Full Truck Alliance Co. Ltd. (YMM) 10-Year Financial Performance & Capital Metrics

YMM •

TechnologyApplication SoftwareVertical industry SaaS applications

AboutFull Truck Alliance Co. Ltd., together with its subsidiaries, operates a digital freight platform that connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types in the People's Republic of China. The company offers freight listing, matching, and brokerage services; and online transaction services, as well as various value-added services, such as credit solutions, insurance brokerage, electronic toll collection, and energy services. It also provides technology development and other services. The company was founded in 2011 and is based in Guiyang, China.Show more

Revenue $11.24B +33.2%
EBITDA $2.55B +138.1%
Net Income $3.07B +38.7%
EPS (Diluted) 2.94 +47.0%
Gross Margin 86.62% +1.4%
EBITDA Margin 22.72% +78.7%
Operating Margin 22.02% +86.3%
Net Margin 27.32% +4.1%
ROE 8.29% +30.6%
ROIC 6.03% +133.5%
Debt/Equity 0.00 -27.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 25.8% free cash flow margin
✓Strong 5Y sales CAGR of 35.4%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y35.36%

3Y34.13%

TTM25.14%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM60.55%

EPS CAGR

10Y-

5Y-

3Y-

TTM1693.33%

ROCE

10Y Avg-5.15%

5Y Avg-4.79%

3Y Avg3%

Latest6.66%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.47B	2.58B	4.66B	6.73B	8.44B	11.24B
Revenue Growth %	-	4.36%	80.45%	44.59%	25.28%	33.22%
Cost of Goods Sold+	1.39B	1.32B	2.54B	3.51B	1.23B	1.5B
COGS % of Revenue	56.2%	50.99%	54.54%	52.19%	14.61%	13.38%
Gross Profit+	1.08B	1.26B	2.12B	3.22B	7.2B	9.73B
Gross Margin %	43.8%	49.01%	45.46%	47.81%	85.39%	86.62%
Gross Profit Growth %	-	16.77%	67.38%	52.06%	123.78%	35.14%
Operating Expenses+	2.1B	4.88B	5.91B	3.38B	6.21B	7.26B
OpEx % of Revenue	85.07%	189.06%	126.97%	50.21%	73.57%	64.6%
Selling, General & Admin	1.59B	4.39B	5.11B	2.32B	2.18B	2.51B
SG&A % of Revenue	64.4%	170.21%	109.69%	34.46%	25.8%	22.34%
Research & Development	396.69M	413.37M	729.67M	914.15M	946.63M	880.02M
R&D % of Revenue	16.04%	16.02%	15.67%	13.58%	11.22%	7.83%
Other Operating Expenses	114.57M	73.13M	74.84M	146.74M	3.08B	3.87B
Operating Income+	-1.02B	-3.61B	-3.8B	-162M	997.43M	2.47B
Operating Margin %	-41.27%	-140.06%	-81.51%	-2.41%	11.82%	22.02%
Operating Income Growth %	-	-254.16%	-5.02%	95.73%	715.69%	148.14%
EBITDA+	-949.89M	-3.55B	-3.73B	-73.66M	1.07B	2.55B
EBITDA Margin %	-38.41%	-137.59%	-80.06%	-1.09%	12.71%	22.72%
EBITDA Growth %	-	-273.82%	-5%	98.02%	1555.59%	138.11%
D&A (Non-Cash Add-back)	70.71M	63.67M	67.42M	88.34M	74.74M	77.93M
EBIT	-1.52B	-3.44B	-3.64B	-162.49M	2.33B	2.47B
Net Interest Income+	189.31M	201.47M	234.61M	483.48M	1.14B	1.07B
Interest Income	229.31M	209.83M	234.65M	483.66M	1.14B	1.07B
Interest Expense	40M	8.37M	40K	175K	0	0
Other Income/Expense	-535.74M	163.01M	155.61M	669.94M	1.34B	887.87M
Pretax Income+	-1.56B	-3.45B	-3.64B	507.94M	2.33B	3.36B
Pretax Margin %	-62.93%	-133.74%	-78.17%	7.54%	27.67%	29.92%
Income Tax+	-14.68M	19.34M	14.19M	96.03M	106.8M	239.41M
Effective Tax Rate %	97.9%	100.56%	100.39%	80.08%	94.82%	91.29%
Net Income+	-1.52B	-3.47B	-3.65B	406.76M	2.21B	3.07B
Net Margin %	-61.61%	-134.49%	-78.47%	6.04%	26.23%	27.32%
Net Income Growth %	-	-127.8%	-5.29%	111.13%	444.03%	38.73%
Net Income (Continuing)	-1.54B	-3.47B	-3.65B	411.9M	2.23B	3.12B
Discontinued Operations	0	452K	0	0	0	0
Minority Interest	430K	422K	73.44M	149.77M	290.22M	458.45M
EPS (Diluted)+	-1.42	-3.20	-3.40	0.40	2.00	2.94
EPS Growth %	-	-125.35%	-6.25%	111.76%	400%	47%
EPS (Basic)	-1.42	-3.20	-3.40	0.40	2.00	2.95
Diluted Shares Outstanding	1.09B	1.09B	1.08B	1.08B	1.06B	1.05B
Basic Shares Outstanding	1.09B	1.09B	1.08B	1.08B	1.06B	1.04B
Dividend Payout Ratio	-	-	-	-	-	34.66%

