ATRenew Inc.
RERE · Retail-Retail Stores, NEC · EDGAR filings ↗
Grade
C66Scaling Chinese pre-owned-electronics platform that has just turned GAAP-profitable on 29% revenue growth, but with thin margins, negative FCF and China/JD dependence.
Strengths
- Revenue grew ~29% to RMB21B with first full-year net profit (RMB336M); top-percentile interest coverage and strong liquidity (cash $2.3B, current ratio 2.5)
- ROA 5.6% (71st pct) and improving operating leverage as losses reversed
Risks
- Net margin only ~1.6% and FCF negative (7th pct) despite the profit turn; ROE ~8% is mid-pack
- Heavy reliance on JD collaboration and full China/VIE/HFCAA and consumer-sentiment exposure
Notable findings
- Cash burnNegative free cash flow (-79.9M)
- Strong balance sheetStrong balance sheet — $328M cash & investments, ~16 quarters of runway
Key metrics
Return on equity
8.4%
Return on assets
5.6%
Interest coverage
75.6×
Current ratio
2.5×
Free cash flow
-$80M
EBITDA
$82M
Tangible book value
$569M
Cash & investments
$328M
Cash runway
16q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-08 | 2025-12-31 | 0001193125-26-146260 ↗ |
| 20-F | 2025-04-11 | 2024-12-31 | 0000950170-25-053014 ↗ |
| 20-F | 2024-04-12 | 2023-12-31 | 0000950170-24-043854 ↗ |
| 20-F | 2023-04-18 | 2022-12-31 | 0000950170-23-013162 ↗ |
| 20-F | 2022-04-27 | 2021-12-31 | 0001564590-22-016124 ↗ |