Kingsoft Cloud Holdings Ltd KC

Information TechnologySoftware & IT ServicesChina

Last close 7.94 USD on Nov 2, 2026, −23.2% year to date

Quant rating

Quant rating C Rank 86 of 200 in Information Technology

Growth B 32 of 200
Valuation C 100 of 200
Quality C 102 of 200
Revisions A 5 of 200
Momentum D 152 of 200

Wall Street consensus Buy (1.62)Average target 19.93 USD +151.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.4B
Enterprise value: 3.4B
52-week range: 7.67 – 18.51
3-year range: 2.09 – 20.81
Dividend yield: –
Beta (5 years): 2.11
Shares outstanding: 4,532M
Next earnings: Nov 24, 2026

About the company

Kingsoft Cloud Holdings Ltd is a holding company mainly engaged in independent cloud services. The Company’s modularized cloud products comprise unified IaaS infrastructure, PaaS middleware, SaaS applications, AI capabilities and deployment services, which can be utilized to design different solutions to meet various business needs. The Company’s cloud products primarily consist of cloud computing, storage and delivery. The Company also designs industry-specific solutions covering a wide spectrum of industry verticals, including Internet, public service, healthcare, financial service and enterprise service and others. The Company also offer solutions in a holistic approach, by merging cloud solutions with dedicated customer services. The Company’s end-to-end customer services cover planning, solution development, fulfillment and deployment, as well as ongoing maintenance and upgrade. The Company mainly conducts its businesses in the domestic and overseas market.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,367	1,067	993	1,186	1,426	–
Revenue growth	28.2%	7.4%	−16.3%	−16.9%	41.5%	6.3%
EPS (basic, normalized)	−0.30	−0.47	−0.75	−1.18	−0.94	–
EPS growth	–	–	–	–	–	–
Gross margin	15.7%	17.2%	12.1%	5.3%	3.9%	10.8%
Net margin	−9.8%	−25.3%	−30.9%	−32.5%	−17.5%	−23.2%
ROE	−12.9%	−32.6%	−27.7%	−27.4%	−16.9%	−23.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	689
Current ratio	1.01x
Long-term debt (mil)	979
Net debt (mil)	949
Total equity (mil)	1,311
Net debt / equity	0.72x
Net debt / EBITDA	2.80x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,367	+28.2%	2.5x	339	+362.1%	9.9x	−0.30	+35.1%	−26.1x
2026	1,930	+41.2%	1.7x	651	+92.3%	5.2x	−0.17	+45.5%	−47.9x
2027	2,482	+28.6%	1.4x	890	+36.7%	3.8x	0.00	+99.6%	−12,175.0x
2028	3,133	+26.2%	1.1x	1,197	+34.5%	2.8x	0.17	+25,669.6%	47.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,930	0.0%	+1.2%	+4.4%	−0.17	0.0%	+36.3%	+32.5%
2027	2,482	0.0%	+4.5%	+10.1%	0.00	+20.3%	+99.5%	+99.6%
2028	3,133	0.0%	+7.2%	+20.3%	0.17	0.0%	+720.2%	+309.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,776	1,892	1,886	2,232	1,970	2,349	2,478	2,761	2,704	3,072
Sales mean (mil)	1,763	1,834	1,931	2,111	2,237	2,238	2,454	2,762	2,676	3,027
Surprise	+0.7%	+3.2%	−2.4%	+5.8%	−11.9%	+5.0%	+1.0%	0.0%	+1.0%	+1.5%
EPS reported	−0.90	−0.08	−0.97	−0.28	−0.77	−1.05	0.15	−0.30	−0.90	−0.15
EPS mean	−1.02	−1.05	−1.06	−0.85	−0.47	−1.02	−0.72	−0.70	−0.62	−0.56
Surprise	+11.4%	+92.4%	+7.7%	+66.3%	−64.5%	−3.1%	−120.7%	+57.0%	−44.8%	+73.0%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KC Kingsoft Cloud Holdings Ltd	2.4B	2.80x	−9.8%	1.78x	−47.9x	−12,175.0x	5.2x	3.8x
0700 Tencent Holdings Limited	454.6B	0.29x	29.9%	2.66x	11.5x	11.0x	8.7x	8.0x
3690 Meituan	57.5B	5.36x	−6.4%	2.26x	202.8x	16.2x	29.1x	8.8x
BABA Alibaba Group Holding Limited	252.5B	−0.48x	10.3%	1.50x	15.1x	10.7x	9.4x	6.8x
PDD PDD Holdings Inc.	116.3B	−4.50x	22.7%	1.73x	7.9x	6.6x	3.0x	2.6x
NTES NetEase, Inc.	73.9B	−4.24x	30.0%	2.94x	12.5x	10.7x	6.9x	6.4x
Mean		−0.13x	12.8%	2.15x	33.7x	−2,020.0x	10.4x	6.0x
Median		−0.09x	16.5%	2.02x	12.0x	10.7x	7.8x	6.6x

Technical analysis

1M−11.8%
3M−28.8%
1Y−37.0%
3Y+59.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kingsoft Cloud Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,367	1,067	993	1,186	1,426	1,008
Cost of revenue	1,152	883	873	1,124	1,371	953
Gross profit	215	184	120	62.3	55.3	54.7
Selling, general & administrative expenses	210	180	214	248	176	121
Research & development	116	116	111	141	164	119
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	7.8	126	92.1	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−118	−238	−297	−326	−285	−185
Net interest income (expense)	−52.3	−32.2	−22.2	−63.1	22.2	41.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	35.1	−0.9	14.1	3.3	15.0	−1.7
Net income before taxes	−136	−271	−305	−386	−248	−145
Provision for taxes	−0.6	−0.2	2.5	3.5	2.5	2.3
Minority interest	1.1	1.7	1.0	4.4	0.5	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−134	−269	−307	−385	−250	−147
Extraordinary items	–	–	–	–	–	–
Net income	−134	−269	−307	−385	−250	−147
EBIT, normalized	−125	−118	−202	−326	−285	−183
EBITDA, normalized	230	54.7	−69.2	−159	−151	−66.6
Basic EPS, normalized	−0.30	−0.47	−0.75	−1.18	−0.94	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kingsoft Cloud Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	861	375	318	677	1,056	938
Receivables	449	342	331	455	689	389
Total inventory	–	–	–	–	–	–
Prepaid expenses	229	193	166	149	149	136
Other current assets	37.4	27.8	44.4	29.9	59.5	0
Total current assets	1,576	937	859	1,312	1,954	1,463
Property, plant & equipment	1,458	653	330	341	413	341
Goodwill	659	631	649	668	728	–
Intangibles	76.2	95.2	118	146	184	2.5
Long-term investments	33.5	32.1	36.6	39.7	32.6	19.4
Note receivable	–	0	7.9	0.8	0.9	0.9
Other long-term assets	20.0	61.6	123	3.1	5.8	1.8
Total assets	3,822	2,410	2,123	2,511	3,318	1,828
Liabilities
Accounts payable	288	257	254	334	463	315
Payable/accrued	–	–	–	–	–	–
Accrued expenses	190	294	316	337	273	64.3
Short-term debt	479	305	157	132	212	42.7
Current portion of long-term debt	285	283	127	49.3	37.2	28.7
Other current liabilities	106	116	108	113	198	80.1
Total current liabilities	1,347	1,255	962	965	1,183	531
Long-term debt	1,114	365	64.6	86.2	74.4	0
Minority interest	−0.6	46.2	50.1	113	140	0
Other liabilities	29.5	35.7	75.7	69.6	251	34.3
Total liabilities	2,490	1,702	1,152	1,235	1,649	565
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	4.4	3.5	3.6	3.6	3.9	3.5
Additional paid-in capital	3,442	2,595	2,650	2,704	2,872	2,169
Retained earnings (accumulated deficit)	−2,173	−1,954	−1,732	−1,467	−1,174	−899
Treasury stock	−4.4	−14.5	−29.4	−30.2	–	–
Other equity	63.0	77.7	78.2	65.7	−32.7	−10.5
Total equity	1,332	708	971	1,276	1,669	1,263
Total liabilities & shareholders' equity	3,822	2,410	2,123	2,511	3,318	1,828

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kingsoft Cloud Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−135	−271	−308	−390	−251	−147
Depreciation, depletion & amortization	355	173	133	168	135	116
Deferred taxes	−5.7	−5.6	−3.4	−5.1	−1.9	–
Non-cash items	77.7	205	210	179	73.2	32.7
Changes in working capital	252	−15.3	−55.6	75.8	−67.0	−45.9
Cash from operations	544	86.1	−23.8	27.4	−112	−44.5
Investing activities
Capital expenditures	−678	−505	−277	−208	−116	−244
Other investing cash flows	30.4	8.6	182	204	49.4	−417
Cash from investing	−648	−496	−94.8	−4.8	−66.4	−661
Financing activities
Financing cash flow items	−76.1	−17.2	−81.4	−9.7	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	674	463	49.3	−157	348	939
Cash from financing	598	446	−32.1	−167	348	939
Foreign exchange effects	−9.6	−3.1	3.6	10.6	−7.9	−18.1
Net change in cash	484	33.0	−147	−134	162	215
Free cash flow	−135	−419	−301	−181	−227	−288

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.