Latest Ratios: P/E Ratio 6.4x · EV/EBITDA 2.8x · ROE 16.8%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.6B | $9.1B | $7.3B | $10.0B | $9.5B | $5.8B | $19.4B | $9.6B | $3.8B | $7.4B | $6.9B |
| Enterprise Value | $4.0B | $-8629524200 | $-15833211400 | $-13036408400 | $-8686443000 | $-7187464000 | $10.1B | $6.0B | $923M | $3.2B | $7.2B |
| P/E Ratio → | 6.40 | 1.25 | 0.94 | 1.23 | 1.39 | 1.24 | 3.28 | 2.40 | 1.80 | 3.67 | 3.27 |
| P/S Ratio | 0.42 | 0.09 | 0.07 | 0.09 | 0.09 | 0.05 | 0.19 | 0.10 | 0.05 | 0.10 | 0.12 |
| P/B Ratio | 1.04 | 0.20 | 0.17 | 0.26 | 0.28 | 0.17 | 0.66 | 0.43 | 0.22 | 0.52 | 1.20 |
| P/FCF | — | — | 1.30 | 1.09 | 1.28 | 1.84 | 2.03 | 1.20 | 1.78 | — | 150.88 |
| P/OCF | — | — | 0.80 | 0.69 | 0.90 | 0.86 | 1.64 | 0.78 | 0.67 | 7.51 | 2.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.08 | -0.15 | -0.12 | -0.08 | -0.06 | 0.10 | 0.06 | 0.01 | 0.04 | 0.13 |
| EV / EBITDA | 2.81 | -0.90 | -1.49 | -1.25 | -1.17 | -1.07 | 1.47 | 1.06 | 0.28 | 0.84 | 1.95 |
| EV / EBIT | 3.30 | -0.93 | -1.76 | -1.43 | -1.39 | -1.31 | 1.75 | 1.08 | 0.40 | 1.21 | 2.71 |
| EV / FCF | — | — | -2.84 | -1.42 | -1.17 | -2.27 | 1.06 | 0.74 | 0.43 | — | 156.80 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.1% | 23.1% | 23.5% | 22.8% | 21.0% | 19.7% | 20.9% | 22.2% | 20.2% | 22.3% | 24.0% |
| Operating Margin | 7.7% | 7.7% | 8.5% | 8.1% | 6.0% | 4.8% | 5.8% | 5.1% | 2.9% | 3.7% | 4.8% |
| Net Profit Margin | 6.8% | 6.8% | 7.1% | 7.2% | 6.1% | 4.0% | 5.8% | 4.3% | 2.5% | 2.7% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.8% | 16.8% | 19.3% | 22.3% | 18.6% | 14.8% | 22.9% | 20.4% | 13.5% | 19.5% | 43.4% |
| ROA | 9.4% | 9.4% | 10.5% | 11.8% | 9.9% | 7.7% | 11.0% | 8.7% | 5.2% | 6.2% | 9.0% |
| ROIC | 27.0% | 27.0% | 40.5% | 43.4% | 25.3% | 20.5% | 22.7% | 21.8% | 14.9% | 25.1% | 38.7% |
| ROCE | 17.5% | 17.5% | 21.2% | 23.2% | 16.9% | 16.2% | 20.6% | 22.6% | 13.3% | 18.4% | 29.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.08 | 0.06 | 0.11 | 0.10 | 0.09 | 0.13 | 0.39 | 0.40 | 0.76 |
| Debt / EBITDA | 0.68 | 0.68 | 0.31 | 0.23 | 0.51 | 0.49 | 0.39 | 0.51 | 2.05 | 1.54 | 1.19 |
| Net Debt / Equity | — | -0.40 | -0.56 | -0.60 | -0.53 | -0.38 | -0.32 | -0.17 | -0.17 | -0.30 | 0.05 |
| Net Debt / EBITDA | -1.85 | -1.85 | -2.18 | -2.21 | -2.44 | -1.94 | -1.35 | -0.66 | -0.90 | -1.12 | 0.07 |
| Debt / FCF | — | — | -4.15 | -2.51 | -2.45 | -4.11 | -0.97 | -0.46 | -1.35 | — | 5.93 |
| Interest Coverage | 106.14 | 106.14 | 155.90 | 396.68 | 258.43 | 378.57 | 85.71 | 64.03 | 14.52 | 31.75 | 31.19 |
Net cash position: cash ($24.1B) exceeds total debt ($6.5B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.28 | 1.28 | 1.26 | 1.23 | 1.18 | 1.27 | 1.17 | 0.96 | 1.05 | 1.35 | 1.00 |
| Quick Ratio | 1.12 | 1.12 | 1.10 | 1.04 | 0.99 | 1.01 | 0.89 | 0.64 | 0.85 | 0.98 | 0.66 |
| Cash Ratio | 0.97 | 0.97 | 0.94 | 0.89 | 0.83 | 0.84 | 0.73 | 0.40 | 0.46 | 0.53 | 0.33 |
| Asset Turnover | — | 1.34 | 1.45 | 1.56 | 1.58 | 1.88 | 1.73 | 1.91 | 1.94 | 1.92 | 2.26 |
| Inventory Turnover | 15.79 | 15.79 | 16.48 | 15.44 | 14.78 | 13.69 | 10.54 | 9.38 | 12.57 | 8.13 | 8.69 |
| Days Sales Outstanding | — | 5.73 | 10.62 | 7.72 | 9.46 | 8.60 | 1.20 | 3.88 | 23.67 | 23.95 | 15.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 23.2% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 21.8% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.6% | 80.0% | 106.5% | 81.2% | 72.1% | 80.4% | 30.5% | 41.6% | 55.7% | 27.2% | 30.6% |
| FCF Yield | — | — | 76.6% | 91.9% | 78.4% | 54.3% | 49.2% | 83.1% | 56.3% | — | 0.7% |
| Buyback Yield | 0.0% | 0.0% | 53.2% | 51.1% | 66.1% | 33.3% | 0.0% | 0.0% | 0.0% | 0.0% | 2.8% |
| Total Shareholder Yield | 0.0% | 0.0% | 76.4% | 51.1% | 66.1% | 33.3% | 0.0% | 0.0% | 0.0% | 0.0% | 2.8% |
| Shares Outstanding | — | $512M | $539M | $563M | $694M | $694M | $690M | $680M | $700M | $629M | $629M |
Structural E-commerce Market Saturation
According to current market data, VIPS trades at a TTM P/E of 6.31 and an EV/EBITDA of 2.74, suggesting that investors are pricing in a terminal decline rather than the company's historical ability to maintain stable margins despite the broader contraction in the Chinese retail sector.
The valuation multiples appear significantly compressed compared to broader e-commerce peers, implying that the market views the flash-sale model as a legacy asset facing structural obsolescence. While the low PEG ratio of 0.60 might suggest an undervalued growth profile, this likely reflects a lack of confidence in the company's ability to pivot its business model toward new consumer discovery channels.
As reported in recent financial statements, VIPS's ROIC has fluctuated significantly, dropping from a peak of 16.5% in 2023Q4 to 8.0% in 2025Q4, which indicates that the company is struggling to maintain its historical compounding efficiency amidst a challenging and increasingly competitive domestic retail environment.
The decline in ROIC suggests that the capital deployed into the hybrid online-offline model is not yet generating the same level of incremental returns as the pure-play digital business. Investors should monitor whether this trend represents a temporary investment phase in physical outlets or a permanent erosion of the company's competitive moat.
Based on the provided figures, VIPS maintains a negative cash conversion cycle, reaching -18 days in 2025Q4, which demonstrates that the company continues to leverage its supplier relationships effectively to fund operations despite the ongoing revenue contraction observed across its core flash-sale and outlet segments.
The ability to maintain a negative CCC is a critical indicator of the company's bargaining power with brand partners, as it effectively allows the firm to operate using interest-free financing from its supply chain. However, the recent trend of increasing DIO suggests that inventory is moving slightly slower, which warrants caution regarding potential future margin pressure from clearance markdowns.
As indicated by the latest quarterly filings, VIPS maintains a conservative debt-to-equity ratio of 0.15, providing a substantial financial buffer that protects the firm from interest rate volatility and allows for significant operational flexibility in a market where many competitors are struggling with high debt service burdens.
The company's interest coverage ratio remains robust, suggesting that debt service is not a material risk to the business model. This financial strength provides management with the optionality to pursue strategic acquisitions or return capital to shareholders, though the current lack of such activity suggests a highly cautious approach to capital allocation.
Investors frequently misapply the P/S ratio to VIPS, which obscures the company's unique role as a principal-based retailer and fails to account for the high quality of its net margins compared to the lower-margin, high-volume growth models prevalent among its larger Chinese e-commerce peers.
Relying on P/S ignores the fact that VIPS recognizes the full transaction value of its sales, which artificially deflates the multiple relative to marketplace-only platforms. A more appropriate metric would be an adjusted EV/EBITDA that accounts for the company's massive cash position, which currently represents a significant portion of its total enterprise value.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying VIPS stock.
Vipshop Holdings Limited's current P/E ratio is 6.4x. The historical average is 4.3x. This places it at the 85th percentile of its historical range.
Vipshop Holdings Limited's current EV/EBITDA is 2.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.2x.
Vipshop Holdings Limited's return on equity (ROE) is 16.8%. The historical average is 20.3%.
Based on historical data, Vipshop Holdings Limited is trading at a P/E of 6.4x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vipshop Holdings Limited has 23.1% gross margin and 7.7% operating margin.
Vipshop Holdings Limited's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.