XYF

MKT CAP:$34M

X Financial

Market Cap

$34M

Financial Services·Financial - Credit Services·🇨🇳 China·NYSE

Financials·Financial·🇨🇳·NYSE

Stock Price

$4.77-$1.01 (-17.47%)

Apr 21, 2026

Company Details

X Financial provides personal finance services in the People's Republic of China. The company offers services as an online marketplace connecting borrowers and investors. Its loan products include Xiaoying credit loan, which consists of Xia...

CEO

Yue Tang

IPO Date

Sep 19, 2018

Website

www.xiaoyinggroup.com

Key Metrics TTM

Revenue

$967M

+63.6% YoY

Net Income

$214M

EPS (Diluted)

$29.84

Free Cash Flow

$0

Revenue / Share

$146.10

Gross Margin

54.5%

Operating Margin

24.2%

Net Margin

22.1%

FCF Margin

0.0%

P/S

0.0x

P/E

0.2x

Earnings Reports

FY 2025

Dec 30, 2025

$1.1B+26.6%EPS $30.04

Q4 2025

Dec 30, 2025

$212M+17.5%EPS $1.23

Q3 2025

Nov 20, 2025

$287M+81.0%EPS $8.84

Q2 2025

Aug 18, 2025

$257M+86.4%EPS $10.52

Q1 2025

May 19, 2025

$212M+84.7%EPS $9.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$44M	$39M	$33M
Q2 21	$52M	$48M	$41M
Q3 21	$65M	$61M	$56M
Q1 22	$60M	$51M	$46M
Q2 22	$46M	$38M	$32M
Q4 22	$68M	$61M	$56M
Q1 23	$95M	$52M	$48M
Q4 23	$57M	$38M	$31M
Q1 24	$115M	$61M	$56M
Q2 24	$138M	$71M	$66M
Q3 24	$158M	$76M	$69M
Q4 24	$180M	$78M	$72M
Q1 25	$212M	$89M	$81M
Q2 25	$257M	$105M	$97M
Q3 25	$287M	$195M	$53M
Q4 25	$212M	$139M	$3M

Valuation

Quarter	P/S	P/E
Q1 21	12.0x	—
Q2 21	13.2x	—
Q3 21	1.5x	2.9x
Q1 22	0.7x	1.3x
Q2 22	0.7x	1.3x
Q4 22	0.8x	1.5x
Q1 23	0.5x	1.1x
Q4 23	0.8x	1.6x
Q1 24	0.6x	1.2x
Q2 24	0.5x	1.1x
Q3 24	0.7x	1.6x
Q4 24	0.6x	1.7x
Q1 25	0.1x	0.4x
Q2 25	0.2x	0.5x
Q3 25	0.1x	0.4x
Q4 25	0.0x	0.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$0	$0
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q1 22	$0	$0
Q2 22	$0	$0
Q4 22	$65.7B	$447.3B
Q1 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
Q3 25	$0	$0

Capital Expenditures

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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	-16.0%	-55.1%
Q2 21	+1728.1%	-64.8%
Q3 21	+355.4%	-71.5%
Q1 22	+4166.4%	-7.9%
Q2 22	+3.6%	+19.7%
Q4 22	+32.3%	+15.8%
Q1 23	+45.5%	+424.0%
Q4 23	-3.8%	+101.1%
Q1 24	+151.8%	+337.9%
Q2 24	+102.2%	+486.9%
Q3 24	+67.0%	+91.8%
Q4 24	+213.6%	+307.8%
Q1 25	+84.7%	+123.1%
Q2 25	+86.4%	+120.8%
Q3 25	+81.0%	+162.2%
Q4 25	+17.5%	+92.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$0	—
Q1 21	$3M	7.6%
Q2 21	$3M	5.2%
Q3 21	$1M	2.2%
Q1 22	$2M	3.4%
Q2 22	$2M	4.9%
Q4 22	$88.5B	129780.2%
Q1 23	$0	0.0%
Q4 23	$1M	2.1%
Q1 24	$1M	1.2%
Q2 24	$2M	1.1%
Q3 24	$1M	0.9%
Q4 24	$1M	0.8%
Q1 25	$0	0.0%
Q2 25	$2M	0.7%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 21	$6M	$661.2K
Q2 21	$6M	$810.5K
Q3 21	$6M	$794.9K
Q1 22	$7M	$680.6K
Q2 22	$6M	$667.3K
Q4 22	$6M	$364.7K
Q1 23	$6M	$297.8K
Q4 23	$7M	$542.2K
Q1 24	$6M	—
Q2 24	$6M	—
Q3 24	$7M	$74M
Q4 24	$7M	—
Q1 25	$8M	—
Q2 25	$7M	—
Q3 25	$8M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$325M	$0	$325M
Q2 22	$350M	$0	$350M
Q3 22	$334M	$0	$334M
Q4 22	$347M	$0	$347M
Q1 23	$410M	$0	$410M
Q2 23	$450M	$0	$450M
Q3 23	$476M	$0	$476M
Q4 23	$423M	$0	$423M
Q1 24	$440M	$0	$440M
Q2 24	$468M	$0	$468M
Q3 24	$407M	$0	$407M
Q4 24	$430M	$0	$430M
Q1 25	$514M	$0	$514M
Q2 25	$481M	$0	$481M
Q3 25	$130M	$0	$130M
Q4 25	$312M	$182M	$494M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	56M	+3.7%	+3.1%
Q2 21	57M	+1.9%	+5.9%
Q3 21	57M	+0.8%	+6.7%
Q1 22	57M	-0.8%	+5.7%
Q2 22	57M	-0.0%	+1.9%
Q4 22	53M	-6.4%	-6.5%
Q1 23	49M	-7.4%	-14.0%
Q4 23	49M	+0.1%	-13.2%
Q1 24	49M	+0.8%	-12.6%
Q2 24	50M	+1.2%	-5.4%
Q3 24	49M	-2.7%	-0.7%
Q4 24	48M	-1.3%	-2.1%
Q1 25	49M	+1.7%	-1.2%
Q2 25	7M	-85.0%	-85.4%
Q3 25	7M	-4.8%	-85.7%
Q4 25	7M	-5.2%	-86.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$96.2K	457
Q2 21	$112.8K	457
Q3 21	$142.6K	457
Q1 22	$140.7K	424
Q2 22	$107.4K	424
Q4 22	$148.0K	461
Q1 23	$205.6K	461
Q4 23	$110.2K	521
Q1 24	$220.2K	521
Q2 24	$264.8K	521
Q3 24	$303.8K	521
Q4 24	$319.7K	563
Q1 25	$376.4K	563
Q2 25	$456.6K	563
Q3 25	$508.9K	563
Q4 25	$375.7K	563

Revenue / Employee