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	12.5B	20.68B	28.9B	31B	24B	27.26B
Cash & Short-Term Investments	10.3B	18.79B	25.92B	26.22B	18.29B	20.81B
Cash Only	3.98B	10.06B	4.28B	5.14B	6.77B	5.81B
Short-Term Investments	6.31B	8.73B	21.63B	21.09B	11.52B	15B
Accounts Receivable	89.34M	149.97M	170.83M	4.58B	5.23B	6.12B
Days Sales Outstanding	13.19	21.21	13.39	248.17	226.47	198.79
Inventory	193.36M	107.36M	65.82M	83.76M	0	0
Days Inventory Outstanding	50.78	29.78	9.46	8.7	-	-
Other Current Assets	2.12B	1.59B	2.57B	35.95M	5.69B	210.79M
Total Non-Current Assets+	4.46B	4.45B	5.5B	5.69B	15.35B	14.03B
Property, Plant & Equipment	51.36M	81.98M	102.16M	240.82M	329.44M	407.37M
Fixed Asset Turnover	48.15x	31.48x	45.59x	27.96x	25.61x	27.59x
Goodwill	2.78B	2.87B	3.12B	3.12B	3.12B	3.12B
Intangible Assets	529.23M	491.28M	557.02M	502.42M	449.9M	393.48M
Long-Term Investments	985.26M	875.21M	1.68B	1.77B	11.08B	9.88B
Other Non-Current Assets	94M	117.5M	17.35M	8.43M	370.75M	227.21M
Total Assets+	16.96B	25.13B	34.4B	36.7B	39.35B	41.29B
Asset Turnover	0.15x	0.10x	0.14x	0.18x	0.21x	0.27x
Asset Growth %	-	48.21%	36.86%	6.68%	7.23%	4.93%
Total Current Liabilities+	2.28B	1.96B	2.73B	2.73B	3.27B	3.02B
Accounts Payable	17.98M	23.84M	29.38M	27.95M	25.22M	31.23M
Days Payables Outstanding	4.72	6.61	4.22	2.9	7.47	7.58
Short-Term Debt	500M	0	9M	0	0	0
Deferred Revenue (Current)	1.13B	0	0	0	0	0
Other Current Liabilities	38.92M	1.3B	1.47B	1.49B	1.89B	907.4M
Current Ratio	5.48x	10.54x	10.57x	11.35x	7.33x	9.03x
Quick Ratio	5.39x	10.49x	10.55x	11.32x	7.33x	9.03x
Cash Conversion Cycle	59.24	44.38	18.63	253.97	-	-
Total Non-Current Liabilities+	123.33M	118.78M	135.76M	157.54M	178.25M	131.91M
Long-Term Debt	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	35.93M	46.71M	23.93M
Deferred Tax Liabilities	123.33M	118.78M	135.76M	121.61M	108.59M	0
Other Non-Current Liabilities	0	0	0	121.61M	22.95M	107.98M
Total Liabilities	2.4B	2.08B	2.87B	2.89B	3.45B	3.15B
Total Debt+	500M	0	9M	80.52M	84.47M	65.13M
Net Debt	-3.48B	-10.06B	-4.28B	-5.06B	-6.69B	-5.75B
Debt / Equity	0.03x	-	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	-	-	-	-	0.08x	0.03x
Net Debt / EBITDA	-	-	-	-	-6.24x	-2.25x
Interest Coverage	-25.52x	-432.01x	-94898.58x	-925.73x	-	-
Total Equity+	14.55B	23.05B	31.53B	33.81B	35.89B	38.14B
Equity Growth %	-	58.39%	36.77%	7.23%	6.18%	6.24%
Book Value per Share	13.40	21.23	29.30	31.33	33.92	36.49
Total Shareholders' Equity	14.55B	23.05B	31.46B	33.66B	35.6B	37.68B
Common Stock	226K	296K	1.42M	1.38M	1.37M	1.34M
Retained Earnings	-9.9B	-13.37B	-17.02B	-16.61B	-14.4B	-11.37B
Treasury Stock	0	0	0	0	-608.12M	0
Accumulated OCI	1.57B	1.07B	538.65M	2.51B	2.9B	3.22B
Minority Interest	430K	422K	73.44M	149.77M	290.22M	458.45M

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-923.97M	574.74M	-211.42M	-15.52M	2.27B	2.97B
Operating CF Margin %	-37.36%	22.27%	-4.54%	-0.23%	26.9%	26.43%
Operating CF Growth %	-	162.2%	-136.78%	92.66%	14724.01%	30.86%
Net Income	-1.52B	-3.47B	-3.65B	411.9M	2.23B	3.12B
Depreciation & Amortization	70.71M	63.67M	67.42M	88.34M	74.74M	77.93M
Stock-Based Compensation	455.63M	3.25B	3.63B	919.25M	441.83M	496.64M
Deferred Taxes	0	0	392.42M	0	0	0
Other Non-Cash Items	902.48M	361.18M	-25.88M	265.15M	234.85M	693.78M
Working Capital Changes	-829.13M	366.04M	-619.46M	-1.7B	-708.87M	-1.42B
Change in Receivables	-6.45M	-16.4M	18.8M	14.07M	-10.04M	-971.29M
Change in Inventory	-779.88M	389.08M	-630.82M	0	-575.48M	0
Change in Payables	-18.46M	5.86M	5.31M	-1.43M	-2.73M	6.01M
Cash from Investing+	-3.39B	-2.69B	-14.4B	2.13B	553.74M	-2.42B
Capital Expenditures	-10.42M	-53.06M	-43.22M	-85.69M	-100.34M	0
CapEx % of Revenue	0.42%	2.06%	0.93%	1.27%	1.19%	0.67%
Acquisitions	2.07M	-17.73M	-230.48M	-75.08M	0	0
Investments	-	-	-	-	-	-
Other Investing	-3.95M	187.71M	7.16M	735K	1.4M	-2.42B
Cash from Financing+	1.69B	8.32B	8.9B	-1.33B	-1.17B	-1.52B
Debt Issued (Net)	-14.41M	-1.81B	0	-9M	0	0
Equity Issued (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	-1.06B
Share Repurchases	-384.88M	-557.84M	-2.59B	-1.39B	-1.37B	-575.27M
Other Financing	420.1M	-388.61M	42.12M	71.2M	207.82M	119.69M
Net Change in Cash	-2.6B	6.08B	-5.8B	857.46M	1.68B	-945.53M
Free Cash Flow+	-934.38M	521.68M	-254.64M	-101.21M	2.17B	2.9B
FCF Margin %	-37.78%	20.21%	-5.47%	-1.5%	25.71%	25.76%
FCF Growth %	-	155.83%	-148.81%	60.26%	2243.45%	33.46%
FCF per Share	-0.86	0.48	-0.24	-0.09	2.05	2.77
FCF Conversion (FCF/Net Income)	0.61x	-0.17x	0.06x	-0.04x	1.03x	0.97x
Interest Paid	39.92M	9.05M	65K	175K	0	0
Taxes Paid	5.25M	16.38M	49.61M	110.49M	124.73M	108.72M

