Alibaba Group Holding Limited (BABA) 10-Year Financial Performance & Capital Metrics

BABA • • Industrial / General

Consumer CyclicalSpecialty RetailE-commerce MarketplacesRegional E-commerce Leaders

AboutAlibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally. The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others. It operates Taobao and Tmall, which are digital retail platforms; Alimama, a proprietary monetization platform; 1688.com and Alibaba.com, which are online wholesale marketplaces; AliExpress, a retail marketplace; Lazada, Trendyol, and Daraz that are e-commerce platforms; Freshippo, a retail platform for groceries and fresh goods; and Tmall Global, an import e-commerce platform. The company also operates Cainiao Network logistic services platform; Ele.me, an on-demand delivery and local services platform; Koubei, a restaurant and local services guide platform; and Fliggy, an online travel platform. In addition, it offers pay-for-performance, in-feed, and display marketing services; and Taobao Ad Network and Exchange, a real-time online bidding marketing exchange. Further, the company provides elastic computing, storage, network, security, database, big data, and IoT services; and hardware, software license, software installation, and application development and maintenance services. Additionally, it operates Youku, an online video platform; Quark, a platform for information search, storage, and consumption; Alibaba Pictures and other content platforms that provide online videos, films, live events, news feeds, literature, music, and others; Amap, a mobile digital map, navigation, and real-time traffic information app; DingTalk, a business efficiency mobile app; Tmall Genie smart speaker; and Qwen, an artificial intelligence chatbot. The company was incorporated in 1999 and is based in Hangzhou, the People's Republic of China.Show more

Revenue $996.35B +5.9%
EBITDA $175.87B +11.4%
Net Income $130.11B +62.6%
EPS (Diluted) 53.60 +70.9%
Gross Margin 39.95% +6.0%
EBITDA Margin 17.65% +5.2%
Operating Margin 14.14% +17.4%
Net Margin 13.06% +53.6%
ROE 11.8% +64.9%
ROIC 9.62% +20.6%
Debt/Equity 0.23 +23.2%
Interest Coverage 14.68 +132.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.3%
✓Share count reduced 5.1% through buybacks
✓Healthy 5Y average net margin of 11.6%
✓Trading at only 0.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y29.31%

5Y14.35%

3Y5.31%

TTM5.21%

Profit (Net Income) CAGR

10Y18.29%

5Y-2.73%

3Y27.86%

TTM42.87%

EPS CAGR

10Y18.67%

5Y-3.09%

3Y33.12%

TTM49.32%

ROCE

10Y Avg9.58%

5Y Avg7.81%

3Y Avg8.74%

Latest10.38%

Peer Comparison

Regional E-commerce Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CPNGCoupang, Inc.	35.46B	21.25	252.08	24.14%	1.16%	8.23%	2.84%	0.91
MELIMercadoLibre, Inc.	106.41B	2098.85	55.69	37.53%	7.93%	33.4%	6.63%	1.58
BABAAlibaba Group Holding Limited	408.07B	170.93	3.19	5.86%	12.19%	11.1%	19%	0.23
JDJD.com, Inc.	41.73B	29.41	1.09	6.84%	2.47%	10.58%	100%	0.29
HEPSD-Market Elektronik Hizmetler ve Ticaret A.S.	795.08M	2.78	-0.56	60.43%	-4.38%	-362.8%		0.67
JMIAJumia Technologies AG	1.57B	12.78	-7.89	-10.15%	-40.86%	-202.57%		0.13

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	101.14B	158.27B	250.27B	376.84B	509.71B	717.29B	853.06B	868.69B	941.17B	996.35B
Revenue Growth %	0.33%	0.56%	0.58%	0.51%	0.35%	0.41%	0.19%	0.02%	0.08%	0.06%
Cost of Goods Sold+	34.35B	59.48B	107.04B	206.93B	282.37B	421.2B	539.45B	549.7B	586.32B	598.28B
COGS % of Revenue	0.34%	0.38%	0.43%	0.55%	0.55%	0.59%	0.63%	0.63%	0.62%	0.6%
Gross Profit+	66.79B	98.79B	143.22B	169.91B	227.34B	296.08B	313.61B	318.99B	354.85B	398.06B
Gross Margin %	0.66%	0.62%	0.57%	0.45%	0.45%	0.41%	0.37%	0.37%	0.38%	0.4%
Gross Profit Growth %	0.28%	0.48%	0.45%	0.19%	0.34%	0.3%	0.06%	0.02%	0.11%	0.12%
Operating Expenses+	37.69B	50.73B	73.91B	112.83B	135.91B	206.41B	243.97B	218.64B	241.5B	257.16B
OpEx % of Revenue	0.37%	0.32%	0.3%	0.3%	0.27%	0.29%	0.29%	0.25%	0.26%	0.26%
Selling, General & Admin	20.51B	28.55B	43.54B	64.67B	78.87B	136.74B	151.72B	145.68B	157.13B	188.26B
SG&A % of Revenue	0.2%	0.18%	0.17%	0.17%	0.15%	0.19%	0.18%	0.17%	0.17%	0.19%
Research & Development	13.79B	17.06B	22.75B	37.44B	43.08B	57.24B	55.47B	56.74B	52.26B	57.15B
R&D % of Revenue	0.14%	0.11%	0.09%	0.1%	0.08%	0.08%	0.07%	0.07%	0.06%	0.06%
Other Operating Expenses	3.39B	5.12B	7.61B	10.73B	13.96B	12.43B	36.79B	16.22B	32.11B	11.75B
Operating Income+	29.1B	48.05B	69.31B	57.08B	91.43B	89.68B	69.64B	100.35B	113.35B	140.91B
Operating Margin %	0.29%	0.3%	0.28%	0.15%	0.18%	0.13%	0.08%	0.12%	0.12%	0.14%
Operating Income Growth %	0.26%	0.65%	0.44%	-0.18%	0.6%	-0.02%	-0.22%	0.44%	0.13%	0.24%
EBITDA+	36.15B	62.35B	91.33B	94.16B	133.86B	137.59B	117.7B	147.29B	157.85B	175.87B
EBITDA Margin %	0.36%	0.39%	0.36%	0.25%	0.26%	0.19%	0.14%	0.17%	0.17%	0.18%
EBITDA Growth %	0.31%	0.72%	0.46%	0.03%	0.42%	0.03%	-0.14%	0.25%	0.07%	0.11%
D&A (Non-Cash Add-back)	7.05B	14.29B	22.02B	37.08B	42.43B	47.91B	48.06B	46.94B	44.5B	34.96B
EBIT	83.41B	62.7B	103.97B	101.41B	171.82B	170.05B	80.16B	106.17B	119.51B	147.71B
Net Interest Income+	50.31B	5.89B	26.93B	38.92B	67.78B	68.32B	-20.61B	-16.99B	-17.91B	11.16B
Interest Income	52.25B	8.56B	30.5B	44.11B	72.96B	72.79B	0	0	0	20.76B
Interest Expense	1.95B	2.67B	3.57B	5.19B	5.18B	4.48B	20.61B	16.99B	17.91B	9.6B
Other Income/Expense	50.64B	6.95B	10.3B	39.7B	69.48B	82.88B	4.26B	-19.23B	-19.49B	20.52B
Pretax Income+	79.74B	55B	79.61B	96.79B	160.91B	172.56B	73.89B	81.12B	93.86B	161.42B
Pretax Margin %	0.79%	0.35%	0.32%	0.26%	0.32%	0.24%	0.09%	0.09%	0.1%	0.16%
Income Tax+	8.45B	13.78B	18.2B	16.55B	20.56B	29.28B	26.82B	15.55B	22.53B	35.45B
Effective Tax Rate %	0.9%	0.79%	0.81%	0.91%	0.93%	0.87%	0.84%	0.9%	0.85%	0.81%
Net Income+	71.46B	43.67B	64.09B	87.89B	149.43B	150.58B	62.25B	72.78B	80.01B	130.11B
Net Margin %	0.71%	0.28%	0.26%	0.23%	0.29%	0.21%	0.07%	0.08%	0.09%	0.13%
Net Income Growth %	1.95%	-0.39%	0.47%	0.37%	0.7%	0.01%	-0.59%	0.17%	0.1%	0.63%
Net Income (Continuing)	71.29B	41.23B	61.41B	80.23B	140.35B	143.28B	47.08B	65.57B	71.33B	125.98B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	32.56B	42.29B	73.53B	123.2B	124.17B	146.36B	133.91B	133.31B	126.1B	80.37B
EPS (Diluted)+	34.00	19.60	24.56	33.52	62.72	54.72	22.72	27.44	31.36	53.60
EPS Growth %	2.51%	-0.42%	0.25%	0.36%	0.87%	-0.13%	-0.58%	0.21%	0.14%	0.71%
EPS (Basic)	35.44	20.24	25.12	34.08	63.76	55.60	22.96	27.68	31.60	55.12
Diluted Shares Outstanding	2.56B	2.57B	2.61B	2.62B	2.67B	2.75B	2.72B	2.64B	2.54B	2.41B
Basic Shares Outstanding	2.46B	2.49B	2.55B	2.58B	2.63B	2.7B	2.69B	2.62B	2.52B	2.35B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	0.22%	0.22%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	133.17B	180.73B	254.91B	268.4B	460.61B	640.91B	635.54B	693.43B	746.65B	669.71B
Cash & Short-Term Investments	117.09B	150.65B	210.21B	203.42B	375.16B	517.56B	491.06B	557.62B	602.17B	464.77B
Cash Only	108.21B	143.59B	199.32B	190.22B	342.47B	355.16B	225.49B	226.12B	279.15B	181.73B
