Cango (CANG) financial statements

· Market cap $1.4B

Cango reported revenue of 804M CNY in fiscal 2024, up 8.0% a year over 8 years.

Net income was 300M CNY and the operating margin 22.2%, against 42.5% in 2016.

Free cash flow was -311M CNY, and the company returned 91M CNY in net buybacks.

The diluted share count fell 20% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

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<iframe src="https://investingly.io/embed/CANG/financials" width="100%" height="330" style="border:0;max-width:680px" title="Cango revenue and free cash flow" loading="lazy"></iframe>
<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/CANG/financials">Cango financials</a> on Investingly</p>

Income statement

Fiscal years, in CNY, from Cango's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024
Revenue	434M CNY	1.1B CNY	1.1B CNY	1.4B CNY	2.1B CNY	3.9B CNY	2.0B CNY	1.7B CNY	804M CNY
Cost of revenue	170M CNY	386M CNY	430M CNY	539M CNY	1.1B CNY	3.0B CNY	1.8B CNY	1.5B CNY	629M CNY
Gross profit	264M CNY	666M CNY	661M CNY	901M CNY	954M CNY	964M CNY	150M CNY	190M CNY	175M CNY
Research and development	5M CNY	19M CNY	47M CNY	57M CNY	63M CNY	70M CNY	46M CNY	30M CNY	5M CNY
Selling, general and admin	74M CNY	215M CNY	318M CNY	429M CNY	462M CNY	516M CNY	432M CNY	196M CNY	263M CNY
Operating income	184M CNY	470M CNY	277M CNY	323M CNY	318M CNY	-23M CNY	-947M CNY	-74M CNY	179M CNY
Interest expense	449,690 CNY	13M CNY	19M CNY	13M CNY	3M CNY	14M CNY	17M CNY	4M CNY	659,217 CNY
Pre-tax income	186M CNY	468M CNY	396M CNY	488M CNY	3.7B CNY	12M CNY	-875M CNY	56M CNY	301M CNY
Income tax	53M CNY	119M CNY	89M CNY	83M CNY	370M CNY	21M CNY	237M CNY	93M CNY	1M CNY
Net income	129M CNY	341M CNY	303M CNY	391M CNY	3.4B CNY	-9M CNY	-1.1B CNY	-38M CNY	300M CNY
Diluted shares	—	—	—	—	—	290M	274M	254M	233M
Gross margin	60.8%	63.3%	60.6%	62.6%	46.5%	24.6%	7.6%	11.2%	21.8%
Operating margin	42.5%	44.7%	25.4%	22.5%	15.5%	-0.6%	-47.8%	-4.3%	22.2%
Net margin	29.7%	32.4%	27.7%	27.1%	164.2%	-0.2%	-56.1%	-2.2%	37.3%

Balance sheet

Fiscal years, in CNY, from Cango's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cash and short-term investments	45M CNY	866M CNY	3.2B CNY	2.6B CNY	5.8B CNY	4.0B CNY	2.3B CNY	1.7B CNY	2.5B CNY
Receivables	—	86M CNY	87M CNY	149M CNY	142M CNY	224M CNY	267M CNY	65M CNY	23M CNY
Total current assets	—	1.1B CNY	4.8B CNY	5.5B CNY	8.9B CNY	7.6B CNY	5.5B CNY	3.9B CNY	3.5B CNY
Property, plant and equipment	—	10M CNY	18M CNY	15M CNY	10M CNY	20M CNY	15M CNY	8M CNY	7M CNY
Goodwill	—	0 CNY	145M CNY	145M CNY	145M CNY	149M CNY	149M CNY	—	—
Total assets	—	2.0B CNY	7.3B CNY	8.7B CNY	12.1B CNY	10.9B CNY	7.0B CNY	4.6B CNY	6.0B CNY
Total current liabilities	—	526M CNY	1.6B CNY	2.9B CNY	2.5B CNY	3.4B CNY	2.5B CNY	778M CNY	1.8B CNY
Long-term debt	—	175M CNY	473M CNY	302M CNY	978M CNY	486M CNY	76M CNY	712,023 CNY	—
Total liabilities	—	737M CNY	2.0B CNY	3.2B CNY	3.8B CNY	4.0B CNY	2.7B CNY	832M CNY	1.9B CNY
Shareholders' equity	-3.7B CNY	-2.7B CNY	5.3B CNY	5.5B CNY	8.4B CNY	7.0B CNY	4.3B CNY	3.8B CNY	4.1B CNY
Net debt	-45M CNY	-628M CNY	-2.0B CNY	-837M CNY	780M CNY	-10M CNY	262M CNY	-1.0B CNY	-1.3B CNY

Cash flow

Fiscal years, in CNY, from Cango's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024
Operating cash flow	83M CNY	589M CNY	185M CNY	423M CNY	-622M CNY	-404M CNY	-567M CNY	1.0B CNY	-310M CNY
Capital spending	3M CNY	10M CNY	14M CNY	43M CNY	5M CNY	19M CNY	5M CNY	2M CNY	582,357 CNY
Free cash flow	80M CNY	580M CNY	170M CNY	380M CNY	-627M CNY	-423M CNY	-572M CNY	1.0B CNY	-311M CNY
Stock-based compensation	4M CNY	0 CNY	33M CNY	82M CNY	79M CNY	88M CNY	159M CNY	38M CNY	17M CNY
Dividends paid	1M CNY	—	27M CNY	257M CNY	267M CNY	955M CNY	1.9B CNY	—	—
Share buybacks (net)	—	—	—	—	—	-444M CNY	-106M CNY	-247M CNY	-91M CNY
Net borrowing	189M CNY	-15M CNY	543M CNY	1.0B CNY	-46M CNY	-555M CNY	-1.0B CNY	-950M CNY	-39M CNY
Free cash flow margin	18.5%	55.1%	15.6%	26.4%	-30.5%	-10.8%	-28.9%	60.2%	-38.6%
Dividends per share	—	—	—	—	—	3.30 CNY	6.83 CNY	—	—

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Questions

What was Cango's revenue in 2024?

804M CNY in fiscal 2024, from its 10-K filing.

How much free cash flow does Cango generate?

-311M CNY in fiscal 2024 (operating cash flow minus capital spending).

From Cango's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.