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-10.47%	-18.46%	-13.39%	1.25%	6.35%	8.29%
Return on Invested Capital (ROIC)	-6.91%	-22.53%	-14.15%	-0.43%	2.58%	6.03%
Gross Margin	43.8%	49.01%	45.46%	47.81%	85.39%	86.62%
Net Margin	-61.61%	-134.49%	-78.47%	6.04%	26.23%	27.32%
Debt / Equity	0.03x	-	0.00x	0.00x	0.00x	0.00x
Interest Coverage	-25.52x	-432.01x	-94898.58x	-925.73x	-	-
FCF Conversion	0.61x	-0.17x	0.06x	-0.04x	1.03x	0.97x
Revenue Growth	-	4.36%	80.45%	44.59%	25.28%	33.22%

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Full Truck Alliance Co. Ltd. (YMM) 10-Year Financial Performance & Capital Metrics

YMM •

TechnologyApplication SoftwareVertical industry SaaS applications

Revenue $11.24B +33.2%
EBITDA $2.55B +138.1%
Net Income $3.07B +38.7%
EPS (Diluted) 2.94 +47.0%
Gross Margin 86.62% +1.4%
EBITDA Margin 22.72% +78.7%
Operating Margin 22.02% +86.3%
Net Margin 27.32% +4.1%
ROE 8.29% +30.6%
ROIC 6.03% +133.5%
Debt/Equity 0.00 -27.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 25.8% free cash flow margin
✓Strong 5Y sales CAGR of 35.4%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y35.36%

3Y34.13%

TTM25.14%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM60.55%

EPS CAGR

10Y-

5Y-

3Y-

TTM1693.33%

ROCE

10Y Avg-5.15%

5Y Avg-4.79%

3Y Avg3%

Latest6.66%

Peer Comparison

Vertical industry SaaS applications

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AGYSAgilysys, Inc.	2.03B	72.17	88.01	16.07%	9.79%	9.72%	2.58%	0.18
TYLTyler Technologies, Inc.	15.26B	354.69	58.63	9.53%	13.53%	5.6%	3.96%	0.19
APPFAppFolio, Inc.	4.33B	177.76	45.81	19.72%	14.82%	25.97%	5.52%	0.06
DSGXThe Descartes Systems Group Inc.	5.7B	66.25	40.40	13.63%	22.1%	10%	3.73%	0.01
SAPSAP SE	234.7B	201.53	28.52	3.43%	19.91%	16.16%	3.99%	0.18
KAROKarooooo Ltd.	1.46B	47.22	25.30	8.61%	19.48%	31.6%	3.99%	0.22
YMMFull Truck Alliance Co. Ltd.	20B	9.38	21.89	33.22%	34.41%	10.5%	2.11%	0.00
BLKBBlackbaud, Inc.	2.27B	48.54	20.48	-2.35%	10.19%	135.24%	11.37%	13.16

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.47B	2.58B	4.66B	6.73B	8.44B	11.24B
Revenue Growth %	-	4.36%	80.45%	44.59%	25.28%	33.22%
Cost of Goods Sold+	1.39B	1.32B	2.54B	3.51B	1.23B	1.5B
COGS % of Revenue	56.2%	50.99%	54.54%	52.19%	14.61%	13.38%
Gross Profit+	1.08B	1.26B	2.12B	3.22B	7.2B	9.73B
Gross Margin %	43.8%	49.01%	45.46%	47.81%	85.39%	86.62%
Gross Profit Growth %	-	16.77%	67.38%	52.06%	123.78%	35.14%
Operating Expenses+	2.1B	4.88B	5.91B	3.38B	6.21B	7.26B
OpEx % of Revenue	85.07%	189.06%	126.97%	50.21%	73.57%	64.6%
Selling, General & Admin	1.59B	4.39B	5.11B	2.32B	2.18B	2.51B
SG&A % of Revenue	64.4%	170.21%	109.69%	34.46%	25.8%	22.34%
Research & Development	396.69M	413.37M	729.67M	914.15M	946.63M	880.02M
R&D % of Revenue	16.04%	16.02%	15.67%	13.58%	11.22%	7.83%
Other Operating Expenses	114.57M	73.13M	74.84M	146.74M	3.08B	3.87B
Operating Income+	-1.02B	-3.61B	-3.8B	-162M	997.43M	2.47B
Operating Margin %	-41.27%	-140.06%	-81.51%	-2.41%	11.82%	22.02%
Operating Income Growth %	-	-254.16%	-5.02%	95.73%	715.69%	148.14%
EBITDA+	-949.89M	-3.55B	-3.73B	-73.66M	1.07B	2.55B
EBITDA Margin %	-38.41%	-137.59%	-80.06%	-1.09%	12.71%	22.72%
EBITDA Growth %	-	-273.82%	-5%	98.02%	1555.59%	138.11%
D&A (Non-Cash Add-back)	70.71M	63.67M	67.42M	88.34M	74.74M	77.93M
EBIT	-1.52B	-3.44B	-3.64B	-162.49M	2.33B	2.47B
Net Interest Income+	189.31M	201.47M	234.61M	483.48M	1.14B	1.07B
Interest Income	229.31M	209.83M	234.65M	483.66M	1.14B	1.07B
Interest Expense	40M	8.37M	40K	175K	0	0
Other Income/Expense	-535.74M	163.01M	155.61M	669.94M	1.34B	887.87M
Pretax Income+	-1.56B	-3.45B	-3.64B	507.94M	2.33B	3.36B
Pretax Margin %	-62.93%	-133.74%	-78.17%	7.54%	27.67%	29.92%
Income Tax+	-14.68M	19.34M	14.19M	96.03M	106.8M	239.41M
Effective Tax Rate %	97.9%	100.56%	100.39%	80.08%	94.82%	91.29%
Net Income+	-1.52B	-3.47B	-3.65B	406.76M	2.21B	3.07B
Net Margin %	-61.61%	-134.49%	-78.47%	6.04%	26.23%	27.32%
Net Income Growth %	-	-127.8%	-5.29%	111.13%	444.03%	38.73%
Net Income (Continuing)	-1.54B	-3.47B	-3.65B	411.9M	2.23B	3.12B
Discontinued Operations	0	452K	0	0	0	0
Minority Interest	430K	422K	73.44M	149.77M	290.22M	458.45M
EPS (Diluted)+	-1.42	-3.20	-3.40	0.40	2.00	2.94
EPS Growth %	-	-125.35%	-6.25%	111.76%	400%	47%
EPS (Basic)	-1.42	-3.20	-3.40	0.40	2.00	2.95
Diluted Shares Outstanding	1.09B	1.09B	1.08B	1.08B	1.06B	1.05B
Basic Shares Outstanding	1.09B	1.09B	1.08B	1.08B	1.06B	1.04B
Dividend Payout Ratio	-	-	-	-	-	34.66%

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	12.5B	20.68B	28.9B	31B	24B	27.26B
Cash & Short-Term Investments	10.3B	18.79B	25.92B	26.22B	18.29B	20.81B
Cash Only	3.98B	10.06B	4.28B	5.14B	6.77B	5.81B
Short-Term Investments	6.31B	8.73B	21.63B	21.09B	11.52B	15B
Accounts Receivable	89.34M	149.97M	170.83M	4.58B	5.23B	6.12B
Days Sales Outstanding	13.19	21.21	13.39	248.17	226.47	198.79
Inventory	193.36M	107.36M	65.82M	83.76M	0	0
Days Inventory Outstanding	50.78	29.78	9.46	8.7	-	-
Other Current Assets	2.12B	1.59B	2.57B	35.95M	5.69B	210.79M
Total Non-Current Assets+	4.46B	4.45B	5.5B	5.69B	15.35B	14.03B
Property, Plant & Equipment	51.36M	81.98M	102.16M	240.82M	329.44M	407.37M
Fixed Asset Turnover	48.15x	31.48x	45.59x	27.96x	25.61x	27.59x
Goodwill	2.78B	2.87B	3.12B	3.12B	3.12B	3.12B
Intangible Assets	529.23M	491.28M	557.02M	502.42M	449.9M	393.48M
Long-Term Investments	985.26M	875.21M	1.68B	1.77B	11.08B	9.88B
Other Non-Current Assets	94M	117.5M	17.35M	8.43M	370.75M	227.21M
Total Assets+	16.96B	25.13B	34.4B	36.7B	39.35B	41.29B
Asset Turnover	0.15x	0.10x	0.14x	0.18x	0.21x	0.27x
Asset Growth %	-	48.21%	36.86%	6.68%	7.23%	4.93%
Total Current Liabilities+	2.28B	1.96B	2.73B	2.73B	3.27B	3.02B
Accounts Payable	17.98M	23.84M	29.38M	27.95M	25.22M	31.23M
Days Payables Outstanding	4.72	6.61	4.22	2.9	7.47	7.58
Short-Term Debt	500M	0	9M	0	0	0
Deferred Revenue (Current)	1.13B	0	0	0	0	0
Other Current Liabilities	38.92M	1.3B	1.47B	1.49B	1.89B	907.4M
Current Ratio	5.48x	10.54x	10.57x	11.35x	7.33x	9.03x
Quick Ratio	5.39x	10.49x	10.55x	11.32x	7.33x	9.03x
Cash Conversion Cycle	59.24	44.38	18.63	253.97	-	-
Total Non-Current Liabilities+	123.33M	118.78M	135.76M	157.54M	178.25M	131.91M
Long-Term Debt	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	35.93M	46.71M	23.93M
Deferred Tax Liabilities	123.33M	118.78M	135.76M	121.61M	108.59M	0
Other Non-Current Liabilities	0	0	0	121.61M	22.95M	107.98M
Total Liabilities	2.4B	2.08B	2.87B	2.89B	3.45B	3.15B
Total Debt+	500M	0	9M	80.52M	84.47M	65.13M
Net Debt	-3.48B	-10.06B	-4.28B	-5.06B	-6.69B	-5.75B
Debt / Equity	0.03x	-	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	-	-	-	-	0.08x	0.03x
Net Debt / EBITDA	-	-	-	-	-6.24x	-2.25x
Interest Coverage	-25.52x	-432.01x	-94898.58x	-925.73x	-	-
Total Equity+	14.55B	23.05B	31.53B	33.81B	35.89B	38.14B
Equity Growth %	-	58.39%	36.77%	7.23%	6.18%	6.24%
Book Value per Share	13.40	21.23	29.30	31.33	33.92	36.49
Total Shareholders' Equity	14.55B	23.05B	31.46B	33.66B	35.6B	37.68B
Common Stock	226K	296K	1.42M	1.38M	1.37M	1.34M
Retained Earnings	-9.9B	-13.37B	-17.02B	-16.61B	-14.4B	-11.37B
Treasury Stock	0	0	0	0	-608.12M	0
Accumulated OCI	1.57B	1.07B	538.65M	2.51B	2.9B	3.22B
Minority Interest	430K	422K	73.44M	149.77M	290.22M	458.45M

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-923.97M	574.74M	-211.42M	-15.52M	2.27B	2.97B
Operating CF Margin %	-37.36%	22.27%	-4.54%	-0.23%	26.9%	26.43%
Operating CF Growth %	-	162.2%	-136.78%	92.66%	14724.01%	30.86%
Net Income	-1.52B	-3.47B	-3.65B	411.9M	2.23B	3.12B
Depreciation & Amortization	70.71M	63.67M	67.42M	88.34M	74.74M	77.93M
Stock-Based Compensation	455.63M	3.25B	3.63B	919.25M	441.83M	496.64M
Deferred Taxes	0	0	392.42M	0	0	0
Other Non-Cash Items	902.48M	361.18M	-25.88M	265.15M	234.85M	693.78M
Working Capital Changes	-829.13M	366.04M	-619.46M	-1.7B	-708.87M	-1.42B
Change in Receivables	-6.45M	-16.4M	18.8M	14.07M	-10.04M	-971.29M
Change in Inventory	-779.88M	389.08M	-630.82M	0	-575.48M	0
Change in Payables	-18.46M	5.86M	5.31M	-1.43M	-2.73M	6.01M
Cash from Investing+	-3.39B	-2.69B	-14.4B	2.13B	553.74M	-2.42B
Capital Expenditures	-10.42M	-53.06M	-43.22M	-85.69M	-100.34M	0
CapEx % of Revenue	0.42%	2.06%	0.93%	1.27%	1.19%	0.67%
Acquisitions	2.07M	-17.73M	-230.48M	-75.08M	0	0
Investments	-	-	-	-	-	-
Other Investing	-3.95M	187.71M	7.16M	735K	1.4M	-2.42B
Cash from Financing+	1.69B	8.32B	8.9B	-1.33B	-1.17B	-1.52B
Debt Issued (Net)	-14.41M	-1.81B	0	-9M	0	0
Equity Issued (Net)	1000K	1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	-1.06B
Share Repurchases	-384.88M	-557.84M	-2.59B	-1.39B	-1.37B	-575.27M
Other Financing	420.1M	-388.61M	42.12M	71.2M	207.82M	119.69M
Net Change in Cash	-2.6B	6.08B	-5.8B	857.46M	1.68B	-945.53M
Free Cash Flow+	-934.38M	521.68M	-254.64M	-101.21M	2.17B	2.9B
FCF Margin %	-37.78%	20.21%	-5.47%	-1.5%	25.71%	25.76%
FCF Growth %	-	155.83%	-148.81%	60.26%	2243.45%	33.46%
FCF per Share	-0.86	0.48	-0.24	-0.09	2.05	2.77
FCF Conversion (FCF/Net Income)	0.61x	-0.17x	0.06x	-0.04x	1.03x	0.97x
Interest Paid	39.92M	9.05M	65K	175K	0	0
Taxes Paid	5.25M	16.38M	49.61M	110.49M	124.73M	108.72M

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-10.47%	-18.46%	-13.39%	1.25%	6.35%	8.29%
Return on Invested Capital (ROIC)	-6.91%	-22.53%	-14.15%	-0.43%	2.58%	6.03%
Gross Margin	43.8%	49.01%	45.46%	47.81%	85.39%	86.62%
Net Margin	-61.61%	-134.49%	-78.47%	6.04%	26.23%	27.32%
Debt / Equity	0.03x	-	0.00x	0.00x	0.00x	0.00x
Interest Coverage	-25.52x	-432.01x	-94898.58x	-925.73x	-	-
FCF Conversion	0.61x	-0.17x	0.06x	-0.04x	1.03x	0.97x
Revenue Growth	-	4.36%	80.45%	44.59%	25.28%	33.22%

Full Truck Alliance Co. Ltd. (YMM) 10-Year Financial Performance & Capital Metrics

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Full Truck Alliance Co. Ltd. (YMM) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare YMM vs Peers

vs SAP

vs UBER

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios