Full Truck Alliance Co. Ltd. ADR (YMM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.26	$1.36	+7.9%	—	$3.4B	—
Q1 26	$0.97	$1.15	+18.6%	—	$2.8B	—
Q4 25	$0.98	$1.01	+3.1%	—	$3.2B	—
Q2 25	$1.18	$1.27	+7.6%	—	$3.2B	—
Q1 25	$1.24	$1.32	+6.5%	—	$2.7B	—
Q4 24	$0.98	$0.99	+1.0%	—	$3.2B	—
Q3 24	$1.03	$1.17	+13.6%	—	$427M	—
Q2 24	$0.91	$0.91	0.0%	—	$385.4M	—
Q1 24	$0.49	$0.72	+46.9%	—	$2.3B	—
Q4 23	$0.62	$0.69	+11.3%	—	$2.4B	—
Q3 23	$0.61	$0.78	+27.9%	—	$2.3B	—
Q2 23	$0.47	$0.68	+44.7%	—	$2.1B	—
Q1 23	$0.32	$0.48	+50.0%	—	$1.7B	—
Q4 22	$0.32	$0.42	+31.2%	—	$1.9B	—
Q3 22	$0.19	$0.46	+142.1%	—	$1.8B	—
Q2 22	$0.13	$0.25	+92.3%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.2	—	—	$12.5B	—
FY24	—	$3	—	—	$11.2B	—
FY23	—	$2	—	—	$8.4B	—
FY22	—	$0.4	—	—	$6.7B	—
FY21	—	-$6.2

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.5B	$2.6B	$4.7B	$6.7B	$8.4B	$11.2B	$12.5B
YoY change	—	+4.36%	+80.4%	+44.6%	+25.3%	+33.2%	+11.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.5B	2.6B	4.7B	6.7B	8.4B	11.2B	12.5B
Cost of revenue	1.4B	1.3B	2.5B	3.5B	4.1B	5.1B	4.6B
Gross profit	1.1B	1.3B	2.1B	3.2B	4.3B	6.1B	7.9B
Gross margin	43.8%	49%	45.5%	47.8%	51.2%	54.6%	63%
Research & development	396.7M	413.4M	729.7M	914.2M	946.6M	880M	874.4M
Selling, general & administrative	1.6B	4.4B	5.1B	2.3B	2.2B	2.5B	2.5B
Operating expenses	2B	4.8B	5.8B	3.2B	3.1B	3.4B	3.3B
Operating income	-1B	-3.6B	-3.8B	-162M	997.4M	2.5B	4.1B
Operating margin	-41.3%	-140.1%	-81.5%	-2.41%	11.8%	22%	33.2%
Non-operating income, net	-725.1M	-38.5M	-79M	186.5M	194.6M	-185.6M	288M
Pretax income	-1.6B	-3.5B	-3.6B	507.9M	2.3B	3.4B	5.4B
Income tax	-14.7M	19.3M	14.2M	96M	106.8M	239.4M	929.2M
Net income	-1.5B	-3.5B	-3.7B	411.9M	2.2B	3.1B	4.5B
Net margin	-61.6%	-134.5%	-78.5%	6.12%	26.4%	27.8%	35.7%
EBITDA	-730.9M	-3.4B	-3.5B	639.4M	2.3B	3.8B	4.1B
EPS	-1.4	-3.31	-6.2	0.4	2	3	4.2
Diluted EPS	-1.4	-3.31	-6.2	0.4	2	3	4.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.3B	2.4B	2.3B	385.4M	427M	3.2B	2.7B	3.2B	3.4B	3.2B	2.8B	3.4B
Cost of revenue	1.1B	1.2B	1B	182.9M	192.3M	1.4B	698.6M	1.2B	1.6B	1.1B	778.2M	925.9M
Gross profit	1.1B	1.3B	1.2B	202.5M	234.8M	1.8B	2B	2B	1.8B	2.1B	2.1B	2.5B
Gross margin	49.6%	52.1%	54.5%	52.5%	55%	56.2%	74.1%	61.8%	52.2%	66.3%	72.7%	72.6%
Research & development	237.7M	255.3M	247.7M	32.4M	27.5M	205M	193.4M	189.6M	233.3M	258.2M	255.3M	260.9M
Selling, general & administrative	581.2M	687M	604.6M	82.5M	90.2M	674.1M	563.9M	604.2M	600.4M	689.1M	681.3M	639.2M
Operating expenses	811.9M	937.2M	844.3M	113.7M	117.4M	873.2M	717.1M	786.1M	832.3M	944M	920.6M	897.6M
Operating income	247.1M	250.8M	312.2M	78.8M	107.3M	835.4M	1.2B	1.1B	776.3M	1B	1B	1.5B
Operating margin	10.9%	10.4%	13.8%	20.5%	25.1%	26.3%	44.5%	35.2%	23.1%	32.2%	35.3%	43.9%
Non-operating income, net	127.7M	31.4M	13.5M	2.9M	19.8M	-360.4M	42.8M	43.6M	189M	12.6M	-4.3M	-34.1M
Pretax income	672M	595.2M	641.1M	124.3M	169.8M	624.5M	1.5B	1.4B	1.2B	1.3B	1.2B	1.7B
Income tax	53.6M	7M	54.7M	7.1M	11.8M	49.9M	211.8M	169.7M	274.9M	272.9M	224.4M	322.3M
Net income	618.4M	588.3M	586.4M	117.2M	158M	574.6M	1.3B	1.3B	921M	994.3M	994.1M	1.3B
Net margin	27.3%	24.4%	25.8%	30.4%	37%	18.1%	47.4%	39%	27.4%	31.1%	34.9%	39.8%
EBITDA	236M	565.5M	300.7M	76M	105.3M	2.1B	1.2B	1.1B	721.7M	988.2M	1B	1.5B
EPS	0.6	—	0.6	0.8	1	0.6	1.2	1.2	0.8	1	1	1.2
Diluted EPS	0.6	—	0.6	0.8	1	0.6	1.2	1.2	0.8	1	1	1.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	54.1B	—	11.2B	11.2B
Enterprise value	—	—	—	—	35.9B	—	-5.9B	-5.9B
Shares outstanding	7.9B	7.9B	4.9B	7.8B	7.7B	1B	1B	1B

Valuation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	24.3	—	2.51	2.51
P/S	—	—	—	—	6.41	—	0.9	0.9
P/B	—	—	—	—	1.51	—	0.27	0.27
EV/EBITDA	—	—	—	—	15.3	—	-1.46	-1.46
EV/Sales	—	—	—	—	4.25	—	-0.47	-0.47
Earnings yield	—	—	—	—	4.12%	—	39.9%	39.9%
FCF yield	—	—	—	—	4.01%	—	40.2%	40.2%

Profitability

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	43.8%	49%	45.5%	47.8%	51.2%	54.6%	63%	63%
Operating margin	-41.3%	-140.1%	-81.5%	-2.41%	11.8%	22%	33.2%	33.2%
Net margin	-61.6%	-134.5%	-78.5%	6.12%	26.4%	27.8%	35.7%	35.7%
ROE	-10.5%	40.9%	-11.6%	1.22%	6.2%	8.19%	10.8%	10.8%
ROA	-8.98%	-13.8%	-10.6%	1.12%	5.66%	7.57%	10.1%	10.1%
ROIC	-21.4%	13.3%	-67.6%	-1.71%	5.38%	13.2%	14.2%	14.2%
Return on tangible assets	-14.7%	-18.8%	-13.5%	1.4%	6.92%	9.12%	12.9%	12.9%

Financial health

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.48	10.5	10.6	11.3	7.33	9.03	8.09	8.09
Quick ratio	5.48	10.5	10.6	11.3	7.33	9.03	8.09	8.09
Debt / equity	0.03	—	0	0	0	0	0	0
Debt / assets	0.03	—	0	0	0	0	0	0
Net debt / EBITDA	13.4	—	7.41	-40.9	-7.77	-5.53	-4.21	-4.21
Interest coverage	-37.9	-411.5	-91K	2.9K	—	—	—	—
Effective tax rate	0%	0%	0%	18.9%	4.58%	7.12%	17.2%	17.2%

Per share

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.31	0.33	0.95	0.86	1.09	10.8	12	12
EPS (basic)	-1.4	-3.31	-6.2	0.4	2	3	4.2	4.2
EPS (diluted)	-1.4	-3.31	-6.2	0.4	2	3	4.2	4.2
Book value per share	1.85	-1.08	6.46	4.33	4.65	36.6	39.6	39.6
FCF per share	-0.12	0.07	-0.05	-0.01	0.28	2.78	4.32	4.32
Cash per share	1.31	2.38	5.31	3.36	2.37	20	16.4	16.4
Capex per share	0	0	0.01	0.01	0.01	0.07	—	—

Capital allocation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.34%	1.23%	0.77%	1.26%	1.17%	0.66%	—	—
Capex / operating cash flow	-0.44%	-87.3%	-7.22%	20.3%	6.92%	2.58%	—	—
Payout ratio	—	—	—	—	—	34.1%	32%	32%
Dividend yield	—	—	—	—	—	—	12.7%	12.7%

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$0.084

ex-dividend Jul 7, 2026

Payout ratio

32%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 7, 2026	$0.084
Apr 8, 2026	$0.084
Apr 7, 2025	$0.096
Apr 4, 2024	$0.1444

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	10.3B	18.8B	25.9B	26.2B	18.3B	20.8B	17.1B
Receivables	25.7M	34.7M	29.1M	13M	23.4M	19.6M	75.1M
Inventory	—	—	—	—	—	—	—
Total current assets	12.5B	20.7B	28.9B	31B	24B	27.3B	23.1B
Property, plant & equipment	51.4M	82M	106M	184.3M	292.3M	344.4M	447M
Goodwill & intangibles	6.6B	6.7B	7.4B	7.3B	7.1B	7B	9.7B
Total assets	17B	25.1B	34.4B	36.7B	39.3B	41.3B	44.3B
Accounts payable	18M	23.8M	29.4M	28M	25.2M	31.2M	37.8M
Short-term debt	500M	—	9M	44.6M	37.8M	41.2M	33.8M
Total current liabilities	2.3B	2B	2.7B	2.7B	3.3B	3B	2.9B
Long-term debt	—	—	0	35.9M	46.7M	23.9M	1.5M
Total liabilities	2.4B	33.6B	2.9B	2.9B	3.5B	3.2B	3.1B
Shareholders' equity	14.6B	-8.5B	31.5B	33.8B	35.9B	38.1B	41.3B
Total debt	500M	—	9M	80.5M	84.5M	65.1M	35.3M
Net debt	-3.5B	—	-4.3B	-5.1B	-6.7B	-5.7B	-6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	19.8B	18.3B	18.4B	2.3B	2.9B	20.8B	20.2B	16.7B	15.5B	17.1B	18.5B	23.6B
Receivables	21.3M	23.4M	38M	3.8M	3.8M	19.6M	24.4M	34.9M	44.8M	75.1M	96.1M	89M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	25.8B	24B	24.3B	3.2B	3.9B	27.3B	27.5B	23.8B	21.7B	23.1B	23.9B	28.6B
Property, plant & equipment	279.9M	292.3M	349.6M	51.8M	55.4M	344.4M	399.6M	446.4M	515.3M	447M	603.7M	655.7M
Goodwill & intangibles	7.2B	7.1B	7.1B	989M	995.2M	7B	7B	7B	9.4B	9.7B	9.5B	9.5B
Total assets	39B	39.3B	39.5B	5.5B	5.7B	41.3B	42.4B	42.6B	44.1B	44.3B	44.8B	45.6B
Accounts payable	30.9M	25.2M	28.2M	4.6M	4M	31.2M	28.2M	29.5M	34.3M	37.8M	40.9M	44.4M
Short-term debt	40.3M	37.8M	41.2M	6M	5.9M	41.2M	40.7M	43.5M	43M	33.8M	24.6M	18.8M
Total current liabilities	3.1B	3.3B	4.1B	465.9M	512.5M	3B	3.6B	2.7B	3.5B	2.9B	3.4B	3.6B
Long-term debt	17.1M	46.7M	44.7M	5.6M	4.6M	23.9M	15.9M	8.7M	2M	1.5M	1.1M	6M
Total liabilities	3.3B	3.5B	4.3B	488.2M	533.2M	3.2B	3.7B	2.8B	3.7B	3.1B	3.6B	3.8B
Shareholders' equity	35.7B	35.9B	35.2B	5B	5.2B	38.1B	38.7B	39.8B	40.4B	41.3B	41.2B	41.8B
Total debt	57.4M	84.5M	85.9M	11.6M	10.5M	65.1M	56.6M	52.1M	44.9M	35.3M	25.7M	24.9M
Net debt	-6.7B	-6.7B	-7B	-704.4M	-636.4M	-5.7B	-8.2B	-4.3B	-5.7B	-6B	-6.6B	-6.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-1.5B	-3.5B	-3.7B	411.9M	2.2B	3.1B	4.5B
Depreciation & amortization	70.7M	63.7M	67.4M	88.3M	74.7M	77.9M	100M
Stock-based compensation	455.6M	3.3B	3.6B	919.3M	441.8M	496.6M	281.6M
Change in working capital	-918.5M	116.2M	-515.2M	-1B	-1.3B	-858.8M	-1.5B
Operating cash flow	-1.9B	-36.3M	-499.6M	419.2M	1.4B	2.9B	4.6B
Capital expenditure	-8.3M	-31.7M	-36.1M	-85M	-98.9M	-74.3M	—
Investing cash flow	-3.4B	-2.7B	-14.4B	2.1B	553.7M	-2.4B	-2.6B
Dividends paid	—	—	—	—	—	-1.1B	-1.4B
Share repurchases	-384.9M	-557.8M	-2.6B	-1.4B	-1.4B	-575.3M	-406.9M
Financing cash flow	462.3M	7.8B	8.9B	-1.3B	-1.2B	-1.5B	-1.6B
Net change in cash	-4.8B	5.1B	-6B	1.2B	815.8M	-1.1B	396.6M
Free cash flow	-934.4M	521.7M	-254.6M	-101.2M	2.2B	2.9B	4.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 26	Q2 26
Net income	—	—
Depreciation & amortization	—	—
Stock-based compensation	—	—
Change in working capital	—	—
Operating cash flow	1.6B	2.2B
Capital expenditure	—	—
Investing cash flow	—	—
Dividends paid	—	—
Share repurchases	—	—
Financing cash flow	—	—
Net change in cash	1.6B	2.2B
Free cash flow	1.6B	2.2B

Full Truck Alliance Co. Ltd. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement