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Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 36 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $1.2M buybacks = $1.2M returned on -$119.2M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 8 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -65%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $688.1M 100.0% | $110.2M 100.0% | $1.70B 100.0% | $1.98B 100.0% | $3.92B 100.0% | $2.05B 100.0% | $1.44B 100.0% | $1.09B 100.0% |
| Cost of Revenue | $659.9M 95.9% | $75.1M 68.1% | $1.51B 88.8% | $1.83B 92.4% | $2.96B 75.4% | $1.10B 53.5% | $539.3M 37.4% | $430.1M 39.4% |
| Research & Development | — | $749K 0.7% | $30.1M 1.8% | $46.0M 2.3% | $70.3M 1.8% | $62.6M 3.0% | $57.4M 4.0% | $46.7M 4.3% |
| Selling, General & Admin | — | $15.8M 14.3% | $7.0M 0.4% | $299.5M 15.1% | $276.2M 7.0% | $265.7M 12.9% | $236.6M 16.4% | $151.1M 13.8% |
| Total Operating Expenses | $1.13B 163.5% | $95.0M 86.2% | $7.0M 0.4% | $424.5M 21.4% | $3.94B 100.6% | $1.73B 84.5% | $1.12B 77.5% | $814.7M 74.6% |
| Operating Income | -$437.1M -63.5% | -$5.1M -4.6% | -$7.0M -0.4% | -$947.1M -47.8% | -$23.2M -0.6% | $318.3M 15.5% | $323.3M 22.5% | $276.7M 25.4% |
| Interest Expense | — | $90K 0.1% | $577K 0.0% | $16.8M 0.8% | $14.5M 0.4% | $2.8M 0.1% | $13.5M 0.9% | $19.0M 1.7% |
| Interest & Investment Income | — | — | — | — | — | $11.2M 0.5% | $96.0M 6.7% | $61.5M 5.6% |
| Other Income (Expense), net | — | — | — | $7.5M 0.4% | $41.9M 1.1% | $49.1M 2.4% | $41.3M 2.9% | $32.7M 3.0% |
| Pretax Income | -$451.9M -65.7% | $4.8M 4.3% | $2.9M 0.2% | -$874.5M -44.2% | $12.3M 0.3% | $3.74B 182.4% | $487.8M 33.9% | $396.0M 36.3% |
| Income Tax Expense | $842K 0.1% | $181K 0.2% | $93.5M 5.5% | $236.7M 12.0% | $20.9M 0.5% | $369.9M 18.0% | $83.0M 5.8% | $89.1M 8.2% |
| Net Income | -$622.0M -90.4% | $41.7M 37.8% | -$5.5M -0.3% | -$1.11B -56.1% | -$8.5M -0.2% | $3.37B 164.2% | $390.9M 27.1% | $302.7M 27.7% |
| Per Share | ||||||||
| Weighted Avg Shares (Basic) | 283.3M | 208.2M | 243.0M | 274.1M | 289.9M | — | — | — |
| Weighted Avg Shares (Diluted) | 283.3M | 233.0M | 253.9M | 274.1M | 289.9M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-09
Where each multiple sits in its own 8-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -157% against ROIC -65% — -91% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -130.8% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 16.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 39.4 | 37.4 | 53.5 | 75.4 | 92.4 | 88.8 | 68.1 | 95.9 |
| R&D | 4.3 | 4.0 | 3.0 | 1.8 | 2.3 | 1.8 | 0.7 | — |
| SG&A | 13.8 | 16.4 | 12.9 | 7.0 | 15.1 | 0.4 | 14.3 | — |
| Operating Income | 25.4 | 22.5 | 15.5 | -0.6 | -47.8 | -0.4 | -4.6 | -63.5 |
| Income Tax | 8.2 | 5.8 | 18.0 | 0.5 | 12.0 | 5.5 | 0.2 | 0.1 |
| Net Income | 27.7 | 27.1 | 164.2 | -0.2 | -56.1 | -0.3 | 37.8 | -90.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CANG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $3.51 today, the market must believe free cash flow compounds -13.2%/yr for a decade (off $146.1M on the 3-yr avg basis).
