Cango (CANG)
Market Price (12/4/2025): $1.265 | Market Cap: $67.7 MilSector: Financials | Industry: Diversified Capital Markets
Cango (CANG)
Market Price (12/4/2025): $1.265Market Cap: $67.7 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 402% | Weak multi-year price returns3Y Excs Rtn is -6.8% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 296% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -852% | |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Fintech & Digital Payments. Themes include Online Marketplaces, and Online Banking & Lending. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 402% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -84% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Fintech & Digital Payments. Themes include Online Marketplaces, and Online Banking & Lending. |
| Weak multi-year price returns3Y Excs Rtn is -6.8% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 296% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -852% |
Valuation, Metrics & Events
CANG Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining the approximate -46.8% movement in Cango (CANG) stock from August 31, 2025, to December 4, 2025:
1. Net Income Decline Despite Revenue Growth: While Cango reported a significant 60.6% sequential increase in total revenues to US$224.6 million in Q3 2025, primarily driven by its Bitcoin mining operations, the net income for the quarter actually decreased by 45.0% year-over-year to US$37.3 million. This drop in profitability, despite a surge in top-line revenue, likely raised investor concerns.
2. High All-in Bitcoin Mining Costs: In the third quarter of 2025, Cango's all-in cost to mine one Bitcoin was reported as US$99,383. Such high operational costs in a volatile cryptocurrency market could lead to investor apprehension regarding sustained profitability and margins.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CANG Return | -20% | -50% | 36% | -22% | 331% | -40% | 9% |
| Peers Return | -1% | 0% | 0% | 0% | 0% | -19% | -19% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| CANG Win Rate | 25% | 33% | 67% | 25% | 75% | 50% | |
| Peers Win Rate | 2% | 0% | 0% | 0% | 0% | 22% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| CANG Max Drawdown | -48% | -58% | -38% | -29% | -4% | -41% | |
| Peers Max Drawdown | -1% | 0% | 0% | 0% | 0% | -19% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABTC, DMNT, FIGR, GEMI, MIAX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | CANG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -90.1% | -25.4% |
| % Gain to Breakeven | 905.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -53.3% | -33.9% |
| % Gain to Breakeven | 113.9% | 51.3% |
| Time to Breakeven | 173 days | 148 days |
| 2018 Correction | ||
| % Loss | -63.9% | -19.8% |
| % Gain to Breakeven | 177.0% | 24.7% |
| Time to Breakeven | 471 days | 120 days |
Compare to ABTC, DMNT, FIGR, GEMI, MIAX
In The Past
Cango's stock fell -90.1% during the 2022 Inflation Shock from a high on 1/28/2021. A -90.1% loss requires a 905.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to CANG. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Cango
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.76 |
| Mkt Cap | 0.1 |
| Rev LTM | 1,255 |
| Op Inc LTM | 58 |
| FCF LTM | 7 |
| FCF 3Y Avg | 15 |
| CFO LTM | 49 |
| CFO 3Y Avg | 48 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.6% |
| Rev Chg 3Y Avg | 58.4% |
| Rev Chg Q | -7.1% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Mgn LTM | 3.8% |
| Op Mgn 3Y Avg | 2.1% |
| QoQ Delta Op Mgn LTM | 2.9% |
| CFO/Rev LTM | 3.9% |
| CFO/Rev 3Y Avg | 4.1% |
| FCF/Rev LTM | 0.5% |
| FCF/Rev 3Y Avg | 1.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.1 |
| P/S | 0.1 |
| P/EBIT | -0.2 |
| P/E | -0.1 |
| P/CFO | - |
| Total Yield | -847.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | - |
| D/E | 6.2 |
| Net D/E | 3.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -31.9% |
| 3M Rtn | -59.0% |
| 6M Rtn | -72.4% |
| 12M Rtn | -65.3% |
| 3Y Rtn | -5.3% |
| 1M Excs Rtn | -31.9% |
| 3M Excs Rtn | -59.9% |
| 6M Excs Rtn | -87.1% |
| 12M Excs Rtn | -79.5% |
| 3Y Excs Rtn | -86.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 9082025 | 6-K 6/30/2025 |
| 3312025 | 5152025 | 6-K 3/31/2025 |
| 12312024 | 3272025 | 20-F 12/31/2024 |
| 9302024 | 11062024 | 6-K 9/30/2024 |
| 6302024 | 9032024 | 6-K 6/30/2024 |
| 3312024 | 6142024 | 6-K 3/31/2024 |
| 12312023 | 4262024 | 20-F 12/31/2023 |
| 9302023 | 11292023 | 6-K 9/30/2023 |
| 6302023 | 8282023 | 6-K 6/30/2023 |
| 3312023 | 6122023 | 6-K 3/31/2023 |
| 12312022 | 4262023 | 20-F 12/31/2022 |
| 9302022 | 12012022 | 6-K 9/30/2022 |
| 6302022 | 8312022 | 6-K 6/30/2022 |
| 3312022 | 6132022 | 6-K 3/31/2022 |
| 12312021 | 4262022 | 20-F 12/31/2021 |
| 9302021 | 11242021 | 6-K 9/30/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |