9F

JFU

Information Technology Services · Technology

Exchange

NASDAQ Global Market

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

9F Inc. is a Chinese financial technology company that connects everyday consumers with financial products like loans and credit services. It runs an online platform that matches borrowers with lenders, mostly targeting individuals in China who want access to personal credit. The company operates in the consumer fintech space and also offers some investment and insurance-related services through its digital platform.

9F makes money primarily by charging fees for matching borrowers with financial institutions and earning commissions on financial products sold through its platform. It operates almost entirely in China, and with a market cap near zero, it is a very small company by global standards. The high gross margin reflects its asset-light, software-driven model, but the razor-thin operating margin and near-zero return on invested capital signal weak profitability. The biggest risk the company faces is China's tightening regulatory environment around online lending, which has forced many similar platforms to shrink or shut down entirely.

Score breakdown

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Quality

Profit per sale

Gross Margin

68.2%

Premium pricing power — 68.2% gross margin

Profit after running costs

Operating Margin

-12.2%

Losing money on operations — -12.2%

Return on the money invested

ROCE

0.3%

Weak — 0.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-6.5%

Shrinking sales (-6.5% YoY)

Profit growth

EPS YoY

+233.3%

Earnings growing fast (+233.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

1.4x

no trend

Attractive valuation — P/E 1.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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