Loading..

Canaan Inc. (CAN) Report Analysis

Corporate Events

Neutral

Canaan Inc. Presents at 5th LSX USA Congress & ...

2022-06-16 19:39:00

Canaan Inc. Presents at 5th LSX USA Congress & CEO Forums, Jun-21-2022 11:55 AM. Venue: Boston, United States. Speakers: Nina Kjellson, Genera...

Neutral

Canaan Inc. Provides Revenue Guidance for the S...

2022-05-19 08:45:00

Canaan Inc. provided revenue guidance for the second quarter of 2022. For the quarter, the company expects total net revenues to be in the ran...

Neutral

Tranche Update on Canaan Inc. (NasdaqGM:CAN)'s ...

2022-05-19 06:15:00

From January 1, 2022 to March 31, 2022, the company has repurchased 2,100,000 shares, representing 1.22% for $10.3 million. With this, the com...

Neutral

Canaan Inc. Presents at D.A. Davidson Bitcoin &...

2022-05-13 19:16:00

Canaan Inc. Presents at D.A. Davidson Bitcoin & Blockchain Investor Conference, Jun-02-2022 . Venue: New York City, New York, United States.

Neutral

Canaan Inc., Q1 2022 Earnings Call, May 19, 2022

2022-05-09 20:30:00

Canaan Inc., Q1 2022 Earnings Call, May 19, 2022

Neutral

Canaan Inc. to Report Q1, 2022 Results on May 19, 2022

2022-05-09 20:30:00

Canaan Inc. announced that they will report Q1, 2022 results Pre-Market on May 19, 2022

Neutral

D.A. Davidson & Co., D.A. Davidson Bitcoin & Bl...

2022-05-05 13:10:00

D.A. Davidson & Co., D.A. Davidson Bitcoin & Blockchain Investor Conference, Jun 02, 2022. Venue: New York City, New York, United States.

Neutral

Canaan Inc. Presents at Bitcoin 2022 Miami Beac...

2022-04-05 21:26:00

Canaan Inc. Presents at Bitcoin 2022 Miami Beach, Apr-06-2022 . Venue: Convention Center in Miami Beach, Miami Beach, United States. Speakers:...

Neutral

Cash App Investing LLC, Bitcoin 2022 Miami Beac...

2022-04-05 20:02:00

Cash App Investing LLC, Bitcoin 2022 Miami Beach, Apr 06, 2022 through Apr 09, 2022. Venue: Convention Center in Miami Beach, Miami Beach, Uni...

Positive

Canaan Inc.'s Equity Buyback announced on Septe...

2022-03-31 00:00:00

The company closed its plan on March 31, 2022.

Neutral

Tranche Update on Canaan Inc. (NasdaqGM:CAN)'s ...

2022-03-03 06:25:00

From September 20, 2021 to December 31, 2021, the company has repurchased 1,500,000 shares, representing 0.88% for $9.7 million. With this, th...

Positive

Canaan Inc. Expands Its Mining Operations with ...

2022-01-04 11:00:00

Canaan Inc. announced that it has entered into strategic collaboration agreements with multiple crypto mining firms for joint-mining business ...

Neutral

Canaan Secures Follow-On Purchase Order of 30,0...

2021-12-15 11:00:00

Canaan Inc. announced that it has secured a purchase order from Genesis Digital Assets Limited ("Genesis Digital Assets") for 30,000 units of ...

Neutral

Canaan Inc. Provides Revenue Guidance for the F...

2021-11-16 10:00:00

Canaan Inc. provided revenue guidance for the fourth quarter of 2021. For the fourth quarter of 2021, the company expects total revenues to ha...

Neutral

Canaan Inc. to Report Q3, 2021 Results on Nov 16, 2021

2021-11-09 12:00:00

Canaan Inc. announced that they will report Q3, 2021 results Pre-Market on Nov 16, 2021

Neutral

Canaan Inc., Q3 2021 Earnings Call, Nov 16, 2021

2021-11-09 12:00:00

Canaan Inc., Q3 2021 Earnings Call, Nov 16, 2021

Neutral

Canaan Secures Follow-On Purchase Order from Hi...

2021-10-29 11:00:00

Canaan Inc. announced that it has secured a follow-on purchase order from HIVE Blockchain Technologies Ltd. for 6,500 units of its next-genera...

Neutral

Canaan Inc. Presents at Longwood Healthcare Lea...

2021-09-28 18:44:00

Canaan Inc. Presents at Longwood Healthcare Leaders Conference, Oct-04-2021 02:20 PM. Speakers: Tim Shannon, General Partner.

Neutral

Longwood Fund, Longwood Healthcare Leaders Conf...

2021-09-28 13:09:00

Longwood Fund, Longwood Healthcare Leaders Conference, Oct 04, 2021 through Oct 05, 2021.

Neutral

Canaan Inc. Presents at BioFuture, Oct-06-2021

2021-09-23 11:49:00

Canaan Inc. Presents at BioFuture, Oct-06-2021 . Venue: The Lotte Palace Hotel, New York City, New York, United States. Speakers: Nina Kjellso...

Positive

Canaan Inc.'s Equity Buyback announced on Septe...

2021-09-21 00:00:00

The company expired its plan on September 21, 2021.

Positive

Canaan Inc. (NasdaqGM:CAN) announces an Equity ...

2021-09-20 06:11:00

Canaan Inc. (NasdaqGM:CAN) announces a share repurchase program. Under the program, the company will repurchase up to $20 million worth of its...

Positive

Canaan Inc. authorizes a Buyback Plan.

2021-09-20 00:00:00

The Board of Directors of Canaan Inc. has authorized a buyback plan on September 20, 2021.

Positive

Canaan Inc.(NasdaqGM:CAN) added to S&P Global BMI Index

2021-09-20 00:00:00

Canaan Inc.(NasdaqGM:CAN) added to S&P Global BMI Index

Negative

Canaan Inc. Announces Resignation of Jiaxuan Li...

2021-09-15 09:30:00

Canaan Inc. announced Mr. Jiaxuan Li, a director of the company, has stepped down from the board of directors of the company for personal reas...

Neutral

Canaan Inc. Provides Revenue Guidance for the T...

2021-09-15 09:30:00

Canaan Inc. provided revenue guidance for the third quarter of 2021. For the third quarter of 2021, the company expects total revenues to have...

Neutral

Tranche Update on Canaan Inc. (NasdaqGM:CAN)'s ...

2021-09-15 07:20:00

From September 8, 2020 to September 12, 2021, the company has repurchased 2,510,000 shares, representing 1.6% for $9.3 million. With this, the...

Negative

Canaan Inc. Announces Change of Auditor

2021-09-14 03:15:00

Canaan Inc. announced that it has dismissed PricewaterhouseCoopers Zhong Tian LLP ("PwC") as the Company's independent auditor on September 9,...

Neutral

Canaan Inc., Q2 2021 Earnings Call, Sep 15, 2021

2021-09-09 11:00:00

Canaan Inc., Q2 2021 Earnings Call, Sep 15, 2021

Neutral

Canaan Inc. to Report Q2, 2021 Results on Sep 15, 2021

2021-09-09 11:00:00

Canaan Inc. announced that they will report Q2, 2021 results Pre-Market on Sep 15, 2021

Neutral

LSX Ltd, 5th LSX USA Congress & CEO Forums, Jun...

2021-09-04 07:34:00

LSX Ltd, 5th LSX USA Congress & CEO Forums, Jun 21, 2022 through Jun 22, 2022. Venue: Boston, United States.

Neutral

Canaan Cements Strategic Partnership with Genes...

2021-08-31 11:11:00

Canaan Inc. announced that it has secured a purchase order (the “Order”) from Genesis Digital Assets Limited (“Genesis Digital Assets”), a lea...

Neutral

Canaan Secures Substantial Order of 17,352 Bitc...

2021-08-13 11:00:00

Canaan Inc. announced that it has received from Mawson Infrastructure Group Inc. a purchase order (the "Order") for 17,352 bitcoin mining mach...

Neutral

Canaan Inc. Receives Purchase Order for 4,000 B...

2021-08-03 11:00:00

Canaan Inc. announced that it has received from HIVE Blockchain Technologies Ltd. a purchase order for 4,000 bitcoin mining machines with an a...

Negative

Canaan Inc. Announces Executive Changes

2021-08-02 13:10:00

Canaan Inc. announced the appointment of Mr. James Jin Cheng to the position of Chief Financial Officer, effective immediately. Mr. Tong He wi...

Positive

Canaan Inc. Releases Self-Developed Edge AI Chi...

2021-07-08 10:00:00

Canaan Inc. announced the release of the Kendryte K510 (the "K510"), an independently designed and developed RISC-V based edge AI chip, at the...

Neutral

Canaan Inc. Presents at 5th LSX USA Congress & CEO Forums, Jun-21-2022 11:55 AM

2022-06-16 19:39:00

Canaan Inc. Presents at 5th LSX USA Congress & CEO Forums, Jun-21-2022 11:55 AM. Venue: Boston, United States. Speakers: Nina Kjellson, General Partner.

