Detailed financial statements for Full Truck Alliance Co. Ltd. (YMM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Full Truck Alliance Co. Ltd., along with its subsidiaries, operates a prominent digital logistics platform across the People's Republic of China. This platform's core purpose is to seamlessly connect cargo owners (shippers) with truck drivers, streamlining the transportation of goods regardless of distance, weight, or type. The company offers essential services like freight posting, carrier matching, and brokerage assistance, complemented by secure online payment processing.
Analysis Summary
Full Truck Alliance Co. Ltd. reported revenue of 12.49B CNY in the most recent fiscal year, growing at a 5-year CAGR of 37.1%.
Trailing-twelve-month margins: gross margin 65.9%, operating margin 33.6%, net margin 33.0%. Free cash flow grew at 53.9% CAGR over 5 years.
At the current price of $8.41, YMM trades at a P/E of 13.61 and an ROE of 10.56%. Market capitalisation stands at $8.8B.
Balance sheet quality for YMM: current ratio of 8.1, net cash position of 17.16B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 4.50B CNY represents 102% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 2.47B CNY | 2.58B CNY | 4.66B CNY | 6.73B CNY | 8.44B CNY | 11.24B CNY | 12.49B CNY |
| Cost of Revenue | 1.39B CNY | 1.32B CNY | 2.54B CNY | 3.51B CNY | 1.23B CNY | 5.10B CNY | 4.62B CNY |
| Gross Profit | 1.08B CNY | 1.26B CNY | 2.12B CNY | 3.22B CNY | 7.20B CNY | 6.14B CNY | 7.87B CNY |
| Research & Development | 396.7M CNY | 413.4M CNY | 729.7M CNY | 914.2M CNY | 946.6M CNY | 880.0M CNY | 874.4M CNY |
| Selling, General & Admin | 1.59B CNY | 4.39B CNY | 5.11B CNY | 2.32B CNY | 2.18B CNY | 2.51B CNY | 2.46B CNY |
| Operating Expenses | 2.10B CNY | 4.88B CNY | 5.91B CNY | 3.38B CNY | 6.21B CNY | 3.66B CNY | 3.72B CNY |
| Operating Income | -1.02B CNY | -3.61B CNY | -3.80B CNY | -162.0M CNY | 997.4M CNY | 2.47B CNY | 4.15B CNY |
| EBITDA | -1.45B CNY | -3.38B CNY | -3.57B CNY | -74.1M CNY | 2.41B CNY | 2.55B CNY | 4.25B CNY |
| Interest Expense | 40.0M CNY | 8.4M CNY | 40,000 CNY | 175,000 CNY | 0 | 0 | 0 |
| Pre-tax Income | -1.56B CNY | -3.45B CNY | -3.64B CNY | 507.9M CNY | 2.33B CNY | 3.36B CNY | 5.39B CNY |
| Income Tax | -14.7M CNY | 19.3M CNY | 14.2M CNY | 96.0M CNY | 106.8M CNY | 239.4M CNY | 929.2M CNY |
| Net Income | -1.52B CNY | -3.47B CNY | -3.65B CNY | 406.8M CNY | 2.21B CNY | 3.07B CNY | 4.41B CNY |
| EPS | $-0.20 | $-0.47 | $-0.59 | $0.06 | $0.30 | $0.41 | $0.59 |
| EPS (Diluted) | $-0.20 | $-0.47 | $-0.59 | $0.06 | $0.30 | $0.41 | $0.59 |
| Shares Outstanding (Diluted) | 1.10B CNY | 1.10B CNY | 1.09B CNY | 1.08B CNY | 1.06B CNY | 1.05B CNY | 1.05B CNY |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 3.36B CNY | 3.19B CNY | 2.85B CNY | 3.37B CNY |
| Gross Profit | 1.75B CNY | 2.12B CNY | 2.07B CNY | 2.47B CNY |
| Operating Income | 776.3M CNY | 1.03B CNY | 1.01B CNY | 1.48B CNY |
| EBITDA | 1.20B CNY | 1.03B CNY | 1.01B CNY | 1.50B CNY |
| Net Income | 907.3M CNY | 987.8M CNY | 990.9M CNY | 1.33B CNY |
| EPS | $0.12 | $0.13 | $0.14 | $1.29 |
| EPS (Diluted) | $0.11 | $0.13 | $0.14 | $1.29 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.98B CNY | 10.06B CNY | 4.28B CNY | 5.14B CNY | 6.77B CNY | 5.81B CNY | 6.14B CNY |
| Short-term Investments | 6.31B CNY | 8.73B CNY | 21.63B CNY | 21.09B CNY | 11.52B CNY | 15.00B CNY | 11.06B CNY |
| Receivables | 89.3M CNY | 150.0M CNY | 2.68B CNY | 4.58B CNY | 5.23B CNY | 6.12B CNY | 4.93B CNY |
| Inventory | 193.4M CNY | 107.4M CNY | 0 | 83.8M CNY | 0 | 0 | 0 |
| Total Current Assets | 12.50B CNY | 20.68B CNY | 28.90B CNY | 31.00B CNY | 24.00B CNY | 27.26B CNY | 23.07B CNY |
| Property, Plant & Equipment | 51.4M CNY | 82.0M CNY | 106.0M CNY | 240.8M CNY | 355.3M CNY | 407.4M CNY | 550.1M CNY |
| Goodwill | 2.78B CNY | 2.87B CNY | 3.12B CNY | 3.12B CNY | 3.12B CNY | 3.12B CNY | 4.03B CNY |
| Intangible Assets | 529.2M CNY | 491.3M CNY | 557.0M CNY | 502.4M CNY | 449.9M CNY | 393.5M CNY | 757.9M CNY |
| Total Assets | 16.96B CNY | 25.13B CNY | 34.40B CNY | 36.70B CNY | 39.35B CNY | 41.29B CNY | 44.35B CNY |
| Accounts Payable | 18.0M CNY | 23.8M CNY | 29.4M CNY | 28.0M CNY | 25.2M CNY | 31.2M CNY | 37.8M CNY |
| Short-term Debt | 500.0M CNY | 0 | 9.0M CNY | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 2.28B CNY | 1.96B CNY | 2.73B CNY | 2.73B CNY | 3.27B CNY | 3.02B CNY | 2.85B CNY |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.40B CNY | 2.08B CNY | 2.87B CNY | 2.89B CNY | 3.45B CNY | 3.15B CNY | 3.05B CNY |
| Retained Earnings | -9.90B CNY | -13.37B CNY | -17.02B CNY | -16.61B CNY | -14.40B CNY | -11.37B CNY | -7.02B CNY |
| Total Equity | 14.55B CNY | 23.05B CNY | 31.46B CNY | 33.66B CNY | 35.60B CNY | 37.68B CNY | 40.06B CNY |
| Total Debt | 500.0M CNY | 0 | 9.0M CNY | 80.5M CNY | 84.5M CNY | 65.1M CNY | 35.4M CNY |
| Net Debt | -9.80B CNY | -18.79B CNY | -25.91B CNY | -26.14B CNY | -18.20B CNY | -20.75B CNY | -17.16B CNY |
| Working Capital | 10.22B CNY | 18.72B CNY | 26.16B CNY | 28.27B CNY | 20.72B CNY | 24.24B CNY | 20.21B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 5.74B CNY | 6.07B CNY | 6.72B CNY | 6.89B CNY |
| Total Assets | 44.10B CNY | 44.32B CNY | 44.64B CNY | 45.61B CNY |
| Total Liabilities | 3.67B CNY | 3.05B CNY | 3.62B CNY | 3.78B CNY |
| Total Equity | 39.24B CNY | 40.03B CNY | 39.78B CNY | 40.43B CNY |
| Total Debt | 44.9M CNY | 35.3M CNY | 25.6M CNY | 24.9M CNY |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -1.52B CNY | -3.47B CNY | -3.65B CNY | 411.9M CNY | 2.23B CNY | 3.12B CNY | 4.46B CNY |
| Depreciation & Amortization | 70.7M CNY | 63.7M CNY | 67.4M CNY | 88.3M CNY | 74.7M CNY | 77.9M CNY | 100.0M CNY |
| Stock-based Compensation | 455.6M CNY | 3.25B CNY | 3.63B CNY | 919.3M CNY | 441.8M CNY | 496.6M CNY | 281.6M CNY |
| Change in Working Capital | -829.1M CNY | 366.0M CNY | -619.5M CNY | -1.70B CNY | -708.9M CNY | -1.42B CNY | -590.0M CNY |
