CNFinance Holdings Ltd.

CNF

CNFinance Holdings Limited, through its subsidiaries, provides home equity loan services in Mainland China. The company offers micro credit loan services for micro and small-enterprise owners; loan facilitation, post facilitation, and guarantee services for commercial banks; and loan lending agency services for financial institutions.

About the company

Country: ChinaPrice: $1.87Market Cap: $31.5M

Investment snapshot

13%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 12

NEUTRAL / FAIL

Median fair value

$0.23

-87.6% vs price

Models with upside

0 / 16

Positive margin of safety

Strongest signal

3 of 4 pass — Schloss objects

Key risk

All 3 investors flag CNF's efficiency

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The 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.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked 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.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	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
Verdict	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
Analysis	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/A	N/A	N/A	N/A			N/A			N/A		N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	-705.5%	-1600.0%	N/A	-503.2%	-257.7%	N/A	-938.9%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-30 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-30 Score computed: 2026-11-14

Where It Passes

Debt & Leverage75% pass✓ 4✗ 1▾
3 of 4 pass — Schloss objects
LT Debt / Total Assets Change3.65% -> 2.00%
✓PiotroskiDecreased YoY
Total Debt / Shareholders' Equity0.06
✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Negative debt-to-equity (higher means less debt)-0.0573; #1054/4210 (top 25.0%)
✓AsnessTop 30% of eligible cross-section
Current Assets / Current Liabilities
✗SchlossCurrent ratio >= 1.50x (app cutoff)
Cash Flow60% pass✓ 7✗ 5▾
6 of 10 pass — Buffett, Lynch, Dreman +1 more object
Free Cash Flow Proxy$-65.5M
✗BuffettPositive and growing
FCF Positive and Growing$11.6M
✗LynchPositive and growing
Operating Cash Flow$12.1M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=0.82%, ROA=-4.59%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=36.7%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive10/10 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency10/10 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$11.6M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+36.67%; #150/4519 (top 3.3%)
✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Efficiency0% pass✗ 3▾
All 3 investors flag CNF's efficiency
Revenue / Total Assets Change YoY
✗PiotroskiImproved YoY
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROE (5-year)0/5 years above 12% (latest -13.1%)
✗SleepROE > 12% in a majority of years
Valuation models0% pass✗ 5▾
CNF overvalued: all 5 models price fair value below $1.87 (median $0.23)
Dreman fair value$0.23
✗Dreman-705.5% margin vs $1.87
Munger fair value$0.11
✗Munger-1600.0% margin vs $1.87
Akre fair value$0.31
✗Akre-503.2% margin vs $1.87
Marks fair value$0.52
✗Marks-257.7% margin vs $1.87
Templeton fair value$0.18
✗Templeton-938.9% margin vs $1.87
Profitability6% pass✓ 5✗ 30▾
15 of 16 flag CNF's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)8/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)-65.1%
✗Graham>= 33% growth
Net Income Positive (10+ years)9/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-0.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-65.5M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)0.80
✗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-29.7%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-13.1%
✗Lynch> 15%
Net Income / Total Assets-4.59%
✗PiotroskiROA > 0
ROA Change YoY0.25% -> -4.59% (delta: -4.84%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=0.82%, ROA=-4.59%
✓PiotroskiCFO/Assets > ROA
Pre-Tax Income / Revenue
✗Dreman>= 8%
Net Income / Shareholders' Equity-13.1%
✗Dreman> 12%
Return on Equity-13.1%
✗Munger> 15%✗AkreROE > 20% (3-year avg)
Margin of Safety
✗PabraiP/TBV < 1.5 or P/E < 15
ROE (high and growing)FY2023: ROE=4.1%; FY2024: ROE=0.9%; FY2025: ROE=-13.1%
✗AkreLatest 3 consecutive FYs: ROE > 15% in each
Discount to Intrinsic Value-705.5% (IV=$0.23 vs Price=$1.87)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency9/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue
✗Ackman>= 15%
Net Income / Shareholders Equity-13.1%
✗Ackman>= 15%
5-Year EPS CAGR8.1% CAGR over 3 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
ROE (5-year)0/5 years above 12% (latest -13.1%)
✗SleepROE > 12% in a majority of years
Net income / market capitalization-213.28%; #5687/6340 (top 89.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-13.14%; #3513/5226 (top 67.2%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0212; #1505/5884 (top 25.6%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR-29.7% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years8/8 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation8% pass✓ 4✗ 22▾
11 of 12 flag CNF's valuation — Graham, Lynch, Dreman +8 more
Price / 3-yr avg EPS120.8x
✗Graham<= 15x
Price-to-Tangible-Book Ratio
✗Graham<= 1.5x
P/E x P/TBV
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)
✗Dreman< 8x
Price / Tangible Book Value per Share
✗Dreman< 1.2x✗SchlossP/TBV <= 1.00x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=36.7%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical Average
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-705.5% (IV=$0.23 vs Price=$1.87)
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low100% of trailing low ($1.87)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Price / Book Value per Share
✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization-213.28%; #5687/6340 (top 89.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+16.2350; #141/6449 (top 2.2%)
✓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)
Book Value per Share Change-3.1%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+36.67%; #150/4519 (top 3.3%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-40.45%; #4815/6202 (top 77.6%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts14% pass✓ 2✗ 12▾
Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL
Overall verdict
✗GrahamFAIL (0/7)✗BuffettFAIL (0/6)✗LynchFAIL (0/4)✓PiotroskiPASS (F-Score 3)✗DremanFAIL (0/9)✗MungerFAIL (1/3)✗PabraiFAIL (1/3)✗AkreFAIL (0/5)✗MarksFAIL (2/4)✗AckmanFAIL (0/8)✓TempletonPASS (4/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Growth25% pass✓ 2✗ 10▾
6 of 8 flag CNF's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)-65.1%
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-29.7%
✗Lynch15-30% (Fast Grower); > 0% to pass
EPS Growth Direction$0.03 (2016) -> $0.02 (2023)
✗DremanPositive over recent years
EPS CAGR-7.8% CAGR over 7 years
✗Dreman> 5% annualized
Positive Net Income Frequency9/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth
✗Ackman>= 5%
Positive EPS Growth Frequency2/3 years with positive EPS growth
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR8.1% CAGR over 3 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trend
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR-29.7% over 5 years
✗Neff7%-20% annualized

