Luckin Coffee Inc.
LKNCY · Retail-Eating & Drinking Places · EDGAR filings ↗
Grade
B84Dominant, fast-scaling China coffee franchise with category-leading growth and cash generation, held just under A by its accounting-fraud history and governance risk.
Strengths
- Top-percentile revenue growth (43%, 100th pct) with 31,000+ stores and operating income RMB5.1B (margin 81.8th pct)
- Very strong FCF ($3.47B, 96.3rd pct) and large cash balance ($4.87B, 87.5th pct)
Risks
- Legacy Fabricated Transactions, SEC settlement, and internal-control remediation create ongoing governance/legal overhang
- Intense competition, non-proprietary products, and China regulatory/VIE exposure
Notable findings
- Strong balance sheetStrong balance sheet — $696M cash & investments
Key metrics
Operating margin
10.3%
Net margin
7.3%
Return on equity
23.0%
Return on assets
11.9%
Revenue growth (QoQ)
48.9%
Net-income growth
26.9%
Current ratio
1.7×
Free cash flow
$495M
EBITDA
$946M
Tangible book value
$2.2B
Cash & investments
$696M
Stock comp / revenue
1.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-27 | 2025-12-31 | 0001104659-26-035712 ↗ |
| 20-F | 2025-03-31 | 2024-12-31 | 0001410578-25-000546 ↗ |
| 20-F | 2024-04-08 | 2023-12-31 | 0001104659-24-044514 ↗ |
| 20-F | 2023-04-06 | 2022-12-31 | 0001104659-23-042448 ↗ |
| 20-F | 2022-04-14 | 2021-12-31 | 0001104659-22-045671 ↗ |
| 20-F | 2021-09-21 | 2020-12-31 | 0001104659-21-117647 ↗ |
| 20-F | 2021-06-30 | 2019-12-31 | 0001104659-21-087180 ↗ |