Comprehensive Stock Comparison
Compare The Descartes Systems Group Inc. (DSGX) vs Full Truck Alliance Co. Ltd. (YMM) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | YMM | 33.2% revenue growth vs DSGX's 13.6% |
| Value | YMM | Lower P/E (2.0x vs 35.4x) |
| Quality / Margins | YMM | 34.4% net margin vs DSGX's 22.1% |
| Stability / Safety | DSGX | Beta 0.91 vs YMM's 0.96 |
| Dividends | YMM | 1.6% yield; 1-year raise streak; DSGX pays no meaningful dividend |
| Momentum (1Y) | YMM | -18.6% vs DSGX's -40.6% |
| Efficiency (ROA) | YMM | 9.8% ROA vs DSGX's 8.5%, ROIC 6.0% vs 13.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Descartes Systems Group provides cloud-based logistics and supply chain management software that connects shippers, carriers, and customs authorities on a global network. It generates revenue primarily through subscription fees for its modular SaaS platform — which includes routing, transportation management, customs compliance, and trade data services — with maintenance and support fees making up the remainder. The company's key advantage is its extensive logistics network effect, where the value of its platform increases as more participants join, creating significant switching costs and barriers to entry.
Full Truck Alliance operates China's largest digital freight platform connecting shippers with truckers for efficient logistics matching. It generates revenue primarily from freight brokerage commissions and value-added services — including credit solutions, insurance brokerage, and energy services — with its core matching platform driving the majority of earnings. The company's network effects create a powerful moat, as its massive scale of shippers and truckers makes it increasingly difficult for competitors to match its liquidity and efficiency.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
YMM leads in 3 of 6 categories — strongest in Financial Metrics and Profitability & Efficiency. 2 categories are tied.
Financial Metrics (TTM)
YMM is the larger business by revenue, generating $12.1B annually — 17.3x DSGX's $702M. YMM is the more profitable business, keeping 34.4% of every revenue dollar as net income compared to DSGX's 22.1%. On growth, YMM holds the edge at +17.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | DSGXThe Descartes Sys… | YMMFull Truck Allian… |
|---|---|---|
| RevenueTrailing 12 months | $702M | $12.1B |
| EBITDAEarnings before interest/tax | $289M | $4.0B |
| Net IncomeAfter-tax profit | $155M | $4.2B |
| Free Cash FlowCash after capex | $244M | $0 |
| Gross MarginGross profit ÷ Revenue | +73.9% | +71.3% |
| Operating MarginEBIT ÷ Revenue | +28.9% | +32.4% |
| Net MarginNet income ÷ Revenue | +22.1% | +34.4% |
| FCF MarginFCF ÷ Revenue | +34.8% | +25.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +10.1% | +17.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +19.0% | +29.4% |
Valuation Metrics
At 21.9x trailing earnings, YMM trades at a 46% valuation discount to DSGX's 40.4x P/E. On an enterprise value basis, DSGX's 21.4x EV/EBITDA is more attractive than YMM's 51.5x.
| Metric | DSGXThe Descartes Sys… | YMMFull Truck Allian… |
|---|---|---|
| Market CapShares × price | $5.7B | $20.0B |
| Enterprise ValueMkt cap + debt − cash | $5.5B | $19.2B |
| Trailing P/EPrice ÷ TTM EPS | 40.40x | 21.89x |
| Forward P/EPrice ÷ next-FY EPS est. | 35.37x | 1.97x |
| PEG RatioP/E ÷ EPS growth rate | 1.37x | — |
| EV / EBITDAEnterprise value multiple | 21.35x | 51.48x |
| Price / SalesMarket cap ÷ Revenue | 8.75x | 12.21x |
| Price / BookPrice ÷ Book value/share | 4.18x | 1.76x |
| Price / FCFMarket cap ÷ FCF | 26.80x | 47.38x |
Profitability & Efficiency
YMM delivers a 10.5% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $10 for DSGX. YMM carries lower financial leverage with a 0.00x debt-to-equity ratio, signaling a more conservative balance sheet compared to DSGX's 0.01x. On the Piotroski fundamental quality scale (0–9), YMM scores 8/9 vs DSGX's 5/9, reflecting strong financial health.
| Metric | DSGXThe Descartes Sys… | YMMFull Truck Allian… |
|---|---|---|
| ROE (TTM)Return on equity | +10.0% | +10.5% |
| ROA (TTM)Return on assets | +8.5% | +9.8% |
| ROICReturn on invested capital | +13.1% | +6.0% |
| ROCEReturn on capital employed | +13.4% | +6.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 8 |
| Debt / EquityFinancial leverage | 0.01x | 0.00x |
| Net DebtTotal debt minus cash | -$228M | -$5.7B |
| Cash & Equiv.Liquid assets | $236M | $5.8B |
| Total DebtShort + long-term debt | $8M | $65M |
| Interest CoverageEBIT ÷ Interest expense | 208.90x | — |
Total Returns (with DRIP)
A $10,000 investment in DSGX five years ago would be worth $10,886 today (with dividends reinvested), compared to $4,513 for YMM. Over the past 12 months, YMM leads with a -18.6% total return vs DSGX's -40.6%. The 3-year compound annual growth rate (CAGR) favors YMM at 11.5% vs DSGX's -3.5% — a key indicator of consistent wealth creation.
| Metric | DSGXThe Descartes Sys… | YMMFull Truck Allian… |
|---|---|---|
| YTD ReturnYear-to-date | -22.2% | -16.6% |
| 1-Year ReturnPast 12 months | -40.6% | -18.6% |
| 3-Year ReturnCumulative with dividends | -10.1% | +38.6% |
| 5-Year ReturnCumulative with dividends | +8.9% | -54.9% |
| 10-Year ReturnCumulative with dividends | +287.9% | -54.9% |
| CAGR (3Y)Annualised 3-year return | -3.5% | +11.5% |
Risk & Volatility
DSGX is the less volatile stock with a 0.91 beta — it tends to amplify market swings less than YMM's 0.96 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. YMM currently trades 66.7% from its 52-week high vs DSGX's 56.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | DSGXThe Descartes Sys… | YMMFull Truck Allian… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.91x | 0.96x |
| 52-Week HighHighest price in past year | $117.35 | $14.07 |
| 52-Week LowLowest price in past year | $62.56 | $9.36 |
| % of 52W HighCurrent price vs 52-week peak | +56.5% | +66.7% |
| RSI (14)Momentum oscillator 0–100 | 42.9 | 39.9 |
| Avg Volume (50D)Average daily shares traded | 549K | 7.5M |
Analyst Outlook
Wall Street rates DSGX as "Buy" and YMM as "Buy". Consensus price targets imply 67.4% upside for DSGX (target: $111) vs 24.4% for YMM (target: $12). YMM is the only dividend payer here at 1.58% yield — a key consideration for income-focused portfolios.