Neutral

Canaan Inc. Provides Revenue Guidance for the Second Quarter of 2022

2022-05-19 08:45:00

Canaan Inc. provided revenue guidance for the second quarter of 2022. For the quarter, the company expects total net revenues to be in the range of RMB 1,600 million (USD 252.4 million) to RMB 1,800 million (USD 283.9 million), representing an increase of 48% to 67% from the second quarter of 2021. This forecast reflects the company's current and preliminary views on the market and operational conditions, which are subject to change.

Neutral

Tranche Update on Canaan Inc. (NasdaqGM:CAN)'s Equity Buyback Plan announced on September 20, 2021.

2022-05-19 06:15:00

From January 1, 2022 to March 31, 2022, the company has repurchased 2,100,000 shares, representing 1.22% for $10.3 million. With this, the company has completed the repurchase of 3,600,000 shares, representing 2.1% for $20 million under the buyback announced on September 20, 2021.

Neutral

Canaan Inc. Presents at D.A. Davidson Bitcoin & Blockchain Investor Conference, Jun-02-2022

2022-05-13 19:16:00

Canaan Inc. Presents at D.A. Davidson Bitcoin & Blockchain Investor Conference, Jun-02-2022 . Venue: New York City, New York, United States.

Neutral

Canaan Inc., Q1 2022 Earnings Call, May 19, 2022

2022-05-09 20:30:00

Canaan Inc., Q1 2022 Earnings Call, May 19, 2022

Neutral

Canaan Inc. to Report Q1, 2022 Results on May 19, 2022

2022-05-09 20:30:00

Canaan Inc. announced that they will report Q1, 2022 results Pre-Market on May 19, 2022

Neutral

D.A. Davidson & Co., D.A. Davidson Bitcoin & Blockchain Investor Conference, Jun 02, 2022

2022-05-05 13:10:00

D.A. Davidson & Co., D.A. Davidson Bitcoin & Blockchain Investor Conference, Jun 02, 2022. Venue: New York City, New York, United States.

Neutral

Canaan Inc. Presents at Bitcoin 2022 Miami Beach, Apr-06-2022

2022-04-05 21:26:00

Canaan Inc. Presents at Bitcoin 2022 Miami Beach, Apr-06-2022 . Venue: Convention Center in Miami Beach, Miami Beach, United States. Speakers: Yao XianJun, VP Global Sales.

Neutral

Cash App Investing LLC, Bitcoin 2022 Miami Beach, Apr 06, 2022 through Apr 09, 2022

2022-04-05 20:02:00

Cash App Investing LLC, Bitcoin 2022 Miami Beach, Apr 06, 2022 through Apr 09, 2022. Venue: Convention Center in Miami Beach, Miami Beach, United States.

Positive

Canaan Inc.'s Equity Buyback announced on September 20, 2021, has closed.

2022-03-31 00:00:00

The company closed its plan on March 31, 2022.

Neutral

Tranche Update on Canaan Inc. (NasdaqGM:CAN)'s Equity Buyback Plan announced on September 20, 2021.

2022-03-03 06:25:00

From September 20, 2021 to December 31, 2021, the company has repurchased 1,500,000 shares, representing 0.88% for $9.7 million. With this, the company has completed the repurchase of 1,500,000 shares, representing 0.88% for $9.7 million under the buyback announced on September 20, 2021.

Positive

Canaan Inc. Expands Its Mining Operations with Deployment of over 10,000 Mining Machines

2022-01-04 11:00:00

Canaan Inc. announced that it has entered into strategic collaboration agreements with multiple crypto mining firms for joint-mining business in Kazakhstan. On December 22, 2021, the Company successfully launched the last batch of mining machines online under its first phase of deployment in Kazakhstan. As of December 31, 2021, the Company had an aggregate of 10,300 AvalonMiner units in mining operations in the country. The Company continues to deploy additional computing power according to its mining business expansion plan.

Neutral

Canaan Secures Follow-On Purchase Order of 30,000 Bitcoin Mining Machines

2021-12-15 11:00:00

Canaan Inc. announced that it has secured a purchase order from Genesis Digital Assets Limited ("Genesis Digital Assets") for 30,000 units of its Avalon Bitcoin mining machines.

