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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. 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%
Market cap
$5.2B
P/E
4.1×
Fwd P/E
5.1×
Dividend yield
4.82%
F-score
6/9
Altman Z
3.76
Beneish M
−2.45
Dividend safety
88/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.95
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — 2 — 2 2 — 2 2
Insider Ownership 17.61%

Capital & Financial Ratios $m

Market Cap 5,240.00
Revenue 15,417.84
Net Income 1,059.57
Free Cash Flow 3,941.08
Net Debt (4,932.84)
Current Ratio 1.28
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 4.15
Fwd P/E 5.12
P/S ratio 0.40
P/B ratio 0.97
Past 5Y EPS Growth 9.05%
This Y EPS Growth (22.28%) (below 0%: weak)
Next Y EPS Growth 25.34% (at or above 15%: strong)
Next Y revenue growth 1.71%
Next 5Y EPS Growth (0.01%) (below 0%: weak)

Green and red mark values outside typical ranges. 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 0.92%
10-year low 10-year high
P/S against its own 10 years 15.92%
10-year low 10-year high
P/B against its own 10 years 2.10%
10-year low 10-year high
EV/Sales against its own 10 years 1.07%
10-year low 10-year high
EV/FCF against its own 10 years 1.03%
10-year low 10-year high

Dividends

Payout Ratio 0.21
Annual Dividend Rate 0.62
Annual Dividend Yield 4.82%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.62
0.62
2025 0.48
0.48
2024 0.43
0.43
2023 Powerpack
2022 Powerpack
2021 Powerpack
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 10.21 7.79 4.31 5.16 11.53 7.48 5.75 13.14 11.50 12.14

Analyst estimates 2026–2028

Powerpack
High 17.41 15.49 19.14 14.73 28.38 46.00 14.24 19.13 20.19 21.08
People
People Employees 45,302 58,702 57,638 20,442 7,567 8,013 6,815 14,638 14,966 15,145
Revenue/emp, $m 0.18 0.19 0.21 0.65 2.06 2.29 2.19 1.09 0.99 1.00
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
Gross margin, % 24.03 22.35 20.19 22.24 20.90 19.74 20.96 22.79 23.49 23.12
EBT 384 391 400 710 1,076 922 1,171 1,407 1,368 1,275
EBT margin, % 4.71 3.48 3.25 5.32 6.89 5.02 7.83 8.85 9.21 8.42
Net income 287 291 310 573 907 736 915 1,155 1,074 1,060
Depreciation 146 172 129 137 175 198 205 214 232 259
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
Earnings 0.51 0.51 0.47 0.86 1.34 1.08 1.44 2.07 2.00 2.07
Cash flow 0.70 0.26 1.26 2.64 2.68 1.55 2.40 3.67 2.36 2.13
Capex (0.54) (0.64) (0.79) (0.91) (0.45) (0.73) (0.70) (1.28) (0.91) (0.59)
Free cash flow 0.17 (0.39) 0.47 1.73 2.24 0.82 1.70 2.39 1.44 1.54
Book value 1.44 3.73 3.79 4.79 6.67 7.80 7.77 9.81 10.73 12.70
Shares, m 580 588 661 668 675 681 636 553 530 500
Valuation, ×
Valuation, × P/E 21.19 25.00 11.14 16.29 21.96 7.85 9.71 8.35 6.70 8.67
P/S 0.80 0.66 0.29 0.71 1.22 0.31 0.61 0.60 0.48 0.58
P/B 7.82 3.35 1.44 2.96 4.22 1.08 1.85 1.77 1.26 1.39
EV/Sales 0.79 0.58 0.22 0.60 1.02 0.12 0.38 0.36 0.22 0.31
EV/FCF 8.60 43.50 7.19 5.94 5.80 0.63 1.31 1.27 0.87 1.18
Cash, $m
Cash, $m Operating cash flow 408 151 836 1,765 1,812 1,058 1,525 2,030 1,251 1,066
Capex (310) (379) (522) (610) (301) (500) (444) (709) (485) (293)
Free cash flow 98 (228) 314 1,156 1,510 559 1,082 1,322 765 773
Balance, $m
Balance, $m Working capital 0 1,023 201 (129) 706 1,110 755 977 1,079 1,243
Total debt 631 746 770 9 413 504 526 — — —
Net debt (58) (863) (1,027) (1,538) (3,087) (3,539) (3,581) (3,983) (3,949) (4,276)
Shareholders’ equity 833 2,190 2,503 3,196 4,504 5,308 4,940 5,431 5,692 6,355
Returns, %
Returns, % ROA 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
ROE 42.19 19.83 13.19 20.25 23.52 14.97 17.82 22.05 19.07 17.19
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $15.3B — (loss-making) — (loss-making) +7.52% (above 0%: growing) n/m +28.46% (above 0%: growing) 29.95% 2.96% Compare
CART Maplebear Inc. $11.8B 26.2× 17.0× +14.11% (above 0%: growing) +6.98% (above 0%: growing) +157.22% (above 0%: growing) 72.00% 13.81% Compare
CHWY Chewy $8.6B 31.8× 23.1× +7.28% (above 0%: growing) +33.33% (above 0%: growing) −15.49% (below 0%: shrinking) 30.36% 2.76% Compare
ETSY Etsy, Inc. $8.2B 40.2× 18.9× +6.23% (above 0%: growing) n/m −64.33% (below 0%: shrinking) 72.43% 18.74% Compare
GLBE Global-e Online Ltd. $6.8B 42.7× 28.3× +39.15% (above 0%: growing) +366.67% (above 0%: growing) +15.22% (above 0%: growing) 44.10% 14.94% Compare
VIPS Vipshop Holdings Limited $5.2B 4.1× 5.1× +1.08% (above 0%: growing) +221.95% (above 0%: growing) +38.25% (above 0%: growing) 23.29% 6.15%
OZON Ozon Holdings PLC Sponsored ADR $2.4B — (loss-making) — (loss-making) +31.09% (above 0%: growing) n/m +116.83% (above 0%: growing) 10.69% (9.16%) Compare
RVLV Revolve Group, Inc. $1.7B 22.4× 21.7× +12.44% (above 0%: growing) +85.71% (above 0%: growing) −215.06% (below 0%: shrinking) 56.61% 6.36% Compare
LQDT Liquidity Services, Inc. $1.4B 41.4× 36.1× +8.09% (above 0%: growing) +37.50% (above 0%: growing) +71.33% (above 0%: growing) 49.26% 10.91% Compare
Median of peers $7.5B 36.0× 22.4× +10.26% +37.50% +21.84% 46.68% 8.64%

All 42 Internet Retail stocks →

Vipshop Holdings Limited (VIPS) key facts

  • Concern: Net income was $1.1 billion, or $2.07 per share (basic), a net margin of 6.84%.
  • Strength: Vipshop Holdings Limited’s revenue for fiscal 2025 (year ended December 2025) was $15.1 billion, up 1.97% from fiscal 2024.
  • Vipshop Holdings Limited (VIPS) is an Internet Retail company in the Consumer Cyclical sector, traded in the US as an ADR.
  • As of October 16, 2026, VIPS traded at $12.86, a market capitalization of $5.2 billion.
  • At that price the stock trades at 4.1× trailing-twelve-month earnings and 0.4× sales; its P/E is higher than 1% of its own readings over the past ten years.
  • Vipshop Holdings Limited pays an annual dividend of $0.62 per share, a yield of 4.82%, with a payout ratio of 20.5%.
  • Return on equity was 17.2% and debt-to-equity 0.00.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.76 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Vipshop Holdings Limited (VIPS) Latest News

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