Share count
236Mpeak FY2025
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CHYM, Chime Financial Inc.
Revenue is Payments revenue (69%) and Platform-related revenue (31%).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$2.2B
+30.7% YoY
Vital signs · TTM, with 3-yr average
Revenue $2.3B 3-yr avg $1.7B
Revenue $647M +24.8% vs yr-ago qtr
Operating margin 7.1% yr-ago 1.8%
Net income $53M yr-ago $0
Net margin 8.3% yr-ago 0.0%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Operating margin has run around −18% through the cycle on a 88% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. The cash cycle has run negative through the cycle (a median of −16 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Payments revenue is 69% of revenue, with Platform-related revenue the other meaningful line at 31%.
Revenue by product line, FY2025
- Payments revenue69%$1.5B
- Platform-related revenue31%$686M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $1.3B | $1.7B | $2.2B | $2.3B | RevenueRevenue |
| 83% | 88% | 88% | 88% | Gross marginGross mgn |
| 12% | 11% | 23% | 23% | SG&A / revenueSG&A/rev |
| 20% | 19% | 43% | 42% | R&D / revenueR&D/rev |
| ($236M) | ($62M) | ($1.0B) | ($1.0B) | Operating incomeOp. inc. |
| −18.4% | −3.7% | −47.6% | −43.3% | Operating marginOp. mgn |
| ($203M) | ($25M) | ($1.0B) | ($969M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($157M) | $64M | $53M | $166M | Operating cash flowOp. cash |
| $13M | $25M | $30M | $30M | DepreciationDeprec. |
| $8M | $34M | ($38M) | ($18M) | Working capital & otherWC & other |
| $11M | $5M | $20M | $25M | CapexCapex |
| 0.8% | 0.3% | 0.9% | 1.1% | Capex / revenueCapex/rev |
| ($167M) | $59M | $33M | $141M | Owner earningsOwner earn. |
| −13.1% | 3.5% | 1.5% | 6.1% | Owner earnings marginOE mgn |
| ($167M) | $59M | $33M | $141M | Free cash flowFCF |
| −13.1% | 3.5% | 1.5% | 6.1% | Free cash flow marginFCF mgn |
| $0 | $13M | $0 | $0 | AcquisitionsAcquis. |
| $61K | $950K | $78M | — | BuybacksBuybacks |
| — | — | -88% | -95% | ROICROIC |
| — | — | -72% | -67% | Return on equityROE |
| — | — | −72% | −67% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $240M | $338M | $466M | $608M | Cash & investmentsCash+inv |
| — | $216M | $258M | $294M | ReceivablesReceiv. |
| — | $36M | $39M | $38M | Accounts payablePayables |
| — | $180M | $219M | $256M | Operating working capitalOper. WC |
| — | $1.3B | $1.8B | $1.7B | Current assetsCur. assets |
| — | $375M | $388M | $344M | Current liabilitiesCur. liab. |
| — | 3.4× | 4.5× | 5.1× | Current ratioCurr. ratio |
| — | $27M | $27M | $27M | GoodwillGoodwill |
| — | $1.5B | $2.0B | $2.0B | Total assetsAssets |
| ($240M) | ($338M) | ($466M) | ($608M) | Net debt / (cash)Net debt |
| ($2.0B) | ($1.9B) | $1.4B | $1.4B | Shareholders’ equityEquity |
| 2.0% | 1.8% | 49.0% | 48.5% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 63.1M | 64.9M | 236M | 400M | Shares out (diluted)Shares |
| $20.26 | $25.78 | $9.26 | $5.78 | Revenue / shareRev/sh |
| $-3.22 | $-0.39 | $-4.27 | $-2.42 | EPS (diluted)EPS |
| $-2.65 | $0.91 | $0.14 | $0.35 | Owner earnings / shareOE/sh |
| $-2.65 | $0.91 | $0.14 | $0.35 | Free cash flow / shareFCF/sh |
| $0.17 | $0.07 | $0.08 | $0.06 | Cap. spending / shareCapex/sh |
| $-30.96 | $-29.74 | $5.93 | $3.60 | Book value / shareBVPS |
The diluted share count moved ×3.64 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.69 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
88%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$33Mowner earningsvs.($1.0B)net incomelow FY2023
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 2025 the business turned a $1.0B loss into $33M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($1.0B) | ($25M) | ($203M) |
| Depreciation & amortizationnon-cash charge added back | +$30M | +$25M | +$13M |
| Stock-based compensationreal costnon-cash, but a real cost | +$1.1B | +$30M | +$26M |
| Working capital & othertiming of cash in and out, other non-cash items | −$38M | +$34M | +$8M |
| Cash from operations | $53M | $64M | ($157M) |
| Capital expenditurecash put back in to keep running and to grow | −$20M | −$5M | −$11M |
| Owner earnings | $33M | $59M | ($167M) |
| Owner-earnings marginowner earnings ÷ revenue | 2% | 4% | -13% |
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 . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $1.1B), owner earnings is nearer ($1.0B).
