JFU

MKT CAP:$34M

9F Inc.

Market Cap

$34M

Technology·Information Technology Services·🇨🇳 China·NASDAQ

Technology·IT Services·🇨🇳·NASDAQ

Stock Price

$3.03-$2.00 (-39.76%)

Apr 22, 2026

Company Details

9F Inc., together with its subsidiaries, operates internet securities service platform in the People's Republic of China. Its products include digital financial accounts that offer online lending, wealth management, and payment facilitation...

CEO

Lei Liu

IPO Date

Aug 15, 2019

Website

www.9fgroup.com

Key Metrics TTM

Revenue

$47M

+8.2% YoY

Net Income

$37M

EPS (Diluted)

$3.15

Free Cash Flow

$0

Revenue / Share

$3.96

Gross Margin

77.1%

Operating Margin

16.6%

Net Margin

80.2%

FCF Margin

0.0%

P/S

0.7x

P/E

0.9x

Earnings Reports

Q2 2025

Jun 30, 2025

$11M+6.5%EPS $1.34

Q1 2025

Mar 31, 2025

$11M+6.5%EPS $1.34

FY 2024

Aug 8, 2025

$45M-24.8%EPS $0.61

Q4 2024

Aug 8, 2025

$12M+9.7%EPS $0.23

Q3 2024

Sep 30, 2024

$12M+9.7%EPS $0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$27M	$26M	$2M
Q4 21	$27M	$26M	$2M
Q1 22	$24M	$16M	-$12M
Q2 22	$24M	$16M	-$12M
Q3 22	$17M	$17M	$1M
Q4 22	$17M	$17M	$1M
Q1 23	$19M	$14M	-$8M
Q2 23	$19M	$14M	-$8M
Q3 23	$11M	$8M	-$6M
Q4 23	$11M	$8M	-$6M
Q1 24	$10M	$5M	-$5M
Q2 24	$10M	$5M	-$5M
Q3 24	$12M	$10M	$2M
Q4 24	$12M	$10M	$2M
Q1 25	$11M	$8M	$2M
Q2 25	$11M	$8M	$2M

Valuation

Quarter	P/S	P/E
Q3 21	0.3x	—
Q4 21	0.3x	—
Q1 22	0.3x	—
Q2 22	0.3x	—
Q3 22	0.4x	—
Q4 22	0.4x	—
Q1 23	0.4x	—
Q2 23	0.5x	—
Q3 23	0.5x	—
Q4 23	0.6x	—
Q1 24	0.7x	—
Q2 24	0.8x	29.5x
Q3 24	0.8x	8.1x
Q4 24	0.8x	4.7x
Q1 25	0.7x	1.5x
Q2 25	0.7x	0.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$0	$0
Q2 20	-$32M	-$32M
Q4 20	-$95M	-$95M
Q4 21	$21M	$21M
Q3 22	$0	$0
Q4 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q4 19	$0
Q2 20	$0
Q4 20	$0
Q4 21	$339.8K
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-9.6%	-65.7%
Q4 21	-9.6%	-65.7%
Q1 22	-16.6%	+3.4%
Q2 22	-16.6%	+3.4%
Q3 22	-36.5%	-36.0%
Q4 22	-36.5%	-36.0%
Q1 23	-20.6%	-24.5%
Q2 23	-20.6%	-24.5%
Q3 23	-34.9%	+7.4%
Q4 23	-34.9%	+7.4%
Q1 24	-45.1%	-43.1%
Q2 24	-45.1%	-43.1%
Q3 24	+9.7%	-38.5%
Q4 24	+9.7%	-38.5%
Q1 25	+6.5%	-41.8%
Q2 25	+6.5%	-41.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$7M	10.8%
Q2 20	$15M	24.4%
Q4 20	$6M	20.5%
Q4 21	$1M	4.7%
Q3 22	$398.8K	2.3%
Q4 22	$398.8K	2.3%
Q1 23	$170.3K	0.9%
Q2 23	$170.3K	0.9%
Q3 23	-$5M	-48.9%
Q4 23	-$5M	-48.9%
Q1 24	$174.5K	1.7%
Q2 24	$174.5K	1.7%
Q3 24	-$244.5K	-2.0%
Q4 24	-$244.5K	-2.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 21	$18M	$7M
Q4 21	$18M	$7M
Q1 22	$12M	$3M
Q2 22	$12M	$3M
Q3 22	$15M	$2M
Q4 22	$15M	$2M
Q1 23	$11M	$1M
Q2 23	$11M	$1M
Q3 23	$9M	$1M
Q4 23	$9M	$1M
Q1 24	$8M	$556.1K
Q2 24	$8M	$556.1K
Q3 24	$8M	$473.2K
Q4 24	$8M	$473.2K
Q1 25	$6M	$431.8K
Q2 25	$6M	$431.8K

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$357M	$47M	$404M
Q4 21	$357M	$37M	$394M
Q1 22	$321M	$90M	$411M
Q2 22	$321M	$90M	$411M
Q3 22	$356M	$63M	$419M
Q4 22	$356M	$63M	$419M
Q1 23	$318M	$102M	$420M
Q2 23	$318M	$102M	$420M
Q3 23	$246M	$113M	$360M
Q4 23	$246M	$113M	$360M
Q1 24	$152M	$227M	$379M
Q2 24	$152M	$227M	$379M
Q3 24	$55M	$324M	$380M
Q4 24	$55M	$324M	$380M
Q1 25	$61M	$353M	$414M
Q2 25	$61M	$353M	$414M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	11M	+6.9%	+10.8%
Q4 21	11M	0.0%	+10.8%
Q1 22	12M	+3.5%	+10.7%
Q2 22	12M	0.0%	+10.7%
Q3 22	12M	+1.3%	+4.9%
Q4 22	12M	0.0%	+4.9%
Q1 23	12M	+0.1%	+1.4%
Q2 23	12M	0.0%	+1.4%
Q3 23	12M	+0.5%	+0.5%
Q4 23	12M	0.0%	+0.5%
Q1 24	12M	-0.2%	+0.2%
Q2 24	12M	0.0%	+0.2%
Q3 24	12M	+0.4%	+0.1%
Q4 24	12M	0.0%	+0.1%
Q1 25	12M	-0.2%	+0.2%
Q2 25	12M	0.0%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$24.7K	1K
Q4 21	$36.4K	740
Q1 22	$32.3K	740
Q2 22	$32.3K	740
Q3 22	$23.1K	740
Q4 22	$51.7K	331
Q1 23	$57.4K	331
Q2 23	$57.4K	331
Q3 23	$33.6K	331
Q4 23	$40.3K	276
Q1 24	$37.8K	276
Q2 24	$37.8K	276
Q3 24	$44.3K	276
Q4 24	$44.1K	277
Q1 25	$40.1K	277
Q2 25	$40.1K	277

Revenue / Employee