LX vs QFIN
LexinFintech Holdings Ltd. and Qfin Holdings, Inc., side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | LX | QFIN |
|---|---|---|
| Revenue | CNY 13.2B | CNY 19.2B |
| Net income | CNY 1.7B | CNY 6.0B |
| Gross margin | 34.0% | 84.4% |
| Net margin | 12.8% | 31.1% |
| Return on equity | 14.8% | 24.7% |
| Diluted EPS | CNY 4.72 | CNY 22.01 |
| Dividend / share | · | · |
| Payout ratio | 22.8% | · |
| Free cash flow | CNY 3.3B | CNY 10.8B |
| Equity | · | CNY 24.1B |
| Net debt / equity | −0.12× | · |
| Current ratio | 1.89× | 2.43× |
| Revenue CAGR 5y | 2.5% | 7.2% |
| Profit CAGR 5y | 23.0% | 11.3% |
QFIN bills 1.5× the revenue of LX, and keeps more of each dollar of revenue as profit (31.1% against 12.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
9 years side by side
| Fiscal year | LX | QFIN |
|---|---|---|
| FY2025 | CNY 13.2B | CNY 19.2B |
| FY2024 | CNY 14.2B | CNY 17.2B |
| FY2023 | CNY 13.1B | CNY 16.3B |
| FY2022 | CNY 9.9B | CNY 16.6B |
| FY2021 | CNY 11.4B | CNY 16.6B |
| FY2020 | CNY 11.6B | CNY 13.6B |
| FY2019 | CNY 10.6B | CNY 9.2B |
| FY2018 | CNY 7.6B | CNY 4.4B |
| FY2017 | CNY 5.6B | CNY 788.1M |
Bottom line
| Fiscal year | LX | QFIN |
|---|---|---|
| FY2025 | CNY 1.7B | CNY 6.0B |
| FY2024 | CNY 1.1B | CNY 6.2B |
| FY2023 | CNY 1.1B | CNY 4.3B |
| FY2022 | CNY 825.9M | CNY 4.0B |
| FY2021 | CNY 2.3B | CNY 5.8B |
| FY2020 | CNY 595.0M | CNY 3.5B |
| FY2019 | CNY 2.3B | CNY 2.5B |
| FY2018 | CNY 2.0B | CNY 1.2B |
| FY2017 | CNY 240.4M | CNY 164.9M |
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 6,052,972,000 | QFIN |
| FY2024 | −CNY 2,962,062,000 | QFIN |
| FY2023 | −CNY 3,232,945,000 | QFIN |
| FY2022 | −CNY 6,688,119,000 | QFIN |
| FY2021 | −CNY 5,255,120,000 | QFIN |
| FY2020 | −CNY 1,918,699,000 | QFIN |
| FY2019 | +CNY 1,383,660,000 | LX |
| FY2018 | +CNY 3,149,878,000 | LX |
| FY2017 | +CNY 4,794,045,000 | LX |
The higher-revenue side has changed between LX and QFIN over this period. The gap has widened since the earliest year compared.
9 of 11 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −18.4 pp | QFIN |
| FY2024 | −28.7 pp | QFIN |
| FY2023 | −18.0 pp | QFIN |
| FY2022 | −15.8 pp | QFIN |
| FY2021 | −14.1 pp | QFIN |
| FY2020 | −20.7 pp | QFIN |
| FY2019 | −5.5 pp | QFIN |
| FY2018 | −0.8 pp | QFIN |
| FY2017 | −16.6 pp | QFIN |
QFIN has kept the higher net margin in every one of these 9 fiscal years.
9 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LX's net margin has been more volatile than QFIN's over the 9 comparable fiscal years — 7.5 percentage points of standard deviation against 4.7.
9 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
QFIN led in net margin in every one of the 9 comparable fiscal years — a structural lead, not a recent swing.
9 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LX's return on equity has been more volatile than QFIN's over the 8 comparable fiscal years — 20.0 percentage points of standard deviation against 10.4.
8 of 8 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between LX and QFIN over these 8 fiscal years — LX led in 1 and QFIN in 7.
8 of 8 comparable fiscal years — a year missing data on either side is not counted.