Full Truck Alliance Co. Ltd. Sponsored ADR
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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. In the quarter to June 2026, revenue grew 10.2%, EPS grew 11.8% and free cash flow grew 10,172.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Full Truck Alliance Co. Ltd. Sponsored ADR (YMM) Altman Z-score
Full Truck Alliance Co. Ltd. Sponsored ADR's Altman Z-score for fiscal 2025 is 13.27, 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 | 13.27 | (1.25) |
| FY2024 | 14.51 | 5.64 |
| FY2023 | 8.87 | (3.31) |
| FY2022 | 12.18 | 4.69 |
| FY2021 | 7.49 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.46 | — | 0.55 | |
| Retained earnings / total assets | (0.16) | — | −0.22 | |
| EBIT / total assets | 0.09 | — | 0.31 | |
| Market value of equity / total liabilities | 20.58 | — | 12.35 | |
| Sales / total assets | 0.28 | — | 0.28 | |
| Altman Z-score | Safe zone | 13.27 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 14.30 | ||
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 |
|---|---|
| APPF AppFolio, Inc. compare | 37.8× |
| TTAN ServiceTitan Inc. compare | 19.3× |
| YMM Full Truck Alliance Co. Ltd. Sponsored ADR | 13.3× |
| DUOL Duolingo, Inc. compare | 9.0× |
| IDCC InterDigital, Inc. compare | 8.1× |
| PCOR Procore Technologies, Inc. compare | 6.4× |
| NICE Nice compare | 5.5× |
| PCTY Paylocity Holding Corporation compare | 2.0× |
| RNG Ringcentral, Inc. compare | 0.7× |
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