Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
Not used by alerts or posts.
Treated as a loss-making company. None of the usual models had enough data, so this uses Net asset value instead.
ACCE opinionCanaan Inc. American Depositary Shares (CAN)
Fair value
Not available
ACCE price target
$0.30
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST; previously $0.35 since 3 Oct 2026, 00:00 CEST.
Price used: $0.22 at the close on 23 Oct 2026, 22:00 CEST.
Models: Net asset value.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
23
out of 100
Analysts
100% buy
6 covering
P/E
0.0x
forward 2.5x
1-year return
-87.5%
Dividend yield
0.00%
Canaan Inc. American Depositary Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
Canaan designs and sells application-specific integrated circuits and mining machines for bitcoin, along with the hardware it builds around them, so its revenue tracks crypto mining equipment demand rather than any broader computing market. That makes it a cyclical bet on hash-rate economics, and the latest numbers show the cycle working against it: revenue is down 68.2% year over year, gross margin is negative at -4.8%, and operating margin sits at -192.0%, so each unit sold is currently losing money before overhead. The forward P/E of 2.5 reads as cheap, but it rests on earnings expectations that the negative margins make hard to trust, and the -97.1% return on equity says the balance sheet has been absorbing losses rather than compounding capital. There is no index membership to provide a passive floor, and a 30/100 score reflects a business still searching for a profitable cost structure. Worth a deeper look only if the thesis is specifically about a mining hardware upcycle and a path back to positive gross margin.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
severe
Negative gross margin
Gross margin of -4.8% indicates the company is losing money on every unit sold. This is unsustainable and signals fundamental business model failure.
severe
Massive revenue collapse
Revenue down 68.2% YoY and 49.2% QoQ. Combined with -71.8M FCF, the company is burning cash at an accelerating rate with no clear path to profitability.
high
Deteriorating financial health
ACCE score fell 4 points in 90 days (24 to 20). ROE at -97.1% and operating margin at -192% reflect severe operational distress and capital destruction.
high
Valuation disconnect
Current price $0.30 sits near ACCE fair value midpoint $0.35, but downside to $0.12 is material. Negative earnings multiples reflect distress pricing.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Balance sheet is strong with debt to equity of only 0.24, providing financial flexibility to weather the current downturn.
Bitcoin mining economics are cyclical, and the company survives to benefit when network conditions and prices recover.
Why it could disappoint
Revenue collapsed 68.2% year over year with net margin of negative 67.8%, meaning the company loses money on every sale.
Share count surged 72.7% in the last fiscal year while earnings missed expectations by 20%, destroying shareholder value through dilution.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 17, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where CAN's valuation models land
Price
$0.22
Model fair valueConfidence: low
about $0.61
Model
Fair value
Upside
Net asset value
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Quality
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Canaan Inc. $CAN reported its most recent quarter on August 20, 2026, with a swing to a loss and revenue down 24.3% year over year. ACCE score: 24/100.