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.
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Vipshop Holdings Limited (VIPS) Altman Z-score
Vipshop Holdings Limited's Altman Z-score for fiscal 2025 is 3.76, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.76 | 0.04 |
| FY2024 | 3.72 | (0.33) |
| FY2023 | 4.04 | 0.30 |
| FY2022 | 3.74 | 0.16 |
| FY2021 | 3.58 | (1.50) |
| FY2020 | 5.09 | 1.03 |
| FY2019 | 4.06 | 1.08 |
| FY2018 | 2.98 | (0.72) |
| FY2017 | 3.70 | (0.49) |
| FY2016 | 4.19 | (0.36) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.11 | — | 0.13 | |
| Retained earnings / total assets | 0.62 | — | 0.86 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 1.80 | — | 1.08 | |
| Sales / total assets | 1.34 | — | 1.34 | |
| Altman Z-score | Safe zone | 3.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.78 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RVLV Revolve Group, Inc. compare | 8.4× |
| GLBE Global-e Online Ltd. compare | 8.3× |
| CART Maplebear Inc. compare | 6.2× |
| CHWY Chewy compare | 5.9× |
| LQDT Liquidity Services, Inc. compare | 4.9× |
| VIPS Vipshop Holdings Limited | 3.8× |
| W Wayfair Inc. compare | 2.9× |
| ETSY Etsy, Inc. compare | 1.3× |
| OZON Ozon Holdings PLC Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets