Saturday 17 October 2026
Export VIPS’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 1.08%, EPS grew 222.0% and free cash flow grew 38.3%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
12.86
0.31
−2.35%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.19 | 25.00 | 11.14 | 16.29 | 21.96 | 7.85 | 9.71 | 8.35 | 6.70 | 8.67 |
Piotroski F-Score |
7 | 4 | 4 | 5 | 6 | 6 | 7 | 9 | 7 | 6 |
P/S ratio |
0.80 | 0.66 | 0.29 | 0.71 | 1.22 | 0.31 | 0.61 | 0.60 | 0.48 | 0.58 |
Altman Z-Score |
4.19 | 3.70 | 2.98 | 4.06 | 5.09 | 3.58 | 3.74 | 4.04 | 3.72 | 3.76 |
Altman Z″-Score (non-manufacturers) |
1.51 | 2.74 | 1.86 | 2.23 | 3.21 | 3.77 | 3.73 | 4.33 | 4.69 | 4.78 |
P/FCF ratio |
8.68 | 49.29 | 9.78 | 7.06 | 6.90 | 1.62 | 2.12 | 2.15 | 1.92 | 2.25 |
Beneish M-Score |
1.08 | (1.50) | (2.48) | (3.62) | (3.54) | (2.33) | (2.61) | (2.59) | (2.40) | (2.45) |
P/Operating CF |
12.88 | 14.53 | 7.14 | 18.71 | 37.55 | 11.31 | 18.08 | 19.01 | 14.13 | 17.50 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 88 |
P/B ratio |
7.82 | 3.35 | 1.44 | 2.96 | 4.22 | 1.08 | 1.85 | 1.77 | 1.26 | 1.39 |
Price to Tangible BV |
19.74 | 4.59 | 1.97 | 4.08 | 5.53 | 1.39 | 2.49 | 2.50 | 1.75 | 1.88 |
EV/Sales |
0.79 | 0.58 | 0.22 | 0.60 | 1.02 | 0.12 | 0.38 | 0.36 | 0.22 | 0.31 |
EV/EBITDA |
16.55 | 15.68 | 7.54 | 11.60 | 17.77 | 2.56 | 6.26 | 4.44 | 2.59 | 3.99 |
EV/Operating CF |
3.92 | 4.77 | 1.57 | 2.52 | 3.50 | 0.41 | 0.91 | 0.89 | 0.56 | 0.79 |
EV/FCF |
8.60 | 43.50 | 7.19 | 5.94 | 5.80 | 0.63 | 1.31 | 1.27 | 0.87 | 1.18 |
Quick Ratio |
0.49 | 0.79 | 0.71 | 0.52 | 0.77 | 0.89 | 0.89 | 0.95 | 0.99 | 1.00 |
Current Ratio |
1.00 | 1.35 | 1.05 | 0.96 | 1.17 | 1.27 | 1.18 | 1.23 | 1.26 | 1.28 |
Net Debt/EBITDA |
(0.11) | (1.47) | (2.13) | (1.87) | (2.88) | (3.30) | (3.25) | (2.66) | (2.65) | (3.01) |
Debt/Assets |
17.46% | 12.78% | 12.16% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.76 | 0.34 | 0.31 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
2.43 | 2.37 | 2.02 | 2.01 | 1.95 | 1.95 | 1.55 | 1.62 | 1.45 | 1.41 |
Operating CF/Net income |
1.39 | 0.50 | 2.70 | 3.06 | 2.00 | 1.44 | 1.67 | 1.78 | 1.18 | 1.03 |
Capex/Depreciation |
(2.13) | (2.21) | (4.03) | (4.47) | (1.73) | (2.53) | (2.16) | (3.31) | (2.09) | (1.13) |
Interest Coverage |
31.78 | 32.64 | 15.16 | 55.50 | 87.00 | 386.07 | 255.49 | 396.99 | 159.04 | 90.36 |
| 42.19% | 19.83% | 13.19% | 20.25% | 23.52% | 14.97% | 17.82% | 22.05% | 19.07% | 17.19% | |
| 8.75% | 6.34% | 5.09% | 8.67% | 11.31% | 7.81% | 9.48% | 11.62% | 10.37% | 9.62% | |
ROIC |
31.44% | 19.47% | 14.91% | 25.85% | 39.61% | 30.94% | 41.32% | 55.36% | 45.07% | 34.97% |
Return on Tangible Assets |
45.62% | 14.64% | 21.48% | 38.78% | 32.48% | 21.83% | 29.39% | 34.08% | 29.58% | 26.82% |
Average Days of Receivables |
15.05 | 24.05 | 25.85 | 6.29 | 1.30 | 1.43 | 2.01 | 2.53 | 3.10 | 3.10 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
8.44% | 7.44% | 7.00% | 7.94% | 7.89% | 7.93% | 7.07% | 6.55% | 6.43% | 6.95% |
Intangible Assets out of Total Assets |
0.14 | 0.10 | 0.11 | 0.13 | 0.12 | 0.12 | 0.13 | 0.16 | 0.16 | 0.15 |
Share Based Compensation of Revenue |
0.84% | 0.91% | 0.79% | 0.74% | 0.93% | 0.86% | 1.17% | 1.34% | 1.42% | 1.63% |
Graham Net Nets |
(0.10) | 0.05 | 0.04 | (0.05) | 0.01 | 0.12 | 0.04 | 0.06 | 0.08 | 0.08 |
Graham Number |
4.14 | 6.47 | 6.46 | 9.68 | 13.86 | 13.70 | 16.08 | 21.43 | 22.03 | 24.15 |
Earnings Yield |
4.72% | 4.00% | 8.97% | 6.14% | 4.55% | 12.74% | 10.30% | 11.97% | 14.92% | 11.53% |
Free Cash Flow Yield |
11.52% | 2.03% | 10.23% | 14.16% | 14.49% | 61.87% | 47.11% | 46.52% | 52.17% | 44.53% |
Revenue per Share |
14.06 | 19.07 | 18.59 | 20.01 | 23.11 | 26.98 | 23.51 | 28.72 | 28.01 | 30.27 |
Operating CF per Share |
0.70 | 0.26 | 1.26 | 2.64 | 2.68 | 1.55 | 2.40 | 3.67 | 2.36 | 2.13 |
Capex per Share |
(0.54) | (0.64) | (0.79) | (0.91) | (0.45) | (0.73) | (0.70) | (1.28) | (0.91) | (0.59) |
Free Cash Flow per Share |
0.17 | (0.39) | 0.47 | 1.73 | 2.24 | 0.82 | 1.70 | 2.39 | 1.44 | 1.54 |
Cash per Share |
1.19 | 2.74 | 2.72 | 2.32 | 4.57 | 5.20 | 5.63 | 7.20 | 7.45 | 8.55 |
Shareholders Equity per Share |
1.44 | 3.73 | 3.79 | 4.79 | 6.67 | 7.80 | 7.77 | 9.81 | 10.73 | 12.70 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.44 | 3.73 | 3.79 | 4.79 | 6.67 | 7.80 | 7.77 | 9.81 | 10.73 | 12.70 |
Free Cash Flow |
97.58 | (227.94) | 313.82 | 1,155.73 | 1,510.19 | 558.81 | 1,081.59 | 1,321.54 | 765.40 | 772.55 |
Working Capital |
(0.37) | 1,023.39 | 200.67 | (128.93) | 705.60 | 1,109.58 | 755.14 | 976.98 | 1,078.95 | 1,242.97 |
Capital Expenditures |
(310.23) | (378.75) | (521.87) | (609.65) | (301.38) | (499.57) | (443.62) | (708.70) | (485.26) | (293.39) |
Net Current Asset Value |
(681.52) | 335.66 | 141.63 | (474.72) | 247.96 | 687.74 | 338.11 | 534.90 | 604.94 | 740.03 |
EV/EBIT |
16.55 | 15.68 | 7.54 | 11.60 | 17.77 | 2.56 | 6.26 | 4.44 | 2.59 | 3.99 |
Capex to Sales |
0.04 | 0.03 | 0.04 | 0.05 | 0.02 | 0.03 | 0.03 | 0.04 | 0.03 | 0.02 |
Price to Operating Income |
16.70 | 17.77 | 10.25 | 13.80 | 21.14 | 6.53 | 10.17 | 7.50 | 5.68 | 7.61 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.23 | 0.17 | 0.10 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 |
Cash ROIC |
4.53% | (5.01%) | 6.19% | 24.32% | 19.90% | 6.32% | 12.69% | 14.04% | 7.94% | 7.27% |
Accounts Receivable Turnover |
41.76 | 20.86 | 15.28 | 24.27 | 109.34 | 288.11 | 193.59 | 164.93 | 125.54 | 118.89 |
Accounts Payable Turnover |
5.56 | 5.88 | 5.69 | 5.66 | 5.73 | 6.72 | 5.58 | 5.33 | 5.04 | 6.01 |
Inventory Turnover |
8.74 | 9.76 | 10.60 | 11.00 | 10.84 | 13.11 | 12.60 | 15.39 | 15.31 | 16.33 |
Average Days of Payables |
70.75 | 73.78 | 62.93 | 69.62 | 68.82 | 51.07 | 67.23 | 72.30 | 66.84 | 56.19 |
Days of Inventory on Hand |
42.01 | 44.87 | 29.05 | 38.91 | 34.62 | 26.67 | 24.69 | 23.65 | 22.14 | 23.10 |
Average Receivables |
195.20 | 537.22 | 804.43 | 550.33 | 142.77 | 63.76 | 77.25 | 96.38 | 118.32 | 127.39 |
Average Payables |
1,113.07 | 1,479.69 | 1,725.31 | 1,836.33 | 2,154.65 | 2,195.45 | 2,120.08 | 2,304.18 | 2,256.02 | 1,936.91 |
Average Inventory |
708.87 | 891.26 | 925.27 | 943.99 | 1,139.25 | 1,124.28 | 938.51 | 797.38 | 742.22 | 713.16 |
Average Assets |
3,353.65 | 4,726.10 | 6,086.89 | 6,657.20 | 8,005.77 | 9,403.68 | 9,633.67 | 9,839.74 | 10,226.32 | 10,770.33 |
Average Common Equity |
695.27 | 1,511.51 | 2,346.74 | 2,849.59 | 3,849.77 | 4,905.98 | 5,124.26 | 5,185.58 | 5,561.63 | 6,023.75 |
Columns are period end dates