Canaan Inc. Sponsored ADR
CAN Technology Computer Hardware
Canaan Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $529.7 million, up 96.7% from fiscal 2024. In the quarter to June 2026, revenue fell 68.2%, EPS fell 333.3%, free cash flow grew 11.3% and total debt rose 26.8%, each against the same quarter a year earlier.
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Canaan Inc. Sponsored ADR (CAN) Piotroski F-score
Canaan Inc. Sponsored ADR's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | 2.00 |
| FY2023 | 2 | (1.00) |
| FY2022 | 3 | (1.00) |
| FY2018 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (39.45%) | (52.23%) | Fail | 0 |
| Positive operating cash flow | (271.22m) | (199.26m) | Fail | 0 |
| Rising return on assets | (39.45%) | (52.23%) | Pass | 1 |
| Cash flow above net income | (60.95m) | 50.49m | Fail | 0 |
| Falling long-term leverage | 0.05 | 0.02 | Fail | 0 |
| Rising current ratio | 3.31 | 1.87 | Pass | 1 |
| No new shares issued | 469,521,400 | 271,492,000 | Fail | 0 |
| Rising gross margin | 7.77% | (31.31%) | Pass | 1 |
| Rising asset turnover | 0.99 | 0.56 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| OSS One Stop Systems, Inc. compare | 6 |
| DDD 3D Systems Corporation compare | 5 |
| NNDM Nano Dimension Ltd. compare | 4 |
| CAN Canaan Inc. Sponsored ADR | 4 |
| VELO Velo3D, Inc. compare | 3 |
| DPRO Draganfly Inc. compare | 3 |
| BGIN Bgin Blockchain Limited compare | 2 |
| YIBO Planet Image International Limited compare | 2 |
| QTEX QTREX Quantum Ltd. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover