Kingsoft Cloud Holdings Limited (KC) Key Metrics
KC key metrics, 2017–2025
Fiscal year ended December 31, 2025 · Chinese yuanKC returns How much profit the business earns on the capital it uses.
KC financial health Debt, liquidity and how easily interest is covered.
KC efficiency & capital use Working capital cycle and where the cash goes.
KC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
KC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
KC cash returned to shareholders
KC key metrics in Chinese yuan
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||||
| Return on equity (ROE) | −12.9% | −32.6% | −27.7% | −27.4% | −16.9% | −47.6% | — | — | — |
| Return on invested capital (ROIC) | −4.8% | −9.3% | −18.1% | −32.0% | −33.0% | — | — | — | — |
| Return on assets (ROA) | −4.2% | −12.0% | −13.4% | −13.8% | −9.6% | −10.7% | −18.7% | −17.2% | — |
| Return on tangible assets | −4.3% | −16.0% | −22.6% | −22.7% | −10.4% | −8.1% | −18.4% | −17.2% | — |
| Free cash flow margin | −9.8% | −39.2% | −30.3% | −15.3% | −15.9% | −28.6% | −36.4% | −66.7% | −39.3% |
| Financial health | |||||||||
| Total debt | CN¥6.47B | CN¥5.20B | CN¥1.72B | CN¥1.35B | CN¥1.62B | CN¥612.3M | CN¥174.4M | CN¥400.1M | — |
| Cash & short-term investments | CN¥6.12B | CN¥2.74B | CN¥2.26B | CN¥4.67B | CN¥6.71B | CN¥6.12B | CN¥2.25B | CN¥3.72B | — |
| Net debt | CN¥346.9M | CN¥2.46B | −CN¥532.8M | −CN¥3.32B | −CN¥5.09B | −CN¥5.51B | −CN¥2.07B | −CN¥3.32B | — |
| Debt / equity | 0.69 | 1.01 | 0.25 | 0.15 | 0.15 | 0.07 | — | — | — |
| Debt / assets | 0.24 | 0.30 | 0.11 | 0.08 | 0.08 | 0.05 | 0.03 | 0.07 | — |
| Net debt / EBITDA | 0.17 | — | — | — | — | — | — | — | — |
| Current ratio | 1.17 | 0.75 | 0.89 | 1.36 | 1.65 | 2.75 | 1.71 | 3.29 | — |
| Quick ratio | 1.17 | 0.75 | 0.71 | 1.34 | 1.62 | 2.75 | 1.55 | 3.14 | — |
| Interest coverage | -1.1 | -3.5 | -9.3 | -15.9 | -33.6 | -135.1 | -232.8 | -24.3 | -20.5 |
| Working capital | CN¥1.60B | −CN¥2.32B | −CN¥730.5M | CN¥2.39B | CN¥4.90B | CN¥6.08B | CN¥1.73B | CN¥3.30B | — |
| Invested capital | CN¥9.67B | CN¥7.62B | CN¥6.36B | CN¥5.48B | CN¥5.51B | CN¥2.73B | −CN¥6.27B | −CN¥6.56B | — |
| Tangible asset value | CN¥4.18B | CN¥204.7M | CN¥1.81B | CN¥3.97B | CN¥5.70B | CN¥8.25B | −CN¥4.20B | −CN¥3.25B | — |
| Net current asset value | −CN¥6.40B | −CN¥5.25B | −CN¥1.73B | CN¥1.32B | CN¥2.83B | CN¥5.86B | −CN¥6.08B | −CN¥4.37B | — |
| Capital allocation | |||||||||
| Share buybacks (net) | — | CN¥0 | CN¥0 | CN¥208.4M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Capex / revenue | 49.6% | 47.3% | 27.9% | 17.6% | 8.1% | 24.2% | 25.3% | 49.4% | 28.4% |
| Capex / operating cash flow | 124.8% | 586.1% | — | 760.6% | — | — | — | — | — |
| Capex / depreciation | 1.91 | 2.92 | 2.09 | 1.24 | 0.86 | 2.10 | 1.65 | 2.66 | 1.18 |
| Stock-based compensation / revenue | 4.7% | 2.8% | 2.6% | 4.4% | 4.8% | 5.0% | 3.1% | 2.1% | 7.4% |
| R&D / revenue | 8.5% | 10.9% | 11.1% | 11.9% | 11.5% | 11.8% | 15.0% | 19.9% | 32.3% |
| SG&A / revenue | 11.7% | 11.0% | 12.3% | 14.8% | 11.1% | 11.5% | 12.5% | 15.3% | 17.0% |
| Efficiency | |||||||||
| Days sales outstanding | 94.4 | 120.4 | 150.3 | 174.9 | 142.7 | 111.5 | 104.3 | 128.5 | — |
| Days of inventory on hand | — | — | 40.3 | 8.3 | 10.0 | — | 28.4 | 34.2 | — |
| Days payables outstanding | 88.2 | 104.3 | 120.9 | 123.4 | 104.7 | 97.2 | 91.3 | 108.8 | — |
| Cash conversion cycle (days) | 6.2 | 16.2 | 69.7 | 59.8 | 48.0 | 14.3 | 41.4 | 54.0 | — |
| Receivables turnover | 3.87 | 3.03 | 2.43 | 2.09 | 2.56 | 3.27 | 3.50 | 2.84 | — |
| Payables turnover | 4.14 | 3.50 | 3.02 | 2.96 | 3.49 | 3.76 | 4.00 | 3.36 | — |
| Inventory turnover | — | — | 9.06 | 43.83 | 36.43 | — | 12.84 | 10.68 | — |
| Asset turnover | 0.43 | 0.48 | 0.44 | 0.43 | 0.55 | 0.73 | 0.67 | 0.38 | — |
| Average receivables | CN¥2.47B | CN¥2.57B | CN¥2.90B | CN¥3.92B | CN¥3.54B | CN¥2.01B | CN¥1.13B | CN¥781.2M | — |
| Average payables | CN¥1.95B | CN¥1.84B | CN¥2.05B | CN¥2.62B | CN¥2.50B | CN¥1.66B | CN¥987.7M | CN¥720.8M | — |
| Average inventory | — | — | CN¥684.1M | CN¥176.8M | CN¥239.1M | — | CN¥307.4M | CN¥226.6M | — |
| Intangibles / total assets | 19.2% | 30.1% | 36.1% | 32.4% | 27.5% | 0.1% | 0.1% | 0.2% | — |
Computed from KC's annual financial statements (latest annual report filed April 23, 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.
KC valuation and financial ratios
Kingsoft Cloud earned a return on equity of −12.9% and a return on invested capital of −4.8% in fiscal 2025. It ended the year with CN¥6.5 billion of debt and CN¥6.1 billion in cash and short-term investments, net debt of CN¥346.9 million.
See the KC income statement, the KC chart for price history, or the KC stock overview for the latest quote and news.
KC key metrics FAQ
What is Kingsoft Cloud's return on equity?
Kingsoft Cloud's return on equity (ROE) was −12.9% in fiscal 2025: net income of -CN¥936.3 million on average shareholders' equity of CN¥7.2 billion.
What is Kingsoft Cloud's ROIC?
Kingsoft Cloud's return on invested capital was −4.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Kingsoft Cloud have?
Kingsoft Cloud had total debt of CN¥6.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.69 and CN¥346.9 million of net debt (0.17 times EBITDA).
What is Kingsoft Cloud's current ratio?
Kingsoft Cloud's current ratio was 1.17 at the end of fiscal 2025: current assets were 1.17 times current liabilities.