Nano Labs

Semiconductors · Technology

Price

$1.77

-0.03 (-1.67%)

Market Cap

$119.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−54.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 52.0M (2021) → 23.6M (2025)

Nano Labs Ltd operates as a fabless integrated circuit design company and product solution provider in the People's Republic of China and internationally. The company develops high throughput computing and high-performance computing chips. It also offers distributed computing and storage solutions, smart network interface cards, and vision computing chips, as well as distributed rendering technology. In addition, the company engages in the research and development of software. Its customers incl

Winston Score History

Score breakdown

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Quality

Gross Margin

-129.3%

Thin — -129.3% gross margin

Operating Margin

-459.2%

Losing money on operations — -459.2%

ROCE

-1.9%

Weak — -1.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-52.5%

Shrinking sales (-52.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-486.3%

Burning cash (-486.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.31

Conservative — low debt load (0.31)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

2.2x

Attractive valuation — P/E 2.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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