A Business at a Glance
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Not applicable. Item 2. Offer Statistics and Expected Timetable Not applicable. Item 3. Key Information Investors in the ADSs are not purchasing equity securities of our subsidiaries that have substantive business operations in China, but instead are purchasing equity securities of a Cayman Islands holding company, which primarily operates its business in China through its PRC subsidiaries. Our corporate structure involves unique risks to investors in the ADSs. See “—3.D. Risk Factor—Risks Relating to Our Corporate Structure” for a detailed discussion. Historically, we, through the Beijing WFOE, entered into a series of contractual arrangements with the Former VIE as well as its shareholders so that we can hold certain foreign restricted licenses and permits, such as the ICP license, through the Former VIE.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | % of Total |
|---|---|---|---|---|---|---|
Revenues from product sales | $539M | $1.03B | $1.52B | $2.64B | $3.72B | 22% |
Operating segment | — | — | $1.52B | $2.64B | $3.70B | 22% |
Revenues from self-operated stores | $504M | $1.01B | $1.45B | $2.53B | $3.56B | 21% |
Revenues from freshly brewed drinks | $467M | $917M | $1.35B | $2.39B | $3.41B | 20% |
Revenues from partnership stores | $46M | $203M | $455M | $880M | $1.08B | 6% |
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 4.8B | 4.8B | 3.5B | 2.0B | 1.2B | 585M |
| Net Income | 408M | 408M | 403M | 72M | 90M | -811M |
| EPS | $1.53 | $1.53 | $1.51 | $0.27 | $0.40 | $-3.83 |
| Free Cash Flow | 268M | 268M | 21M | -113M | -7.7M | -464M |
| ROIC | 38.9% | 46.5% | 54.3% | 33.1% | 15.9% | -98.8% |
| Gross Margin | 59.1% | 59.1% | 56.3% | 61.0% | 59.8% | 50.5% |
| Debt/Equity | 0.00 | 0.00 | 1.05 | 0.76 | 1.97 | 1.13 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 492M | 492M | 428M | 172M | -84M | -375M |
| Operating Margin | 10.3% | 10.3% | 12.1% | 8.7% | -6.8% | -64.1% |
| ROE | 25.4% | 29.8% | 35.0% | 9.7% | 15.9% | -210.4% |
| Shares Outstanding | 267M | 267M | 266M | 269M | 224M | 212M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | TTM | ||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | N/A | 438M | 585M | 1.2B | 2.0B | 3.5B | 4.8B | 4.8B |
| Gross Margin | N/A | 46.3% | 50.5% | 59.8% | 61.0% | 56.3% | 59.1% | 59.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 57M | 155M | 142M | 197M | 217M | 259M | 337M | 337M |
| EBIT | -241M | -466M | -375M | -84M | 172M | 428M | 492M | 492M |
| Op. Margin | N/A | -106.2% | -64.1% | -6.8% | 8.7% | 12.1% | 10.3% | 10.3% |
| Net Income | -482M | -538M | -811M | 90M | 72M | 403M | 408M | 408M |
| Net Margin | N/A | -122.7% | -138.6% | 7.3% | 3.7% | 11.4% | 8.5% | 8.5% |
| Non-Recurring | 0 | 30M | 10M | 3.3M | 33M | 739K | 1.2M | 1.2M |
| Returns on Capital | ||||||||
| ROIC | -36.2% | -69.1% | -98.8% | 15.9% | 33.1% | 54.3% | 46.5% | 38.9% |
| ROE | N/A | -73.4% | -210.4% | 15.9% | 9.7% | 35.0% | 29.8% | 25.4% |
| ROA | -91.5% | -38.0% | -60.0% | 4.7% | 4.7% | 15.6% | 14.2% | 12.7% |
| Cash Flow | ||||||||
| Op. Cash Flow | -198M | -314M | -345M | 19M | 2.9M | 410M | 588M | 588M |
| Free Cash Flow | -350M | -542M | -464M | -7.7M | -113M | 21M | 268M | 268M |
| Owner Earnings | -214M | -396M | -418M | -100M | -114M | 291M | 372M | 372M |
| CapEx | 152M | 228M | 119M | 27M | 116M | 389M | 320M | 320M |
| Maint. CapEx | 16M | 60M | 70M | 72M | 58M | 85M | 166M | 166M |
| Growth CapEx | 136M | 168M | 49M | 0 | 58M | 303M | 155M | 155M |
| D&A | 16M | 60M | 70M | 72M | 58M | 85M | 166M | 166M |
| CapEx/OCF | N/A | N/A | N/A | 140.3% | 3944.3% | 94.8% | 54.4% | 54.4% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | 22M | 3.2M | 47M | 59M | 34M | 51M | 51M |
| Debt Repayment | 0 | 11M | 93M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -219M | -695M | -298M | N/A | N/A | N/A | -637M | -602M |
| Cash & Equiv. | 246M | 705M | 697M | 1.0B | 524M | 414M | 607M | 607M |
| Long-Term Debt | 34M | 45M | 435M | N/A | N/A | N/A | 4.7M | 4.7M |
| Debt/Equity | -0.16 | 0.11 | 1.13 | 1.97 | 0.76 | 1.05 | 0.00 | 0.00 |
| Interest Coverage | -99.1 | -101.6 | -22.2 | -15.2 | 49.2 | N/A | 901.6 | 901.5 |
| Equity | -291M | 733M | 385M | 563M | 749M | 1.2B | 1.6B | 1.6B |
| Total Assets | 526M | 1.4B | 1.4B | 1.9B | 1.6B | 2.6B | 3.2B | 3.2B |
| Total Liabilities | 171M | 670M | 957M | 1.1B | 572M | 1.2B | 1.4B | 1.4B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -490M | -995M | -1.8B | -1.8B | -1.7B | -1.2B | -831M | -831M |
| Working Capital | 249M | 470M | 786M | 278M | 476M | 302M | 560M | 560M |
| Current Assets | 367M | 1.1B | 931M | 1.3B | 896M | 1.1B | 1.5B | 1.5B |
| Current Liabilities | 118M | 625M | 145M | 1.0B | 420M | 772M | 930M | 930M |
| Per Share Data | ||||||||
| EPS | -6.23 | -3.20 | -3.83 | 0.40 | 0.27 | 1.51 | 1.53 | 1.53 |
| Owner EPS | -0.53 | -0.93 | -1.97 | -0.45 | -0.42 | 1.09 | 1.40 | 1.40 |
| Book Value | -0.72 | 1.73 | 1.82 | 2.51 | 2.79 | 4.32 | 6.02 | 6.02 |
| Cash Flow/Share | -0.49 | -0.74 | -1.63 | 0.09 | 0.01 | 1.54 | 2.21 | 2.15 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 406.4M | 423.7M | 211.8M | 224.1M | 268.8M | 266.0M | 266.7M | 266.7M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 24.6 | 79.4 | 18.0 | 15.8 | 22.0 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 340.6 | 24.0 | 33.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 11.8 | 17.0 |
| Price/Book | N/A | 21.0 | 4.0 | 3.9 | 7.7 | 6.3 | 4.0 | 5.6 |
| Price/Sales | N/A | 21.4 | 4.4 | 2.0 | 1.8 | 2.1 | 1.2 | 1.9 |
| FCF Yield | N/A | -3.5% | -30.4% | -0.3% | -2.0% | 0.3% | 4.2% | 3.0% |
| Market Cap | N/A | 15.4B | 1.5B | 2.2B | 5.7B | 7.2B | 6.4B | 9.0B |
| Avg. Price | N/A | 22.11 | 12.27 | 11.07 | 13.43 | 27.83 | 22.33 | 33.65 |
| Year-End Price | N/A | 36.44 | 7.21 | 9.85 | 21.39 | 27.19 | 24.12 | 33.65 |
Luckin Coffee Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Luckin Coffee Inc. trades at 22.0x trailing earnings, compared to its 15-year median P/E of 21.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 33.5x vs a median of 24.0x. The company's 5-year average ROIC is 10.2% with a gross margin of 57.3%. At current prices, the estimated annualized return to fair value is +98.0%.
Luckin Coffee Inc. (LKNCY) has a current P/E ratio of 22.0, compared to its historical median P/E of 21.3. The stock is currently considered Fair based on its historical valuation range.
Luckin Coffee Inc. (LKNCY) has a 5-year average return on invested capital (ROIC) of 10.2%. This indicates solid capital allocation.
Luckin Coffee Inc. (LKNCY) has a market capitalization of $9.0B. It is classified as a mid-cap stock.
Luckin Coffee Inc. (LKNCY) does not currently pay a regular dividend.
Based on historical P/E analysis, Luckin Coffee Inc. (LKNCY) appears fair. The current P/E of 22.0 is 3% above its historical median of 21.3. The estimated fair value CAGR (P/E method) is 47.4%.
Luckin Coffee Inc. (LKNCY) operates in the Retail-Eating & Drinking Places industry, within the Consumer Cyclical sector.
Luckin Coffee Inc. (LKNCY) reported annual revenue of $4.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Luckin Coffee Inc. (LKNCY) has a net profit margin of 8.5%. This is a modest margin.
Luckin Coffee Inc. (LKNCY) generated $268 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Luckin Coffee Inc. (LKNCY) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Luckin Coffee Inc. (LKNCY) reported earnings per share (EPS) of $1.53 in its most recent fiscal year.
Luckin Coffee Inc. (LKNCY) has a return on equity (ROE) of 29.8%. This indicates the company generates strong returns for shareholders.
Luckin Coffee Inc. (LKNCY) has a 5-year average gross margin of 57.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Luckin Coffee Inc. (LKNCY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Luckin Coffee Inc. (LKNCY) has a book value per share of $6.02, based on its most recent annual SEC filing.