| Metric | DSGXThe Descartes Sys… | YMMFull Truck Allian… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $110.89 | $11.67 |
| # AnalystsCovering analysts | 13 | 3 |
| Dividend YieldAnnual dividend ÷ price | — | +1.6% |
| Dividend StreakConsecutive years of raises | — | 1 |
| Dividend / ShareAnnual DPS | — | $1.02 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.4% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jul 21 | Feb 26 | Change |
|---|---|---|---|
| The Descartes Syste… (DSGX) | 100 | 105.56 | +5.6% |
| Full Truck Alliance… (YMM) | 86.51 | 47.16 | -45.5% |
The Descartes Syste… (DSGX) returned +9% over 5 years vs Full Truck Alliance… (YMM)'s -55%. A $10,000 investment in DSGX 5 years ago would be worth $10,886 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| The Descartes Syste… (DSGX) | $185M | $651M | +251.9% |
| Full Truck Alliance… (YMM) | $2.5B | $11.2B | +354.4% |
The Descartes Systems Group Inc.'s revenue grew from $185M (2015) to $651M (2024) — a 15.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| The Descartes Syste… (DSGX) | 11.1% | 22.0% | +98.0% |
| Full Truck Alliance… (YMM) | -61.6% | 27.3% | +144.3% |
The Descartes Systems Group Inc.'s net margin went from 11% (2015) to 22% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| The Descartes Syste… (DSGX) | 81.1 | 69.3 | -14.5% |
| Full Truck Alliance… (YMM) | 20 | 3.7 | -81.5% |
The Descartes Systems Group Inc. has traded in a 59x–96x P/E range over 8 years; current trailing P/E is ~40x. Full Truck Alliance Co. Ltd. has traded in a 4x–20x P/E range over 3 years; current trailing P/E is ~22x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| The Descartes Syste… (DSGX) | 0.27 | 1.64 | +507.4% |
| Full Truck Alliance… (YMM) | -1.42 | 2.94 | +307.0% |
The Descartes Systems Group Inc.'s EPS grew from $0.27 (2015) to $1.64 (2024) — a 22% CAGR.
Chart 6Free Cash Flow — 5 Years
The Descartes Systems Group Inc. generated $213M FCF in 2024 (+24% vs 2021). Full Truck Alliance Co. Ltd. generated $3B FCF in 2024 (+1237% vs 2021).
DSGX vs YMM: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is DSGX or YMM a better buy right now?
Full Truck Alliance Co. Ltd. (YMM) offers the better valuation at 21.9x trailing P/E (2.0x forward), making it the more compelling value choice. Analysts rate The Descartes Systems Group Inc. (DSGX) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — DSGX or YMM?
On trailing P/E, Full Truck Alliance Co. Ltd. (YMM) is the cheapest at 21.9x versus The Descartes Systems Group Inc. at 40.4x. On forward P/E, Full Truck Alliance Co. Ltd. is actually cheaper at 2.0x.
03Which is the better long-term investment — DSGX or YMM?
Over the past 5 years, The Descartes Systems Group Inc. (DSGX) delivered a total return of +8.9%, compared to -54.9% for Full Truck Alliance Co. Ltd. (YMM). A $10,000 investment in DSGX five years ago would be worth approximately $11K today (assuming dividends reinvested). Over 10 years, the gap is even starker: DSGX returned +287.9% versus YMM's -54.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — DSGX or YMM?
By beta (market sensitivity over 5 years), The Descartes Systems Group Inc. (DSGX) is the lower-risk stock at 0.91β versus Full Truck Alliance Co. Ltd.'s 0.96β — meaning YMM is approximately 6% more volatile than DSGX relative to the S&P 500. On balance sheet safety, Full Truck Alliance Co. Ltd. (YMM) carries a lower debt/equity ratio of 0% versus 1% for The Descartes Systems Group Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — DSGX or YMM?
Full Truck Alliance Co. Ltd. (YMM) is the more profitable company, earning 27.3% net margin versus 22.0% for The Descartes Systems Group Inc. — meaning it keeps 27.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DSGX leads at 27.8% versus 22.0% for YMM. At the gross margin level — before operating expenses — YMM leads at 86.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is DSGX or YMM more undervalued right now?
On forward earnings alone, Full Truck Alliance Co. Ltd. (YMM) trades at 2.0x forward P/E versus 35.4x for The Descartes Systems Group Inc. — 33.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for DSGX: 67.4% to $110.89.
07Which pays a better dividend — DSGX or YMM?
In this comparison, YMM (1.6% yield) pays a dividend. DSGX does not pay a meaningful dividend and should not be held primarily for income.
08Is DSGX or YMM better for a retirement portfolio?
For long-horizon retirement investors, Full Truck Alliance Co. Ltd. (YMM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.96), 1.6% yield). Both have compounded well over 10 years (YMM: -54.9%, DSGX: +287.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between DSGX and YMM?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. YMM pays a dividend while DSGX does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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