Latest Ratios: P/E Ratio 14.0x · EV/EBITDA 13.1x · ROE 11.1%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.1B | $11.2B | $11.3B | $7.4B | $8.6B | $9.0B | — | — |
| Enterprise Value | $8.2B | $5.1B | $5.6B | $731M | $3.6B | $4.7B | — | — |
| P/E Ratio → | 14.02 | 2.55 | 3.68 | 3.50 | 20.00 | — | — | — |
| P/S Ratio | 4.93 | 0.90 | 1.01 | 0.88 | 1.28 | 1.93 | — | — |
| P/B Ratio | 1.49 | 0.27 | 0.30 | 0.21 | 0.26 | 0.29 | — | — |
| P/FCF | 13.70 | 2.50 | 3.91 | 3.42 | — | — | — | — |
| P/OCF | 13.31 | 2.43 | 3.81 | 3.27 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.41 | 0.49 | 0.09 | 0.53 | 1.02 | — | — |
| EV / EBITDA | 13.07 | 1.21 | 2.18 | 0.68 | — | — | — | — |
| EV / EBIT | 13.39 | 1.24 | 2.25 | 0.31 | — | — | — | — |
| EV / FCF | — | 1.14 | 1.92 | 0.34 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.0% | 63.0% | 86.6% | 85.4% | 47.8% | 45.5% | 49.0% | 43.8% |
| Operating Margin | 33.2% | 33.2% | 22.0% | 11.8% | -2.4% | -81.5% | -140.1% | -41.3% |
| Net Profit Margin | 35.3% | 35.3% | 27.3% | 26.2% | 6.0% | -78.5% | -134.5% | -61.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 11.1% | 11.1% | 8.3% | 6.3% | 1.2% | -13.4% | -18.5% | -10.5% |
| ROA | 10.3% | 10.3% | 7.6% | 5.8% | 1.1% | -12.3% | -16.5% | -9.0% |
| ROIC | 9.2% | 9.2% | 6.0% | 2.6% | -0.4% | -14.1% | -22.5% | -6.9% |
| ROCE | 10.4% | 10.4% | 6.7% | 2.8% | -0.5% | -13.8% | -19.1% | -7.0% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | 0.03 |
| Debt / EBITDA | 0.01 | 0.01 | 0.03 | 0.08 | — | — | — | — |
| Net Debt / Equity | — | -0.15 | -0.15 | -0.19 | -0.15 | -0.14 | -0.44 | -0.24 |
| Net Debt / EBITDA | -1.44 | -1.44 | -2.25 | -6.24 | — | — | — | — |
| Debt / FCF | — | -1.36 | -1.98 | -3.08 | — | — | -19.28 | — |
| Interest Coverage | — | — | — | — | -928.49 | -91007.43 | -411.52 | -37.91 |
Net cash position: cash ($6.1B) exceeds total debt ($35M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.09 | 8.09 | 9.03 | 7.33 | 11.35 | 10.57 | 10.54 | 5.48 |
| Quick Ratio | 8.09 | 8.09 | 9.03 | 7.33 | 11.32 | 10.55 | 10.49 | 5.39 |
| Cash Ratio | 6.03 | 6.03 | 6.89 | 5.58 | 9.60 | 9.48 | 9.58 | 4.51 |
| Asset Turnover | — | 0.28 | 0.27 | 0.21 | 0.18 | 0.14 | 0.10 | 0.15 |
| Inventory Turnover | — | — | — | — | 41.96 | 38.59 | 12.26 | 7.19 |
| Days Sales Outstanding | — | 144.06 | 198.79 | 226.47 | 248.17 | 13.39 | 21.21 | 13.19 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 12.7% | 9.4% | — | — | — | — | — |
| Payout Ratio | 32.3% | 32.3% | 34.7% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 39.1% | 27.2% | 28.5% | 5.0% | — | — | — |
| FCF Yield | 7.3% | 40.1% | 25.6% | 29.2% | — | — | — | — |
| Buyback Yield | 0.7% | 3.6% | 5.1% | 18.5% | 16.1% | 28.7% | — | — |
| Total Shareholder Yield | 3.0% | 16.3% | 14.5% | 18.5% | 16.1% | 28.7% | — | — |
| Shares Outstanding | — | $1.0B | $1.0B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B |
Regulatory and platform oversight
According to current market data, YMM trades at a P/E of 12.48, which appears to discount the company's historical growth trajectory while potentially failing to account for the long-term margin expansion potential inherent in its transition from a listing-based model to a transaction-commission revenue structure.
The forward P/E of 1.63 suggests that the market may be pricing in significant earnings volatility or a contraction in the take rate, which warrants further investigation into the sustainability of current commission levels. Investors should monitor whether this valuation gap relative to broader tech peers reflects a structural discount for Chinese regulatory risk or a genuine lack of confidence in the platform's long-term monetization strategy.
Based on reported financial statements, YMM's ROIC has remained in a low single-digit range, peaking at 2.9% in 2025Q1, which suggests that despite the platform's dominant market position, the company has yet to achieve the high-teens returns on capital typically associated with mature, scalable network-effect businesses.
The persistent gap between ROIC and the company's massive cash reserves indicates that capital is not being deployed with high efficiency, potentially dragging down overall returns. Analysts should consider whether this reflects a deliberate strategy to prioritize market share over immediate profitability or if the platform's asset-light nature is being offset by high R&D and marketing expenditures required to maintain its competitive moat.
As reported in financial statements, YMM's DSO has fluctuated significantly, reaching 133 days in 2025Q2, which suggests that the company's collection cycle is becoming increasingly extended as it integrates more complex transaction-based services and credit solutions into its core freight matching platform for its user base.
The volatility in the cash conversion cycle, particularly the spike in DSO, may indicate that the company is extending more favorable payment terms to shippers to maintain volume, which could introduce latent credit risk. Investors should monitor whether this trend reflects a strategic shift toward becoming a financial intermediary or if it signals a weakening in the platform's bargaining power over its customer base.
According to recent balance sheet data, YMM maintains a D/E ratio of 0.00, which provides a fortress-like financial foundation that effectively insulates the company from interest rate volatility and credit market disruptions, as evidenced by the negligible debt levels reported consistently over the last ten quarters.
This lack of leverage is a double-edged sword, as it provides immense safety but also suggests that the company is not utilizing its balance sheet to optimize its cost of capital or drive inorganic growth. While this conservative posture is prudent given the regulatory environment in China, it may also indicate that management lacks high-conviction opportunities for capital deployment that would exceed the company's internal hurdle rate.
The market frequently misapplies traditional freight brokerage P/E multiples to YMM, which obscures the company's true value as a data-driven fintech ecosystem, as the current valuation fails to account for the proprietary value of the trucker behavior data set and its potential for future monetization.
Analysts should instead focus on the 'take rate' and 'fulfillment rate' as primary indicators of platform health, rather than relying on standard brokerage margins which do not capture the platform's network effects. By treating YMM as a simple intermediary, investors risk underestimating the long-term value of its underbanked user base and the potential for high-margin insurance and credit services to drive future earnings growth.
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Quick answers to the most common questions about buying YMM stock.
Full Truck Alliance Co. Ltd.'s current P/E ratio is 14.0x. The historical average is 7.4x. This places it at the 75th percentile of its historical range.
Full Truck Alliance Co. Ltd.'s current EV/EBITDA is 13.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.4x.
Full Truck Alliance Co. Ltd.'s return on equity (ROE) is 11.1%. The historical average is -2.2%.
Based on historical data, Full Truck Alliance Co. Ltd. is trading at a P/E of 14.0x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Full Truck Alliance Co. Ltd.'s current dividend yield is 2.31% with a payout ratio of 32.3%.
Full Truck Alliance Co. Ltd. has 63.0% gross margin and 33.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Full Truck Alliance Co. Ltd.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.