iQIYI Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The operating business carries itself, the company actively retires debt, and with the Hong Kong listing, the buyback program and its AI tools it holds real levers — decay in fast-forward looks different. At the same time, only 2027/2028 will decide whether the revenue decline stops and the 2028 wall (roughly $1.03 billion within eleven weeks) is refinanced cleanly; whoever buys before that buys the VIE structure, the Baidu pass-through and the PAG concentration risk along with it. Watchable waypoints: quarterly revenue (does the decline turn?), progress of the Hong Kong listing, the status of the PAG receivable. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
iQIYI is no empty box: billions in revenue, market leadership in Chinese long-form series, positive operating cash flow and real options from Southeast Asia to the theme park. But the bargain-table price of about $1.09 billion (July 15, 2026) buys a Cayman shell with no equity in the operating companies, a $1.7 billion working-capital deficit, a debt wall in early 2028 with a contractual 30 percent premium, and a majority owner holding 89.1 percent of the votes. Cheap the stock undeniably is — a bargain only if the content cycle, the refinancing and two governments all cooperate at once. Not investment advice.
Business model & market position
China's streaming pioneer with $3.90 billion of 2025 revenue, a leading position in long-form series (domestic viewership market leadership per the Q1 2026 report) and genuine side options: a growing overseas business, theme parks (iQIYI LAND since February 8, 2026), AI video production (Nadou Pro) — but the core business is shrinking for the second year.
Trajectory of the numbers
Revenue down 7 percent in both 2024 and 2025, down 13 percent in Q1 2026 — all four revenue pillars declining; RMB 1.93 billion of net income (2023) became a 2025 loss of RMB 206.3 million and minus RMB 294.6 million in Q1 2026; 2025 free cash flow just RMB 10.0 million (annual and interim reports).
Cash, debt & the 2028 wall
A working capital deficit of RMB 11.8 billion ($1.7 billion) as of December 31, 2025, gross debt of $2.11 billion; in early 2028, roughly $1.03 billion can come due within eleven weeks (PAG notes incl. the 30 percent premium, put of the 2030 notes) — against $578.4 million of cash, with $636.6 million tied up as a loan to creditor PAG (March 31, 2026).
Legal structure (VIE, HFCAA)
Per the annual report, buyers expressly acquire no equity in the operating VIE companies, only in a Cayman holding with contractual claims; regulatory shifts threaten "severe penalties" up to the loss of those claims. Add the HFCAA shadow (already on the SEC list in 2022); the filed Hong Kong secondary listing (March 30, 2026) is insurance, but not secured.
Ownership & governance
Baidu holds 45.1 percent of the shares but 89.1 percent of the votes (February 28, 2026) and, since July 2, 2026, also supplies the CFO in Ying Tian (previously CFO of Baidu AI Cloud); free ADS buyers hold 10.9 percent of the voting weight combined. The PAG entanglement ($636.6 million lent to the company's own creditor, collateral released) is an additional concentration risk.
Capital measures & momentum
Positive operating cash flow in every year since 2022, the 2026 and 2028 notes almost fully retired (residual $0.1 million and $0.3 million as of March 31, 2026), a buyback program of up to $100 million and record overseas membership revenue (Q1 2026) — the company acts instead of merely hoping.
Worth Noting
IQ landed on our research list through our Reddit hype scanner (ApeWisdom data): 9 mentions in 24 hours as of July 15, 2026. Forum mentions are sentiment signals, not quality signals. Our fundamental scanners (Russell 3000 universe) do not cover the Chinese ADR by design.
iQIYI is registered as a foreign private issuer and files Forms 20-F (annual report, filed for 2025 on March 16, 2026) and 6-K (interim reports) instead of 10-K/10-Q; quarterly figures are unaudited attachments to 6-K filings.
The market value figure is dated July 15, 2026 (about $1.09 billion); analyses are evergreen, daily prices are not a buy argument. RMB amounts follow the period-end rates stated in the filings (12/31/2025: 6.9931; 03/31/2026: 6.8980 RMB per USD).
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at IQ since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.86 $ to 2.70 $ · Last price: 1.00 $ (As of: September 18, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Entertainment
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| iQIYI Inc IQ | 0.9 | – | 55.5 | 17.9 | -3.7 | -6.6 | -58.8 |
| Netflix Inc NFLX | 302.6 | 24.6 | 9.4 | 49.1 | 32.3 | 15.9 | -40.6 |
| Walt Disney Company DIS | 177.8 | 17.1 | 11.2 | 37.6 | 15.5 | 3.4 | -9.3 |
| Warner Bros Discovery Inc WBD | 69.7 | – | 7.3 | 47.8 | 8.6 | -5.2 | 48.7 |
| Live Nation Entertainment Inc LYV | 39.3 | – | 24.9 | 25.8 | -9.9 | 8.8 | 1.5 |
| TKO Group Holdings, Inc. TKO | 35.2 | 71.7 | 12.0 | 59.5 | 21.2 | 68.9 | -4.5 |
| Fox Corp Class A FOXA | 27.4 | 18.0 | 9.9 | 36.6 | 21.4 | 16.6 | 10.8 |
| Fox Corp Class B FOX | 24.4 | 16.2 | 9.9 | 36.6 | 21.4 | 16.6 | 10.2 |
| Liberty Media Corporation (Serie C) FWONK | 23.8 | 42.0 | 24.1 | 32.6 | 9.0 | 22.7 | -7.7 |
| Median of companies shown | 35.2 | 21.3 | 11.2 | 36.6 | 15.5 | 15.9 | -4.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year CNY m
Revenue Operating income Net income
| Fiscal Year | Revenue (CNY m) | EBIT (CNY m) | Net Income (CNY m) | EPS (CNY) | Operating Cash Flow (CNY m) | Equity (CNY m) | Total Assets (CNY m) |
|---|---|---|---|---|---|---|---|
| 2016 | 11,237 | -2,789 | -3,074 | -4.23 | 2,612 | -15,305 | 13,632 |
| 2017 | 17,378 | -3,953 | -3,737 | -5.14 | 4,012 | 8,279 | 20,201 |
| 2018 | 24,989 | -8,306 | -9,110 | -16.49 | 2,884 | 18,037 | 44,760 |
| 2019 | 28,994 | -9,258 | -10,277 | -14.09 | 3,906 | 9,571 | 44,793 |
| 2020 | 29,707 | -6,041 | -7,007 | -9.48 | -5,411 | 9,257 | 48,185 |
| 2021 | 30,554 | -4,479 | -6,190 | -7.78 | -5,952 | 5,188 | 42,472 |
| 2022 | 28,998 | 1,312 | -136 | -0.16 | -5,952 | 6,251 | 46,048 |
| 2023 | 31,873 | 2,989 | 1,925 | 1.98 | 3,352 | 12,087 | 44,594 |
| 2024 | 29,225 | 1,811 | 764 | 0.79 | 2,110 | 13,365 | 45,761 |
| 2025 | 27,291 | 229 | -206 | -0.21 | 103 | 13,317 | 46,682 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (CNY m) | Sales YoY (%) | Net Margin (%) | OCF (CNY m) | FCF (CNY m) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.25 | -59.00 | 7,439 | -4.70 | 0.90 | 411 | 383 |
| 2024: Q3 | 0.50 | -21.90 | 7,246 | -9.60 | 3.20 | 243 | 243 |
| 2024: Q4 | -0.06 | -108.60 | 6,613 | -14.20 | -2.90 | 519 | 474 |
| 2025: Q1 | 0.31 | -64.40 | 7,187 | -9.30 | 2.50 | 339 | 317 |
| 2025: Q2 | 0.02 | -92.00 | 916 | -87.70 | -2.00 | -13 | -34 |
| 2025: Q3 | -0.15 | -130.00 | 934 | -87.10 | -3.70 | -268 | -290 |
| 2025: Q4 | 0.01 | 116.70 | 6,794 | 2.70 | -0.10 | 46 | 0 |
| 2026: Q1 | -0.24 | -177.40 | 6,226 | -13.40 | -4.70 | 186 | 110 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (CNY) | EPS Range (CNY) | Revenue Estimate (CNY m) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.48 | -0.69 – -0.25 | 24,947 | -265.8% | 11 |
| 12/31/2027 | 0.55 | 0.08 – 1.55 | 25,790 | 215.4% | 13 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
iQIYI setzt KI dokumentiert operativ ein — Large Language Models für Tagging und Suchintention, den KI-Agenten Taodou als Assistent, iQuickReel für automatische Kurzvideo-Erstellung sowie den seit März 2026 im offenen kommerziellen Test befindlichen Produktions-Agenten Nadou Pro; erklärtes Ziel laut Q1-2026-Bericht ist die Senkung der Produktionskosten und Beschleunigung der Produktionszyklen. Eine eigene KI-Umsatzquelle weisen 20-F und 6-K nicht aus (Erlössäulen: Abos, Werbung, Content-Distribution, Sonstiges) — daher „nutzt“, nicht „verkauft“.
View the full file — quotes, sources, reviewed filings
„We have utilized large language models to enhance the accuracy of tagging and understanding search query intents."
Wir haben große Sprachmodelle eingesetzt, um die Genauigkeit der Verschlagwortung und das Verständnis von Suchanfrage-Absichten zu verbessern.
20-F · 2026-03-16 · View SEC filing
„Looking ahead, we are leveraging AI to reduce content production costs, accelerate production cycles, and expand our content ecosystem."
Mit Blick nach vorn nutzen wir KI, um die Kosten der Inhalteproduktion zu senken, Produktionszyklen zu beschleunigen und unser Content-Ökosystem auszubauen.
6-K · 2026-05-18 · View SEC filing
„The Company recently launched open commercial testing for Nadou Pro, its proprietary AI agents and the first in China designed specifically for professional long-form video generation."
Das Unternehmen hat kürzlich den offenen kommerziellen Test von Nadou Pro gestartet, seinen eigenen KI-Agenten und den ersten in China, der speziell für die professionelle Erstellung von Langform-Videos entwickelt wurde.
6-K · 2026-03-30 · View SEC filing
Filings Reviewed: 20-F 2026-03-16 · 20-F 2025-03-27 · 6-K 2026-07-02 · 6-K 2026-05-18 · 6-K 2026-03-30 · 6-K 2026-02-26
Rated on July 15, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -2.0%
- More than 10% revenue growth is expected for the coming year -75.5%
- Share count grows by less than 3% a year 4.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -6.6%
- Gross margin at 40% or higher and without meaningful erosion 21.1%
- Goodwill from acquisitions does not grow faster than revenue 8.2%
- Net debt below twice EBITDA 0.8 x EBITDA
- Operating cash flow covers the profits of the last three years 3,081 m
- Return on capital at 15% or higher, or up versus two years ago 0.9%
- Insiders hold at least 10% or are net buyers 0.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 10.4%
- Exp. sales growth 3Y > 5% -2.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -2.8%
- Net debt < 4x EBIT 46.1x
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 92.3%
- Return on equity > 15% –
- ROCE > 15% 0.9%
- Expected return > 10% -2.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
iQIYI, Inc. provides online entertainment video services in the People's Republic of China. The company operates a platform that provides a collection of internet video content, such as professionally produced content licensed from professional content providers and self-produced content. It also engages in the production, aggregation, and distribution of online long-form videos, micro dramas, micro animations, micro variety shows, edited video clips, and video blogs; and provision of experience services, online mobile games, comics, and others. In addition, the company provides membership, online brand and performance-based advertising, and content distribution services. Further, it is involved in the talent agency and IP licensing activities. The company was formerly known as Qiyi.com, Inc. and changed its name to iQIYI, Inc. in November 2017. The company was incorporated in 2009 and is based in Beijing, the People's Republic of China. iQIYI, Inc. is a subsidiary of Baidu Holdings Limited.
- Employees
- 4,603
- Headquarters
- Beijing, China
- Address
- iQIYI Youth Center, Yoolee Plaza, 100027 Beijing, China
- Phone
- 86 10 6267 7171
- Website
- iqiyi.com
- IPO Date
- 03/29/2018
- ISIN
- US46267X1081
Management
| Name | Title | Birth Year |
|---|---|---|
| Yu Gong | Founder, CEO & Director | 1969 |
| Xiaohui Wang | Chief Content Officer | 1969 |
| Xianghua Yang | Senior Vice President of Overseas Business & Motion Picture Business | 1977 |
| Youqiao Duan | Senior Vice President of Membership Business & Intelligent Device Business | 1970 |
| Ying Zeng | Senior Vice President of Finance | 1978 |
| Tian Ying | Chief Financial Officer | – |
| Chang You | IR Director | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 18, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.