YMM - Full Truck Alliance Co. Ltd.
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$11.30
DETAILS
HIGH:
$11.30
LOW:
$11.30
MEDIAN:
$11.30
CONSENSUS:
$11.30
UPSIDE:
35.17%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 12,149.6 | 11,238.6 | 8,436.2 | 6,733.6 | 4,657.0 | 2,580.8 | 2,473.1 |
| Cost of Revenue | 4,422.9 | 1,503.7 | 1,232.6 | 3,514.6 | 2,540.0 | 1,316.0 | 1,389.9 |
| Gross Profit | 7,726.7 | 9,735.0 | 7,203.6 | 3,219.1 | 2,117.0 | 1,264.8 | 1,083.2 |
| Operating Expenses | |||||||
| R&D Expenses | 850.6 | 880.0 | 946.6 | 914.2 | 729.7 | 413.4 | 396.7 |
| SG&A Expenses | 2,823.8 | 2,510.5 | 2,176.9 | 2,320.2 | 5,108.5 | 4,392.9 | 1,592.5 |
| Other Expenses | 70.1 | 3,869.4 | 3,082.6 | 146.7 | 74.8 | 73.1 | 114.6 |
| Operating Expenses | 3,744.5 | 7,260.0 | 6,206.1 | 3,381.1 | 5,913.0 | 4,879.4 | 2,103.8 |
| Operating Income | |||||||
| Operating Income | 3,982.2 | 2,475.0 | 997.4 | (162.0) | (3,795.9) | (3,614.6) | (1,020.6) |
| Interest Expense | 0 | 0 | 0 | 0.2 | 0.0 | 8.4 | 40.0 |
| Interest Income | 1,020.2 | 1,073.4 | 1,141.9 | 483.7 | 234.7 | 209.8 | 229.3 |
| Profitability | |||||||
| EBITDA | 3,982.2 | 2,549.7 | 2,408.6 | (74.1) | (3,572.9) | (3,379.6) | (1,445.6) |
| EBIT | 3,982.2 | 2,475.0 | 2,333.9 | (162.5) | (3,640.3) | (3,443.2) | (1,516.3) |
| Income Before Tax | 5,241.4 | 3,362.8 | 2,333.9 | 507.9 | (3,640.3) | (3,451.6) | (1,556.3) |
| Income Tax Expense | 903.8 | 239.4 | 106.8 | 96.0 | 14.2 | 19.3 | (14.7) |
| Net Income | 4,288.1 | 3,069.8 | 2,212.9 | 406.8 | (3,654.5) | (3,470.9) | (1,523.7) |
| Per Share Data | |||||||
| EPS (Basic) | 4.20 | 2.95 | 2.00 | 0.40 | -3.40 | -3.20 | -1.42 |
| EPS (Diluted) | 4.20 | 2.94 | 2.00 | 0.40 | -3.40 | -3.20 | -1.42 |
| Shares Outstanding | 1,042.0 | 1,041.1 | 1,058.1 | 1,075.9 | 1,075.9 | 1,085.8 | 1,085.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 6,140.3 | 5,810.3 | 6,770.9 | 5,137.3 | 4,284.3 | 10,060.4 | 3,983.7 |
| Short-Term Investments | 11,055.3 | 15,002.9 | 11,516.3 | 21,087.1 | 21,634.6 | 8,731.2 | 6,311.7 |
| Net Receivables | 4,929.6 | 6,121.0 | 5,234.4 | 4,578.4 | 170.8 | 150.0 | 89.3 |
| Inventory | 0 | 0 | 0 | 83.8 | 65.8 | 107.4 | 193.4 |
| Other Current Assets | 941.2 | 210.8 | 5,686.4 | 36.0 | 2,574.5 | 1,588.0 | 2,116.6 |
| Total Current Assets | 23,066.5 | 27,256.0 | 23,997.0 | 31,004.1 | 28,898.2 | 20,683.4 | 12,501.4 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 550.1 | 407.4 | 329.4 | 240.8 | 102.2 | 82.0 | 51.4 |
| Goodwill | 4,028.0 | 3,124.8 | 3,124.8 | 3,124.8 | 3,124.8 | 2,865.1 | 2,780.2 |
| Intangible Assets | 757.9 | 393.5 | 449.9 | 502.4 | 557.0 | 491.3 | 529.2 |
| Long-Term Investments | 15,351.4 | 9,876.1 | 11,075.7 | 1,774.3 | 1,678.4 | 875.2 | 985.3 |
| Other Non-Current Assets | 346.7 | 227.2 | 370.8 | 8.4 | 17.3 | 117.5 | 94 |
| Total Non-Current Assets | 21,283.8 | 14,031.1 | 15,350.7 | 5,692.3 | 5,500.2 | 4,450.0 | 4,457.0 |
| Total Assets | 44,350.3 | 41,287.1 | 39,347.6 | 36,696.3 | 34,398.4 | 25,133.4 | 16,958.4 |
| Current Liabilities | |||||||
| Account Payables | 37.8 | 31.2 | 25.2 | 28.0 | 29.4 | 23.8 | 18.0 |
| Short-Term Debt | 33.9 | 0 | 0 | 0 | 9 | 0 | 500 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 1,133.2 |
| Other Current Liabilities | 2,359.2 | 907.4 | 1,888.2 | 1,491.2 | 1,472.0 | 1,297.1 | 38.9 |
| Total Current Liabilities | 2,852.8 | 3,020.0 | 3,274.7 | 2,731.8 | 2,733.8 | 1,962.3 | 2,281.4 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 185.7 | 0 | 108.6 | 121.6 | 135.8 | 118.8 | 123.3 |
| Other Non-Current Liabilities | 12.3 | 108.0 | 22.9 | 121.6 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 199.5 | 131.9 | 178.2 | 157.5 | 135.8 | 118.8 | 123.3 |
| Total Liabilities | 3,052.4 | 3,151.9 | 3,452.9 | 2,889.3 | 2,869.5 | 2,081.1 | 2,404.7 |
| Stockholders' Equity | |||||||
| Common Stock | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 0.3 | 0.2 |
| Retained Earnings | (7,024.7) | (11,372.3) | (14,400.6) | (16,613.5) | (17,020.3) | (13,365.8) | (9,895.3) |
| Accumulated Other Comprehensive Income | 2,723.8 | 3,223.9 | 2,897.9 | 2,511.2 | 538.6 | 1,072.3 | 1,570.5 |
| Total Stockholders' Equity | 40,056.7 | 37,676.7 | 35,604.5 | 33,657.2 | 31,455.4 | 23,051.8 | 14,553.3 |
| Total Liabilities & Equity | 44,350.3 | 41,287.1 | 39,347.6 | 36,696.3 | 34,398.4 | 25,133.4 | 16,958.4 |
| Debt Metrics | |||||||
| Total Debt | 35.4 | 65.1 | 84.5 | 80.5 | 9 | 0 | 500 |
| Net Debt | (6,105.0) | (5,745.2) | (6,686.4) | (5,056.8) | (4,275.3) | (10,060.4) | (3,483.7) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | 4,459.1 | 3,123.4 | 2,227.1 | 411.9 | (3,654.5) | (3,470.5) | (1,523.7) |
| Depreciation & Amortization | 100.0 | 77.9 | 74.7 | 88.3 | 67.4 | 63.7 | 70.7 |
| Stock-Based Compensation | 281.6 | 496.6 | 441.8 | 919.3 | 3,628.6 | 3,254.3 | 455.6 |
| Change in Working Capital | (590.0) | (1,421.7) | (708.9) | (1,700.2) | (619.5) | 366.0 | (829.1) |
| Other Non-Cash Items | 376.3 | 693.8 | 234.9 | 265.1 | (25.9) | 361.2 | 902.5 |
| Operating Cash Flow | 4,626.9 | 2,970.1 | 2,269.6 | (15.5) | (211.4) | 574.7 | (924.0) |
| Investing Activities | |||||||
| Capital Expenditure | (129.7) | (75.0) | (100.3) | (85.7) | (43.2) | (53.1) | (10.4) |
| Acquisitions | 22.6 | 0 | 0 | (75.1) | (230.5) | (17.7) | 2.1 |
| Purchases of Investments | (19,103.6) | 0 | (20,942.0) | (84,610.3) | (24,227.6) | (9,511.7) | (6,556.0) |
| Sales/Maturities of Investments | 16,493.2 | 0 | 21,594.7 | 86,901.5 | 10,095.2 | 6,703.9 | 3,177.1 |
| Other Investing Activities | 0.1 | (2,419.6) | 1.4 | 0.7 | 7.2 | 187.7 | (4.0) |
| Investing Cash Flow | (2,717.4) | (2,419.6) | 553.7 | 2,131.2 | (14,399.0) | (2,690.9) | (3,391.2) |
| Financing Activities | |||||||
| Net Debt Issuance | 0 | 0 | 0 | (9) | 0 | (1,810.1) | (14.4) |
| Stock Repurchased | (406.9) | (575.3) | (1,374.8) | (1,392.4) | (2,585.4) | (557.8) | (384.9) |
| Dividends Paid | (1,425.1) | (1,064.2) | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 189.5 | 119.7 | 207.8 | 71.2 | 42.1 | (388.6) | 420.1 |
| Financing Cash Flow | (1,655.9) | (1,519.7) | (1,167.0) | (1,330.2) | 8,901.5 | 8,324.4 | 1,693.2 |
| Cash Position | |||||||
| Net Change in Cash | 215.5 | (945.5) | 1,675.3 | 857.5 | (5,796.6) | 6,080.5 | (2,602.1) |
| Cash at Beginning | 5,950.9 | 6,896.4 | 5,221.1 | 4,363.6 | 10,160.2 | 4,079.6 | 6,681.7 |
| Cash at End | 6,166.4 | 5,950.9 | 6,896.4 | 5,221.1 | 4,363.6 | 10,160.2 | 4,079.6 |
| Free Cash Flow | 4,497.2 | 2,895.2 | 2,169.3 | (101.2) | (254.6) | 521.7 | (934.4) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 12,149.6 | 11,238.6 | 8,436.2 | 6,733.6 | 4,657.0 | 2,580.8 | 2,473.1 |
| Gross Profit | 7,726.7 | 9,735.0 | 7,203.6 | 3,219.1 | 2,117.0 | 1,264.8 | 1,083.2 |
| Operating Income | 3,982.2 | 2,475.0 | 997.4 | (162.0) | (3,795.9) | (3,614.6) | (1,020.6) |
| Net Income | 4,288.1 | 3,069.8 | 2,212.9 | 406.8 | (3,654.5) | (3,470.9) | (1,523.7) |
| EPS (Diluted) | 4.20 | 2.94 | 2.00 | 0.40 | -3.40 | -3.20 | -1.42 |
| Balance Sheet | |||||||
| Cash & Equivalents | 6,140.3 | 5,810.3 | 6,770.9 | 5,137.3 | 4,284.3 | 10,060.4 | 3,983.7 |
| Total Assets | 44,350.3 | 41,287.1 | 39,347.6 | 36,696.3 | 34,398.4 | 25,133.4 | 16,958.4 |
| Total Debt | 35.4 | 65.1 | 84.5 | 80.5 | 9 | 0 | 500 |
| Stockholders' Equity | 40,056.7 | 37,676.7 | 35,604.5 | 33,657.2 | 31,455.4 | 23,051.8 | 14,553.3 |
| Cash Flow | |||||||
| Operating Cash Flow | 4,626.9 | 2,970.1 | 2,269.6 | (15.5) | (211.4) | 574.7 | (924.0) |
| Capital Expenditure | (129.7) | (75.0) | (100.3) | (85.7) | (43.2) | (53.1) | (10.4) |
| Free Cash Flow | 4,497.2 | 2,895.2 | 2,169.3 | (101.2) | (254.6) | 521.7 | (934.4) |