36Kr Holdings Inc (KRKR) Key Metrics
KRKR key metrics, 2017–2025
Fiscal year ended December 31, 2025 · Chinese yuanKRKR returns How much profit the business earns on the capital it uses.
KRKR financial health Debt, liquidity and how easily interest is covered.
KRKR efficiency & capital use Working capital cycle and where the cash goes.
KRKR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
KRKR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
KRKR cash returned to shareholders
KRKR key metrics in Chinese yuan
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||||
| Return on equity (ROE) | 9.0% | −73.9% | −30.5% | 6.9% | −26.3% | −55.1% | −36.4% | — | — |
| Return on invested capital (ROIC) | 18.8% | −51.6% | −37.7% | −25.7% | −47.1% | −73.8% | — | — | — |
| Return on assets (ROA) | 3.9% | −37.2% | −17.5% | 4.1% | −16.6% | −37.6% | −4.2% | 12.4% | 3.6% |
| Return on tangible assets | 3.8% | −49.7% | −19.7% | 3.8% | −17.9% | −48.5% | −3.0% | 9.5% | 3.6% |
| Free cash flow margin | 8.3% | −14.5% | −37.5% | −2.1% | 60.9% | −5.0% | −25.0% | −20.8% | −9.8% |
| Income quality (OCF / net income) | 1.70 | — | — | −0.23 | — | — | — | −1.15 | −1.44 |
| Financial health | |||||||||
| Total debt | CN¥39.5M | CN¥29.6M | CN¥45.7M | CN¥56.3M | CN¥21.9M | CN¥27.6M | CN¥0 | CN¥16.9M | CN¥9.5M |
| Cash & short-term investments | CN¥116.2M | CN¥91.7M | CN¥117.0M | CN¥184.8M | CN¥216.1M | CN¥209.2M | CN¥263.7M | CN¥194.4M | CN¥148.0M |
| Net debt | −CN¥76.7M | −CN¥62.1M | −CN¥71.2M | −CN¥128.4M | −CN¥194.2M | −CN¥181.6M | −CN¥263.7M | −CN¥177.5M | −CN¥138.5M |
| Debt / equity | 0.31 | 0.25 | 0.18 | 0.17 | 0.07 | 0.07 | 0.00 | — | — |
| Debt / assets | 0.13 | 0.11 | 0.10 | 0.10 | 0.04 | 0.05 | 0.00 | 0.04 | 0.04 |
| Net debt / EBITDA | −3.72 | — | — | — | — | — | — | −3.51 | −12.04 |
| Current ratio | 1.21 | 1.20 | 1.60 | 1.90 | 2.28 | 2.99 | 3.18 | 4.72 | 4.87 |
| Quick ratio | 1.21 | 1.20 | 1.60 | 1.90 | 2.08 | 2.91 | 3.03 | 4.59 | 4.76 |
| Interest coverage | — | — | — | -0.6 | -14.0 | -59.6 | -0.7 | 470.0 | 59.5 |
| Working capital | CN¥32.9M | CN¥29.2M | CN¥102.4M | CN¥189.1M | CN¥248.6M | CN¥353.3M | CN¥582.4M | CN¥314.7M | CN¥173.3M |
| Invested capital | CN¥52.1M | CN¥55.9M | CN¥180.7M | CN¥209.7M | CN¥105.2M | CN¥199.2M | CN¥373.5M | −CN¥663.1M | −CN¥550.2M |
| Tangible asset value | CN¥128.0M | CN¥116.8M | CN¥259.8M | CN¥344.1M | CN¥306.5M | CN¥388.5M | CN¥643.6M | −CN¥485.9M | −CN¥411.7M |
| Net current asset value | CN¥21.5M | CN¥17.5M | CN¥75.4M | CN¥173.4M | CN¥248.0M | CN¥340.9M | CN¥582.4M | −CN¥501.6M | −CN¥415.2M |
| Capital allocation | |||||||||
| Dividends paid | — | — | — | — | — | — | CN¥178.0M | CN¥0 | CN¥0 |
| Share buybacks (net) | — | — | CN¥0 | CN¥0 | CN¥5.8M | CN¥33.4M | CN¥2.3M | CN¥0 | CN¥0 |
| Dividend payout ratio | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | — | — | 3.0% | — | — | — | — |