Neutral

Canaan Inc. Provides Revenue Guidance for the Fourth Quarter of 2021

2021-11-16 10:00:00

Canaan Inc. provided revenue guidance for the fourth quarter of 2021. For the fourth quarter of 2021, the company expects total revenues to have a sequential increase of 35% to 50%. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Neutral

Canaan Inc. to Report Q3, 2021 Results on Nov 16, 2021

2021-11-09 12:00:00

Canaan Inc. announced that they will report Q3, 2021 results Pre-Market on Nov 16, 2021

Neutral

Canaan Inc., Q3 2021 Earnings Call, Nov 16, 2021

2021-11-09 12:00:00

Canaan Inc., Q3 2021 Earnings Call, Nov 16, 2021

Neutral

Canaan Secures Follow-On Purchase Order from Hive Blockchain for 6,500 Bitcoin Mining Machines

2021-10-29 11:00:00

Canaan Inc. announced that it has secured a follow-on purchase order from HIVE Blockchain Technologies Ltd. for 6,500 units of its next-generation Avalon Bitcoin mining machines. This new order by HIVE follows the two recent purchases of 4,000 units and 6,400 units of Canaan's Avalon Miners in August 2021 and January 2021, respectively.

Neutral

Canaan Inc. Presents at Longwood Healthcare Leaders Conference, Oct-04-2021 02:20 PM

2021-09-28 18:44:00

Canaan Inc. Presents at Longwood Healthcare Leaders Conference, Oct-04-2021 02:20 PM. Speakers: Tim Shannon, General Partner.

Neutral

Longwood Fund, Longwood Healthcare Leaders Conference, Oct 04, 2021 through Oct 05, 2021

2021-09-28 13:09:00

Longwood Fund, Longwood Healthcare Leaders Conference, Oct 04, 2021 through Oct 05, 2021.

Neutral

Canaan Inc. Presents at BioFuture, Oct-06-2021

2021-09-23 11:49:00

Canaan Inc. Presents at BioFuture, Oct-06-2021 . Venue: The Lotte Palace Hotel, New York City, New York, United States. Speakers: Nina Kjellson, General Partner.

Positive

Canaan Inc.'s Equity Buyback announced on September 8, 2020, has expired.

2021-09-21 00:00:00

The company expired its plan on September 21, 2021.

Positive

Canaan Inc. (NasdaqGM:CAN) announces an Equity Buyback for $20 million worth of its shares.

2021-09-20 06:11:00

Canaan Inc. (NasdaqGM:CAN) announces a share repurchase program. Under the program, the company will repurchase up to $20 million worth of its outstanding American Depositary Shares and/or class A ordinary shares. The program will be funded from company's existing cash balance. The program is valid for 12 months.

Positive

Canaan Inc. authorizes a Buyback Plan.

2021-09-20 00:00:00

The Board of Directors of Canaan Inc. has authorized a buyback plan on September 20, 2021.

Positive

Canaan Inc.(NasdaqGM:CAN) added to S&P Global BMI Index

2021-09-20 00:00:00

Canaan Inc.(NasdaqGM:CAN) added to S&P Global BMI Index

Negative

Canaan Inc. Announces Resignation of Jiaxuan Li as Director

2021-09-15 09:30:00

Canaan Inc. announced Mr. Jiaxuan Li, a director of the company, has stepped down from the board of directors of the company for personal reasons, effective September 15, 2021. Mr. Jiaxuan Li has served as a director of the company since December 2015.

Neutral

Canaan Inc. Provides Revenue Guidance for the Third Quarter of 2021

2021-09-15 09:30:00

Canaan Inc. provided revenue guidance for the third quarter of 2021. For the third quarter of 2021, the company expects total revenues to have a sequential increase of 10% to 30%. This forecast reflects the company's current and preliminary views on the market and operational conditions, which are subject to change.

Neutral

Tranche Update on Canaan Inc. (NasdaqGM:CAN)'s Equity Buyback Plan announced on September 8, 2020.

2021-09-15 07:20:00

From September 8, 2020 to September 12, 2021, the company has repurchased 2,510,000 shares, representing 1.6% for $9.3 million. With this, the company has completed the repurchase of 2,510,000 shares, representing 1.6% for $9.3 million under the buyback announced on September 8, 2020.

Negative

Canaan Inc. Announces Change of Auditor

2021-09-14 03:15:00

Canaan Inc. announced that it has dismissed PricewaterhouseCoopers Zhong Tian LLP ("PwC") as the Company's independent auditor on September 9, 2021 and has approved the appointment of KPMG Huazhen LLP ("KPMG") as the independent auditor of the Company, effective September 13, 2021. The change of the Company's independent auditor was made after careful consideration and evaluation process and was approved by the Audit Committee and the Board of Directors of the Company.

