Full Truck Alliance Co. Ltd. (YMM) intrinsic value & 10-year financials
Full Truck Alliance Co. Ltd. (YMM) has a Graham intrinsic value of CNY 139.51 per share. Over the last 8 fiscal years revenue grew 31.0% a year to CNY 12.5B, with an average return on invested capital of 1.4%.
- Graham intrinsic value
- CNY 139.51
- Revenue (FY2025)
- CNY 12.5B
- Revenue growth (8-yr CAGR)
- 31.0%
- ROIC (10-yr avg)
- 1.4%
- Free cash flow (FY2025)
- CNY 4.5B
YMM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | CNY 12.5B | CNY 4.5B | CNY 4.20 | CNY 4.5B | 33.2% | 10.3% |
| FY2024 | CNY 11.2B | CNY 3.1B | CNY 3.00 | CNY 2.9B | 22.0% | 7.6% |
| FY2023 | CNY 8.4B | CNY 2.2B | CNY 2.00 | CNY 2.2B | 11.8% | 3.3% |
| FY2022 | CNY 6.7B | CNY 411.9M | CNY 0.40 | -CNY 101.2M | -2.4% | -0.5% |
| FY2021 | CNY 4.7B | -CNY 3.7B | -CNY 6.20 | -CNY 254.6M | -81.5% | -13.9% |
| FY2020 | CNY 2.6B | -CNY 3.5B | -CNY 5.25 | CNY 521.7M | -140.1% | — |
| FY2019 | CNY 2.5B | -CNY 1.5B | — | -CNY 934.4M | -41.3% | — |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in CNY.
Executive summary
Full Truck Alliance Co. Ltd. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Full Truck Alliance Co. Ltd. has historically struggled to out-earn its cost of capital, averaging just 1.4% ROIC.
Full Truck Alliance Co. Ltd. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Full Truck Alliance Co. Ltd. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $139.51 per share.