| Capex / revenue | 0.1% | 0.2% | 1.6% | 0.5% | 0.7% | 0.6% | 0.7% | 5.6% | 0.3% |
| Capex / operating cash flow | 0.8% | — | — | — | 1.1% | — | — | — | — |
| Capex / depreciation | 0.01 | 0.05 | 0.41 | 0.87 | 0.82 | 0.42 | 1.13 | 10.40 | 0.80 |
| Stock-based compensation / revenue | 0.0% | −0.1% | 1.4% | 4.3% | 4.7% | 10.2% | 13.9% | 1.7% | 4.1% |
| R&D / revenue | 5.6% | 6.2% | 12.3% | 17.1% | 15.0% | 9.9% | 5.5% | 7.4% | 5.3% |
| SG&A / revenue | 47.7% | 76.0% | 68.9% | 54.0% | 74.0% | 91.3% | 40.0% | 30.5% | 35.1% |
| Efficiency | |||||||||
| Days sales outstanding | 102.4 | 162.1 | 181.3 | 216.3 | 281.6 | 400.2 | 205.0 | 157.6 | 196.7 |
| Days of inventory on hand | — | — | 0.2 | 52.4 | 77.8 | 39.2 | 24.5 | 19.6 | 28.8 |
| Days payables outstanding | 201.6 | 184.8 | 131.4 | 145.3 | 171.3 | 142.4 | 76.6 | 40.0 | 63.0 |
| Cash conversion cycle (days) | -99.3 | -22.7 | 50.1 | 123.4 | 188.1 | 296.9 | 152.9 | 137.2 | 162.4 |
| Receivables turnover | 3.57 | 2.25 | 2.01 | 1.69 | 1.30 | 0.91 | 1.78 | 2.32 | 1.86 |
| Payables turnover | 1.81 | 1.98 | 2.78 | 2.51 | 2.13 | 2.56 | 4.77 | 9.12 | 5.79 |
| Inventory turnover | — | — | 1,871.82 | 6.96 | 4.69 | 9.31 | 14.90 | 18.58 | 12.69 |
| Asset turnover | 0.79 | 0.63 | 0.66 | 0.60 | 0.59 | 0.52 | 0.99 | 0.94 | 0.54 |
| Average receivables | CN¥63.9M | CN¥102.6M | CN¥168.9M | CN¥191.1M | CN¥244.4M | CN¥424.0M | CN¥368.2M | CN¥129.1M | CN¥64.9M |
| Average payables | CN¥53.3M | CN¥60.1M | CN¥56.9M | CN¥54.9M | CN¥60.5M | CN¥102.0M | CN¥79.8M | CN¥15.4M | CN¥10.5M |
| Average inventory | — | — | CN¥84,500 | CN¥19.8M | CN¥27.5M | CN¥28.1M | CN¥25.5M | CN¥7.6M | CN¥4.8M |
| Intangibles / total assets | 0.4% | 0.5% | 0.5% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.0% |
Computed from KRKR'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.
KRKR valuation and financial ratios
36Kr earned a return on equity of 9.0% and a return on invested capital of 18.8% in fiscal 2025. It ended the year with CN¥39.5 million of debt and CN¥116.2 million in cash and short-term investments, a net cash position of CN¥76.7 million.
See the KRKR income statement, the KRKR chart for price history, or the KRKR stock overview for the latest quote and news.
KRKR key metrics FAQ
What is 36Kr's return on equity?
36Kr's return on equity (ROE) was 9.0% in fiscal 2025: net income of CN¥11.2 million on average shareholders' equity of CN¥123.4 million.
What is 36Kr's ROIC?
36Kr's return on invested capital was 18.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does 36Kr have?
36Kr had total debt of CN¥39.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.31 and more cash than debt.
What is 36Kr's current ratio?
36Kr's current ratio was 1.21 at the end of fiscal 2025: current assets were 1.21 times current liabilities.