Comprehensive Stock Comparison
Compare Full Truck Alliance Co. Ltd. (YMM) vs SAP SE (SAP) 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 SAP's 3.4% |
| Value | YMM | Lower P/E (2.0x vs 27.8x) |
| Quality / Margins | YMM | 34.4% net margin vs SAP's 19.9% |
| Stability / Safety | SAP | Beta 0.86 vs YMM's 0.96 |
| Dividends | YMM | 1.6% yield, 1-year raise streak, vs SAP's 1.3% |
| Momentum (1Y) | YMM | -18.6% vs SAP's -25.8% |
| Efficiency (ROA) | SAP | 10.4% ROA vs YMM's 9.8%, ROIC 16.1% vs 6.0% |
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
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.
SAP is a global enterprise software company that provides business applications, technology platforms, and cloud services for organizations worldwide. It generates revenue primarily through software licenses and cloud subscriptions — with cloud services now representing over 40% of total revenue — along with consulting and support services. The company's key advantage is its deep integration across business functions — from finance to supply chain to HR — creating switching costs and network effects within its large enterprise customer base.
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
SAP leads in 2 of 6 categories (Profitability & Efficiency, Total Returns). YMM leads in 1 (Financial Metrics). 3 tied.
Financial Metrics (TTM)
SAP is the larger business by revenue, generating $36.7B annually — 3.0x YMM's $12.1B. YMM is the more profitable business, keeping 34.4% of every revenue dollar as net income compared to SAP's 19.9%. On growth, YMM holds the edge at +17.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | YMMFull Truck Allian… | SAPSAP SE |
|---|---|---|
| RevenueTrailing 12 months | $12.1B | $36.7B |
| EBITDAEarnings before interest/tax | $4.0B | $11.5B |
| Net IncomeAfter-tax profit | $4.2B | $7.3B |
| Free Cash FlowCash after capex | $0 | $8.4B |
| Gross MarginGross profit ÷ Revenue | +71.3% | +73.3% |
| Operating MarginEBIT ÷ Revenue | +32.4% | +27.0% |
| Net MarginNet income ÷ Revenue | +34.4% | +19.9% |
| FCF MarginFCF ÷ Revenue | +25.8% | +22.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +17.2% | +2.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +29.4% | +14.7% |
Valuation Metrics
At 21.9x trailing earnings, YMM trades at a 23% valuation discount to SAP's 28.5x P/E. On an enterprise value basis, SAP's 17.8x EV/EBITDA is more attractive than YMM's 51.5x.
| Metric | YMMFull Truck Allian… | SAPSAP SE |
|---|---|---|
| Market CapShares × price | $20.0B | $234.7B |
| Enterprise ValueMkt cap + debt − cash | $19.2B | $234.5B |
| Trailing P/EPrice ÷ TTM EPS | 21.89x | 28.52x |
| Forward P/EPrice ÷ next-FY EPS est. | 1.97x | 27.77x |
| PEG RatioP/E ÷ EPS growth rate | — | 4.32x |
| EV / EBITDAEnterprise value multiple | 51.48x | 17.84x |
| Price / SalesMarket cap ÷ Revenue | 12.21x | 5.63x |
| Price / BookPrice ÷ Book value/share | 1.76x | 4.44x |
| Price / FCFMarket cap ÷ FCF | 47.38x | 25.07x |
Profitability & Efficiency
SAP delivers a 16.2% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $10 for YMM. YMM carries lower financial leverage with a 0.00x debt-to-equity ratio, signaling a more conservative balance sheet compared to SAP's 0.18x. On the Piotroski fundamental quality scale (0–9), SAP scores 9/9 vs YMM's 8/9, reflecting strong financial health.
| Metric | YMMFull Truck Allian… | SAPSAP SE |
|---|---|---|
| ROE (TTM)Return on equity | +10.5% | +16.2% |
| ROA (TTM)Return on assets | +9.8% | +10.4% |
| ROICReturn on invested capital | +6.0% | +16.1% |
| ROCEReturn on capital employed | +6.7% | +18.3% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 9 |
| Debt / EquityFinancial leverage | 0.00x | 0.18x |
| Net DebtTotal debt minus cash | -$5.7B | -$149M |
| Cash & Equiv.Liquid assets | $5.8B | $8.2B |
| Total DebtShort + long-term debt | $65M | $8.1B |
| Interest CoverageEBIT ÷ Interest expense | — | 8.94x |
Total Returns (with DRIP)
A $10,000 investment in SAP five years ago would be worth $17,166 today (with dividends reinvested), compared to $4,513 for YMM. Over the past 12 months, YMM leads with a -18.6% total return vs SAP's -25.8%. The 3-year compound annual growth rate (CAGR) favors SAP at 22.4% vs YMM's 11.5% — a key indicator of consistent wealth creation.
| Metric | YMMFull Truck Allian… | SAPSAP SE |
|---|---|---|
| YTD ReturnYear-to-date | -16.6% | -14.9% |
| 1-Year ReturnPast 12 months | -18.6% | -25.8% |
| 3-Year ReturnCumulative with dividends | +38.6% | +83.4% |
| 5-Year ReturnCumulative with dividends | -54.9% | +71.7% |
| 10-Year ReturnCumulative with dividends | -54.9% | +193.8% |
| CAGR (3Y)Annualised 3-year return | +11.5% | +22.4% |
Risk & Volatility
SAP is the less volatile stock with a 0.86 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.
