Cango Inc. (CANG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-32636.7%

-$380.68

vs $1.17 price

Levered DCF

-$498.43

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-4.79

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.94×	22.3×	-48.26×	-2.23×	-678.42×	4.11×	49.05×	50.55×
P/B	1.07×	1.83×	0.46×	0.57×	0.83×	1.66×	3.53×	2.92×
P/S	0.62×	9.28×	1.03×	1.25×	1.47×	6.76×	13.42×	14.05×
EV / EBITDA	-3.02×	23.29×	10.59×	-5.03×	179.9×	45.49×	38.94×	33.21×
Gross margin	4.1%	55.3%	11.2%	7.6%	24.6%	46.5%	58.6%	60.2%
Operating margin	-0.4%	22.2%	-4.3%	-47.8%	-0.6%	15.5%	22.5%	25.4%
Net margin	-65.8%	37.3%	-2.2%	-56.1%	-0.2%	164.2%	27.1%	27.7%
Current ratio	0.71×	1.88×	4.99×	2.16×	2.23×	3.62×	1.9×	3.04×
Debt / equity	1.41×	0.04×	0.02×	0.25×	0.29×	0.31×	0.48×	0.3×
Interest coverage	-0.12×	271.37×	-17.99×	-56.35×	-1.61×	115.38×	24.02×	14.56×
Dividend yield	0.0%	0.0%	0.0%	75.7%	16.5%	1.9%	1.3%	0.2%
Payout ratio	0.0%	0.0%	0.0%	-168.4%	-11182.1%	7.9%	65.8%	8.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-114.0%	7.3%	-1.0%	-25.7%	-0.1%	40.2%	7.1%	5.8%
Return on invested capital	-0.3%	4.2%	1.3%	-17.5%	0.2%	2.5%	3.3%	3.1%
Return on assets	-40.0%	5.0%	-0.8%	-15.8%	-0.1%	27.7%	4.5%	4.1%
Free cash flow yield	-52.9%	-16.6%	58.2%	-23.1%	-7.3%	-4.5%	2.0%	1.1%
Earnings yield	-106.6%	4.0%	-2.2%	-44.9%	-0.1%	24.3%	2.0%	2.0%
Enterprise value	$6.6B	$6.3B	$829.4M	$3.2B	$6.4B	$15B	$19.9B	$14B
Net debt / EBITDA	-1.66×	-4.11×	-11.87×	-1.11×	16.13×	3.44×	1.18×	-3.11×
Cash conversion cycle (days)	310	46	94	285	237	454	1,123	644