YMMFull Truck Alliance Co. Ltd.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.3×).
Operating profit is fully backed by cash.
Margin-driven, fat margins on slower asset turns. ROE 11% = margin × turnover × leverage.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is YMM?
Full Truck Alliance Co. Ltd. earns 14% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 5.0 points above what the capital costs: growth creates value
- Operating margin
- 33%
Operating margin · Software - Application median 6.4% · fiscal year to FY2025
- Cash conversion
- 1.35×
Cash conversion · 1.29× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.12%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −140% |
| FY2021 | −82% |
| FY2022 | −2.4% |
| FY2023 | 12% |
| FY2024 | 22% |
| FY2025 | 33% |
Details›
- Gross marginfiscal year to FY2025
- 63%
- Operating marginfiscal year to FY2025
- 33%
- Net marginfiscal year to FY2025
- 36%
- Free cash flow margin
- 36%
- R&D as % of revenue
- 7.0%
- Revenue, trailing twelve months
- $12.5B
- Free cash flow, trailing twelve months
- $4.50B
- Net income, trailing twelve months
- $4.46B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 14%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Application
Ranks #10 of 96 by RyuScore