Share count
233Mpeak FY2021
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CANG, Cango Inc.
We Are We are a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy.
Since entering the digital asset space in November 2024, we have activated pilot projects in both integrated energy solutions and distributed AI computing.
Crypto Mining Business Starting in 2022, Cango systematically restructured and re-evaluated our business model to identify new strategic development directions.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
CN¥804M
−52.7% YoY · −11% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥804M 5-yr avg CN¥2.1B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Gross margin has run about 46% and operating margin about 22% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −48% and 45% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 3%, above 15% in 0 of 7 years). By owner earnings: roughly 16% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2024
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | TTMTTMDec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| CN¥434M | CN¥1.1B | CN¥1.1B | CN¥1.4B | CN¥2.1B | CN¥3.9B | CN¥2.0B | CN¥1.7B | CN¥804M | CN¥804M | RevenueRevenue |
| 61% | 63% | 61% | 63% | 46% | 25% | 8% | 11% | 22% | 22% | Gross marginGross mgn |
| CN¥184M | CN¥470M | CN¥277M | CN¥323M | CN¥318M | (CN¥23M) | (CN¥947M) | (CN¥74M) | CN¥179M | CN¥179M | Operating incomeOp. inc. |
| 42.5% | 44.7% | 25.4% | 22.5% | 15.5% | −0.6% | −47.8% | −4.3% | 22.2% | 22.2% | Operating marginOp. mgn |
| CN¥133M | CN¥349M | CN¥307M | CN¥405M | CN¥3.4B | (CN¥9M) | (CN¥1.1B) | (CN¥38M) | CN¥300M | CN¥300M | Net incomeNet inc. |
| 28% | 25% | 22% | 17% | 10% | — | — | — | 0% | 0% | Effective tax rateTax rate |
| Cash flow & returns | ||||||||||
| CN¥83M | CN¥589M | CN¥185M | CN¥423M | (CN¥622M) | (CN¥404M) | (CN¥567M) | CN¥1.0B | (CN¥310M) | (CN¥310M) | Operating cash flowOp. cash |
| CN¥2M | CN¥3M | CN¥7M | CN¥10M | CN¥10M | CN¥9M | CN¥7M | CN¥8M | CN¥87M | CN¥87M | DepreciationDeprec. |
| (CN¥52M) | CN¥237M | (CN¥129M) | CN¥8M | (CN¥4.0B) | (CN¥404M) | CN¥537M | CN¥1.1B | (CN¥697M) | (CN¥697M) | Working capital & otherWC & other |
| CN¥3M | CN¥10M | CN¥14M | CN¥43M | CN¥5M | CN¥19M | CN¥5M | CN¥2M | CN¥582K | CN¥582K | CapexCapex |
| 0.6% | 0.9% | 1.3% | 3.0% | 0.3% | 0.5% | 0.2% | 0.1% | 0.1% | 0.1% | Capex / revenueCapex/rev |
| CN¥82M | CN¥586M | CN¥178M | CN¥412M | (CN¥627M) | (CN¥413M) | (CN¥572M) | CN¥1.0B | (CN¥311M) | (CN¥311M) | Owner earningsOwner earn. |
| 18.8% | 55.7% | 16.3% | 28.6% | −30.5% | −10.5% | −28.9% | 60.2% | −38.6% | −38.6% | Owner earnings marginOE mgn |
| CN¥80M | CN¥580M | CN¥170M | CN¥380M | (CN¥627M) | (CN¥423M) | (CN¥572M) | CN¥1.0B | (CN¥311M) | (CN¥311M) | Free cash flowFCF |
| 18.5% | 55.1% | 15.6% | 26.4% | −30.5% | −10.8% | −28.9% | 60.2% | −38.6% | −38.6% | Free cash flow marginFCF mgn |
| CN¥1M | — | CN¥27M | CN¥257M | CN¥267M | CN¥955M | CN¥1.9B | — | — | CN¥1.9B | Dividends paidDiv. paid |