Business & financials

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

Company Profile

Industry: Banking

SIC Sector: Credit Institutions

Size: Micro Cap($31.5M)

Revenue: N/A

Net Income: $67.2M-1398.7% YoY

Financial Snapshot

Operating Margin--

Return on Equity-13.1%

Debt / Equity0.06

Current Ratio--

Buybacks (1y)$254.7K

Buybacks (2y)$881.7K

Similar Companies

MUFGMITSUBISHI UFJ FINANCIAL GROUP INC

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AXPAMERICAN EXPRESS CO

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SANBanco Santander, S.A.

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ATMPBARCLAYS BANK PLC

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Sector-adjusted criteria: Bank

Leverage is a bank’s business model and current accounts don’t exist on its balance sheet, so debt and liquidity tests are omitted and tangible book value and ROE replace their industrial analogs.

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks: $254.7K
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

64.7% = 90.0% + −13.3%

FY23

19.7% = 19.2% + 0.5%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

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.

Metric	FY 2025 Sources 20-F · 2026-04-30	FY 2024 Sources 20-F · 2025-04-30	FY 2023 Sources 20-F · 2024-04-26	FY 2022 Sources 20-F · 2023-04-25	FY 2021 Sources 20-F · 2022-04-27
Market Cap	$31.5Mcurrent	$16.9Best.	$33.2Best.	$27.3Best.	$45.0Best.
Revenue	--	--	--	--	--
Operating Income	-$26.1M↑52%	-$54.8M↓2%	-$53.7M↓10%	-$48.6M↑19%	-$59.8M
Net Income	-$67.2M↓1399%	$5.2M↓78%	$23.2M↑19%	$19.4M↑90%	$10.2M
EPS (Diluted)	--	--	$0.02↑20%	$0.01↑65%	$0.01
Gross Margin	—	—	—	—	—
Operating Margin	—	—	—	—	—
ROE	-13.1%↓1511%	0.9%↓77%	4.1%↑18%	3.5%↑104%	1.7%
Total Debt	$29.3M↓61%	$75.2M↓70%	$249.9M↓13%	$286.0M↓77%	$1.3B
Shareholders' Equity	$511.8M↓8%	$556.0M↓1%	$564.1M↑1%	$558.1M↓7%	$599.2M
Current Ratio	—	—	—	—	—
Debt / Equity	0.06↓58%	0.14↓69%	0.44↓14%	0.51↓76%	2.11
Operating Cash Flow	$12.1M↓88%	$103.8M↓57%	$240.0M↑82%	$132.0M↑22%	$108.2M
Free Cash Flow	$11.6M↓89%	$102.7M↓54%	$223.9M↑88%	$119.1M↑11%	$107.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Banking

CNF vs Peers — Financial Grading

RevenueN/A

Net Income$67.2MBottom 25%

ROE-13.1%Bottom 25%

D/E0.06Median

Op. Margin—

Curr. Ratio—

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Piotroski	Dreman
MITSUBISHI UFJ FINANCIAL GROUP INCMUFG	$245.7B	$21.83	$74.2B	$10.8B	8.8%	1.12	19.9%	—	2/7	1/6	1/4	F-Score 5	3/9
AMERICAN EXPRESS COAXP	$215.0B	$320.60	$41.3B	$10.8B	32.4%	1.68	—	—	2/7	3/6	3/4	F-Score 4	3/9
Banco Santander, S.A.SAN	$175.9B	$12.21	—	$16.6B	12.5%	0.02	—	—	2/7	1/6	2/4	F-Score 4	5/9
BARCLAYS BANK PLCATMP	$82.1B	$35.04	$13.1B	$6.3B	7.5%	0.01	—	—	2/7	1/6	0/4	F-Score 7	4/9
BARCLAYS PLCBCS	$76.0B	$22.87	$15.0B	$9.7B	9.2%	0.02	—	—	1/7	0/6	0/4	F-Score 7	2/9
FIRST CITIZENS BANCSHARES INC /DE/FCNCA	$25.7B	$2324.25	$9.5B	$2.2B	9.9%	1.62	—	—	5/7	3/6	1/4	F-Score 5	2/9
KEYCORP /NEW/KEY	$22.7B	$21.46	$7.5B	$1.8B	9.0%	0.49	—	—	2/7	1/6	1/4	F-Score 6	4/9
WEBSTER FINANCIAL CORPWBS	$12.6B	$77.57	$2.9B	$1.0B	10.6%	0.08	50.7%	—	2/7	1/6	1/4	F-Score 7	2/9