Full Truck Alliance Co. Ltd. (YMM) stock analysis
Close on Nov 11, 2026Market cap $9.13BP/E 13.9Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed11 of 30 checks passed
Full Truck Alliance passes 11 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 2/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
No debt
Full Truck Alliance has no borrowings on its latest balance sheet.
Revenue growing 10%+ a year
Revenue grew 22.9% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 119% a year over the last three fiscal years.
Interest well covered
No meaningful interest expense to cover.
What to watch
No dividend
Full Truck Alliance has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 22.9% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 119% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 11.1% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance issued
The latest outlook (first quarter of 2026 total net revenues, Mar 12, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 63.0% over the last twelve months, against 54.6% a year earlier.
Past performance2/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 35.7% over the last twelve months, against a 5-year average of 3.5%.
Net margin above the industry
Full Truck Alliance's net margin of 35.7% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -4.8%.
Financial health5/6
No debt
Full Truck Alliance has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 8.09 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Full Truck Alliance has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Full Truck Alliance. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $64.72M
- Value traded per 1% price move
- $39.15M
Downside
Low risk
- Typical loss in a bad month
- 14.1%
- Volatility (annualized)
- 36%
- Sharpe ratio, 1 year
- -0.98
- Beta to the S&P 500 (5Y)
- 0.80
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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