Boqii Holding Ltd (NYSE: BQ)

Sector: Consumer Cyclical Industry: Specialty Retail CIK: 0001815021
Market Cap 12.44 Mn
P/B 0.50
P/E -2.30
P/S 0.21
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) 0.00
Total Debt (Qtr) 2.74 Mn
Debt/Equity (Qtr) 0.11
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About

Boqii Holding Ltd, often recognized by its stock symbol BQ, is a prominent player in the pet industry of China. Established in 2008, Boqii has evolved into a significant entity in the Chinese pet market, providing a comprehensive platform for pet parents to explore, purchase, and interact with their pets. Boqii's primary business activities revolve around its online sales platforms, Boqii Mall and its flagship stores on third-party e-commerce platforms. These platforms offer a diverse range of pet products, including food, treats, shampoos, cages,...

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Investment thesis

Bull case

  • Tangible assets of 42.42M provide exceptional 331.87x coverage of deferred revenue 127808.99, showing strong service capability backing.
  • Strong tangible asset base of 42.42M provides 15.47x coverage of total debt 2.74M, indicating robust asset backing and low credit risk.
  • Long-term investments of 9.16M provide solid 24.55x coverage of long-term debt 372893.26, indicating strategic financial planning.
  • Cash position of 4.28M provides exceptional 23.87x coverage of minority interest expenses 179213.48, indicating strong liquidity.
  • Tangible assets of 42.42M provide robust 7.12x coverage of other current liabilities 5.96M, indicating strong asset backing.

Bear case

  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 127808.99, which is 0x, raising concerns about future service delivery capabilities.
  • Long-term investments of 9.16M represent a high 11.66x of fixed assets 785252.81, indicating potential overexposure to financial assets versus operational capabilities.
  • Operating cash flow of 0 provides minimal 0x coverage of tax expenses of 118679.78, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • R&D investment of 0 represents just 0x of SG&A expenses of 17.25M, indicating potential underinvestment in innovation relative to administrative overhead.
  • Operating cash flow of 0 barely covers operating expenses of 2.60M with a 0 ratio, suggesting thin operational efficiency margins and limited flexibility.

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Specialty Retail
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ULTA Ulta Beauty, Inc. 32.20 Bn 27.06 2.69 2.57 Bn
2 WSM Williams Sonoma Inc 29.62 Bn 25.19 3.40 1.47 Bn
3 TSCO Tractor Supply Co /De/ 28.42 Bn 25.23 1.93 5.72 Bn
4 DKS Dick'S Sporting Goods, Inc. 24.98 Bn 88.10 4.64 7.70 Bn
5 CASY Caseys General Stores Inc 24.65 Bn 59.49 1.65 2.92 Bn
6 BBY Best Buy Co Inc 17.85 Bn 11.66 0.41 4.09 Bn
7 MUSA Murphy USA Inc. 15.91 Bn 61.33 1.35 2.75 Bn
8 FIVE Five Below, Inc 11.68 Bn 37.94 2.64 2.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.27 2.23
EV to Cash from Ops. EV/CFO 1.22 14.70
EV to Debt EV to Debt -4.10 79.39
EV to EBIT EV/EBIT 2.40 -40.16
EV to EBITDA EV/EBITDA 1.82 11.51
EV to Free Cash Flow [EV/FCF] EV/FCF 1.17 -286.14
EV to Market Cap EV to Market Cap -0.90 6.33
EV to Revenue EV/Rev -0.19 2.39
Price to Book Value [P/B] P/B 0.50 32.78
Price to Earnings [P/E] P/E -2.30 -36.32
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -4.05
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 14.19
Dividend per Basic Share Div per Share (Qtr) 0.00 0.71
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 18.58
Interest Coverage Int. cover (Qtr) -9.56 4.43
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 13.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -34.13 33.75
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 26.95 -272.99
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 588.45
EBIT Growth (1y) % EBIT 1y % (Qtr) 29.75 29.27
EBT Growth (1y) % EBT 1y % (Qtr) 32.89 -92.23
EPS Growth (1y) % EPS 1y % (Qtr) 94.08 -121.86
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 71.80
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -10.27 2.50
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.20 1.24
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.04
Cash Ratio Cash Ratio (Qtr) 0.39 0.74
Current Ratio Curr Ratio (Qtr) 2.85 3.56
Debt to Equity Ratio Debt/Equity (Qtr) 0.11 25.92
Interest Cover Ratio Int Coverage (Qtr) -9.56 4.43
Times Interest Earned Times Interest Earned (Qtr) -9.56 4.43
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -42.64
EBIT Margin % EBIT Margin % (Qtr) -55.53 -131.12
EBT Margin % EBT Margin % (Qtr) -8.62 -64.70
Gross Margin % Gross Margin % (Qtr) 24.00 30.93
Net Profit Margin % Net Margin % (Qtr) -9.00 -65.71