Intchains Group Limited (ICG) Key Metrics
ICG key metrics, 2019–2025
Fiscal year ended December 31, 2025 · Chinese yuanICG returns How much profit the business earns on the capital it uses.
ICG financial health Debt, liquidity and how easily interest is covered.
ICG efficiency & capital use Working capital cycle and where the cash goes.
ICG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ICG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ICG cash returned to shareholders
ICG key metrics in Chinese yuan
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||
| Return on equity (ROE) | −5.1% | 5.2% | −2.8% | 47.0% | 147.0% | 30.2% | −14.5% |
| Return on invested capital (ROIC) | −16.2% | 0.8% | −21.1% | 207.6% | 961.7% | 36.9% | −7.2% |
| Return on assets (ROA) | −4.8% | 5.0% | −2.8% | 45.4% | 137.4% | 19.8% | −7.5% |
| Return on tangible assets | −6.3% | 4.7% | −2.7% | 37.3% | 73.6% | 18.8% | −7.5% |
| Free cash flow margin | −45.4% | −52.6% | −68.4% | 68.1% | 62.3% | 28.1% | −17.2% |
| Income quality (OCF / net income) | — | −2.68 | — | 0.92 | 0.88 | 1.89 | — |
| Financial health | |||||||
| Total debt | CN¥1.7M | CN¥272,000 | CN¥1.9M | CN¥1.3M | CN¥2.2M | CN¥239,000 | CN¥11.6M |
| Cash & short-term investments | CN¥475.1M | CN¥520.8M | CN¥688.3M | CN¥712.2M | CN¥502.4M | CN¥19.6M | CN¥4.0M |
| Net debt | −CN¥473.4M | −CN¥520.5M | −CN¥686.5M | −CN¥711.0M | −CN¥500.2M | −CN¥19.4M | CN¥7.5M |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.57 |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.29 |
| Net debt / EBITDA | — | −9.43 | — | −1.93 | −1.11 | −2.13 | — |
| Current ratio | 13.60 | 9.43 | 27.61 | 43.34 | 19.22 | 4.48 | 2.07 |
| Quick ratio | 12.38 | 8.14 | 26.12 | 39.29 | 17.11 | 3.50 | 0.85 |
| Interest coverage | — | 56.4 | — | — | — | 47.8 | -19.2 |
| Working capital | CN¥539.6M | CN¥644.5M | CN¥749.4M | CN¥812.8M | CN¥575.8M | CN¥33.6M | CN¥19.7M |
| Invested capital | CN¥499.2M | CN¥492.5M | CN¥263.8M | CN¥222.6M | CN¥78.2M | CN¥14.8M | CN¥27.9M |
| Tangible asset value | CN¥761.1M | CN¥1.01B | CN¥946.3M | CN¥933.6M | CN¥578.4M | CN¥34.2M | CN¥20.3M |
| Net current asset value | CN¥539.0M | CN¥644.5M | CN¥748.6M | CN¥812.4M | CN¥574.5M | CN¥33.5M | CN¥19.3M |
| Capital allocation | |||||||
| Dividends paid | — | — | CN¥0 | CN¥0 | CN¥10.5M | CN¥10.5M | CN¥10.5M |
| Share buybacks (net) | — | — | — | — | CN¥0 | — | — |
| Dividend payout ratio | — | — | — | 0.0% | 2.3% | 127.8% | — |
| Dividends + buybacks / free cash flow | — | — | — | 0.0% | 2.7% | 68.8% | — |
| Capex / revenue | 2.2% | 3.6% | 62.7% | 0.8% | 0.3% | 0.5% | 0.5% |
| Capex / operating cash flow | — | — | — | 1.2% | 0.4% | 1.6% | — |
| Capex / depreciation | 0.69 | 2.02 | 13.47 | 2.22 | 1.31 | 0.37 | 0.38 |
| Stock-based compensation / revenue | 4.0% | 3.2% | 4.2% | 0.0% | 0.0% | 0.0% | 2.6% |
| R&D / revenue | 35.0% | 38.8% | 51.4% | 10.2% | 8.4% | 41.2% | 25.3% |
| SG&A / revenue | 20.1% | 13.7% | 38.6% | 3.3% | 2.8% | 5.8% | 14.1% |
| Efficiency | |||||||
| Days sales outstanding | — | 27.3 | 38.4 | 16.0 | 13.4 | 47.9 | 61.1 |
| Days of inventory on hand | 138.1 | 196.4 | 298.3 | 303.3 | 122.2 | 249.6 | 276.7 |
| Days payables outstanding | 16.4 | 21.0 | 7.7 | 19.9 | 11.5 | 6.3 | 2.2 |
| Cash conversion cycle (days) | — | 202.7 | 328.9 | 299.3 | 124.0 | 291.1 | 335.5 |
| Receivables turnover | — | 13.36 | 9.51 | 22.88 | 27.31 | 7.63 | 5.97 |
| Payables turnover | 22.30 | 17.35 | 47.22 | 18.35 | 31.64 | 58.25 | 164.34 |
| Inventory turnover | 2.64 | 1.86 | 1.22 | 1.20 | 2.99 | 1.46 | 1.32 |
| Asset turnover | 0.20 | 0.27 | 0.09 | 0.61 | 1.93 | 1.31 | 0.91 |
| Average receivables | — | CN¥21.1M | CN¥8.6M | CN¥20.7M | CN¥23.1M | CN¥7.2M | CN¥6.0M |
| Average payables | CN¥8.9M | CN¥7.5M | CN¥1.5M | CN¥4.7M | CN¥3.6M | CN¥400,500 | CN¥180,000 |
| Average inventory | CN¥75.4M | CN¥70.2M | CN¥59.8M | CN¥72.3M | CN¥38.1M | CN¥16.0M | CN¥22.4M |
| Intangibles / total assets | 20.8% | 0.3% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from ICG's annual financial statements (latest annual report filed April 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
ICG valuation and financial ratios
Intchains earned a return on equity of −5.1% and a return on invested capital of −16.2% in fiscal 2025. It ended the year with CN¥1.7 million of debt and CN¥475.1 million in cash and short-term investments, a net cash position of CN¥473.4 million.
See the ICG income statement, the ICG chart for price history, or the ICG stock overview for the latest quote and news.
ICG key metrics FAQ
What is Intchains's return on equity?
Intchains's return on equity (ROE) was −5.1% in fiscal 2025: net income of -CN¥50.6 million on average shareholders' equity of CN¥992.9 million.
What is Intchains's ROIC?
Intchains's return on invested capital was −16.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Intchains have?
Intchains had total debt of CN¥1.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
What is Intchains's current ratio?
Intchains's current ratio was 13.60 at the end of fiscal 2025: current assets were 13.60 times current liabilities.