Boqii Holding Ltd

BQ
About the company

Boqii Holding Limited operates as a pet-focused online retail business in the People's Republic of China. The company offers food, treats, shampoos, cages, toys, and apparel; OTC veterinary drugs, including dermatology drugs and worm medications; and other pet products to pet parents and small and medium pet businesses through self-operated online sales platforms, flagship stores on third-party e-commerce platforms, and an offline distribution network.

Country: Cayman IslandsPrice: $0.43Market Cap: $3.2M

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

2 / 11

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

9 of 12 pass — Buffett, Piotroski and Marks object

Key risk

All 10 investors flag BQ's cash flow

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILPASSFAILFAILFAILFAILNEUTRALFAILFAILFAILBUYNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-07-13

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage75% pass✓ 12✗ 3▾

    9 of 12 pass — Buffett, Piotroski and Marks object

    LT Debt vs Net Current AssetsLT Debt $2.3M vs NCA $19.4M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.09, IC: -36.3x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.09
    ✓Lynch< 0.33
    Cash - Long-term Debt$4.8M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change2.87% -> 6.62%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities3.25
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.09
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.09
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-36.3x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.09
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0851; #1207/4210 (top 28.7%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Cash Flow0% pass✗ 12▾

    All 10 investors flag BQ's cash flow

    Free Cash Flow Proxy$-0.7M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-4.4M
    ✗LynchPositive and growing
    Operating Cash Flow$-4.2M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-12.12%, ROA=-2.10%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-138.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/8 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-269.4%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/8 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-4.4M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-138.39%; #4131/4519 (top 91.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -31.3% vs Rev: -5.8%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$-4.19 (2018) -> $-0.21 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-34.2%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 19.8% -> 26.3%, operating margin -8.5% -> -7.1%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-16.9%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 6✗ 29▾

    15 of 16 flag BQ's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)0/9 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/9 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-36.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-7.1% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-0.7M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-2.7%
    ✗Lynch> 15%
    EBIT / Enterprise ValueN/A (EV <= 0)
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=-34.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-2.10%
    ✗PiotroskiROA > 0
    ROA Change YoY-17.12% -> -2.10% (delta: +15.02%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-12.12%, ROA=-2.10%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY21.5% -> 26.3%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue-0.2%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-2.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.1x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-20.1% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-7.1%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-2.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-8.5% (2023) -> -7.1% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 19.8% -> 26.3%, operating margin -8.5% -> -7.1%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-23.15%; #4643/6340 (top 73.2%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+45.68%; #780/3702 (top 21.1%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-2.70%; #3087/5226 (top 59.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0615; #2844/5884 (top 48.3%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/8 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 10✗ 18▾

    12 of 13 flag BQ's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.1x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise ValueN/A (EV <= 0)
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=-34.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.1x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-43.9%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-138.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.1x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($0.43)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-23.15%; #4643/6340 (top 73.2%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+8.5719; #203/6449 (top 3.1%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.06x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+3718.7%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+19.1713; #217/5247 (top 4.1%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-138.39%; #4131/4519 (top 91.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-44.86%; #4978/6202 (top 80.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts21% pass✓ 3✗ 11▾

    Split decision: 11 FAIL · 2 PASS · 2 NEUTRAL · 1 BUY

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1426/2370 (Top 60.2%))✗NeffFAIL (0/6)✓SchlossBUY (5/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag BQ's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio3.25
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-35.3%
    ✗Buffett> 10%
    ROIC - WACC-45.3%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-34.8%
    ✗Greenblatt> 25%
    Current Ratio Change YoY4.85 -> 3.25
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.48x -> 1.74x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities3.25
    ✓Dreman> 1.5
    Return on Invested Capital-11.6%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-20.3%; FY2024: ROIC=-23.6%; FY2025: ROIC=-11.6%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -11.6%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Retail
SIC Sector: Miscellaneous Retail
Size: Micro Cap($3.2M)
Revenue: $60.8M-5.8% YoY
Net Income: $-734706.87+90.1% YoY

Financial Snapshot

Operating Margin-7.1%
Return on Equity-2.7%
Debt / Equity0.09
Current Ratio3.25
EPS (Diluted)$-0.21

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-07-13
FY 2024
Sources
  • 20-F · 2025-07-21
FY 2023
Sources
  • 20-F · 2024-10-29
FY 2022
Sources
  • 20-F · 2024-10-29
FY 2021
Sources
  • 20-F · 2024-10-29
Market Cap$3.2Mcurrent$715.6Mest.$336.1Mest.$4.2Best.$9.9Best.
Revenue$60.8M↓6%$64.6M↓34%$98.2M↓38%$159.0M↓15%$187.0M
Operating Income-$4.3M↑47%-$8.2M↑2%-$8.3M↑45%-$15.1M↑31%-$21.8M
Net Income-$734.7K↑90%-$7.5M↑15%-$8.8M↑41%-$15.0M↑26%-$20.2M
EPS (Diluted)$-0.21↓452%$-0.04↑56%$-0.09↑59%$-0.22↑27%$-0.30
Gross Margin26.3%↑22%21.5%↑8%19.8%↓7%21.4%↑5%20.5%
Operating Margin-7.1%↑44%-12.7%↓49%-8.5%↑11%-9.5%↑18%-11.7%
ROE-2.7%↑91%-28.5%↑2%-29.1%↑50%-57.7%↑11%-64.5%
Total Debt$2.3M↑86%$1.2M↓41%$2.1M↓83%$12.6M↓51%$25.4M
Shareholders' Equity$27.2M↑4%$26.1M↓14%$30.3M↑17%$25.9M↓17%$31.4M
Current Ratio3.25↓33%4.85↑25%3.86↑87%2.07↑13%1.83
Debt / Equity0.09↑78%0.05↓31%0.07↓86%0.48↓40%0.81
Operating Cash Flow-$4.2M↑54%-$9.2M↓162%-$3.5M↑55%-$7.9M↑66%-$23.2M
Free Cash Flow-$4.4M↑55%-$9.7M↓169%-$3.6M↑56%-$8.1M↑66%-$23.7M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Retail

BQ vs Peers — Financial Grading

Revenue$60.8MBottom 25%
Net Income$-734706.87Bottom 25%
ROE-2.7%Bottom 25%
D/E0.09Median
Op. Margin-7.1%Bottom 25%
Curr. Ratio3.25Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
COSTCO WHOLESALE CORP /NEWCOST$490.2B$1106.21$275.2B$8.1B27.8%0.203.8%1.032/95/96/71/3F-Score 63/11
HOME DEPOT, INC.HD$347.9B$348.69$164.7B$14.2B110.5%4.0012.7%1.063/95/93/71/3F-Score 43/11
TJX COMPANIES INC /DE/TJX$148.4B$134.37$60.4B$5.5B53.9%0.28—1.143/96/97/71/3F-Score 74/11
FASTENAL COFAST$63.3B$55.19$8.2B$1.3B31.9%0.0320.2%4.854/97/95/71/3F-Score 75/11
AUTOZONE INCAZO$52.5B$3259.70$18.9B$2.5B-73.2%-2.6119.1%0.883/96/92/71/3F-Score 64/11
KROGER COKR$41.8B$70.80$147.6B$1.0B17.1%2.681.3%0.803/94/93/70/3F-Score 73/11
WILLIAMS SONOMA INCWSM$29.9B$254.05$7.8B$1.1B52.3%—18.1%1.393/96/93/71/3F-Score 53/11
CASEYS GENERAL STORES INCCASY$26.3B$712.08$17.6B$714.4M18.1%0.62—1.013/93/92/70/3F-Score 93/11