| Operating Cash Flow | -924.0M CNY | 574.7M CNY | -211.4M CNY | -15.5M CNY | 2.27B CNY | 2.97B CNY | 4.63B CNY |
| Capital Expenditure | -10.4M CNY | -53.1M CNY | -43.2M CNY | -85.7M CNY | -100.3M CNY | -75.0M CNY | -129.7M CNY |
| Acquisitions | 2.1M CNY | -17.7M CNY | -230.5M CNY | -75.1M CNY | 0 | 0 | 22.6M CNY |
| Stock Repurchased | -384.9M CNY | -557.8M CNY | -2.59B CNY | -1.39B CNY | -1.37B CNY | -575.3M CNY | -406.9M CNY |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -1.06B CNY | -1.43B CNY |
| Free Cash Flow | -934.4M CNY | 521.7M CNY | -254.6M CNY | -101.2M CNY | 2.17B CNY | 2.90B CNY | 4.50B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 1.56B CNY | 2.15B CNY |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 1.56B CNY | 2.15B CNY |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 49.9M CNY | 51.6M CNY | 0 | 70.9M CNY |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.4% | +80.4% | +44.6% | +25.3% | +33.2% | +11.1% | |
| Net Income Growth (YoY) | -127.8% | -5.3% | +111.1% | +444.0% | +38.7% | +43.6% | |
| EPS Growth (YoY) | -135.0% | -25.5% | +109.5% | +434.8% | +36.7% | +43.9% | |
| Shares Change (YoY) | +0.0% | -0.6% | -1.1% | -1.9% | -1.2% | +0.1% | |
| FCF Growth (YoY) | +155.8% | -148.8% | +60.3% | +2,243.5% | +33.5% | +55.3% | |
| Gross Margin | 43.8% | 49.0% | 45.5% | 47.8% | 85.4% | 54.6% | 63.0% |
| Operating Margin | -41.3% | -140.1% | -81.5% | -2.4% | 11.8% | 22.0% | 33.2% |
| EBITDA Margin | -58.5% | -130.9% | -76.7% | -1.1% | 28.6% | 22.7% | 34.0% |
| Net Margin | -61.6% | -134.5% | -78.5% | 6.0% | 26.2% | 27.3% | 35.3% |
| FCF Margin | -37.8% | 20.2% | -5.5% | -1.5% | 25.7% | 25.8% | 36.0% |
| Effective Tax Rate | 0.9% | -0.6% | -0.4% | 18.9% | 4.6% | 7.1% | 17.2% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.85 | $0.48 | $-0.23 | $-0.09 | $2.05 | $2.77 | $4.30 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.02 | $1.36 |
| Shares Outstanding (Basic) | 1.10B CNY | 1.10B CNY | 1.09B CNY | 1.08B CNY | 1.06B CNY | 1.04B CNY | 1.04B CNY |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 10.56% |
| Return on Invested Capital | 8.12% |
| Return on Assets | 9.24% |
| Gross Margin | 65.86% |
| Operating Margin | 33.59% |
| Net Margin | 32.98% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.96 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -748.38 | -298.48 | -90.11 | 983.56 | 156.14 | 192.62 | 127.17 |
| P/B | 11.29 | 6.68 | 1.84 | 1.76 | 1.39 | 2.18 | 1.95 |
| P/S | 66.47 | 59.70 | 12.46 | 8.82 | 5.86 | 7.32 | 6.26 |
| Gross Margin | 43.8% | 49.0% | 45.5% | 47.8% | 85.4% | 54.6% | 63.0% |
| Operating Margin | -41.3% | -140.1% | -81.5% | -2.4% | 11.8% | 22.0% | 33.2% |
| Net Margin | -61.6% | -134.5% | -78.5% | 6.0% | 26.2% | 27.3% | 35.3% |
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Explore sector: Technology · Software - Application
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