QFIN vs XYF
Qfin Holdings, Inc. and X Financial, side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | QFIN | XYF |
|---|---|---|
| Revenue | CNY 19.2B | CNY 7.6B |
| Net income | CNY 6.0B | CNY 1.5B |
| Gross margin | 84.4% | 73.6% |
| Net margin | 31.1% | 19.2% |
| Return on equity | 24.7% | 19.8% |
| Diluted EPS | CNY 22.01 | CNY 5.87 |
| Dividend / share | · | $0.09 |
| Payout ratio | · | 10.6% |
| Free cash flow | CNY 10.8B | CNY 1.4B |
| Equity | CNY 24.1B | CNY 7.8B |
| Net debt / equity | · | −0.07× |
| Current ratio | 2.43× | · |
| Revenue CAGR 5y | 7.2% | 28.4% |
| Profit CAGR 5y | 11.3% | · |
QFIN bills 2.5× the revenue of XYF, and keeps more of each dollar of revenue as profit (31.1% against 19.2%).
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 | QFIN | XYF |
|---|---|---|
| FY2025 | CNY 19.2B | CNY 7.6B |
| FY2024 | CNY 17.2B | CNY 5.9B |
| FY2023 | CNY 16.3B | CNY 4.8B |
| FY2022 | CNY 16.6B | CNY 3.6B |
| FY2021 | CNY 16.6B | CNY 3.6B |
| FY2020 | CNY 13.6B | CNY 2.2B |
| FY2019 | CNY 9.2B | CNY 3.1B |
| FY2018 | CNY 4.4B | CNY 3.5B |
| FY2017 | CNY 788.1M | CNY 1.8B |
Bottom line
| Fiscal year | QFIN | XYF |
|---|---|---|
| FY2025 | CNY 6.0B | CNY 1.5B |
| FY2024 | CNY 6.2B | CNY 1.5B |
| FY2023 | CNY 4.3B | CNY 1.2B |
| FY2022 | CNY 4.0B | CNY 812.0M |
| FY2021 | CNY 5.8B | CNY 825.4M |
| FY2020 | CNY 3.5B | CNY -1.3B |
| FY2019 | CNY 2.5B | CNY 774.3M |
| FY2018 | CNY 1.2B | CNY 883.1M |
| FY2017 | CNY 164.9M | CNY 340.3M |
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 11,565,634,569 | QFIN |
| FY2024 | +CNY 11,293,874,254 | QFIN |
| FY2023 | +CNY 11,475,142,970 | QFIN |
| FY2022 | +CNY 12,990,979,885 | QFIN |
| FY2021 | +CNY 13,009,179,895 | QFIN |
| FY2020 | +CNY 11,370,996,542 | QFIN |
| FY2019 | +CNY 6,131,797,005 | QFIN |
| FY2018 | +CNY 906,417,956 | QFIN |
| FY2017 | −CNY 998,791,193 | XYF |
The higher-revenue side has changed between QFIN and XYF over this period. The gap has widened since the earliest year compared.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
9 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +11.9 pp | QFIN |
| FY2024 | +10.2 pp | QFIN |
| FY2023 | +1.6 pp | QFIN |
| FY2022 | +1.4 pp | QFIN |
| FY2021 | +11.9 pp | QFIN |
| FY2020 | +85.4 pp | QFIN |
| FY2019 | +2.0 pp | QFIN |
| FY2018 | +1.9 pp | QFIN |
| FY2017 | +1.9 pp | QFIN |
QFIN has kept the higher net margin in every one of these 9 fiscal years.
9 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
XYF's net margin has been more volatile than QFIN's over the 9 comparable fiscal years — 26.1 percentage points of standard deviation against 4.7.
9 of 10 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 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
XYF's return on equity has been more volatile than QFIN's over the 8 comparable fiscal years — 19.7 percentage points of standard deviation against 10.4.
8 of 10 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 QFIN and XYF over these 8 fiscal years — QFIN led in 7 and XYF in 1.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.