VIPSNYSERetail-Catalog & Mail-Order HousesFiscal year ends December 31
Vipshop Holdings Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026
$12.80−0.06 (-0.47%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
23.1%+2.2 pts over 5 years
Operating margin
7.7%+1.9 pts over 5 years
Net margin
6.8%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.3% | +0.9% | +0.8% | +10.2% | |
| Gross profit | -3.8% | +4.2% | +2.8% | +9.5% | |
| Operating income | -11.3% | +9.5% | +6.8% | +14.7% | |
| Net income | -6.4% | – | – | +17.0% | |
| EPS, diluted | -1.4% | +12.9% | +10.6% | +18.3% | |
| Free cash flow | -14.6% | -12.2% | -10.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 17.9% | |
| Return on assets | – | – | 9.4% | |
| Current ratio | 1.00 | 1.17 | 1.28 | |
| Interest coverage | 31.8× | 87.0× | 90.4× | |
| Inventory turnover | 9.0× | 10.5× | 16.0× | |
| Capex to revenue | 3.5% | 2.2% | 1.9% | |
| Diluted shares | 126M | 138M | 102M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Vipshop generated CN¥48.26B from operations and spent CN¥37.63B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
CN¥48.26B
Used
CN¥37.63B
Capital expenditureCN¥12.04B32%DividendsCN¥3.48B9%Share buybacksCN¥22.11B59%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.8%
×Asset turnover1.38×
×Equity multiplier1.90×
=Return on equity, FY202517.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.8% | 1.38× | 1.90× | 17.9% |
| FY2024 | 7.1% | 1.47× | 1.91× | 20.1% |
| FY2023 | 7.2% | 1.64× | 1.98× | 23.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥7.24B
- Cash generatingOperating cash flow above zeroCN¥7.45B
- Return on assets improvedROA up on the prior year10.7% → 9.7%
- Earnings backed by cashOperating cash flow above net incomeCN¥7.45B vs CN¥7.24B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.26 → 1.28
- No dilutionShare count did not rise108M → 102M
- Gross margin improvedGross margin up on the prior year23.49% → 23.12%
- More efficientAsset turnover rose1.50 → 1.41