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. 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) Piotroski F-score
Full Truck Alliance Co. Ltd. Sponsored ADR's Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | (1.00) |
| FY2024 | 8 | 0.00 |
| FY2023 | 8 | 2.00 |
| FY2022 | 6 | 1.00 |
| FY2021 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 10.51% | 7.51% | Pass | 1 |
| Positive operating cash flow | 661.64m | 406.91m | Pass | 1 |
| Rising return on assets | 10.51% | 7.51% | Pass | 1 |
| Cash flow above net income | 31.27m | (13.66m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 8.09 | 9.03 | Fail | 0 |
| No new shares issued | 1,041,958,000 | 1,041,142,000 | Fail | 0 |
| Rising gross margin | 63.02% | 54.62% | Pass | 1 |
| Rising asset turnover | 0.30 | 0.27 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RNG Ringcentral, Inc. compare | 8 |
| PCTY Paylocity Holding Corporation compare | 8 |
| NICE Nice compare | 7 |
| YMM Full Truck Alliance Co. Ltd. Sponsored ADR | 7 |
| TTAN ServiceTitan Inc. compare | 6 |
| IDCC InterDigital, Inc. compare | 6 |
| PCOR Procore Technologies, Inc. compare | 5 |
| APPF AppFolio, Inc. compare | 5 |
| DUOL Duolingo, Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover