YMMNYSEServices-Prepackaged SoftwareFiscal year ends December 31
Full Truck Alliance Co. Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 14, 2026
$8.83+0.08 (+0.91%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
63.0%+14.0 pts over 5 years
Operating margin
33.2%+173.3 pts over 5 years
Net margin
35.7%+170.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.1% | +22.9% | +37.1% | – | |
| Gross profit | +28.2% | +34.7% | +44.1% | – | |
| Operating income | +67.5% | – | – | – | |
| Net income | +42.8% | +121.2% | – | – | |
| EPS, diluted | +40.0% | +119.0% | – | – | |
| Free cash flow | +55.3% | – | +53.9% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 44.6% | – | |
| Return on assets | – | – | 10.4% | |
| Current ratio | – | 10.54 | 8.09 | |
| Interest coverage | – | -432.0× | – | |
| Capex to revenue | – | 2.1% | 1.0% | |
| Diluted shares | – | 3.42B | 20.93B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Full Truck Alliance generated CN¥10.09B from operations and spent CN¥3.14B on capital expenditure, dividends and share buybacks. 14% of that went back into the business.
Generated
CN¥10.09B
Used
CN¥3.14B
Capital expenditureCN¥433.93M14%DividendsCN¥2.49B79%Share buybacksCN¥214.95M7%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin26.4%
×Asset turnover0.22×
×Equity multiplier1.10×
=Return on equity, FY20236.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 26.4% | 0.22× | 1.10× | 6.4% |
| FY2022 | 6.1% | 0.19× | 1.09× | 1.3% |
| FY2021 | -78.5% | 0.16× | 2.58× | -31.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥4.46B
- Cash generatingOperating cash flow above zeroCN¥4.63B
- Return on assets improvedROA up on the prior year7.9% → 10.8%
- Earnings backed by cashOperating cash flow above net incomeCN¥4.63B vs CN¥4.46B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose9.03 → 8.09
- No dilutionShare count did not rise20.90B → 20.93B
- Gross margin improvedGross margin up on the prior year54.62% → 63.02%
- More efficientAsset turnover rose0.29 → 0.30