Baidu, Inc. (BIDU) 10-Year Financial Performance & Capital Metrics

BIDU • • Industrial / General

Communication ServicesInternet ServicesDigital Content & Media PlatformsNews & Digital Media Publishers

AboutBaidu, Inc. provides online marketing and cloud services through an internet platform in the People's Republic of China. It operates in two segments, Baidu Core and iQIYI. The Baidu Core segment offers search-based, feed-based, and other online marketing services; cloud services; and products and other services from AI initiatives. This segment also operates Haokan, a user generated and professionally produced short videos platform. The iQIYI segment operates an online entertainment video platform that offers original, professionally produced, and partner-generated content. The company was incorporated in 2000 and is headquartered in Beijing, the People's Republic of China.Show more

Revenue $133.13B -1.1%
EBITDA $35.9B -2.4%
Net Income $23.76B +17.0%
EPS (Diluted) 65.92 +19.6%
Gross Margin 50.35% -2.6%
EBITDA Margin 26.97% -1.3%
Operating Margin 15.98% -1.6%
Net Margin 17.85% +18.3%
ROE 8.7% +7.1%
ROIC 4.83% -11.8%
Debt/Equity 0.28 -13.2%
Interest Coverage 7.53 +11.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 63.1%
✓Momentum leader: RS Rating 85 (top 15%)
✓Healthy 5Y average net margin of 13.7%
✓Trading near 52-week high
✓Trading at only 0.2x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.5%

5Y4.39%

3Y2.26%

TTM-2.6%

Profit (Net Income) CAGR

10Y6.06%

5Y63.13%

3Y32.45%

TTM-57.49%

EPS CAGR

10Y3.47%

5Y59.43%

3Y32.9%

TTM-62.48%

ROCE

10Y Avg6.74%

5Y Avg5.52%

3Y Avg6.08%

Latest6.28%

Peer Comparison

News & Digital Media Publishers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OPRAOpera Limited	1.26B	14.08	15.64	21.12%	13.93%	8.58%	5.89%	0.01
BIDUBaidu, Inc.	41.57B	149.40	2.27	-1.09%	6.9%	3.13%	31.52%	0.28
KRKR36Kr Holdings Inc.	9.01M	5.07	-0.06	-32.08%	-26.64%	-34.61%		0.25
FENGPhoenix New Media Limited	10.3M	1.90	-0.43	1.69%	-6.38%	-4.56%		0.05
BZFDBuzzFeed, Inc.	35.61M	0.99	-1.09	-24.85%	0.06%	0.14%		0.59
ARENThe Arena Group Holdings, Inc.	197.93M	4.17	-1.46	-12.34%	88.51%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	66.38B	70.55B	84.81B	102.28B	107.41B	107.07B	124.49B	123.67B	134.6B	133.13B
Revenue Growth %	0.35%	0.06%	0.2%	0.21%	0.05%	-0%	0.16%	-0.01%	0.09%	-0.01%
Cost of Goods Sold+	27.46B	35.28B	43.06B	51.74B	62.85B	55.16B	64.31B	63.94B	65.03B	66.1B
COGS % of Revenue	0.41%	0.5%	0.51%	0.51%	0.59%	0.52%	0.52%	0.52%	0.48%	0.5%
Gross Profit+	38.92B	35.27B	41.75B	50.53B	44.56B	51.92B	60.18B	59.74B	69.57B	67.02B
Gross Margin %	0.59%	0.5%	0.49%	0.49%	0.41%	0.48%	0.48%	0.48%	0.52%	0.5%
Gross Profit Growth %	0.29%	-0.09%	0.18%	0.21%	-0.12%	0.17%	0.16%	-0.01%	0.16%	-0.04%
Operating Expenses+	27.25B	25.22B	26.06B	35B	38.26B	37.58B	49.66B	43.83B	47.71B	45.75B
OpEx % of Revenue	0.41%	0.36%	0.31%	0.34%	0.36%	0.35%	0.4%	0.35%	0.35%	0.34%
Selling, General & Admin	17.08B	15.07B	13.13B	19.23B	19.91B	18.06B	24.72B	20.51B	23.52B	23.62B
SG&A % of Revenue	0.26%	0.21%	0.15%	0.19%	0.19%	0.17%	0.2%	0.17%	0.17%	0.18%
Research & Development	10.18B	10.15B	12.93B	15.77B	18.35B	19.51B	24.94B	23.32B	24.19B	22.13B
R&D % of Revenue	0.15%	0.14%	0.15%	0.15%	0.17%	0.18%	0.2%	0.19%	0.18%	0.17%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	11.67B	10.05B	15.69B	15.53B	6.31B	14.34B	10.52B	15.91B	21.86B	21.27B
Operating Margin %	0.18%	0.14%	0.19%	0.15%	0.06%	0.13%	0.08%	0.13%	0.16%	0.16%
Operating Income Growth %	-0.09%	-0.14%	0.56%	-0.01%	-0.59%	1.27%	-0.27%	0.51%	0.37%	-0.03%
EBITDA+	17.52B	18.38B	27.44B	31.9B	25.47B	32.52B	26.96B	30.64B	36.76B	35.9B
EBITDA Margin %	0.26%	0.26%	0.32%	0.31%	0.24%	0.3%	0.22%	0.25%	0.27%	0.27%
EBITDA Growth %	0.05%	0.05%	0.49%	0.16%	-0.2%	0.28%	-0.17%	0.14%	0.2%	-0.02%
D&A (Non-Cash Add-back)	5.85B	8.33B	11.75B	16.37B	19.16B	18.18B	16.44B	14.72B	14.91B	14.63B
EBIT	38.95B	15.67B	22.9B	29.21B	2.62B	26.19B	14.2B	13.03B	28.45B	31.45B
Net Interest Income+	1.32B	1.18B	1.54B	2.57B	3.1B	2.25B	2.13B	3.33B	4.76B	5.14B
Interest Income	2.36B	2.34B	3.15B	4.45B	6.06B	5.36B	5.55B	6.25B	8.01B	7.96B
Interest Expense	1.04B	1.16B	1.61B	1.88B	2.96B	3.1B	3.42B	2.91B	3.25B	2.82B
Other Income/Expense	26.23B	4.46B	5.59B	11.79B	-6.65B	8.75B	260M	-5.8B	3.34B	7.35B
Pretax Income+	37.91B	14.51B	21.28B	27.32B	-340M	23.09B	10.78B	10.11B	25.2B	28.62B
Pretax Margin %	0.57%	0.21%	0.25%	0.27%	-0%	0.22%	0.09%	0.08%	0.19%	0.22%
Income Tax+	5.47B	2.91B	3B	4.74B	1.95B	4.06B	3.19B	2.58B	3.65B	4.45B
Effective Tax Rate %	0.89%	0.8%	0.86%	1.01%	-6.05%	0.97%	0.95%	0.75%	0.81%	0.83%