Short-Term Investments	8.88B	7.06B	10.89B	13.19B	32.69B	162.4B	265.57B	331.49B	323.02B	283.04B
Accounts Receivable	12.3B	22.32B	28.69B	38.29B	46.88B	57B	71.33B	64.17B	68.93B	76.22B
Days Sales Outstanding	44.39	51.46	41.84	37.09	33.57	29	30.52	26.96	26.73	27.92
Inventory	0	0	4.53B	8.54B	14.85B	27.9B	30.13B	28.56B	25.47B	18.92B
Days Inventory Outstanding	-	-	15.45	15.06	19.19	24.17	20.39	18.96	15.86	11.54
Other Current Assets	2.54B	4.37B	5.73B	11.1B	16.19B	19.9B	25.09B	26.29B	32.29B	89.22B
Total Non-Current Assets+	231.59B	325.65B	461.53B	697.15B	851.53B	1.05T	1.06T	1.06T	1.02T	1.14T
Property, Plant & Equipment	13.63B	20.19B	72.34B	99.72B	141.45B	222.45B	253.82B	257.52B	273.53B	249.73B
Fixed Asset Turnover	7.42x	7.84x	3.46x	3.78x	3.60x	3.22x	3.36x	3.37x	3.44x	3.99x
Goodwill	81.68B	125.3B	161.96B	265.05B	276.59B	293.16B	269.97B	268.18B	259.77B	255.89B
Intangible Assets	5.37B	14.09B	27.43B	68.31B	60.91B	70.93B	59.32B	46.93B	26.96B	20.94B
Long-Term Investments	121.07B	152.17B	178.73B	242.03B	350.77B	438.04B	443.94B	453.32B	424.22B	567.85B
Other Non-Current Assets	9.8B	13.52B	18.89B	19.51B	14.22B	15.97B	20.97B	18.81B	22.96B	29.68B
Total Assets+	364.76B	506.37B	716.44B	965.55B	1.31T	1.69T	1.7T	1.75T	1.77T	1.81T
Asset Turnover	0.28x	0.31x	0.35x	0.39x	0.39x	0.42x	0.50x	0.50x	0.53x	0.55x
Asset Growth %	0.43%	0.39%	0.41%	0.35%	0.36%	0.29%	0%	0.03%	0.01%	0.02%
Total Current Liabilities+	52.06B	93.68B	135.65B	207.76B	241.71B	377.86B	384.34B	385.48B	421.66B	436.01B
Accounts Payable	0	0	0	0	6.03B	11.1B	13.11B	17.52B	18.38B	28.73B
Days Payables Outstanding	-	-	-	-	7.79	9.62	8.87	11.63	11.44	17.53
Short-Term Debt	4.31B	14.88B	6.02B	22.48B	7.91B	17.53B	13.86B	17.94B	34.88B	26.55B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	26.45B	49.4B	82.49B	122.74B	152.43B	236.45B	240.12B	237.15B	256.83B	268.88B
Current Ratio	2.56x	1.93x	1.88x	1.29x	1.91x	1.70x	1.65x	1.80x	1.77x	1.54x
Quick Ratio	2.56x	1.93x	1.85x	1.25x	1.84x	1.62x	1.58x	1.72x	1.71x	1.49x
Cash Conversion Cycle	-	-	-	-	44.97	43.56	42.03	34.29	31.14	21.93
Total Non-Current Liabilities+	62.55B	88.83B	141.71B	142.07B	191.33B	229.53B	229.91B	244.85B	230.8B	279.2B
Long-Term Debt	53.49B	76.76B	119.38B	111.88B	120.19B	135.9B	132.69B	149.14B	141.83B	208.46B
Capital Lease Obligations	0	0	0	0	19.08B	28.25B	30.3B	28.56B	28.98B	13.48B
Deferred Tax Liabilities	6.47B	10.14B	19.29B	22.53B	43.87B	59.68B	61.8B	61.77B	53.03B	48.53B
Other Non-Current Liabilities	2.17B	1.29B	2.04B	6.19B	6.17B	2.54B	1.62B	1.83B	2.9B	4.19B
Total Liabilities	114.61B	182.51B	277.36B	349.83B	433.04B	607.4B	614.25B	630.33B	652.46B	715.21B
Total Debt+	57.79B	91.64B	125.4B	134.36B	147.19B	181.68B	176.85B	195.63B	205.69B	248.49B
Net Debt	-50.41B	-51.95B	-73.91B	-55.86B	-195.28B	-173.48B	-48.64B	-30.49B	-73.46B	66.76B
Debt / Equity	0.23x	0.28x	0.29x	0.22x	0.17x	0.17x	0.16x	0.17x	0.18x	0.23x
Debt / EBITDA	1.60x	1.47x	1.37x	1.43x	1.10x	1.32x	1.50x	1.33x	1.30x	1.41x
Net Debt / EBITDA	-1.39x	-0.83x	-0.81x	-0.59x	-1.46x	-1.26x	-0.41x	-0.21x	-0.47x	0.38x
Interest Coverage	14.95x	17.99x	19.44x	11.00x	17.65x	20.04x	3.38x	5.91x	6.33x	14.68x
Total Equity+	250.16B	323.86B	439.08B	615.72B	879.1B	1.09T	1.08T	1.12T	1.11T	1.09T
Equity Growth %	0.59%	0.29%	0.36%	0.4%	0.43%	0.23%	-0%	0.04%	-0.01%	-0.02%
Book Value per Share	97.64	125.87	168.23	234.74	329.47	394.92	397.96	425.63	437.35	452.13
Total Shareholders' Equity	217.59B	281.57B	365.55B	492.52B	754.94B	938.77B	949.9B	990.03B	986.89B	1.01T
Common Stock	1M	999K	998.81K	1M	999.32K	1M	1M	1M	1M	1M
Retained Earnings	78.78B	108.45B	172.15B	258B	406.01B	555.67B	564.37B	599.23B	598.11B	646.47B
Treasury Stock	0	-2.82B	-2.23B	0	0	0	-2.22B	-28.77B	-27.69B	-36.38B
Accumulated OCI	6.2B	8.53B	9.09B	2.64B	5.45B	-11.73B	-23.35B	2.56B	18.34B	19.36B
Minority Interest	32.56B	42.29B	73.53B	123.2B	124.17B	146.36B	133.91B	133.31B	126.1B	80.37B

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	56.84B	80.33B	125.17B	150.97B	180.61B	231.79B	142.76B	199.75B	182.59B	163.51B
Operating CF Margin %	0.56%	0.51%	0.5%	0.4%	0.35%	0.32%	0.17%	0.23%	0.19%	0.16%
Operating CF Growth %	0.38%	0.41%	0.56%	0.21%	0.2%	0.28%	-0.38%	0.4%	-0.09%	-0.1%
Net Income	71.29B	41.23B	61.41B	80.23B	140.35B	143.28B	47.08B	72.78B	71.33B	130.11B
Depreciation & Amortization	6.7B	14.29B	22.02B	37.08B	42.43B	47.91B	48.06B	46.94B	44.5B	34.96B
Stock-Based Compensation	16.08B	15.99B	20.07B	37.49B	31.74B	50.12B	23.97B	30.83B	18.55B	15.58B
Deferred Taxes	106M	-1.09B	976M	-2.2B	-3.44B	3.24B	-1.37B	-1.72B	-5.26B	0
Other Non-Cash Items	-45.13B	2.64B	-1.39B	-33.88B	-51.89B	-63.27B	43.16B	37.44B	64.53B	6.85B
Working Capital Changes	7.79B	7.26B	22.08B	32.25B	21.42B	50.51B	-18.15B	13.48B	-11.05B	-23.99B
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-42.83B	-78.36B	-83.89B	-151.06B	-108.07B	-244.19B	-198.59B	-135.51B	-21.82B	-185.41B
Capital Expenditures	-10.85B	-17.55B	-29.84B	-49.64B	-45.39B	-43.19B	-53.32B	-34.35B	-32.09B	-85.97B
CapEx % of Revenue	0.11%	0.11%	0.12%	0.13%	0.09%	0.06%	0.06%	0.04%	0.03%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	781M	199M	-571M	-8M	12.42B	-563M	32M	284M	-1.95B	-99.44B
Cash from Financing+	-15.85B	32.91B	20.36B	-7.39B	70.85B	30.08B	-64.45B	-65.62B	-108.24B	-76.22B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-17.95B	-29.08B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.47B	2.16B	-13.66B	7.36B	-4.63B	-494M	3.95B	-2.21B	-4.86B	-27.51B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	45.99B	62.78B	95.33B	101.33B	135.22B	188.6B	89.44B	165.4B	149.66B	77.54B
FCF Margin %	0.45%	0.4%	0.38%	0.27%	0.27%	0.26%	0.1%	0.19%	0.16%	0.08%
FCF Growth %	0.37%	0.37%	0.52%	0.06%	0.33%	0.39%	-0.53%	0.85%	-0.1%	-0.48%
FCF per Share	17.95	24.40	36.53	38.63	50.68	68.64	32.84	62.67	58.81	32.11
FCF Conversion (FCF/Net Income)	0.80x	1.84x	1.95x	1.72x	1.21x	1.54x	2.29x	2.74x	2.28x	1.26x
Interest Paid	0	0	0	0	4.89B	4.1B	4.89B	5.64B	0	0
Taxes Paid	0	0	0	0	31.73B	20.9B	21.47B	26.48B	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	35.07%	15.22%	16.8%	16.66%	19.99%	15.33%	5.74%	6.6%	7.16%	11.8%
Return on Invested Capital (ROIC)	14.58%	15.28%	16.32%	9.26%	11.03%	8.43%	5.37%	7.07%	7.97%	9.62%
Gross Margin	66.03%	62.42%	57.23%	45.09%	44.6%	41.28%	36.76%	36.72%	37.7%	39.95%
Net Margin	70.65%	27.59%	25.61%	23.32%	29.32%	20.99%	7.3%	8.38%	8.5%	13.06%
Debt / Equity	0.23x	0.28x	0.29x	0.22x	0.17x	0.17x	0.16x	0.17x	0.18x	0.23x
Interest Coverage	14.95x	17.99x	19.44x	11.00x	17.65x	20.04x	3.38x	5.91x	6.33x	14.68x
FCF Conversion	0.80x	1.84x	1.95x	1.72x	1.21x	1.54x	2.29x	2.74x	2.28x	1.26x
Revenue Growth	32.73%	56.48%	58.12%	50.58%	35.26%	40.72%	18.93%	1.83%	8.34%	5.86%

Revenue by Segment

	2023	2024	2025
Customer Management Services	355.14B	386.57B	424.88B
Customer Management Services Growth	-	8.85%	9.91%
Sales Of Goods	271.02B	283.27B	274.28B
Sales Of Goods Growth	-	4.52%	-3.18%
Logistics Services	89.21B	114.07B	123.38B
Logistics Services Growth	-	27.86%	8.16%
Cloud Services	76.65B	76.46B	84.52B
Cloud Services Growth	-	-0.25%	10.54%
Membership Fees and Value Added Services	-	41.96B	46.61B
Membership Fees and Value Added Services Growth	-	-	11.10%
Product and Service, Other	36.59B	38.84B	42.69B
Product and Service, Other Growth	-	6.15%	9.91%
Membership Fees	40.08B	-	-
Membership Fees Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Alibaba Group Holding Limited (BABA) has a price-to-earnings (P/E) ratio of 3.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Alibaba Group Holding Limited (BABA) reported $1.01T in revenue for fiscal year 2025. This represents a 4954% increase from $20.02B in 2012.

Alibaba Group Holding Limited (BABA) grew revenue by 5.9% over the past year. This is steady growth.

Yes, Alibaba Group Holding Limited (BABA) is profitable, generating $123.35B in net income for fiscal year 2025 (13.1% net margin).

Dividend & Returns

Yes, Alibaba Group Holding Limited (BABA) pays a dividend with a yield of 7.04%. This makes it attractive for income-focused investors.

Alibaba Group Holding Limited (BABA) has a return on equity (ROE) of 11.8%. This is reasonable for most industries.

Alibaba Group Holding Limited (BABA) had negative free cash flow of $26.94B in fiscal year 2025, likely due to heavy capital investments.

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