Neutral

Canaan Inc., Q2 2021 Earnings Call, Sep 15, 2021

2021-09-09 11:00:00

Canaan Inc., Q2 2021 Earnings Call, Sep 15, 2021

Neutral

Canaan Inc. to Report Q2, 2021 Results on Sep 15, 2021

2021-09-09 11:00:00

Canaan Inc. announced that they will report Q2, 2021 results Pre-Market on Sep 15, 2021

Neutral

LSX Ltd, 5th LSX USA Congress & CEO Forums, Jun 21, 2022 through Jun 22, 2022

2021-09-04 07:34:00

LSX Ltd, 5th LSX USA Congress & CEO Forums, Jun 21, 2022 through Jun 22, 2022. Venue: Boston, United States.

Neutral

Canaan Cements Strategic Partnership with Genesis Digital Assets Via Milestone Sales Contract with an Additional Purchase Option

2021-08-31 11:11:00

Canaan Inc. announced that it has secured a purchase order (the “Order”) from Genesis Digital Assets Limited (“Genesis Digital Assets”), a leading Bitcoin mining firm with extensive experience in building and operating industrial-scale Bitcoin mining data centers, for 20,000 of its Bitcoin mining machines. In conjunction with the Order, Canaan has granted Genesis Digital Assets an option to purchase up to 180,000 additional mining machines.

Neutral

Canaan Secures Substantial Order of 17,352 Bitcoin Mining Machines from Mawson

2021-08-13 11:00:00

Canaan Inc. announced that it has received from Mawson Infrastructure Group Inc. a purchase order (the "Order") for 17,352 bitcoin mining machines with an aggregate operating hash power of 1.5EH. According to the terms of the Order, the Company will deliver the latest generations of its Avalon A1166 and A1246 bitcoin mining machines to Mawson's operations in the U.S. and Australia throughout 2021 and 2022. The Order is in addition to Mawson's previous order placed earlier this year for 11,760 of the Company's A1246 bitcoin mining machines with an aggregate operating hash power of 1.05EH.

Neutral

Canaan Inc. Receives Purchase Order for 4,000 Bitcoin Mining Machines from HIVE Blockchain Technologies Ltd

2021-08-03 11:00:00

Canaan Inc. announced that it has received from HIVE Blockchain Technologies Ltd. a purchase order for 4,000 bitcoin mining machines with an aggregate operating hash power of 272 Petahash per second (PH/s). According to the terms of the order, the company will deliver the mining machines in two tranches over the next 60 days, including 2,000 machines in August 2021 and 2,000 machines in September 2021. This order is an addition to HIVE's previous order placed earlier this year for 6,400 Canaan AvalonMiner 1246 Miners with an aggregate operating hash power of 576 PH/s.

Negative

Canaan Inc. Announces Executive Changes

2021-08-02 13:10:00

Canaan Inc. announced the appointment of Mr. James Jin Cheng to the position of Chief Financial Officer, effective immediately. Mr. Tong He will cease to serve as the company’s acting Chief Financial Officer but will maintain his position as the company’s Director of Finance. Mr. Cheng has more than 20 years of experience in financial planning and management. Prior to joining Canaan, Mr. Cheng served as a Vice President for Zhaopin.com, a career platform in China formerly listed on the NYSE, from September 2015 to July 2021. Between September 2013 to September 2015, Mr. Cheng worked as the Director of Finance for Lenovo’s China and Asia Pacific Division. From February 2005 to August 2013, Mr. Cheng held several managerial roles at Nokia China, such as senior sales finance controller. From March 2003 to January 2005, Mr. Cheng worked as a demand planning manager at Effem Foods Beijing, a Mars company.

Positive

Canaan Inc. Releases Self-Developed Edge AI Chip, the Kendryte K510

2021-07-08 10:00:00

Canaan Inc. announced the release of the Kendryte K510 (the "K510"), an independently designed and developed RISC-V based edge AI chip, at the 2021 World Artificial Intelligence Conference. The K510 has several key technical advantages. The original data flow computing technology of the K510 improves the chip's computing power by approximately three times. In addition, by adopting a RISC-V open-source architecture, the K510 is highly customizable and capable of empowering developers in their execution of scenario-based development. The K510 can currently be used for UAV high-definition aerial photography, high-definition panoramic video conferences, robotics, STEAM education, driver assistance scenarios, and industrial and professional cameras.

Fundamental Summary

Looking at Canaan's financials of Q1 reflected unimpressive, mediocre results. It is highly likely that it will be mostly tethered to market performance and sector movements for the near term. We gave Canaan a 68 rating and a HOLD recommendation.

