.7%: every 100 invested in the business earned about β22 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Canaan Inc. passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | 5 / 9 | 6 / 8 | 3 / 8 | 1 / 8 | 4 / 8 | 4 / 9 |
| Accruals ratio | β76.1% | β26.2% | 20.5% | 32.2% | β49.3% | β10.6% | 11.4% |
| Altman Z'' | β | β2.03 | 8.00 | 14.20 | β1.49 | β2.85 | 1.24 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $204M | $68.6M | $773M | $652M | $211M | $269M | $530M |
| Gross profit | β$74.1M | $5.8M | $442M | $230M | β$241M | β$84.3M | $41.2M |
| Research and development | $24.3M | $21.5M | $52.2M | $81.8M | $64.8M | $61.3M | $63.1M |
| Operating income | β | β$38.9M | $283M | $42.9M | β$411M | β$227M | β$112M |
| Interest expense | $2.9M | $0.6M | β | β | β | $0.5M | $2.0M |
| Pretax income | β$149M | β$33.0M | $317M | $88.3M | β$465M | β$172M | β$207M |
| Income tax | β | $0.0M | $7.8M | $18.5M | β$51.3M | $77.5M | $2.8M |
| Net income | β$149M | β$33.0M | $309M | $69.9M | β$414M | β$250M | β$210M |
| Diluted EPS | β$103.50 | β$21.15 | $180.00 | $40.65 | β$240.90 | β$91.95 | β$44.85 |
| Diluted shares | 0.14B | 0.16B | 0.17B | 0.17B | 0.17B | 0.27B | 0.47B |
| Cash flow | |||||||
| Cash from operations | β$40.2M | $6.5M | $202M | β$183M | β$124M | β$199M | β$271M |
| Capital expenditure | $1.2M | $0.3M | $5.6M | $17.7M | $3.3M | $19.3M | $24.6M |
| Free cash flow | β$41.4M | $6.1M | $197M | β$200M | β$127M | β$219M | β$296M |
| Stock-based compensation | $38.8M | $0.5M | $76.5M | $63.0M | $42.1M | $30.9M | $22.8M |
| Share buybacks | β | $3.7M | $16.1M | $37.4M | β | β | $5.0M |
| Dividends and buybacks | β | $3.7M | $16.1M | $37.4M | β | β | $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 | β | β | β | $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 | β | β | β | β | β | $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 | β36.3% | 8.4% | 57.2% | 35.3% | β113.9% | β31.3% | 7.8% |
| Operating margin | β | β56.7% | 36.6% | 6.6% | β194.3% | β84.3% | β21.2% |
| Net margin | β72.7% | β48.0% | 40.0% | 10.7% | β195.8% | β92.7% | β39.7% |
| FCF margin | β20.3% | 9.0% | 25.4% | β30.8% | β60.0% | β81.2% | β55.8% |
| Returns | |||||||
| Return on capital | β | β1,471.4% | β | β | β | β92.6% | β21.7% |
| Return on capital employed | β | β57.2% | 50.8% | 7.0% | β114.7% | β79.9% | β23.8% |
| Return on equity | β149.3% | β39.8% | 101.5% | 12.2% | β86.7% | β81.3% | β59.8% |
| Return on assets | β104.3% | β21.9% | 59.3% | 8.9% | β70.3% | β52.2% | β39.5% |
| Return on tangible equity | β149.3% | β49.7% | 57.0% | 11.5% | β118.9% | β94.1% | β48.2% |
| Growth | |||||||
| Revenue growth | β | β66.4% | 1,026.3% | β15.7% | β67.5% | 27.4% | 96.7% |
| Net income growth | β | β | β | β77.4% | β692.6% | β | β |
| EPS growth | β | β | β | β77.4% | β692.6% | β | β |
| FCF growth | β | β | 3,098.4% | β201.9% | β | β | β |
| Share count change | β | 8.9% | 9.8% | 0.1% | 0.1% | 57.9% | 72.9% |
| Financial health | |||||||
| Debt / equity | 0.1x | 0.1x | β | β | β | 0.1x | 0.1x |
| Interest coverage | β | β70.7x | β | β | β | β436.0x | β57.1x |
| 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 | β | 59.6% | 8.2% | β | β | β | β |
| Quality scores | |||||||
| Piotroski F-score | β | 5.0 | 6.0 | 3.0 | 1.0 | 4.0 | 4.0 |
| Altman Z'' | β | β2.0 | 8.0 | 14.2 | β1.5 | β2.8 | 1.2 |
| Accruals ratio | β76.1% | β26.2% | 20.5% | 32.2% | β49.3% | β10.6% | 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 β not investment advice. Check the original filings before relying on any figure.