| Metric | YMMFull Truck Allian… | SAPSAP SE |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.96x | 0.86x |
| 52-Week HighHighest price in past year | $14.07 | $313.28 |
| 52-Week LowLowest price in past year | $9.36 | $189.22 |
| % of 52W HighCurrent price vs 52-week peak | +66.7% | +64.3% |
| RSI (14)Momentum oscillator 0–100 | 39.9 | 45.3 |
| Avg Volume (50D)Average daily shares traded | 7.5M | 2.4M |
Analyst Outlook
Wall Street rates YMM as "Buy" and SAP as "Buy". Consensus price targets imply 106.1% upside for SAP (target: $415) vs 24.4% for YMM (target: $12). For income investors, YMM offers the higher dividend yield at 1.58% vs SAP's 1.31%.
| Metric | YMMFull Truck Allian… | SAPSAP SE |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $11.67 | $415.33 |
| # AnalystsCovering analysts | 3 | 43 |
| Dividend YieldAnnual dividend ÷ price | +1.6% | +1.3% |
| Dividend StreakConsecutive years of raises | 1 | 2 |
| Dividend / ShareAnnual DPS | $1.02 | $2.24 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.4% | +0.9% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jun 21 | Feb 26 | Change |
|---|---|---|---|
| Full Truck Alliance… (YMM) | 100 | 47.16 | -52.8% |
| SAP SE (SAP) | 100 | 147.48 | +47.5% |
SAP SE (SAP) returned +72% over 5 years vs Full Truck Alliance… (YMM)'s -55%. A $10,000 investment in SAP 5 years ago would be worth $17,166 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Full Truck Alliance… (YMM) | $2.5B | $11.2B | +354.4% |
| SAP SE (SAP) | $22.1B | $35.3B | +60.2% |
SAP SE's revenue grew from $22.1B (2016) to $35.3B (2025) — a 5.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Full Truck Alliance… (YMM) | -61.6% | 27.3% | +144.3% |
| SAP SE (SAP) | 16.5% | 19.9% | +20.6% |
SAP SE's net margin went from 17% (2016) to 20% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Full Truck Alliance… (YMM) | 20 | 3.7 | -81.5% |
| SAP SE (SAP) | 33.5 | 40.6 | +21.2% |
Full Truck Alliance Co. Ltd. has traded in a 4x–20x P/E range over 3 years; current trailing P/E is ~22x. SAP SE has traded in a 29x–93x P/E range over 9 years; current trailing P/E is ~29x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Full Truck Alliance… (YMM) | -1.42 | 2.94 | +307.0% |
| SAP SE (SAP) | 3.03 | 5.99 | +97.7% |
SAP SE's EPS grew from $3.03 (2016) to $5.99 (2025) — a 8% CAGR.
Chart 6Free Cash Flow — 5 Years
Full Truck Alliance Co. Ltd. generated $3B FCF in 2024 (+1237% vs 2021). SAP SE generated $8B FCF in 2025 (+44% vs 2021).
YMM vs SAP: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is YMM or SAP 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 Full Truck Alliance Co. Ltd. (YMM) a "Buy" — based on 3 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 — YMM or SAP?
On trailing P/E, Full Truck Alliance Co. Ltd. (YMM) is the cheapest at 21.9x versus SAP SE at 28.5x. On forward P/E, Full Truck Alliance Co. Ltd. is actually cheaper at 2.0x.
03Which is the better long-term investment — YMM or SAP?
Over the past 5 years, SAP SE (SAP) delivered a total return of +71.7%, compared to -54.9% for Full Truck Alliance Co. Ltd. (YMM). A $10,000 investment in SAP five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SAP returned +193.8% 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 — YMM or SAP?
By beta (market sensitivity over 5 years), SAP SE (SAP) is the lower-risk stock at 0.86β versus Full Truck Alliance Co. Ltd.'s 0.96β — meaning YMM is approximately 12% more volatile than SAP 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 18% for SAP SE — giving it more financial flexibility in a downturn.
05Which has better profit margins — YMM or SAP?
Full Truck Alliance Co. Ltd. (YMM) is the more profitable company, earning 27.3% net margin versus 19.9% for SAP SE — meaning it keeps 27.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SAP leads at 28.0% 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 YMM or SAP more undervalued right now?
On forward earnings alone, Full Truck Alliance Co. Ltd. (YMM) trades at 2.0x forward P/E versus 27.8x for SAP SE — 25.8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SAP: 106.1% to $415.33.
07Which pays a better dividend — YMM or SAP?
All stocks in this comparison pay dividends. Full Truck Alliance Co. Ltd. (YMM) offers the highest yield at 1.6%, versus 1.3% for SAP SE (SAP).
08Is YMM or SAP better for a retirement portfolio?
For long-horizon retirement investors, SAP SE (SAP) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.86), 1.3% yield, +193.8% 10Y return). Both have compounded well over 10 years (SAP: +193.8%, YMM: -54.9%), 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 YMM and SAP?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. 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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