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
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $466M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $466M, 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.
- Negative, funded by othersDSO 43 + DIO 0 − DPO 54 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median -24%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle3-yr median margin, range -13%–4%; latest $33M = operating cash $53M − maintenance capex $20MIndustry peers: median 28%
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 2% of revenue this year, a 2% median across 3 years. Treating stock comp as the real expense it is (less $1.1B of SBC) leaves ($1.0B).
- Loss, but cash-generativeNet income ($1.0B) · cash from operations $53M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Returned more than it generatedDividends + buybacks $78M ÷ Owner Earnings $33M
What this means
The company returned more than it generated: against $33M of Owner Earnings, $78M (236%) went back to shareholders, $0 dividends, $78M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. But the buybacks barely exceed stock issued to employees ($1.1B SBC), net of dilution, little was truly returned. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 0.66×HarvestingCapex $20M ÷ depreciation $30M
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 · 2 of 2 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 PassRevenue ≥ $2B · $2.2B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 4.53×
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.
- 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 $-1.08/share (latest year $-2.65), the averaged base the calculator's gate runs on, and book value is $3.67/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.
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 Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“While we have processes and controls in place designed to mitigate the risks associated with using AI and ML technologies, if the content, analyses, or recommendations that AI and ML technologies create or otherwise assist in producing or our products are, or are perceived to be, deficient, inaccurate, biased, unethica…”
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 the latest quarter, Mar 31, 2026Can 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 assets$1.7B
- Cash & short-term investments$608M
- Receivables$294M
- Other current assets$842M
Current liabilities$344M
- Accounts payable$38M
- Other current liabilities$306M
Current ratio5.07×all current assets ÷ what's due · Graham looked for 2×
Quick ratio5.07×stricter: inventory excluded
Cash ratio1.77×strictest: cash alone against what's due
Working capital$1.4Bthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+24.8%the freshest read on whether the business is still growing
Current ratio, recent quarters3.4× → 5.1×
Deeper floors
Tangible book value$1.4Bequity stripped of goodwill & intangibles
Net current asset value$1.2BGraham's net-net: current assets less all liabilities
Debt incl. operating leases$133M$133M of it operating leases
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$1.1B
The slice of the business handed to employees in shares this year, 49% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Credit & receivables, Acquisitions, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
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 |
|---|---|---|---|---|---|
| ENVAEnova International Inc. | $3.2B | 50% | 21.6% | 10% | 56% |
| CHYMChime Financial Inc. | $2.2B | 88% | -18.4% | -88% | 2% |
| MSTRStrategy Inc Common Stock Class A | $477M | 80% | -13.0% | -2% | 6% |
| WLTHWealthfront Corporation | $365M | 90% | 37.2% | -46% | — |
| LPROOpen Lending Corporation | $93M | 77% | 53.2% | 45% | 50% |
| SBETSharplink Inc. | $28M | 31% | -294.4% | -308% | -117% |
| ZSQRZ Squared Inc. | $1M | 87% | -956.9% | -287% | — |
| Group median | — | 80% | -13.0% | -46% | 6% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Chime Financial Inc. has delivered.
$
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 · since FY2024−45%/yr
Owner-earnings growth · since FY2024−45%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
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—
Free cash flow $141M on 382M shares outstanding (a weighted basic average, the only count this filer tags); net cash $608M. The if-converted diluted count is 400M, 5% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($25M) runs well above depreciation ($30M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $146M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Chime Financial Inc. (CHYM), the owner's record," https://ownerscorecard.com/c/CHYM, data as of 2026-07-09.
Manual order: ← CHWY its page in the Manual CI →
Industry order: ← CGABL the Capital Markets & Asset Management chapter CIFR →