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Vipshop Holdings Limited

VIPS Consumer Cyclical Internet Retail

Vipshop Holdings Limited’s revenue for fiscal 2025 (year ended December 2025) was $15.1 billion, up 1.97% from fiscal 2024.

Revenue
+1.08%
EPS
+222.0%
Free cash flow
+38.3%

Quarter to June 2026, against a year earlier

14.00 0.23 +1.67%
Market cap
$5.6B
P/E
4.5×
Fwd P/E
4.3×
Dividend yield
4.43%
F-score
6/9
Altman Z
3.76
Beneish M
−2.45
Dividend safety
88/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.95
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 2 — 2 2 — 2 2 —
Insider Ownership 17.35%

Capital & Financial Ratios $m

Size
Market Cap 5,560.00
Revenue ttm 15,417.84
Net income ttm 1,059.57
Free cash flow ttm 3,941.08
Net debt Q (4,932.84)
Valuation
P/E 4.52
Forward P/E 4.34
Price / sales 0.44
Forward P/S Powerpack
Price / FCF 1.71
Price / book 1.06
Financial health
Current ratio Q 1.28
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 6.26
Growth
Revenue growth Q +1.08% (above 0%: growing)
Operating income growth Q −5.51% (below 0%: shrinking)
EPS, this year −21.91% (below 0%: weak)
EPS, next year A +25.32% (at or above 15%: strong)
Revenue, next year A +2.32%
EPS, past 5 yrs +9.05%
EPS, next 5 yrs A −0.13% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.1×, against a ten-year median of 0.4×; over the ten years it ranged from 0.1× in 2026 to 1.4× in 2021.
P/E against its own 10 years 2.20%
10-year low 10-year high
P/S against its own 10 years 22.11%
10-year low 10-year high
P/B against its own 10 years 5.24%
10-year low 10-year high
EV/Sales against its own 10 years 3.78%
10-year low 10-year high
EV/FCF against its own 10 years 2.64%
10-year low 10-year high

Dividends raised every year since 2024

Yield
4.43%
Annual rate
0.62
Payout ratio
20.5%
Growth, 2024–26
+20.1%/yr
  1. 0.43 ’24
  2. 0.48 ’25 +12
  3. 0.62 ’26 +29
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,983 3,949 4,276 4,933
Receivables 110 126 128 84
Inventory 795 689 737 638
Other 402 414 518 800
5,290 5,179 5,659 6,455
2023 2024 2025 Q'26
Payables 2,431 2,081 1,793 1,525
ST’ Debt — — — —
Other 259 293 285 224
4,313 4,100 4,416 5,040

Compound Annual Growth %

10y 5y 3y
Sales 9.33% (0.60%) 0.42%
Cash Flow 13.68% (10.06%) (11.26%)
Earnings 15.49% 2.73% 4.28%
Book Value 27.55% 7.13% 8.76%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.59 Actual 0.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.43 0.42 Miss by 0.01
Dec 2025 0.78 0.81 Beat by 0.03
Mar 2026 0.68 0.68 Met by 0.00
Jun 2026 0.59 0.12 Miss by 0.47
Sep 2026 0.41 — Reports 19 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.65 1.30 — — —
’25 0.51 0.41 0.34 0.73 2.02
’24 0.58 0.48 0.28 0.64 1.97
’23 0.46 0.52 0.30 0.75 2.03
’22 0.25 0.29 0.38 0.53 1.43
’21 0.33 0.24 0.14 0.32 1.06
’20 0.14 0.32 0.27 0.54 1.31
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,852 3,641 — — —
’25 3,620 3,602 3,002 4,922 15,146
’24 3,829 3,698 2,946 4,380 14,854
’23 4,010 3,845 3,120 4,921 15,895
’22 3,982 3,663 3,039 4,272 14,956
’21 4,334 4,586 3,868 5,581 18,369
’20 2,654 3,413 3,414 6,130 15,611
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 1,066
’24 — — — — 1,251
’23 — — — — 2,030
’22 — — — — 1,525
’21 — — — — 1,058
’20 — — — — 1,812
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — 773 773
’24 — — — 765 765
’23 — — — 1,322 1,322
’22 — — — 1,082 1,082
’21 — — — 559 559
’20 — — — 1,510 1,510
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,151 11,206 12,294 13,358 15,611 18,369 14,956 15,895 14,854 15,146 15,418 +7.1% 15,498 15,594 15,619 +1.0%
Gross margin, % 24.03 22.35 20.19 22.24 20.90 19.74 20.96 22.79 23.49 23.12 23.40 (0.9) pt
EBT 384 391 400 710 1,076 922 1,171 1,407 1,368 1,275 2,128 +14.3%
EBT margin, % 4.71 3.48 3.25 5.32 6.89 5.02 7.83 8.85 9.21 8.42 13.80 +3.7 pt
Net income 287 291 310 573 907 736 915 1,155 1,074 1,060 1,060 +15.6%
Per share, $
Per share, $ Revenue 14.06 19.07 18.59 20.01 23.11 26.98 23.51 28.72 28.01 30.27 32.04 +8.9%
Earnings 0.51 0.51 0.47 0.86 1.34 1.08 1.44 2.07 2.00 2.07 3.10 +16.8%
Cash flow 0.70 0.26 1.26 2.64 2.68 1.55 2.40 3.67 2.36 2.13 0.00 +13.1%
Capex (0.54) (0.64) (0.79) (0.91) (0.45) (0.73) (0.70) (1.28) (0.91) (0.59) 0.00 +1.0%
Free cash flow 0.17 (0.39) 0.47 1.73 2.24 0.82 1.70 2.39 1.44 1.54 0.00 +27.9%
Book value 1.44 3.73 3.79 4.79 6.67 7.80 7.77 9.81 10.73 12.70 14.80 +27.4%
Shares, m 580 588 661 668 675 681 636 553 530 500 488 (1.6%)
Valuation, ×
Valuation, × P/E 21.19 25.00 11.14 16.29 21.96 7.85 9.71 8.35 6.70 8.67 4.52 13.7
P/S 0.80 0.66 0.29 0.71 1.22 0.31 0.61 0.60 0.48 0.58 0.44 0.6
P/B 7.82 3.35 1.44 2.96 4.22 1.08 1.85 1.77 1.26 1.39 1.06 2.7
EV/Sales 0.79 0.58 0.22 0.60 1.02 0.12 0.38 0.36 0.22 0.31 0.12 0.5
EV/FCF 8.60 43.50 7.19 5.94 5.80 0.63 1.31 1.27 0.87 1.18 0.47 7.6
Cash, $m
Cash, $m Operating cash flow 408 151 836 1,765 1,812 1,058 1,525 2,030 1,251 1,066 5,872 +11.3%
Capex (310) (379) (522) (610) (301) (500) (444) (709) (485) (293) (1,931) (0.6%)
Free cash flow 98 (228) 314 1,156 1,510 559 1,082 1,322 765 773 3,941 +25.8%
Balance, $m
Balance, $m Working capital 0 1,023 201 (129) 706 1,110 755 977 1,079 1,243 1,415 n/m
Net debt (58) (863) (1,027) (1,538) (3,087) (3,539) (3,581) (3,983) (3,949) (4,276) (4,933) +61.4%
Shareholders’ equity 833 2,190 2,503 3,196 4,504 5,308 4,940 5,431 5,692 6,355 7,123 +25.3%
Returns, %
Returns, % ROA 8.75 6.34 5.09 8.67 11.31 7.81 9.48 11.62 10.37 9.62 13.21 +0.9 pt
ROIC 31.44 19.47 14.91 25.85 39.61 30.94 41.32 55.36 45.07 34.97 34.20 +3.5 pt
ROE 42.19 19.83 13.19 20.25 23.52 14.97 17.82 22.05 19.07 17.19 0.00 (25.0) pt
People
People Employees 45,302 58,702 57,638 20,442 7,567 8,013 6,815 14,638 14,966 15,145 — (11.5%)
Revenue/emp, $m 0.18 0.19 0.21 0.65 2.06 2.29 2.19 1.09 0.99 1.00 — +21.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Vipshop Holdings Limited vs peers in Internet Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
W Wayfair Inc. $15.5B — (loss-making) — (loss-making) +9.72% (above 0%: growing) n/m +31.25% (above 0%: growing) 29.59% 3.10% Compare
CART Maplebear Inc. $13.7B 29.2× 24.6× +16.61% (above 0%: growing) +14.81% (above 0%: growing) +12.50% (above 0%: growing) 71.78% 0.00% Compare
CHWY Chewy $9.2B 34.8× 27.7× +7.28% (above 0%: growing) +33.33% (above 0%: growing) −15.49% (below 0%: shrinking) 30.36% 2.76% Compare
ETSY Etsy, Inc. $7.9B 8.5× 21.8× +10.95% (above 0%: growing) +1,132.78% (above 0%: growing) −26.05% (below 0%: shrinking) 72.66% 16.09% Compare
GLBE Global-e Online Ltd. $7.3B 47.5× 34.5× +39.15% (above 0%: growing) +366.67% (above 0%: growing) +15.22% (above 0%: growing) 44.10% 14.94% Compare
VIPS Vipshop Holdings Limited $5.6B 4.5× 4.3× +1.08% (above 0%: growing) +221.95% (above 0%: growing) +38.25% (above 0%: growing) 23.29% 6.15%
PTRN Pattern Group Inc. $3.1B 24.0× 27.2× +38.49% (above 0%: growing) n/m −0.70% (below 0%: shrinking) 43.65% 4.23% Compare
LQDT Liquidity Services, Inc. $1.4B 42.1× 38.1× +8.09% (above 0%: growing) +37.50% (above 0%: growing) +71.33% (above 0%: growing) 49.26% 10.91% Compare
RVLV Revolve Group, Inc. $1.4B 20.2× 25.7× +20.41% (above 0%: growing) −27.20% (below 0%: shrinking) −617.20% (below 0%: shrinking) 53.88% 5.35% Compare
Median of peers $7.6B 29.2× 27.2× +13.78% +35.41% +5.90% 46.68% 4.79%

All 42 Internet Retail stocks →

Vipshop Holdings Limited (VIPS) Latest News

2 Sep

Impact 3 ·

1 Sep

Impact 3 · · The Motley Fool transcript

25 Aug

Impact 4 ·
Impact 4 · · MarketBeat
Impact 3 ·

5 Jun

Impact 3 · · Insider Monkey

24 May

Impact 3 · · Simply Wall St.

21 May

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · InvestorsHub
Impact 3 · · PR Newswire

12 Mar

Impact 4 ·

1 Mar

Impact 4 · · MarketBeat

26 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · PR Newswire

12 Feb

Impact 3 · · The Motley Fool
Impact 3 · · Zacks

29 Jan

Impact 3 · · The Motley Fool

27 Jan

Impact 4 · · Zacks

3 Jan

Impact 3 · · Simply Wall St.

27 Nov

Impact 4 · · Zacks

23 Nov

Impact 4 · · Simply Wall St.

21 Nov

Impact 3 ·
Impact 3 ·

20 Nov

Impact 4 · · GuruFocus.com transcript
Impact 3 · · PR Newswire

10 Nov

Impact 3 · · PR Newswire

1 Nov

Impact 4 · · Simply Wall St.

27 Oct

Impact 3 · · Zacks

VIPS metrics, ten years each

stockrow.com/VIPS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com