MeritValue

Cango Inc.

CANGdata completeness 100%8 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

Cango Inc. earns about -10% on invested capital, and has bought back 2% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$615.4M1$287.1M2$1.7B3$89.9M4$688.1M4
Net income−$1.34M5−$161.1M6−$5.48M7$41.7M7−$622M7
Operating cash flow−$63.5M8−$82.3M9$146.3M10−$40.8M10−$109.8M10
Capital expenditure$2.97M11$670,16112$251,36013$65,11014$9.41M14
Free cash flow (derived)−$66.4M8−$82.9M9$146.1M10−$40.9M10−$119.2M10
Total debt$538M15$236.5M16$5.73M17$17.1M18$557.6M19
Cash & equivalents$225.2M20$54.9M21$102.3M22$90.4M22$41.2M22
Diluted shares289.9M274.1M253.9M233.0M283.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$14.02
your share of equity
Profit it earned you last year
−$21.95
Free cash flow it threw off
−$4.21
Debt you’d be carrying
$19.68

10 shares is a claim on $14.02 of net worth that earned you −$21.95 and generated −$4.21 of cash last year, against $19.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 0%FY22 -12%FY23 0%FY24 1%FY25 -39%

It earned an average -10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−2% shares · 5y

Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-120239 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-116506 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001410578-25-000492 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001104659-26-041972 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2021-12-31 · accession 0001193125-22-120239 (NetIncomeLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001193125-23-116506 (NetIncomeLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001104659-26-041972 (NetIncomeLoss)
  8. 20-F · period ending 2021-12-31 · accession 0001193125-22-120239 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001193125-23-116506 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001104659-26-041972 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-120239 (PaymentsToAcquireProductiveAssets)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-116506 (PaymentsToAcquireProductiveAssets)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-052304 (PaymentsToAcquireProductiveAssets)
  14. 20-F · period ending 2024-12-31 · accession 0001104659-26-041972 (PaymentsToAcquireProductiveAssets)
  15. 20-F · period ending 2021-12-31 · accession 0001193125-22-120239 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2022-12-31 · accession 0001193125-23-116506 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2023-12-31 · accession 0001104659-24-052304 (LongTermDebtNoncurrent)
  18. 20-F · period ending 2024-12-31 · accession 0001104659-26-041972 (ShortTermBorrowings)
  19. 20-F · period ending 2025-12-31 · accession 0001104659-26-041972 (LongTermDebt)
  20. 20-F · period ending 2021-12-31 · accession 0001193125-22-120239 (CashAndCashEquivalentsAtCarryingValue)
  21. 20-F · period ending 2022-12-31 · accession 0001193125-23-116506 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2023-12-31 · accession 0001104659-26-041972 (CashAndCashEquivalentsAtCarryingValue)