Nano Labs Ltd (NA) Key Metrics
NA key metrics, 2020–2025
Fiscal year ended December 31, 2025 · Chinese yuanNA returns How much profit the business earns on the capital it uses.
NA financial health Debt, liquidity and how easily interest is covered.
NA efficiency & capital use Working capital cycle and where the cash goes.
NA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NA cash returned to shareholders
NA key metrics in Chinese yuan
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Returns & profitability | ||||||
| Return on equity (ROE) | 27.7% | −104.8% | — | 44.5% | — | — |
| Return on invested capital (ROIC) | −15.4% | −64.9% | −225.8% | — | — | — |
| Return on assets (ROA) | 15.6% | −23.4% | −70.5% | 4.9% | −36.0% | −61.3% |
| Return on tangible assets | 12.6% | −19.9% | −83.6% | 9.8% | −19.2% | −61.4% |
| Free cash flow margin | −401.1% | −432.8% | −305.0% | −34.8% | 159.8% | −186.4% |
| Income quality (OCF / net income) | −0.80 | — | — | −8.84 | — | — |
| Financial health | ||||||
| Total debt | CN¥235.7M | CN¥198.9M | CN¥150.9M | CN¥23.7M | CN¥7.3M | CN¥5.7M |
| Cash & short-term investments | CN¥36.1M | CN¥275.3M | CN¥50.5M | CN¥91.2M | CN¥265.7M | CN¥35.7M |
| Net debt | CN¥199.6M | −CN¥76.5M | CN¥100.4M | −CN¥67.6M | −CN¥258.4M | −CN¥30.0M |
| Debt / equity | 0.31 | 0.86 | — | 0.14 | — | — |
| Debt / assets | 0.21 | 0.32 | 0.43 | 0.06 | 0.01 | 0.09 |
| Net debt / EBITDA | — | — | — | −0.32 | — | — |
| Current ratio | 2.09 | 1.75 | 0.52 | 1.57 | 0.96 | 0.54 |
| Quick ratio | 2.03 | 1.61 | 0.46 | 1.02 | 0.73 | 0.47 |
| Interest coverage | -6.3 | -14.2 | -283.4 | 3.2 | -350.7 | — |
| Working capital | CN¥225.0M | CN¥157.2M | −CN¥117.1M | CN¥105.0M | −CN¥38.9M | −CN¥50.7M |
| Invested capital | CN¥948.4M | CN¥154.3M | CN¥85.6M | CN¥96.8M | −CN¥283.1M | −CN¥78.5M |
| Tangible asset value | CN¥695.6M | CN¥186.2M | −CN¥64.0M | CN¥115.7M | −CN¥24.7M | −CN¥48.6M |
| Net current asset value | CN¥52.3M | −CN¥16.4M | −CN¥241.1M | CN¥85.8M | −CN¥41.1M | −CN¥51.0M |
| Capital allocation | ||||||
| Share buybacks (net) | CN¥1.7M | CN¥0 | CN¥0 | — | — | — |
| Capex / revenue | 0.2% | 89.6% | 134.7% | 6.8% | 22.0% | 44.0% |
| Capex / operating cash flow | — | — | — | — | 12.1% | — |
| Capex / depreciation | 0.00 | 3.13 | 10.37 | 7.08 | 1.57 | 1.50 |
| Stock-based compensation / revenue | 0.3% | 1.0% | 0.9% | 1.0% | 0.0% | 10.1% |
| R&D / revenue | 29.0% | 123.5% | 113.1% | 13.4% | 368.8% | 1,621.1% |
| SG&A / revenue | 219.7% | 147.7% | 87.7% | 7.9% | 74.1% | 155.0% |
| Efficiency | ||||||
| Days sales outstanding | 523.4 | 238.9 | 59.3 | 10.5 | 158.4 | 200.1 |
| Days of inventory on hand | 119.0 | 269.0 | 115.5 | 76.6 | 927.0 | 2,079.4 |
| Days payables outstanding | 102.6 | 220.2 | 32.3 | 4.4 | 35.4 | 1,613.5 |
| Cash conversion cycle (days) | 539.9 | 287.8 | 142.6 | 82.8 | 1,050.0 | 665.9 |
| Receivables turnover | 0.70 | 1.53 | 6.15 | 34.61 | 2.30 | 1.82 |
| Payables turnover | 3.56 | 1.66 | 11.30 | 83.06 | 10.30 | 0.23 |
| Inventory turnover | 3.07 | 1.36 | 3.16 | 4.76 | 0.39 | 0.18 |
| Asset turnover | 0.03 | 0.08 | 0.22 | 1.54 | 0.08 | 0.03 |
| Average receivables | CN¥38.7M | CN¥26.6M | CN¥12.7M | CN¥28.4M | CN¥17.1M | CN¥1.2M |
| Average payables | CN¥18.8M | CN¥17.5M | CN¥16.1M | CN¥9.1M | CN¥4.2M | CN¥5.6M |
| Average inventory | CN¥21.8M | CN¥21.4M | CN¥57.5M | CN¥158.0M | CN¥110.6M | CN¥7.2M |
| Intangibles / total assets | 4.1% | 7.6% | 13.6% | 13.3% | 0.0% | 0.2% |
Computed from NA'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.
NA valuation and financial ratios
Nano Labs earned a return on equity of 27.7% and a return on invested capital of −15.4% in fiscal 2025. It ended the year with CN¥235.7 million of debt and CN¥36.1 million in cash and short-term investments, net debt of CN¥199.6 million. It returned CN¥1.7 million to shareholders: CN¥0 in dividends and CN¥1.7 million in share buybacks.
See the NA income statement, the NA chart for price history, or the NA stock overview for the latest quote and news.
NA key metrics FAQ
What is Nano Labs's return on equity?
Nano Labs's return on equity (ROE) was 27.7% in fiscal 2025: net income of CN¥135.5 million on average shareholders' equity of CN¥489.8 million.
What is Nano Labs's ROIC?
Nano Labs's return on invested capital was −15.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Nano Labs have?
Nano Labs had total debt of CN¥235.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.31.
Does Nano Labs buy back its shares?
Yes. Nano Labs spent CN¥1.7 million on net share repurchases in fiscal 2025.
What is Nano Labs's current ratio?
Nano Labs's current ratio was 2.09 at the end of fiscal 2025: current assets were 2.09 times current liabilities.