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Full Truck Alliance Co. Ltd. Sponsored ADR

YMM Technology Software Application

Full Truck Alliance Co. Ltd. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 16.0% from fiscal 2024.

Revenue
+10.2%
EPS
+11.8%
Free cash flow
+10,172.8%

Quarter to June 2026, against a year earlier

8.98 0.03 −0.33%
Market cap
$8.3B
P/E
15.2×
Fwd P/E
11.9×
Dividend yield
2.81%
F-score
7/9
Altman Z
13.27
Beneish M
0.07
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 13.36%

Capital & Financial Ratios $m

Size
Market Cap 8,330.00
Revenue ttm 1,873.12
Net income ttm 637.64
Free cash flow ttm 1,614.65
Net debt Q (3,484.75)
Valuation
P/E 15.22
Forward P/E 11.90
Price / sales 4.97
Forward P/S Powerpack
Price / FCF 5.97
Price / book 1.55
Financial health
Current ratio Q 7.96 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 0.77
Growth
Revenue growth Q +10.22% (above 0%: growing)
Operating income growth Q +37.68% (above 0%: growing)
EPS, this year +5.01%
EPS, next year A +19.44% (at or above 15%: strong)
Revenue, next year A +5.42%
EPS, past 5 yrs —
EPS, next 5 yrs A +13.94%

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 3.2×, against a ten-year median of 4.4×; over the ten years it ranged from −2.3× in 2021 to 19.7× in 2021.
P/E against its own 10 years 12.63%
10-year low 10-year high
P/S against its own 10 years 9.03%
10-year low 10-year high
P/B against its own 10 years 38.29%
10-year low 10-year high
EV/Sales against its own 10 years 15.40%
10-year low 10-year high

Dividends raised every year since 2024

Yield
2.81%
Annual rate
0.25
Payout ratio
42.7%
Growth, 2024–26
+32.1%/yr
  1. 0.14 ’24
  2. 0.19 ’25 +33
  3. 0.25 ’26 +31
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,592 2,865 2,457 3,485
Receivables 3 3 11 13
Inventory — — — —
Other — — — —
3,380 3,734 3,296 4,208
2023 2024 2025 Q'26
Payables 4 4 5 7
ST’ Debt — — — —
Other 77 78 91 95
461 414 408 529

Compound Annual Growth %

10y 5y 3y
Sales — 35.19% 22.30%
Cash Flow — 49.67% 0.00%
Earnings — 0.00% 120.28%
Book Value — 0.00% 5.90%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.19 Actual 0.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.14 0.13 Miss by 0.01
Dec 2025 0.14 0.14 Met by 0.00
Mar 2026 0.13 0.17 Beat by 0.04
Jun 2026 0.19 0.20 Beat by 0.01
Sep 2026 0.20 — Reports 19 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.14 0.19 — — —
’25 0.17 0.17 0.12 0.14 0.60
’24 0.08 0.11 0.15 0.07 0.40
’23 0.06 0.08 0.08 0.08 0.29
’22 (0.03) 0.00 0.05 0.03 0.05
’21 (0.07) (1.14) (0.03) (0.19) (0.97)
’20 — (0.04) (0.04) (0.38) (3.11)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 413 498 — — —
’25 372 452 472 490 1,786
’24 314 380 432 413 1,540
’23 248 284 310 346 1,188
’22 210 249 254 263 976
’21 134 173 193 224 731
’20 63 79 106 128 396
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 226 — — — —
’25 — — — 662 662
’24 — — — 407 407
’23 — — — 320 320
’22 — — — (2) (2)
’21 — — — — (33)
’20 — — — 88 88
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 226 — — — —
’25 — — — 662 643
’24 — — — 407 397
’23 — — — 320 306
’22 — — — (2) (15)
’21 — — — — (39)
’20 — — — 88 83
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
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 — — — 358 396 731 976 1,188 1,540 1,786 1,873 +30.7% 1,883 2,026 2,318 +9.1%
Gross margin, % — — — 43.80 49.01 45.46 47.81 51.17 54.62 63.02 65.80 +19.2 pt
EBT — — — (225) (529) (571) 74 329 461 771 787 n/m
EBT margin, % — — — (62.86) (133.74) (78.17) 7.54 27.67 29.92 43.14 42.03 +106.0 pt
Net income — 0 — (223) (532) (573) 60 314 428 638 638 n/m
Per share, $
Per share, $ Revenue — — — 2.17 2.31 1.09 0.91 1.13 1.48 1.71 1.81 (3.8%)
Earnings — — — (1.34) (3.11) (0.97) 0.05 0.30 0.40 0.60 0.59 n/m
Cash flow — — — (0.81) 0.51 (0.05) 0.00 0.30 0.39 0.64 0.00 n/m
Capex — — — 0.00 (0.03) (0.01) (0.01) (0.01) (0.01) (0.02) 0.00 n/m
Free cash flow — — — (0.81) 0.49 (0.06) (0.01) 0.29 0.38 0.62 0.00 n/m
Book value — — — 12.66 (7.60) 7.36 4.54 4.75 4.96 5.56 5.80 (12.8%)
Shares, m — — — 165 171 672 1,076 1,056 1,041 1,042 1,040 +36.0%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 169.31 22.00 26.39 17.88 15.22 33.7
P/S — — — 52.83 52.83 12.79 9.66 5.86 7.32 6.26 4.97 21.1
P/B — — — 0.00 0.00 1.80 1.93 1.39 2.18 1.93 1.55 1.3
EV/Sales — — — 46.52 46.52 7.26 5.83 3.74 5.50 4.92 3.15 17.2
EV/FCF — — — 0.00 0.00 0.00 0.00 9.35 10.99 6.61 3.79 3.8
Cash, $m
Cash, $m Operating cash flow — — — (134) 88 (33) (2) 320 407 662 1,615 n/m
Capex — — — (2) (5) (6) (12) (14) (10) (19) (55) +51.9%
Free cash flow — — — (134) 83 (39) (15) 306 397 643 1,615 n/m
Balance, $m
Balance, $m Working capital — — — 1,467 2,869 4,106 4,099 2,919 3,320 2,889 3,680 +12.0%
Net debt — — — (1,420) (2,893) (4,078) (3,814) (2,592) (2,865) (2,457) (3,485) +9.6%
Shareholders’ equity — — — 2,089 (1,300) 4,948 4,880 5,017 5,164 5,795 6,022 +18.5%
Returns, %
Returns, % ROA — — — (18.11) (17.51) (14.16) 1.10 5.74 7.51 10.51 9.81 +28.6 pt
ROIC — — — 0.00 0.00 (42.79) (1.38) 3.62 9.22 11.10 15.59 +11.1 pt
ROE — — — 19.05 47.47 (35.91) 1.20 6.30 8.26 11.50 10.81 (7.5) pt
People
People Employees — — — — 4,059 7,103 6,795 7,585 7,185 8,251 — +15.2%
Revenue/emp, $m — — — 0.00 0.10 0.10 0.14 0.16 0.21 0.22 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Full Truck Alliance Co. Ltd. Sponsored ADR vs peers in Software Application (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
ESTC Elastic N.V. $8.9B 23.4× 376× +15.13% (above 0%: growing) n/m +26.14% (above 0%: growing) 74.50% (4.93%) Compare
PCTY Paylocity Holding Corporation $8.9B 34.1× 28.6× +10.98% (above 0%: growing) +28.41% (above 0%: growing) +10.54% (above 0%: growing) 67.54% 18.98% Compare
YMM Full Truck Alliance Co. Ltd. Sponsored ADR $8.3B 15.2× 11.9× +10.22% (above 0%: growing) +11.76% (above 0%: growing) +10,172.78% (above 0%: growing) 72.62% 43.95%
APPF AppFolio, Inc. $8.3B 48.8× 44.1× +18.58% (above 0%: growing) +38.30% (above 0%: growing) +14.46% (above 0%: growing) 64.29% 19.42% Compare
TTAN ServiceTitan Inc. $7.9B — (loss-making) — (loss-making) +20.91% (above 0%: growing) n/m +47.10% (above 0%: growing) 71.41% (9.41%) Compare
QNT Quantinuum Inc. $7.9B — — — n/m — (28.93%) (6,939.56%) Compare
YOU CLEAR Secure, Inc. $7.6B 28.9× 24.5× +27.77% (above 0%: growing) +156.72% (above 0%: growing) −94.18% (below 0%: shrinking) 68.55% 28.32% Compare
IDCC InterDigital, Inc. $7.4B 23.5× 35.8× +17.46% (above 0%: growing) +18.71% (above 0%: growing) −64.24% (below 0%: shrinking) 100.00% 51.37% Compare
DUOL Duolingo, Inc. $7.4B 50.7× 48.1× +13.73% (above 0%: growing) −90.88% (below 0%: shrinking) +15.63% (above 0%: growing) 72.86% 7.83% Compare
Median of peers $7.9B 31.5× 40.0× +17.46% +28.41% +14.46% 69.98% 13.41%

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YMM metrics, ten years each

stockrow.com/YMM · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com