Kingsoft Cloud Holdings Ltd. ADR (KC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.46	-$0.2	+56.5%	—	—	—
Q1 26	-$0.78	-$0.78	0.0%	—	$2.7B	—
Q4 25	-$0.57	-$0.31	+45.6%	—	$2.8B	—
Q3 25	-$0.72	$0.1	+113.9%	—	$2.5B	—
Q2 25	-$0.84	-$1.12	-33.3%	—	$2.3B	—
Q1 25	-$0.47	-$0.77	-63.8%	—	$2B	—
Q4 24	-$0.82	-$0.28	+65.9%	—	$2.2B	—
Q3 24	-$1.05	-$0.95	+9.5%	—	$265.3M	—
Q2 24	-$0.85	-$1.45	-70.6%	—	$264M	—
Q1 24	-$1	-$0.91	+9.0%	—	$1.8B	—
Q4 23	-$1.18	-$1.05	+11.0%	—	$1.7B	—
Q3 23	-$1.15	-$1.32	-14.8%	—	$1.6B	—
Q2 23	-$1.41	-$1.33	+5.7%	—	$1.8B	—
Q1 23	-$1.68	-$2.28	-35.7%	—	$1.9B	—
Q4 22	-$1.65	-$2.48	-50.3%	—	$2.1B	—
Q3 22	-$1.61	-$1.85	-14.9%	—	$2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$3.13	—	—	$9.6B	—
FY24	—	-$8.1	—	—	$7.8B	—
FY23	—	-$9.15	—	—	$7B	—
FY22	—	-$10.9	—	—	$8.2B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$2.2B	$4B	$6.6B	$9.1B	$8.2B	$7B	$7.8B	$9.6B
YoY change	—	+79.5%	+78.4%	+66.2%	+37.8%	-9.72%	-13.8%	+10.5%	+22.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	2.2B	4B	6.6B	9.1B	8.2B	7B	7.8B	9.6B
Cost of revenue	1.4B	2.4B	3.9B	6.2B	8.7B	7.8B	6.2B	6.4B	8.1B
Gross profit	-118.2M	-200.4M	7.7M	357M	351.3M	429.5M	850.2M	1.3B	1.5B
Gross margin	-9.56%	-9.03%	0.19%	5.43%	3.88%	5.25%	12.1%	17.2%	15.7%
Research & development	399.2M	440.5M	595.2M	775.1M	1B	971.2M	784.8M	846M	810.3M
Selling, general & administrative	209.5M	338.5M	494.2M	757.2M	1B	1.4B	1B	854.1M	1.1B
Operating expenses	608.7M	779M	1.1B	1.5B	1.9B	2.3B	1.7B	1.7B	1.7B
Operating income	-726.9M	-979.4M	-1.1B	-1.2B	-1.7B	-2.2B	-1.4B	-825.7M	-527.4M
Operating margin	-58.8%	-44.2%	-28.9%	-18.6%	-19%	-27.2%	-19.2%	-10.6%	-5.52%
Non-operating income, net	30.1M	-95.1M	-32.3M	205.3M	128.5M	-378.3M	-744M	-952.2M	-3.3M
Pretax income	-713.6M	-996.8M	-1.1B	-947.3M	-1.6B	-2.7B	-2.2B	-2B	-947.9M
Income tax	668K	9.6M	9M	14.9M	15.7M	24.5M	18M	-1.5M	-4.2M
Net income	-714.3M	-1B	-1.1B	-962.2M	-1.6B	-2.7B	-2.2B	-2B	-943.7M
Net margin	-57.8%	-45.4%	-28.1%	-14.6%	-17.6%	-32.9%	-31%	-25.4%	-9.87%
EBITDA	-408.4M	-449.8M	-453.7M	-385.1M	-796.9M	-990.4M	-335.2M	464.4M	2B
EPS	-7.59	-7.18	-4.76	-4.41	-6.9	-10.9	-9.15	-8.1	-3.13
Diluted EPS	-7.59	-7.18	-4.76	-4.41	-6.9	-10.9	-9.15	-8.1	-3.13

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	1.8B	1.6B	1.7B	1.8B	264M	265.3M	2.2B	2B	2.3B	2.5B	2.8B	2.7B
Cost of revenue	1.6B	1.4B	1.5B	1.5B	219.6M	222.6M	1.8B	1.7B	2B	2.1B	2.3B	2.4B
