Cango - Public Comps and Valuation Multiples

Cango Overview

About Cango

Cango Inc through its subsidiaries, variable interest entities (VIEs), and subsidiaries of the VIEs, are principally engaged in the bitcoin mining business, and the automobile trading transaction, automotive financing facilitation, and aftermarket service facilitation businesses (collectively, the automobile and related businesses). The Company conducts the bitcoin mining business mainly through its subsidiaries, and the automobile and associated businesses are conducted through the Company’s VIEs and the subsidiaries of the VIEs. The company derives the majority of its revenue from the bitcoin mining business.

Founded

2017

HQ

Employees

217

Website

cangoonline.com

Sectors

Financials

LTM Revenue $73.4M

LTM EBITDA $20.0M

EV

$916M

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Cango Financials

As of September 2025, Cango reported last 12-month revenue of $73.4M and EBITDA of $20.0M.

In the same period, Cango generated $1.3M in LTM gross profit and -$28.7M in net income.

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Cango P&L

In the most recent fiscal year, Cango reported revenue of $804M and EBITDA of $398M.

Cango expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$73.4M	XXX	$804M	XXX	XXX	XXX
Gross Profit	$1.3M	XXX	$175M	XXX	XXX	XXX
Gross Margin	2%	XXX	22%	XXX	XXX	XXX
EBITDA	$20.0M	XXX	$398M	XXX	XXX	XXX
EBITDA Margin	27%	XXX	49%	XXX	XXX	XXX
EBIT	-$19.7M	XXX	$207M	XXX	XXX	XXX
EBIT Margin	-27%	XXX	26%	XXX	XXX	XXX
Net Profit	-$28.7M	XXX	$300M	XXX	XXX	XXX
Net Margin	-39%	XXX	37%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cango including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $73.4M. EBITDA for the last twelve months was $20.0M. In the most recent fiscal year, Cango achieved $804M in revenue and $398M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$73.4M	Analyst estimates available to subscribers	$804M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.3M	Analyst estimates available to subscribers	$175M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	1.8% gross margin	Analyst estimates available to subscribers	21.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$20.0M	Analyst estimates available to subscribers	$398M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	27.2% EBITDA margin	Analyst estimates available to subscribers	49.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$19.7M	Analyst estimates available to subscribers	$207M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-26.8% EBIT margin	Analyst estimates available to subscribers	25.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$28.7M	Analyst estimates available to subscribers	$300M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-39.0% net profit margin	Analyst estimates available to subscribers	37.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cango

This financial data table provides comprehensive performance metrics for Cango, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Cango generated $73.4M in revenue over the last twelve months.
The company achieved $20.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.3M.
Net income over the last twelve months reached -$28.7M.

Fiscal Year Performance

In the most recent fiscal year, Cango reported $804M in total revenue.
Fiscal year EBITDA was $398M.
The company maintained a gross profit margin of 21.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 49.5%.
Net profit margin reached 37.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Cango. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Cango Stock Performance

Cango has current market cap of $808M, and EV of $916M.

Market Cap Evolution

Cango Stock Data

As of October 3, 2025, Cango's stock price is $5.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$916M	$808M	XXX	XXX	XXX	XXX	$-1.81

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Cango Valuation Multiples

Cango's trades at 1.1x EV/Revenue multiple, and 2.3x EV/EBITDA.

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Cango Financial Valuation Multiples

As of October 3, 2025, Cango has market cap of $808M and EV of $916M.

Equity research analysts estimate Cango's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Cango has a P/E ratio of -4.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$808M	XXX	$808M	XXX	XXX	XXX
EV (current)	$916M	XXX	$916M	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.1x	XXX	XXX	XXX
EV/EBITDA	6.4x	XXX	2.3x	XXX	XXX	XXX
EV/EBIT	-6.5x	XXX	4.4x	XXX	XXX	XXX
EV/Gross Profit	95.7x	XXX	n/a	XXX	XXX	XXX
P/E	-4.0x	XXX	2.7x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-0.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Cango Margins & Growth Rates

Cango's last 12 month revenue growth is 49%

Cango's revenue per employee in the last FY averaged $3.7M, while opex per employee averaged -$0.1M for the same period.

Cango's rule of 40 is 54% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cango's rule of X is 150% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Cango Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	49%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	27%	XXX	49%	XXX	XXX	XXX
EBITDA Growth	44%	XXX	56%	XXX	XXX	XXX
Rule of 40	54%	XXX	99%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	150%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$3.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	-$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	-4%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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