Canaan reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported sales was CNY 1,356.11 million compared to CNY 402.77 million a year ago. Net income was CNY 441.6 million compared to CNY 1.2 million a year ago. Basic earnings per share from continuing operations was CNY 2.5665 compared to CNY 0.0075 a year ago. Diluted earnings per share from continuing operations was CNY 2.565 compared to CNY 0.0075 a year ago.

Business Description

Canaan engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components primarily in the People’s Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts. The company has a strategic cooperation with Northern Data AG in the areas of artificial intelligence development, blockchain technology, and datacenter operations. Canaan was founded in 2013 and is based in Beijing, the People’s Republic of China.

Sector Overview

Canaan is included in the Technology Hardware, Storage & Peripherals according to GICS (global industry classification standard). The Technology Hardware, Storage & Peripherals industry is part of the Information Technology sector. It includes manufacturers of mobile phones, PCs, servers, electronic computer components and peripherals. Canaan's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 6,250.5 11.0% 62
Liabilities 2,280.0 4.9% 76
Price to Book 1.1 -33.5% 83
Cash & Equivalents 2,643.2 -1.5% 67
Equity 3,970.6 14.8% 88
EBITDA 2,430.5 31.9% 93
Total Revenues 5,940.0 19.1% 38
Parameter Value Change Score
Return on Equity 107.3 4.4% 77
Net Cashflow 2,335.9 0.0% 67
Capital Expenditure -37.5 0.0% 73
Asset Turnover 1.4 -7.8% 46
Free Cashflow 8.3 0.0% 69

* All values are TTM

The below chart reflects Canaan's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Canaan's peer average final assessment score stands on 77.0, Canaan's score is 68.

  •  CAN
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
CompoSecure, Inc. 441.4M 59 58 58
Underperform
53
53 0 1
Turtle Beach Corporation 227.4M 67 69 60
Hold
68
68 1 1
Apple Inc. 2.3T 53 74 84
Hold
75
75 2 1
Dell Technologies Inc. 37.2B 54 69 72
Hold
66
66 3 1
HP Inc. 36.5B 95 73 57
Buy
82
82 4 1
Hewlett Packard Enterprise Company 18.4B 63 73 66
Hold
70
70 5 1
Seagate Technology Holdings plc 15.9B 56 79 76
Hold
76
76 6 1
Western Digital Corporation 14.9B 59 82 70
Hold
76
76 7 1
NetApp, Inc. 14.9B 62 70 55
Hold
61
61 8 1
Pure Storage, Inc. 8.0B 55 71 95
Buy
81
81 9 1
Xerox Holdings Corporation 2.5B 62 69 69
Hold
69
69 10 1
Super Micro Computer, Inc. 2.2B 93 69 62
Buy
81
81 11 1
Corsair Gaming, Inc. 1.4B 52 71 40
Underperform
48
48 12 1
3D Systems Corporation 1.3B 45 67 55
Underperform
50
50 13 1
Stratasys Ltd. 1.3B 57 58 55
Underperform
50
50 14 1
Avid Technology, Inc. 1.2B 49 75 74
Hold
68
68 15 1
IonQ, Inc. 957.0M 37 43 82
Underperform
44
44 16 1
Nano Dimension Ltd. 834.0M 82 45 70
Hold
69
69 17 1
Eastman Kodak Company 419.9M 58 68 57
Underperform
58
58 18 1
Coolpad Group Limited 275.6M 53 80 58
Underperform
58
58 19 1
Diebold Nixdorf, Incorporated 190.3M 54 72 53
Underperform
57
57 20 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Canaan's stock is now priced above its 5-day, but below its 50-day and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near-term. The company is trading near it's 12-month low, which signals it struggle to keep above it support price. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Canaan's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 47.

Bearish 47
Close Price 3.49
52W Low 2.84
52W High 10.7
5D MA 3.36
50D MA 3.53
200D MA 5.63
MACD -0.07
RSI 2.25
STOCH 47.83

Balance Sheet Analysis

Canaan appears likely to maintain its strong balance sheet metrics and momentum going forward. Canaan did a great job related to equity this period, which stood at 3970.6, representing a 14.8% change. This parameter often affects companies in the same industry and market capitalization by up to 4.3%. This performance is significantly more impressive than its peers and competitors. Consequently, their equity movement received a grade of 88. Also, Canaan's price to book ratio (P/B) was reported as 1.1 and represents -33.5% change from the previous report. The company's book value factor metrics are even more remarkable when compared to their peers. Therefore, its book value factors earned a score of 83. That said, one metric, Assets, stood out as particularly concerning. Canaan's management did not succeed in significantly improving the value of the assets on their balance sheet, which now sits at 6250.5 and represents a 11.0% change from the previous report. This unimpressive metric is weaker than its peers and competitors. Its asset component, therefore, received a grade of 62. Similarly, because its management is doing an excellent job managing these critical metrics, the balance sheet was given a score of 81.

Parameter Value Change Score
Assets 6,250.5 11.0% 62
Liabilities 2,280.0 4.9% 76
Price to Book 1.1 -33.5% 83
Cash & Equivalents 2,643.2 -1.5% 67
Equity 3,970.6 14.8% 88
* All values are TTM

The below chart describes Canaan's performance as reflected on its balance sheet with respect to its peers. While Canaan received a balance sheet score of 81, the average of its peers stands on 73.0.

  •  CAN
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
CompoSecure, Inc. 441.4M 58 64 66 44 82 59 0 1
Turtle Beach Corporation 227.4M 39 80 69 86 67 67 1 1
Apple Inc. 2.3T 50 80 60 46 56 53 2 1
Dell Technologies Inc. 37.2B 56 80 57 44 55 54 3 1
HP Inc. 36.5B 71 73 97 91 92 95 4 1
Hewlett Packard Enterprise Company 18.4B 52 78 73 46 67 63 5 1
Seagate Technology Holdings plc 15.9B 60 80 58 46 52 56 6 1
Western Digital Corporation 14.9B 60 77 55 68 62 59 7 1
NetApp, Inc. 14.9B 78 67 60 67 52 62 8 1
Pure Storage, Inc. 8.0B 42 82 62 66 57 55 9 1
Xerox Holdings Corporation 2.5B 67 77 60 58 56 62 10 1
Super Micro Computer, Inc. 2.2B 89 62 93 70 90 93 11 1
Corsair Gaming, Inc. 1.4B 50 72 64 38 63 52 12 1
3D Systems Corporation 1.3B 57 80 46 38 45 45 13 1
Stratasys Ltd. 1.3B 58 81 47 88 54 57 14 1
Avid Technology, Inc. 1.2B 52 82 43 45 59 49 15 1
IonQ, Inc. 957.0M 38 74 53 37 49 37 16 1
Nano Dimension Ltd. 834.0M 96 85 59 48 60 82 17 1
Eastman Kodak Company 419.9M 67 70 55 53 66 58 18 1
Coolpad Group Limited 275.6M 48 86 47 63 45 53 19 1
Diebold Nixdorf, Incorporated 190.3M 65 83 43 40 56 54 20 1

Income Statement Analysis

EBITDA and Return Factors stand out as the most significant drivers of Canaan's income statement's strength. Canaan reported impressive EBITDA this period. At filing, EBITDA was reported as 2430.5, representing 31.9% change from the previous period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 13.2%. The company is headed in the right direction regarding EBITDA, exhibiting efficient capital controls and strong overall financial performance. The company's EBITDA movement, therefore, received a grade of 93. Also, Canaan's reported return on equity (ROE) ratio was 107.3, representing a change of 4.4%. The company appears headed in the right direction in terms of these return factors, exhibiting prudent capital expenditure growth compared to its peers. The company's return factors (ROA & ROE) components, therefore, received a grade of 77. On the other hand, Revenue Efficiency, jumped out as looking rather underwhelming. Canaan management did an underwhelming job managing revenue efficiency this past period. Canaan's revenue efficiency is 5940.0 according to the metrics in the current filing, which represents a 19.1% change from the previous report. This metric might have a 18.5 percent impact on companies in the same industry and with the same market capitalization. Its uninspiring revenue efficiency is even more concerning relative to its peers and competitors in the current market. Its revenue efficiency, therefore, received a grade of 38. Therefore, their income statement earned a grade of 64.

Parameter Value Change Score
EBITDA 2,430.5 31.9% 93
Total Revenues 5,940.0 19.1% 38
Return on Equity 107.3 4.4% 77
* All values are TTM

The below chart describes Canaan's performance as reflected on its income statement with respect to its peers. While Canaan received a income statement score of 64 , the average of its peers stands on 76.0.

  •  CAN
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
CompoSecure, Inc. 441.4M 51 69 53 58 0 1
Turtle Beach Corporation 227.4M 96 41 42 69 1 1
Apple Inc. 2.3T 76 67 79 74 2 1
Dell Technologies Inc. 37.2B 68 65 82 69 3 1
HP Inc. 36.5B 81 61 64 73 4 1
Hewlett Packard Enterprise Company 18.4B 85 56 61 73 5 1
Seagate Technology Holdings plc 15.9B 83 69 90 79 6 1
Western Digital Corporation 14.9B 80 83 71 82 7 1
NetApp, Inc. 14.9B 76 63 52 70 8 1
Pure Storage, Inc. 8.0B 46 97 96 71 9 1
Xerox Holdings Corporation 2.5B 88 46 45 69 10 1
Super Micro Computer, Inc. 2.2B 43 95 95 69 11 1
Corsair Gaming, Inc. 1.4B 97 41 39 71 12 1
3D Systems Corporation 1.3B 91 38 42 67 13 1
Stratasys Ltd. 1.3B 61 48 81 58 14 1
Avid Technology, Inc. 1.2B 79 68 69 75 15 1
IonQ, Inc. 957.0M 37 47 61 43 16 1
Nano Dimension Ltd. 834.0M 37 46 73 45 17 1
Eastman Kodak Company 419.9M 75 61 49 68 18 1
Coolpad Group Limited 275.6M 98 58 63 80 19 1
Diebold Nixdorf, Incorporated 190.3M 92 42 73 72 20 1

Cash Flow Analysis

Canaan's recently published cash flow conveyed disappointing growth, particularly concerning Asset Turnover and Net Cash Flow metrics. Canaan's asset turnover metrics were concerning and highlighted potential issues management is having effectively turning assets into sales efficiently. At filing, their asset turnover metrics were 1.4, representing a -7.8% change from the previous period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 10.7%. Their asset turnover numbers are significantly less impressive when compared to their peers and competitors. Therefore, their asset turnover movement earned a score of 46. Also, Canaan's produced underwhelming cash flow numbers in this filing. Net cash flow was reported as 2335.9, which is a 0.0% change from the last report. As demonstrated by these concerning net cash flow metrics, their priorities seem to be headed in the wrong direction. Consequently, their net cash flow movement received a grade of 67. On the other hand, Capex, jumped out as looking rather positive. Canaan's management did a great job this period managing its capital expenditure (CapEx). In terms of the raw numbers, CapEx was reported as -37.5, which represents a 0.0% change from the last period. This performance is all the more impressive relative to their peers and competitors. Therefore, its CapEx movement component earned a score of 73. Its cash flow, therefore, earned a score of 57.

Parameter Value Change Score
Net Cashflow 2,335.9 0.0% 67
Capital Expenditure -37.5 0.0% 73
Asset Turnover 1.4 -7.8% 46
Free Cashflow 8.3 0.0% 69
* All values are TTM

The below chart describes Canaan's performance as reflected on its cash flow with respect to its peers. While Canaan received a cash flow score of 57, the average of its peers stands on 69.0.

  •  CAN
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
CompoSecure, Inc. 441.4M 77 76 46 48 58 0 1
Turtle Beach Corporation 227.4M 87 38 87 51 60 1 1
Apple Inc. 2.3T 76 75 68 91 84 2 1
Dell Technologies Inc. 37.2B 68 50 68 85 72 3 1
HP Inc. 36.5B 56 59 60 59 57 4 1
Hewlett Packard Enterprise Company 18.4B 77 52 62 71 66 5 1
Seagate Technology Holdings plc 15.9B 64 77 76 79 76 6 1
Western Digital Corporation 14.9B 65 82 54 70 70 7 1
NetApp, Inc. 14.9B 77 58 37 53 55 8 1
Pure Storage, Inc. 8.0B 94 91 64 97 95 9 1
Xerox Holdings Corporation 2.5B 59 64 77 75 69 10 1
Super Micro Computer, Inc. 2.2B 51 51 90 68 62 11 1
Corsair Gaming, Inc. 1.4B 50 37 48 46 40 12 1
3D Systems Corporation 1.3B 58 40 61 65 55 13 1
Stratasys Ltd. 1.3B 83 37 77 51 55 14 1
Avid Technology, Inc. 1.2B 58 59 45 94 74 15 1
IonQ, Inc. 957.0M 69 66 54 98 82 16 1
Nano Dimension Ltd. 834.0M 69 70 74 55 70 17 1
Eastman Kodak Company 419.9M 84 50 50 54 57 18 1
Coolpad Group Limited 275.6M 59 74 79 43 58 19 1
Diebold Nixdorf, Incorporated 190.3M 38 38 59 72 53 20 1

This report is intended for general guidance and information purposes only and under no circumstances is tailored to a specific factor or variable related to its reader or intended to be used or considered as financial or investment advice, a solicitation of any offer, a recommendation, or an offer to sell or buy any securities or other form of a financial asset. For the full disclaimer, click here.