Net Income+	33.66B	11.63B	18.3B	27.57B	2.06B	22.47B	10.23B	7.56B	20.32B	23.76B
Net Margin %	0.51%	0.16%	0.22%	0.27%	0.02%	0.21%	0.08%	0.06%	0.15%	0.18%
Net Income Growth %	1.55%	-0.65%	0.57%	0.51%	-0.93%	9.92%	-0.54%	-0.26%	1.69%	0.17%
Net Income (Continuing)	32.43B	11.6B	18.29B	22.58B	-2.29B	19.03B	7.59B	7.53B	21.55B	24.18B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.96B	5.47B	15.03B	12.86B	9.22B	9.15B	12.49B	14.33B	18.98B	19.99B
EPS (Diluted)+	118.56	33.44	52.32	78.96	6.40	65.20	28.08	19.84	55.12	65.92
EPS Growth %	1.53%	-0.72%	0.56%	0.51%	-0.92%	9.19%	-0.57%	-0.29%	1.78%	0.2%
EPS (Basic)	118.88	33.52	52.72	79.04	6.48	65.84	28.64	20.00	55.84	66.48
Diluted Shares Outstanding	346.81M	347.57M	349.52M	349.35M	348.85M	344.5M	351.75M	351.13M	354.63M	349.75M
Basic Shares Outstanding	345.94M	346.65M	347.25M	348.99M	348.35M	341.5M	344.75M	347.75M	350.88M	348.75M
Dividend Payout Ratio	0.38%	-	1.96%	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	78.23B	99.76B	151.17B	155.09B	165.56B	183.34B	213.31B	212.85B	230.25B	168.85B
Cash & Short-Term Investments	67.93B	89.84B	118.81B	139.26B	146.37B	162.18B	180.09B	174B	193.9B	127.44B
Cash Only	9.96B	10.9B	11.08B	27.64B	33.44B	35.78B	36.85B	53.16B	25.23B	24.83B
Short-Term Investments	57.97B	78.94B	107.73B	111.63B	112.92B	126.4B	143.24B	120.84B	168.67B	102.61B
Accounts Receivable	4.32B	4.87B	5.05B	8.78B	11.13B	11.59B	14.83B	21.14B	16.62B	14.28B
Days Sales Outstanding	23.74	25.17	21.74	31.34	37.81	39.51	43.48	62.38	45.07	39.15
Inventory	0	0	0	0	0	618M	1.48B	1.23B	1.4B	5.99B
Days Inventory Outstanding	-	-	-	-	-	4.09	8.38	7	7.84	33.07
Other Current Assets	3.31B	3.5B	25.94B	4.02B	3.26B	5.07B	12.94B	12.95B	14.62B	14.96B
Total Non-Current Assets+	69.62B	82.24B	100.56B	142.47B	135.75B	149.37B	166.72B	178.12B	176.5B	258.93B
Property, Plant & Equipment	10.63B	11.29B	12.47B	17.9B	25.64B	27.31B	35.09B	34.34B	38.81B	41B
Fixed Asset Turnover	6.25x	6.25x	6.80x	5.71x	4.19x	3.92x	3.55x	3.60x	3.47x	3.25x
Goodwill	15.4B	15.34B	15.81B	18.54B	18.25B	22.25B	22.61B	22.48B	22.59B	22.59B
Intangible Assets	3.33B	3.87B	5.47B	9.18B	12.24B	15.01B	19.9B	21.1B	21.23B	22.4B
Long-Term Investments	37.96B	45.69B	56.28B	80.45B	69.41B	76.23B	67.33B	78.93B	72.62B	140.26B
Other Non-Current Assets	1.3B	4.94B	9B	14.07B	8.02B	6.89B	19.42B	19.16B	19.16B	30.5B
Total Assets+	147.85B	182B	251.73B	297.57B	301.32B	332.71B	380.03B	390.97B	406.76B	427.78B
Asset Turnover	0.45x	0.39x	0.34x	0.34x	0.36x	0.32x	0.33x	0.32x	0.33x	0.31x
Asset Growth %	0.48%	0.23%	0.38%	0.18%	0.01%	0.1%	0.14%	0.03%	0.04%	0.05%
Total Current Liabilities+	26.1B	46.1B	82.06B	56.85B	57.38B	68.39B	74.49B	79.63B	76.45B	80.95B
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	1.07B	9.79B	7.75B	10B	8.57B	15.2B	14.68B	20.55B	19.09B	19.11B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	3.00x	2.16x	1.84x	2.73x	2.89x	2.68x	2.86x	2.67x	3.01x	2.09x
Quick Ratio	3.00x	2.16x	1.84x	2.73x	2.89x	2.67x	2.84x	2.66x	2.99x	2.01x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	37.53B	38.15B	39.3B	64.96B	71.12B	72.48B	81.59B	73.54B	67.7B	63.22B
Long-Term Debt	33.94B	34.47B	35.81B	54.9B	58.19B	60.34B	68.4B	63.18B	57.36B	51.94B
