F 
Full Truck Alliance Co Ltd ADR YMM · USD
Information Technology · US listing · 🇺🇸 United States
8.97
-2.07%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.86bn
FY2019FY2025
Net income
$654.8m
FY2019FY2025
Free cash flow
$668.1m
FY2019FY2025
Shareholders' equity
$5.95bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.86bn | $1.67bn | $1.25bn | $1.00bn | $691.8m | $383.4m | $367.4m |
| Research and development | $129.9m | $130.7m | $140.6m | $135.8m | $108.4m | $61.4m | $58.9m |
| Operating income | $615.9m | $367.7m | $148.2m | −$24.1m | −$563.9m | −$537.0m | −$151.6m |
| Net income | $654.8m | $456.0m | $328.7m | $60.4m | −$542.9m | −$515.6m | −$226.3m |
| Diluted earnings per share | 0.63 | 0.44 | 0.31 | 0.06 | -0.50 | -0.47 | -0.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | $6.59bn | $6.13bn | $5.85bn | $5.45bn | $5.11bn | $3.73bn | $2.52bn |
| Cash and short-term investments | $2.55bn | $3.09bn | $2.72bn | $3.90bn | $3.85bn | $2.79bn | $1.53bn |
| Total liabilities | $453.4m | $468.2m | $512.9m | $429.2m | $426.3m | $309.2m | $357.2m |
| Debt | $5.0m | $6.1m | $5.6m | $6.6m | $1.3m | — | $74.3m |
| Shareholders' equity | $5.95bn | $5.60bn | $5.29bn | $5.00bn | $4.67bn | $3.42bn | $2.16bn |
| Shares outstanding | 1,045m | 1,046m | 1,051m | 1,065m | 1,078m | 1,086m | 1,025m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | $687.3m | $441.2m | $337.2m | −$2.3m | −$31.4m | $85.4m | −$137.3m |
| Capital spending | −$19.3m | −$11.1m | −$14.9m | −$12.7m | −$6.4m | −$7.9m | −$1.5m |
| Free cash flow | $668.1m | $430.1m | $322.3m | −$15.0m | −$37.8m | $77.5m | −$138.8m |
| Dividends paid | −$211.7m | −$158.1m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $500.9m | $423.1m | $467.7m | $498.9m | $481.2m | $401.1m | $471.5m | $450.3m |
| Operating income | $219.8m | $149.4m | $150.1m | $115.3m | $169.3m | $178.6m | $124.1m | $113.2m |
| Net income | $197.0m | $147.2m | $144.7m | $134.8m | $184.9m | $188.4m | $83.0m | $164.5m |
| Diluted earnings per share | 0.19 | 0.14 | 0.14 | 0.13 | 0.18 | 0.18 | 0.08 | 0.16 |
| Cash from operations | — | $232.0m | — | — | — | $48.0m | $441.0m | — |
| Capital spending | — | −$10.0m | — | — | — | — | — | — |
| Free cash flow | — | $222.0m | — | — | — | — | — | — |
| Total assets | $6.78bn | $6.63bn | $6.59bn | $6.55bn | $6.33bn | $6.30bn | $6.13bn | $6.03bn |
| Cash and short-term investments | $3.51bn | $2.74bn | $2.55bn | $2.30bn | $2.49bn | $2.99bn | $3.09bn | $3.04bn |
| Debt | $2.8m | $3.6m | $5.0m | $6.4m | $6.5m | $6.0m | $6.1m | $6.3m |
| Shareholders' equity | $6.01bn | $5.91bn | $5.95bn | $5.83bn | $5.83bn | $5.68bn | $5.60bn | $5.41bn |
Financial ratios
Data as of 7 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 33.2% | 22.0% | 27.7% | -2.4% | -78.2% | -133.4% | — |
| Net margin | 35.3% | 27.3% | 26.2% | 6.0% | -78.5% | -134.5% | — |
| Return on equity | 11.0% | 8.1% | 6.2% | 1.2% | -11.6% | -15.1% | — |
| Return on assets | 9.9% | 7.4% | 5.6% | 1.1% | -10.6% | -13.8% | — |
| Free cash flow yield | 53.9% | 34.5% | 26.7% | 0.8% | -1.8% | 6.8% | — |
| Revenue growth | 11.1% | 33.2% | 25.3% | 44.6% | 80.4% | 4.4% | — |
| Earnings growth | 43.6% | 38.7% | 444.0% | -111.1% | 5.3% | 127.8% | — |
| Current ratio | 8.09x | 9.03x | 7.33x | 11.35x | 10.57x | 10.54x | — |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — |
| Equity ratio | 90.3% | 91.3% | 90.5% | 91.7% | 91.4% | 91.7% | — |
| Interest coverage | — | — | — | -928.49x | -91007.43x | -411.52x | -37.91x |
| R&D as a share of sales | 7.0% | 7.8% | 11.2% | 13.6% | 15.7% | 16.0% | — |
| Buybacks as a share of market value | 0.0% | 0.5% | 1.4% | 2.4% | 0.6% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.0% | 36.6% | — |
| Net income | 121.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 27.9% | 19.2% | 0.1% | — |
| Net margin | 31.5% | 26.0% | 6.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 17.1 | 24.8 | 22.4 | 141.0 | -16.6 |
| Price to sales | 6.1 | 6.8 | 5.9 | 8.5 | 13.1 |
Market value over time
30 Jun 2021 to 6 Oct 2026, in USD
$6.13bn$8.79bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return | 4% | 61% | -21% | -5% | -57% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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