X Financial
XYF · Finance Services · EDGAR filings ↗
Reference price $5.29 — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B80High-return Chinese loan-facilitation platform with strong margins but rising credit and regulatory risk.
Strengths
- Top-decile returns — ROA 10% (95th), ROE 18.7% (84th), operating margin 21.3% (90th)
- Revenue +30% and strong FCF ($1.45B, 97th pct) with 96.6% institutional funding
Risks
- 31–60 day delinquency tripled to 2.90% and 91–180 day to 6.31%, signaling deteriorating credit
- Tightening 24% rate cap, VIE structure and concentrated voting control cloud durability
Notable findings
- Strong balance sheetStrong balance sheet — $215M cash & investments
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$942,300, last 6mo) Form 4 ↗
Key metrics
Gross margin
73.6%
Operating margin
21.3%
Net margin
19.2%
Return on equity
18.7%
Return on assets
10.0%
Revenue growth (QoQ)
35.8%
Net-income growth
-0.7%
Free cash flow
$207M
EBITDA
$235M
Tangible book value
$1.1B
Cash & investments
$215M
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Wan Zheng | Sell | 90K | $5.29 |
| 2026-06-15 | Wan Zheng | Sell | 90K | $5.18 |
| 2026-06-01 | Wan Zheng | Conversion | 90K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001104659-26-052016 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001410578-25-000892 ↗ |
| 20-F | 2024-04-29 | 2023-12-31 | 0001104659-24-053982 ↗ |
| 20-F | 2023-04-27 | 2022-12-31 | 0001104659-23-051321 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001104659-22-051593 ↗ |
| 20-F | 2021-05-14 | 2020-12-31 | 0001104659-21-066950 ↗ |
| 20-F | 2020-06-04 | 2019-12-31 | 0001104659-20-069741 ↗ |
| 20-F | 2019-04-25 | 2018-12-31 | 0001104659-19-023556 ↗ |