On the basis ($142.6M) the requirement is -12.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 10.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt $516.3M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -94.6% · volatility σ 200% · implied rate exceeded in 1/3 yrs
Central path = implied -13.2%/yr growth; shaded band = ±1σ (200%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $54.9M covers the $4.1M due within a year 13.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2022-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~0.5% on $17.1M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BLZE | $786M | — | — | 5.4× | 14.3% | 60.9% | -17.6% | -30.8% | -30.8% | -14.8× | 166 |
| MOMO | $678M | 13.9× | — | 0.5× | 2.4% | 37.8% | 7.8% | 7.3% | 7.3% | -3.8× | 154 |
| CCSI | $673M | 8.4× | 6.8× | 1.9× | -0.2% | 79.8% | 24.2% | 614% | 14.8% | 2.9× | 161 |
| SPT | $667M | — | — | 1.5× | 12.7% | 77.6% | -9.5% | -21.3% | -17.8% | — | 190 |
| VTEX | $656M | 36.8× | 30.0× | 2.7× | 6.1% | 77.5% | 8.3% | 8.6% | 8.6% | -0.7× | 107 |
| CGNT | $651M | — | 21.2× | 1.6× | 14.1% | 72.4% | -0.2% | -0.3% | -0.3% | -4.6× | 134 |
| GDYN | $645M | 72.3× | 29.4× | 1.6× | 17.5% | 34.6% | 2.3% | 1.8% | 1.8% | — | 192 |
| WEAV | $594M | — | — | 2.5× | 17.0% | 72.1% | -11.7% | -34.1% | -34.1% | — | 183 |
| DDD | $562M | 17.8× | — | 1.4× | -12.1% | 33.9% | 7.7% | 12.4% | 9.0% | — | 209 |
| CRNC | $381M | — | 87.9× | 1.5× | -24.0% | 72.7% | -7.4% | -12.4% | -5.3% | — | 199 |
| API | $345M | 204.0× | — | 2.5× | 5.9% | 66.4% | 6.8% | 1.7% | 1.5% | — | 59 |
| XNET | $319M | 1.5× | 20.2× | 0.7× | 42.5% | 47.2% | — | 76.3% | 72.5% | -7.3× | 52 |
| CMRC | $288M | — | — | 0.8× | 2.8% | 78.7% | -5.6% | -49.1% | -9.8% | — | 156 |
| IIIV | $288M | 22.2× | 7.0× | 1.4× | 11.5% | — | 8.4% | 4.6% | 4.6% | -2.1× | 127 |
| LAW | $287M | — | — | 1.8× | 8.3% | 74.9% | -28.3% | -34.6% | -34.6% | — | 117 |
| SVCO | $275M | — | — | 4.4× | 5.7% | 78.3% | -65.3% | -54.9% | -54.9% | — | 104 |
| PDYN | $249M | 21.0× | — | 47.4× | -32.6% | 48.7% | — | 13.4% | 13.4% | — | 118 |
| DUOT | $227M | — | — | 8.4× | 271% | 29.2% | -36.4% | -20.3% | -20.3% | — | 98 |
| EXFY | $219M | — | — | 1.5× | 2.1% | 50.3% | -15.1% | -16.1% | -16.1% | — | 98 |
| KLTR | $201M | — | — | 1.1× | 1.2% | 70.6% | -6.7% | -191% | -18.7% | — | 100 |
| CANG | $144M | — | — | 0.2× | 524% | 4.1% | -90.4% | -157% | -65.2% | — | 36 |
| MRDN | $141M | — | — | 0.8× | 21.0% | 56.6% | -50.3% | -198% | -144% | — | — |
| EGAN | $139M | 16.6× | — | 1.5× | 3.1% | 73.4% | 9.7% | 10.5% | 10.5% | — | 105 |
| SSTI | $111M | — | — | 1.1× | 2.1% | 54.4% | -9.0% | -13.1% | -13.1% | — | 75 |
| DRTTF | $109M | — | — | 0.6× | -3.1% | 32.8% | -8.6% | -50.6% | -27.8% | — | — |
Peers = companies sharing CANG's sector (Services-Prepackaged Software) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 60.6% | 25.4% | 27.7% |
| FY2019 | 62.6% | 22.5% | 27.1% |
| FY2020 | 46.5% | 15.5% | 164.2% |
| FY2021 | 24.6% | -0.6% | -0.2% |
| FY2022 | 7.6% | -47.8% | -56.1% |
| FY2023 | 87.5% | -0.4% | -0.3% |
| FY2024 | 31.9% | -4.6% | 37.8% |
| FY2025 | 4.1% | -63.5% | -90.4% |
Return on equity is 91 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Cash conversion of -0.07x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is -$119M; after share-based compensation it is -$124M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2022-12-31, 1382 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2022-12-31 (20-F); cash from the 2022-12-31 balance sheet; FCF from FY2022. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2022-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $3.51, free cash flow must compound -13.17%/yr for 10 years. It has no positive compounding record to compare against, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −276.1% | −13.2% |
| FY2024 | −128.0% | −13.2% |
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$622M | −$622M |
| Share-based comp | $5M | −$617M |
| Other non-cash & working capital | $507M | −$110M |
| Operating cash flow | −$110M | −$110M |
| Capex | −$9M | −$119M |
| Free cash flow | −$119M | −$119M |
| FCF after SBC | −$124M | −$124M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 52.1% | 1.7% | -50.4 points |
| FY2021 | 95.7% | 61.6% | -34.0 points |
| FY2022 | -53.3% | 10.3% | 63.6 points |
| FY2023 | 492.7% | -76.4% | -569.1 points |
| FY2024 | -93.5% | -82.0% | 11.5 points |
| FY2025 | 524.3% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 37.7 days | not reported | 5.6 days | 32.1 days |
| FY2020 | 25.2 days | not reported | 1.7 days | 23.5 days |
| FY2021 | 20.8 days | not reported | 0.5 days | 20.3 days |
| FY2022 | 49.2 days | not reported | 0.4 days | 48.8 days |
| FY2023 | 2 days | not reported | not reported | not reported |
| FY2024 | 5.4 days | not reported | not reported | not reported |
| FY2025 | not reported | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.4 percent |
| FY2020 | 32.9 percent |
| FY2021 | 3.6 percent |
| FY2022 | -7.8 percent |
| FY2023 | -23.2 percent |
| FY2024 | 10.1 percent |
| FY2025 | -45.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.