Capital Lease Obligations	8.44M	0	0	0	4.49B	4.69B	5.57B	4.81B	5.04B	4.97B
Deferred Tax Liabilities	3.44B	3.59B	3.38B	4.1B	3.27B	3.07B	3.29B	2.9B	2.73B	3.87B
Other Non-Current Liabilities	125.86M	64.65M	39M	4.6B	4.14B	3.6B	3.99B	2.16B	1.9B	1.61B
Total Liabilities	63.64B	84.25B	121.36B	121.81B	128.5B	140.87B	156.08B	153.17B	144.15B	144.17B
Total Debt+	35.07B	44.27B	43.57B	64.9B	73.53B	82.59B	91.51B	91.35B	84.59B	79.32B
Net Debt	25.11B	33.37B	32.48B	37.27B	40.09B	46.81B	54.66B	38.2B	59.36B	54.49B
Debt / Equity	0.42x	0.45x	0.33x	0.37x	0.43x	0.43x	0.41x	0.38x	0.32x	0.28x
Debt / EBITDA	2.00x	2.41x	1.59x	2.03x	2.89x	2.54x	3.39x	2.98x	2.30x	2.21x
Net Debt / EBITDA	1.43x	1.82x	1.18x	1.17x	1.57x	1.44x	2.03x	1.25x	1.61x	1.52x
Interest Coverage	11.21x	8.68x	9.72x	8.25x	2.13x	4.62x	3.07x	5.46x	6.73x	7.53x
Total Equity+	84.22B	97.74B	130.37B	175.75B	172.81B	191.84B	223.95B	237.81B	262.61B	283.61B
Equity Growth %	0.55%	0.16%	0.33%	0.35%	-0.02%	0.11%	0.17%	0.06%	0.1%	0.08%
Book Value per Share	242.83	281.22	373.00	503.08	495.39	556.87	636.68	677.27	740.52	810.90
Total Shareholders' Equity	80.26B	92.27B	115.35B	162.9B	163.6B	182.7B	211.46B	223.48B	243.63B	263.62B
Common Stock	15K	15K	0	0	0	0	0	0	0	0
Retained Earnings	74.66B	85.73B	102.33B	129.25B	126.27B	135.28B	145.16B	148.34B	161.24B	180.07B
Treasury Stock	0	0	0	0	0	0	-7.58B	-5.26B	-3.82B	-6.24B
Accumulated OCI	-806.06M	-1.78B	930M	210M	-1.38B	199M	-8M	546M	-895M	-1.8B
Minority Interest	3.96B	5.47B	15.03B	12.86B	9.22B	9.15B	12.49B	14.33B	18.98B	19.99B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	19.42B	22.26B	32.88B	35.97B	28.46B	24.2B	20.12B	26.17B	36.62B	21.23B
Operating CF Margin %	0.29%	0.32%	0.39%	0.35%	0.26%	0.23%	0.16%	0.21%	0.27%	0.16%
Operating CF Growth %	0.08%	0.15%	0.48%	0.09%	-0.21%	-0.15%	-0.17%	0.3%	0.4%	-0.42%
Net Income	32.43B	11.6B	18.29B	22.58B	-2.29B	19.03B	7.59B	7.53B	21.55B	24.18B
Depreciation & Amortization	5.86B	8.33B	11.75B	16.19B	22.14B	22.71B	22.56B	20.08B	21.46B	20.52B
Stock-Based Compensation	1.39B	1.76B	3.24B	4.68B	5.63B	6.73B	7.06B	6.79B	6.34B	4.78B
Deferred Taxes	2.26B	-13.56M	-756M	-761M	-696M	115M	-449M	-99M	-163M	1.04B
Other Non-Cash Items	-26.76B	-5.05B	-6.22B	-10B	10.37B	-6.18B	2.06B	8.62B	494M	-1.77B
Working Capital Changes	4.24B	5.64B	6.58B	3.28B	-6.69B	-18.21B	-18.69B	-16.76B	-13.07B	-27.51B
Change in Receivables	-868.56M	-238.2M	-721M	-1.61B	-1.78B	-1.66B	-2.14B	-2.37B	216M	107M
Change in Inventory	-2.22B	1.5B	1.13B	-50M	-4.73B	-17.64B	-24.28B	0	0	0
Change in Payables	7.18B	3.71B	5.1B	4.09B	-1.65B	208M	7.14B	-1.45B	-858M	2.3B
Cash from Investing+	-31.27B	-35.91B	-76.94B	-34.46B	-19.97B	-27.55B	-31.44B	-3.94B	-50.4B	-8.55B
Capital Expenditures	-7.77B	-10.51B	-13.95B	-22.36B	-19.12B	-5.33B	-11.24B	-8.39B	-11.19B	-8.13B
CapEx % of Revenue	0.12%	0.15%	0.16%	0.22%	0.18%	0.05%	0.09%	0.07%	0.08%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	41.5M	-4.3B	-23.46B	5.97B	31M	905M	71M	-761M	2.47B	-2.51B
Cash from Financing+	7.78B	14.45B	44.56B	15.08B	-3.87B	5.67B	23.4B	-6.39B	-14.16B	-13.76B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12.89B	0	-35.9B	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	16.7B	6.94B	54.55B	-2.33B	-253M	6.33B	1.58B	2.35B	3.69B	102M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	11.65B	11.75B	18.93B	13.61B	9.34B	18.87B	8.88B	17.78B	25.32B	13.1B
FCF Margin %	0.18%	0.17%	0.22%	0.13%	0.09%	0.18%	0.07%	0.14%	0.19%	0.1%
FCF Growth %	0.01%	0.01%	0.61%	-0.28%	-0.31%	1.02%	-0.53%	1%	0.42%	-0.48%
FCF per Share	33.59	33.80	54.16	38.94	26.77	54.77	25.25	50.63	71.40	37.46
FCF Conversion (FCF/Net Income)	0.58x	1.91x	1.80x	1.30x	13.83x	1.08x	1.97x	3.46x	1.80x	0.89x
Interest Paid	867M	1.11B	1.21B	1.58B	2.45B	2.2B	2.54B	2.69B	2.76B	2.24B
Taxes Paid	2.76B	2.4B	3.3B	5.51B	4.1B	3.61B	3.25B	3.52B	3.67B	3.68B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	48.54%	12.79%	16.05%	18.01%	1.18%	12.32%	4.92%	3.27%	8.12%	8.7%
Return on Invested Capital (ROIC)	9.96%	6.27%	8.01%	6.2%	2.22%	4.76%	3.05%	4.3%	5.48%	4.83%
Gross Margin	58.64%	49.99%	49.22%	49.41%	41.49%	48.49%	48.34%	48.3%	51.69%	50.35%
Net Margin	50.71%	16.49%	21.58%	26.96%	1.92%	20.99%	8.21%	6.11%	15.09%	17.85%
Debt / Equity	0.42x	0.45x	0.33x	0.37x	0.43x	0.43x	0.41x	0.38x	0.32x	0.28x
Interest Coverage	11.21x	8.68x	9.72x	8.25x	2.13x	4.62x	3.07x	5.46x	6.73x	7.53x
FCF Conversion	0.58x	1.91x	1.80x	1.30x	13.83x	1.08x	1.97x	3.46x	1.80x	0.89x
Revenue Growth	35.33%	6.28%	20.21%	20.6%	5.02%	-0.32%	16.27%	-0.66%	8.83%	-1.09%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Online Marketing Services	-	-	-	-	-	-	72.84B	80.69B	74.71B	81.2B
Online Marketing Services Growth	-	-	-	-	-	-	-	10.78%	-7.42%	8.69%
Product and Service, Other	-	-	-	-	20.36B	29.32B	34.23B	43.8B	48.96B	53.4B
Product and Service, Other Growth	-	-	-	-	-	43.97%	16.76%	27.94%	11.80%	9.05%
Online Marketing Service	-	-	-	-	81.91B	78.09B	-	-	-	-
Online Marketing Service Growth	-	-	-	-	-	-4.66%	-	-	-	-
Baidu Core Business	-	-	-	135.36B	-	-	-	-	-	-
Baidu Core Business Growth	-	-	-	-	-	-	-	-	-	-
iQIYI	-	-	-	34.76B	-	-	-	-	-	-
iQIYI Growth	-	-	-	-	-	-	-	-	-	-
Search Services	-	55.67B	55.38B	-	-	-	-	-	-	-
Search Services Growth	-	-	-0.53%	-	-	-	-	-	-	-
IQIYI	-	5.3B	11.28B	-	-	-	-	-	-	-
IQIYI Growth	-	-	113.06%	-	-	-	-	-	-	-
Transaction Services	-	7.01B	4.89B	-	-	-	-	-	-	-
Transaction Services Growth	-	-	-30.14%	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
CHINA	48.79B	-	-	-	-	-	-	-	-	-
CHINA Growth	-	-	-	-	-	-	-	-	-	-
Non Peoples Republic Of China	258.42M	-	-	-	-	-	-	-	-	-
Non Peoples Republic Of China Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Baidu, Inc. (BIDU) has a price-to-earnings (P/E) ratio of 2.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Baidu, Inc. (BIDU) reported $130.46B in revenue for fiscal year 2024. This represents a 800% increase from $14.50B in 2011.

Baidu, Inc. (BIDU) saw revenue decline by 1.1% over the past year.

Yes, Baidu, Inc. (BIDU) is profitable, generating $9.00B in net income for fiscal year 2024 (17.8% net margin).

Dividend & Returns

Baidu, Inc. (BIDU) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

Baidu, Inc. (BIDU) had negative free cash flow of $15.70B in fiscal year 2024, likely due to heavy capital investments.

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