Gross profit	206.6M	196.2M	253.1M	293.3M	44.4M	42.7M	426M	318.3M	338.9M	380.9M	465.4M	345.7M
Gross margin	11.3%	12.1%	14.7%	16.5%	16.8%	16.1%	19.1%	16.2%	14.4%	15.4%	16.9%	12.8%
Research & development	193.9M	200.4M	175.2M	232M	28.5M	33.2M	174.2M	226.2M	194.3M	199.6M	190.2M	193.3M
Selling, general & administrative	375.8M	332.2M	-81.5M	335.4M	54.7M	41M	-164.8M	326.3M	471.6M	326.5M	-7.9M	318.5M
Operating expenses	569.7M	532.5M	93.7M	567.4M	83.2M	74.2M	9.3M	552.5M	665.8M	526.2M	182.3M	511.9M
Operating income	-363.1M	-336.3M	-241.9M	-274.2M	-38.7M	-31.5M	-49.9M	-234.2M	-327M	-145.3M	179.1M	-166.1M
Operating margin	-19.8%	-20.7%	-14%	-15.4%	-14.7%	-11.9%	-2.24%	-11.9%	-13.9%	-5.86%	6.49%	-6.14%
Non-operating income, net	-125.6M	-428M	-9.8M	-62.1M	-2.8M	-108.8M	-96.8M	5.3M	-14.4M	246.8M	-241M	-51M
Pretax income	-493.4M	-778.7M	-286.2M	-379M	-48.4M	-147.8M	-204.3M	-306.9M	-454.5M	-10.2M	-176.3M	-338.6M
Income tax	4.8M	11M	598K	-15.4M	961.8K	1.5M	-3.7M	9.2M	2.3M	-2.4M	-13.4M	5.1M
Net income	-498.3M	-789.7M	-286.8M	-363.6M	-49.4M	-149.3M	-200.6M	-316.1M	-456.9M	-7.8M	-162.9M	-343.7M
Net margin	-27.1%	-48.6%	-16.7%	-20.5%	-18.7%	-56.3%	-8.99%	-16%	-19.4%	-0.32%	-5.9%	-12.7%
EBITDA	-311.6M	-289.6M	-280.1M	-285.2M	-39.1M	-29.4M	-24M	-233M	-290.3M	46.5M	30.3M	-141M
EPS	-2.1	-3.3	-1.2	-1.5	-1.5	-4.35	-0.75	-1.2	-1.65	0	-0.6	-1.2
Diluted EPS	-2.1	-3.3	-1.2	-1.5	-1.5	-4.35	-0.75	-1.2	-1.65	0	-0.6	-1.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	70.3B	26.2B	6.7B	6.6B	—	—	2.7B
Enterprise value	—	—	—	64.8B	21.1B	3.4B	6B	—	—	1.4B
Shares outstanding	1.3B	1.8B	1.8B	1.6B	1.7B	1.8B	1.7B	243.9M	298.7M	298.7M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	-2.92
P/S	—	—	—	10.7	2.89	0.82	0.93	—	—	0.25
P/B	—	—	—	8.53	2.28	0.7	0.9	—	—	2.07
EV/EBITDA	—	—	—	-168.2	-26.5	-3.42	-18	—	—	3.11
EV/Sales	—	—	—	9.85	2.33	0.41	0.85	—	—	0.84
Earnings yield	—	—	—	—	—	—	—	—	—	-34.3%
FCF yield	—	—	—	-2.68%	-5.51%	-18.6%	-32.6%	—	—	-9.92%
PEG	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-9.56%	-9.03%	0.19%	5.43%	3.88%	5.25%	12.1%	17.2%	15.7%	15.2%
Operating margin	-58.8%	-44.2%	-28.9%	-18.6%	-19%	-27.2%	-19.2%	-10.6%	-5.52%	0.75%
Net margin	-57.8%	-45.4%	-28.1%	-14.6%	-17.6%	-32.9%	-31%	-25.4%	-9.87%	-5.46%
ROE	—	31%	26.5%	-11.7%	-13.9%	-28.1%	-30.1%	-35.9%	-10.1%	-7.61%
ROA	—	-17.2%	-18.4%	-8.07%	-7.55%	-15.5%	-14.5%	-11.2%	-3.53%	-0.8%
ROIC	—	14.6%	18.2%	-44.6%	-26.9%	-35.6%	-20.2%	-10.4%	-3.88%	-4.14%
Return on tangible assets	—	-17.2%	-18.5%	-8.09%	-16.8%	-44.2%	-52.1%	-28.3%	-5.74%	-5.32%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	3.29	1.71	2.75	1.65	1.36	0.89	0.75	1.17	1.01
Quick ratio	—	3.29	1.71	2.75	1.65	1.36	0.89	0.75	1.17	1.03
Debt / equity	—	-0.08	-0.04	0.07	0.14	0.14	0.24	0.94	1.1	1.24
Debt / assets	—	0.04	0.03	0.05	0.08	0.08	0.11	0.3	0.38	0.25
Net debt / EBITDA	—	7.69	4.57	14.3	6.39	3.35	1.59	5.29	2.1	-5.9
Interest coverage	-18.6	-24.7	-222.8	-99.2	-29.3	-18.3	-13.8	-7.62	-0.9	-0.72
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.98	1.26	2.24	4.07	5.45	4.67	4.06	31.9	32	37.1
EPS (basic)	-7.59	-7.18	-4.76	-4.41	-6.9	-10.9	-9.15	-8.1	-3.13	-3.13
EPS (diluted)	-7.59	-7.18	-4.76	-4.41	-6.9	-10.9	-9.15	-8.1	-3.13	-0.29
Book value per share	—	-1.84	-2.38	5.1	6.91	5.47	4.18	22.6	31.2	4.41
FCF per share	-0.39	-0.84	-0.81	-1.17	-0.87	-0.71	-1.23	-12.5	-3.15	0.04
Cash per share	—	2.1	1.27	3.79	4.03	2.67	1.3	11.2	20.2	15.6
Capex per share	0.27	0.62	0.57	0.97	0.43	0.79	1.12	15.1	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	28%	49.3%	25.3%	23.7%	7.89%	16.9%	27.6%	47.2%	—	—
Capex / operating cash flow	-83.1%	-333.2%	-169.5%	-983.9%	-110.5%	-152.5%	-146.9%	-365%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	0%

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	$1.8B	$1.6B	$1.7B	$1.8B	$264M	$265.3M	$2.2B	$2B	$2.3B	$2.5B	$2.8B	$2.7B
YoY change	-3.73%	-17.5%	-19.2%	-4.76%	-85.6%	-83.7%	+29.6%	+10.9%	+789.7%	+834%	+23.7%	+37.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.7B	2.2B	6.1B	6.7B	4.7B	2.3B	2.7B	6B
Receivables	541.6M	1.3B	2.3B	3.6B	2.4B	1.5B	1.5B	1.7B
Inventory	—	—	—	—	—	—	—	—
Total current assets	4.7B	4.1B	9.5B	12.4B	9B	6.1B	6.8B	11B
Property, plant & equipment	1.1B	1.8B	2.2B	2.6B	2.2B	3.1B	5.1B	10.2B
Goodwill & intangibles	20.3M	14.9M	33.1M	11.6B	11.2B	10.9B	10.6B	10.3B
Total assets	5.9B	6B	11.9B	21.1B	17.3B	15.1B	17.6B	26.7B
Accounts payable	720.8M	1.3B	2.1B	2.9B	2.3B	1.8B	1.9B	2B
Short-term debt	80.8M	100M	429.3M	1.5B	1B	1.2B	2.8B	4.7B
Total current liabilities	1.4B	2.4B	3.5B	7.5B	6.7B	6.8B	9.2B	9.4B
Long-term debt	174.4M	74.4M	183M	158.3M	303.9M	496.7M	2.4B	5.6B
Total liabilities	9.1B	10.2B	3.7B	9.6B	7.7B	7.8B	12.1B	17.4B
Shareholders' equity	-3.2B	-4.2B	8.2B	11.5B	9.6B	7.2B	5.5B	9.3B
Total debt	255.1M	174.4M	612.3M	1.6B	1.4B	1.7B	5.2B	10.3B
Net debt	-1.3B	-1.8B	-2.8B	-2.6B	-2.1B	-532.8M	2.5B	4.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	4.3B	2.6B	2.3B	1.8B	256.5M	227.7M	2.7B	2.4B	5.5B	4B	6B	4.9B
Receivables	2B	1.8B	1.5B	1.6B	234.6M	243.7M	1.5B	1.8B	2B	2.4B	1.7B	2.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	8.4B	6.6B	6.1B	6.2B	879.5M	851.1M	6.8B	7.1B	10.4B	9.6B	11B	10.5B
Property, plant & equipment	1.9B	1.5B	3.1B	3.3B	562.1M	653.1M	5.1B	6.6B	8.4B	10.4B	10.2B	12.3B
Goodwill & intangibles	11.1B	11B	10.9B	10.8B	1.5B	1.5B	10.6B	10.5B	10.4B	10.4B	10.3B	10.2B
Total assets	16.1B	14.1B	15.1B	16B	2.3B	2.3B	17.6B	19.7B	24.8B	25.7B	26.7B	28.5B
Accounts payable	2.2B	2.2B	1.8B	1.9B	276.4M	298.5M	1.9B	2B	2.2B	2.3B	2B	2.2B
Short-term debt	1.1B	982.7M	1.2B	1.3B	200.1M	261.6M	2.8B	2.6B	3.2B	3.4B	4.7B	3.6B
Total current liabilities	6.7B	5.6B	6.8B	7B	1B	1.3B	9.2B	9.8B	10.8B	10.3B	9.4B	10.2B
Long-term debt	96.6M	96.9M	496.7M	281.6M	37.3M	86.8M	2.4B	2.1B	2.5B	2.9B	5.6B	3.4B
Total liabilities	7.8B	6.6B	7.8B	8.9B	1.4B	1.6B	12.1B	14.4B	17.8B	18.6B	17.4B	19.5B
Shareholders' equity	8.3B	7.5B	7.2B	7B	935.4M	783.9M	5.5B	5.3B	7.1B	7.1B	9.3B	9B
Total debt	1.2B	1.1B	1.7B	1.6B	237.4M	348.5M	5.2B	4.7B	5.6B	6.3B	10.3B	7B
Net debt	-2.5B	-1.5B	-532.8M	-244.7M	-19.1M	120.8M	2.5B	2.3B	161.8M	2.3B	4.3B	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-714.3M	-1B	-1.1B	-962.2M	-1.6B	-2.7B	-2.2B	-2B	-943.7M
Depreciation & amortization	297.6M	412.4M	604.6M	758M	855.6M	1.2B	940.5M	1.3B	2.5B
Stock-based compensation	91M	46.9M	121.3M	330.1M	434.4M	359.8M	181.6M	214.4M	446.9M
Change in working capital	-90.7M	218.6M	-204.3M	-341M	-388.2M	158.9M	-296.5M	-507.5M	-458.6M
Operating cash flow	-416.3M	-328.5M	-589.6M	-158.4M	-647M	-907.8M	-1.3B	-1B	3.8B
Capital expenditure	-346.1M	-1.1B	-999.5M	-1.6B	-715M	-1.4B	-1.9B	-3.7B	—
Investing cash flow	-1.8B	-1.2B	883.4M	-4.3B	-409.5M	-14.1M	-667.2M	-3.6B	97.3M
Dividends paid	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	0	0	-208.4M	0	0	—
Financing cash flow	1.8B	2.4B	43.6M	6.1B	1.7B	-2.5B	-1.2B	1.9B	1.8B
Net change in cash	-424.1M	935.3M	337.4M	1.7B	608.3M	-3.4B	-3.2B	-2.7B	5.7B
Free cash flow	-485.5M	-1.5B	-1.4B	-1.9B	-1.4B	-1.2B	-2.1B	-3.1B	-941.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	—	—	—	—	—	—	—	—	1.5B	1.7B	1B	534M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Net change in cash	—	—	—	—	—	—	—	—	1.5B	1.7B	1B	534M
Free cash flow	65.2M	20.4M	-2.2B	-321.3M	21.1M	32.1M	-3.1B	-418.4M	1.5B	1.7B	-3.7B	534M

Kingsoft Cloud Holdings Ltd. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement