Vipshop Holdings Ltd. (VIPS) intrinsic value & 10-year financials
Vipshop Holdings Ltd. (VIPS) has a Graham intrinsic value of $336.14 per share. At $12.58 on Oct 27, 2026, the stock trades 96% below that value. Over the last 10 fiscal years revenue grew 7.1% a year to $15.1B, with an average return on invested capital of 33.9%.
- Graham intrinsic value
- $336.14
- Share price (Oct 27, 2026)
- $12.58
- Price vs Graham value
- 96% below
- Market cap
- $1.3B
- Revenue (FY2025)
- $15.1B
- Revenue growth (10-yr CAGR)
- 7.1%
- ROIC (10-yr avg)
- 33.9%
- Free cash flow (FY2025)
- $782.0M
VIPS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.1B | $1.0B | $10.12 | $782.0M | 7.7% | 32.3% |
| FY2024 | $14.9B | $1.1B | $9.83 | $877.6M | 8.5% | 46.2% |
| FY2023 | $15.9B | $1.2B | $10.16 | $1.7B | 8.1% | 52.2% |
| FY2022 | $15.0B | $915.1M | $7.13 | $1.2B | 6.0% | 27.6% |
| FY2021 | $18.4B | $736.4M | $5.29 | $629.6M | 4.8% | 23.5% |
| FY2020 | $15.6B | $907.2M | $6.56 | $1.5B | 5.8% | 27.6% |
| FY2019 | $13.4B | $572.6M | $4.25 | $1.3B | 5.1% | 28.4% |
| FY2018 | $12.3B | $310.3M | $2.27 | $469.2M | 2.9% | 26.2% |
| FY2017 | $11.2B | $290.9M | $2.45 | -$187.0M | 3.7% | 38.7% |
| FY2016 | $8.2B | $287.0M | $2.43 | $124.4M | 4.8% | 36.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Vipshop Holdings Ltd has demonstrated mature, steady growth, with revenue compounding at 7.1% annually over the past decade.
Vipshop Holdings Ltd has earned high returns on invested capital, averaging 33.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Vipshop Holdings Ltd shows that management has aggressively returned capital to shareholders by retiring 18.6% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Vipshop Holdings Ltd is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $336.14 per share.