LX (LX) financial statements

· Market cap $116M

LX reported revenue of 8.6B CNY in fiscal 2025, up 7.9% a year over 9 years.

Net income was 1.7B CNY.

Free cash flow was 3.3B CNY, and the company returned 383M CNY in dividends and 202M CNY in net buybacks.

The diluted share count rose 221% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-505102016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

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

Fiscal year2016201720182019202020212022202320242025
Revenue4.3B CNY5.6B CNY4.7B CNY9.5B CNY7.9B CNY8.9B CNY6.4B CNY8.4B CNY9.5B CNY8.6B CNY
Cost of revenue3.7B CNY4.3B CNY4.6B CNY5.6B CNY8.0B CNY5.6B CNY6.8B CNY8.5B CNY9.2B CNY8.7B CNY
Gross profit602M CNY1.3B CNY3.0B CNY5.0B CNY3.6B CNY5.7B CNY3.0B CNY4.5B CNY5.0B CNY4.5B CNY
Research and development127M CNY235M CNY320M CNY416M CNY474M CNY549M CNY583M CNY513M CNY578M CNY595M CNY
Selling, general and admin464M CNY609M CNY870M CNY2.0B CNY1.7B CNY2.1B CNY2.1B CNY2.1B CNY2.2B CNY2.3B CNY
Interest expense48M CNY76M CNY23M CNY39M CNY78M CNY63M CNY56M CNY50M CNY9M CNY23M CNY
Pre-tax income-60M CNY475M CNY2.1B CNY2.7B CNY686M CNY2.8B CNY1.0B CNY1.3B CNY1.4B CNY2.1B CNY
Income tax58M CNY234M CNY132M CNY412M CNY91M CNY435M CNY203M CNY261M CNY253M CNY399M CNY
Net income-118M CNY240M CNY2.0B CNY2.3B CNY595M CNY2.3B CNY820M CNY1.1B CNY1.1B CNY1.7B CNY
EPS (diluted)-2.01 CNY0.18 CNY5.45 CNY6.14 CNY1.56 CNY5.73 CNY2.21 CNY3.17 CNY3.24 CNY4.72 CNY
Diluted shares111M141M363M376M411M415M393M360M339M355M
Gross margin13.9%23.6%64.4%52.8%45.9%64.8%47.5%53.8%52.7%52.1%
Net margin-2.7%4.3%42.3%24.3%7.5%26.3%12.8%12.7%11.5%19.5%

Balance sheet

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

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments480M CNY1.1B CNY1.1B CNY2.1B CNY1.6B CNY2.7B CNY1.8B CNY2.8B CNY2.3B CNY2.2B CNY
Inventory108M CNY102M CNY57M CNY107M CNY47M CNY48M CNY54M CNY34M CNY22M CNY24M CNY
Total current assets7.5B CNY12.7B CNY10.3B CNY16.5B CNY16.4B CNY16.7B CNY17.8B CNY18.5B CNY17.9B CNY18.3B CNY
Property, plant and equipment42M CNY63M CNY82M CNY93M CNY126M CNY195M CNY285M CNY447M CNY613M CNY895M CNY
Total assets8.7B CNY14.7B CNY12.5B CNY19.2B CNY20.3B CNY21.0B CNY22.8B CNY23.1B CNY22.2B CNY23.2B CNY
Total current liabilities8.0B CNY12.9B CNY8.0B CNY9.8B CNY12.0B CNY10.2B CNY12.5B CNY12.3B CNY9.6B CNY9.7B CNY
Total liabilities8.7B CNY13.0B CNY8.4B CNY12.6B CNY14.8B CNY13.0B CNY14.1B CNY13.4B CNY11.5B CNY11.2B CNY
Shareholders' equity-612M CNY1.7B CNY4.1B CNY6.6B CNY5.5B CNY8.0B CNY8.6B CNY9.7B CNY10.7B CNY12.0B CNY
Net debt-480M CNY-1.1B CNY-1.1B CNY-2.1B CNY-1.6B CNY-2.7B CNY-1.5B CNY-2.6B CNY-2.3B CNY-2.2B CNY

Cash flow

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

Fiscal year2016201720182019202020212022202320242025
Operating cash flow380M CNY1.7B CNY2.8B CNY-779M CNY-211M CNY2.7B CNY57M CNY2.8B CNY1.1B CNY3.6B CNY
Capital spending32M CNY38M CNY54M CNY50M CNY87M CNY122M CNY149M CNY230M CNY247M CNY353M CNY
Free cash flow348M CNY1.6B CNY2.7B CNY-828M CNY-298M CNY2.5B CNY-92M CNY2.6B CNY834M CNY3.3B CNY
Stock-based compensation24M CNY76M CNY123M CNY177M CNY199M CNY188M CNY156M CNY118M CNY95M CNY96M CNY
Dividends paid———————136M CNY164M CNY383M CNY
Share buybacks (net)—————————-202M CNY
Free cash flow margin8.0%29.1%58.6%-8.8%-3.8%28.7%-1.4%30.8%8.8%38.0%
Dividends per share———————0.38 CNY0.48 CNY1.08 CNY
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Questions

What was LX's revenue in 2025?

8.6B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does LX generate?

3.3B CNY in fiscal 2025 (operating cash flow minus capital spending).

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