Nano Labs Ltd. Sponsored ADR
Nano Labs Ltd. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $3.8 million, down 32.0% from fiscal 2024. Insiders bought in the last twelve months.
Follow NA
Nano Labs Ltd. Sponsored ADR (NA) Piotroski F-score
Nano Labs Ltd. Sponsored ADR's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 1.00 |
| FY2024 | 3 | 2.00 |
| FY2023 | 1 | (4.00) |
| FY2022 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 15.74% | (23.30%) | Pass | 1 |
| Positive operating cash flow | (15.40m) | (19.38m) | Fail | 0 |
| Rising return on assets | 15.74% | (23.30%) | Pass | 1 |
| Cash flow above net income | (34.68m) | (3.64m) | Fail | 0 |
| Falling long-term leverage | 0.20 | 0.35 | Pass | 1 |
| Rising current ratio | 2.09 | 1.75 | Pass | 1 |
| No new shares issued | 19,858,000 | 8,050,000 | Fail | 0 |
| Rising gross margin | (147.33%) | 28.58% | Fail | 0 |
| Rising asset turnover | 0.03 | 0.08 | Fail | 0 |
| 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 |
|---|---|
| LEDS SemiLEDS Corporation compare | 6 |
| PXLW Pixelworks, Inc. compare | 4 |
| WQEY WISeQey Corp compare | 4 |
| NA Nano Labs Ltd. Sponsored ADR | 4 |
| MX Magnachip Semiconductor Corp. compare | 3 |
| IPWR Ideal Power Inc. compare | 2 |
| SQNS Sequans Communications S.A. compare | 2 |
| ICG Intchains Group Limited Unsponsored ADR compare | 1 |
| MOBX Mobix Labs, Inc. 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