| — | — | — | CN¥21M | CN¥49M | CN¥444M | CN¥106M | CN¥247M | CN¥91M | — | BuybacksBuybacks |
| — | — | 7% | 6% | 3% | -0% | -16% | -1% | 6% | 6% | ROICROIC |
| — | — | 6% | 7% | 40% | -0% | -26% | -1% | 7% | 7% | Return on equityROE |
| — | — | 5% | 3% | 37% | −14% | −69% | — | — | −38% | Retained to equityRetained/eq |
| Balance sheet | ||||||||||
| CN¥45M | CN¥866M | CN¥3.2B | CN¥2.6B | CN¥5.8B | CN¥4.0B | CN¥2.3B | CN¥1.7B | CN¥2.5B | CN¥2.5B | Cash & investmentsCash+inv |
| — | CN¥86M | CN¥87M | CN¥149M | CN¥142M | CN¥224M | CN¥267M | CN¥65M | CN¥23M | CN¥23M | ReceivablesReceiv. |
| — | CN¥86M | CN¥87M | CN¥149M | CN¥142M | CN¥224M | CN¥267M | CN¥65M | CN¥23M | CN¥23M | Operating working capitalOper. WC |
| — | CN¥1.1B | CN¥4.8B | CN¥5.5B | CN¥8.9B | CN¥7.6B | CN¥5.5B | CN¥3.9B | CN¥3.5B | CN¥3.5B | Current assetsCur. assets |
| — | CN¥526M | CN¥1.6B | CN¥2.9B | CN¥2.5B | CN¥3.4B | CN¥2.5B | CN¥778M | CN¥1.8B | CN¥1.8B | Current liabilitiesCur. liab. |
| — | 2.1× | 3.0× | 1.9× | 3.6× | 2.2× | 2.2× | 5.0× | 1.9× | 1.9× | Current ratioCurr. ratio |
| — | CN¥0 | CN¥145M | CN¥145M | CN¥145M | CN¥149M | CN¥149M | — | — | CN¥149M | GoodwillGoodwill |
| — | CN¥2.0B | CN¥7.3B | CN¥8.7B | CN¥12.1B | CN¥10.9B | CN¥7.0B | CN¥4.6B | CN¥6.0B | CN¥6.0B | Total assetsAssets |
| — | CN¥175M | CN¥940M | CN¥1.2B | CN¥2.2B | CN¥1.4B | CN¥641M | CN¥2M | — | CN¥2M | Total debtDebt |
| — | (CN¥691M) | (CN¥2.2B) | (CN¥1.4B) | (CN¥3.6B) | (CN¥2.6B) | (CN¥1.7B) | (CN¥1.7B) | — | (CN¥2.5B) | Net debt / (cash)Net debt |
| 410.1× | 36.2× | 14.6× | 24.0× | 115.4× | -1.6× | -56.3× | -18.0× | 271.4× | 43.6× | Interest coverageInt. cov. |
| — | (CN¥2.7B) | CN¥5.3B | CN¥5.5B | CN¥8.4B | CN¥7.0B | CN¥4.3B | CN¥3.8B | CN¥4.1B | CN¥4.1B | Shareholders’ equityEquity |
| Per share | ||||||||||
| — | 125M | 223M | — | — | 290M | 274M | 254M | 233M | 223M | Shares out (diluted)Shares |
| — | CN¥8.42 | CN¥4.88 | — | — | CN¥13.53 | CN¥7.23 | CN¥6.70 | CN¥3.45 | CN¥3.60 | Revenue / shareRev/sh |
| — | CN¥2.79 | CN¥1.37 | — | — | CN¥-0.03 | CN¥-4.05 | CN¥-0.15 | CN¥1.29 | CN¥1.34 | EPS (diluted)EPS |
| — | CN¥4.69 | CN¥0.79 | — | — | CN¥-1.42 | CN¥-2.09 | CN¥4.03 | CN¥-1.33 | CN¥-1.39 | Owner earnings / shareOE/sh |
| — | CN¥4.64 | CN¥0.76 | — | — | CN¥-1.46 | CN¥-2.09 | CN¥4.03 | CN¥-1.33 | CN¥-1.39 | Free cash flow / shareFCF/sh |
| — | — | CN¥0.12 | — | — | CN¥3.30 | CN¥6.83 | — | — | CN¥8.37 | Dividends / shareDiv/sh |
| — | CN¥0.08 | CN¥0.06 | — | — | CN¥0.07 | CN¥0.02 | CN¥0.01 | CN¥0.00 | CN¥0.00 | Cap. spending / shareCapex/sh |
| — | CN¥-21.67 | CN¥23.50 | — | — | CN¥24.11 | CN¥15.77 | CN¥15.03 | CN¥17.54 | CN¥18.29 | Book value / shareBVPS |
The diluted share count moved ×1.79 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | −12.0%/yr (7-yr) | −36.6%/yr (3-yr) |
| EPS | −10.5%/yr (7-yr) | — |
| Dividends / share | +174.0%/yr (4-yr) | +174.0%/yr (4-yr) |
| Capital spending / share | −38.7%/yr (7-yr) | −66.3%/yr (3-yr) |
| Book value / share | — | −10.1%/yr (3-yr) |
The record, charted
FY2016–2024Each measure over its full record; the current point and the worst year marked.
ROIC
6%low FY2022
Gross margin
22%low FY2022
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(CN¥311M)owner earningsvs.CN¥300Mnet incomelow FY2020
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2023
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2024 the business reported CN¥300M of profit but (CN¥311M) of owner earnings: CN¥611M less than the profit line, taken out by capital spending and the timing of cash.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Reported net income | CN¥300M | (CN¥38M) | (CN¥1.1B) | (CN¥9M) | CN¥3.4B |
| Depreciation & amortizationnon-cash charge added back | +CN¥87M | +CN¥8M | +CN¥7M | +CN¥9M | +CN¥10M |
| Working capital & othertiming of cash in and out, other non-cash items | −CN¥697M | +CN¥1.1B | +CN¥537M | −CN¥404M | −CN¥4.0B |
| Cash from operations | (CN¥310M) | CN¥1.0B | (CN¥567M) | (CN¥404M) | (CN¥622M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −CN¥582K | −CN¥2M | −CN¥5M | −CN¥9M | −CN¥5M |
| Owner earnings | (CN¥311M) | CN¥1.0B | (CN¥572M) | (CN¥413M) | (CN¥627M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | — | −CN¥10M | — |
| Free cash flow | (CN¥311M) | CN¥1.0B | (CN¥572M) | (CN¥423M) | (CN¥627M) |
| Owner-earnings marginowner earnings ÷ revenue | -39% | 60% | -29% | -11% | -31% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Much of fiscal 2024's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 43.6×ComfortableOperating income CN¥179M ÷ interest expense CN¥4M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- How heavy is the debt, net of cash? +CN¥2.5BNet cashCash CN¥1.3B + ST investments CN¥1.2B − debt CN¥2M
What this means
Cash and short-term investments exceed every dollar of debt by CN¥2.5B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle7-yr median, range -16%–7%; 6% latest = NOPAT CN¥178M ÷ invested capital CN¥2.8BIndustry peers: median 3%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- High through the cycle9-yr median margin, range -39%–60%; latest (CN¥311M) = operating cash (CN¥310M) − maintenance capex CN¥582KIndustry peers: median 15%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -39% of revenue this year, a 16% median across 9 years.
- Are earnings backed by cash? -1.03×Thinly cash-backedCash from ops (CN¥310M) ÷ net income CN¥300M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 0.01×HarvestingCapex CN¥582K ÷ depreciation CN¥87M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · CN¥804M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.88×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · CN¥2M vs CN¥1.6B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (9-yr record) · 3 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 6 of 8 tagged yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design. One year of this record is untagged in the data, with the dividend paid on both sides; a lone missing tag is treated as unknown, not a suspension, so the streak is judged on the tagged years.
- Earnings growth MissEarnings +33% over the record · −208%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CN¥-1.00/share (latest year CN¥1.06), the averaged base the calculator's gate runs on, and book value is CN¥14.43/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2024
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 6 of 9
What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 6 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 37% → −10% (3-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 37% early to −10% lately, median 22% — competition or costs are biting in.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +1%/yr
What this means
Owner earnings grew about 1% a year over the record.
- Worst year 2022 · −47.8% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2024Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥3.5B
- Cash & short-term investmentsCN¥2.5B
- ReceivablesCN¥23M
- Other current assetsCN¥914M
Current liabilitiesCN¥1.8B
- Debt due within a yearCN¥926K
- Other current liabilitiesCN¥1.8B
Current ratio1.88×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.88×stricter: inventory excluded
Cash ratio1.37×strictest: cash alone against what's due
Working capitalCN¥1.6Bthe cushion left after near-term bills
Debt due this year vs. cashCN¥926K due · CN¥2.5B cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet
Cash runway8.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueCN¥3.9Bequity stripped of goodwill & intangibles
Net current asset valueCN¥1.6BGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥10MCN¥8M of it operating leases
Deferred revenueCN¥10Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2016–2024
Over the record, the business generated CN¥402M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- ReinvestedCN¥101M · 25%
- DividendsCN¥3.4B · 840%
- BuybacksCN¥958M · 238%
- Returned to ownersCN¥4.3B
1207% of the owner earnings the business produced over the span, CN¥3.4B as dividends and CN¥958M as buybacks.
- Source of funding−CN¥4.0B
Reinvestment and shareholder returns ran CN¥4.0B beyond the operating cash the business generated, so the gap was financed off the balance sheet.
- Average price paid for buybacks—
Buybacks ran CN¥958M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count78.8%
The diluted count rose from 125M to 223M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend recordCN¥6.83/sh
Paid in 6 of the years on record, the per-share dividend growing about 651% a year. It was never cut over the span.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Inverting the record
Invert: instead of why Cango Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2024.
All 3 tests turned up something to look into. A record that trips every wire is one to understand slowly.
- Look hereIs it less profitable than it was?−2.4% vs 30.3%
The owner-earnings margin averaged 30.3% early in the record and −2.4% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
- Look hereDid the share count rise anyway?78.8%
Diluted shares grew 78.8% over 2016–2024, even as the company spent CN¥958M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
- Look hereDid reported profit become cash?0.11×
Across the record the business reported CN¥3.7B of net income but generated CN¥402M of operating cash, a 0.11-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| PGYPagaya Technologies Ltd. | $1.3B | 41% | -1.3% | 4% | 3% |
| ONITOnity Group Inc. | $1.1B | — | 41.0% | 2% | 15% |
| CANGCango Inc. | CN¥804M | 46% | 22.2% | 3% | 16% |
| PWPPerella Weinberg Partners | $751M | — | -7.6% | — | 15% |
| RMRegional Management Corp. | $646M | — | 21.6% | 6% | 43% |
| DAVEDave Inc. | $554M | — | -4.2% | -12% | 13% |
| WDWalker & Dunlop | $320M | — | 143.4% | 14% | 149% |
| GEMIGemini Space Station Inc. | $180M | — | -192.5% | -95% | -123% |
| Group median | — | — | 10.2% | 3% | 15% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Cango Inc. reports in CNY, and every figure here (owner earnings, book value, the share count) is on that CNY, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in CNY. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Cango Inc. has delivered.
Cango Inc.’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
CN¥
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’16→’24+1%/yr
Owner-earnings growth · ’16→’24+1%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’22–’24)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings (CN¥311M) on 283M shares outstanding (a weighted average, the only count this filer tags); net cash CN¥2.5B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Cango Inc. (CANG), the owner's record," https://ownerscorecard.com/c/CANG, data as of 2026-07-09.
Manual order: ← CAN its page in the Manual CBAT →
Industry order: ← CAN the Capital Markets & Asset Management chapter CBOE →