Latest Ratios: P/E Ratio -6.0x · EV/EBITDA 8.9x · ROE -4.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $210M | $154M | $163M | $163M | $323M | $1.0B | $2.2B | $2.0B | $1.7B | $1.9B | $659M |
| Enterprise Value | $394M | $1.4B | $1.0B | $565M | $489M | $282M | $1.3B | $3.4B | $1.8B | $1.8B | $-194111879 |
| P/E Ratio → | -5.97 | — | — | — | — | — | 5.13 | 7.03 | 6.49 | 8.84 | 7.59 |
| P/S Ratio | 0.14 | 0.02 | 0.02 | 0.02 | 0.04 | 0.11 | 0.25 | 0.27 | 0.32 | 0.45 | 0.19 |
| P/B Ratio | 0.25 | 0.03 | 0.03 | 0.03 | 0.06 | 0.15 | 0.36 | 0.77 | 0.79 | 1.00 | 0.42 |
| P/FCF | 5.27 | 0.58 | — | 0.58 | 1.84 | — | 10.98 | 9.39 | — | — | — |
| P/OCF | 3.34 | 0.37 | 1.61 | 0.36 | 0.85 | — | 7.05 | 6.55 | — | — | 49.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.14 | 0.11 | 0.06 | 0.06 | 0.03 | 0.14 | 0.46 | 0.33 | 0.43 | -0.06 |
| EV / EBITDA | 8.87 | 4.65 | 8.01 | 12.48 | 2.13 | 1.32 | 1.77 | 7.93 | 4.12 | 5.79 | -1.54 |
| EV / EBIT | 35.10 | — | — | — | — | — | 2.42 | 8.25 | 5.05 | 6.61 | -1.90 |
| EV / FCF | — | 5.17 | — | 1.99 | 2.78 | — | 6.31 | 16.08 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.9% | 50.9% | 47.6% | 44.2% | 40.8% | 36.8% | 36.9% | 38.8% | 38.9% | 34.1% | 27.4% |
| Operating Margin | 0.8% | 0.8% | -1.2% | -2.3% | 0.4% | 0.1% | 6.3% | 4.2% | 6.6% | 6.2% | 2.7% |
| Net Profit Margin | -2.4% | -2.4% | -2.0% | -3.2% | -7.8% | -2.3% | 4.8% | 3.9% | 5.0% | 5.0% | 2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.3% | -4.3% | -3.2% | -4.9% | -10.8% | -3.5% | 9.8% | 11.8% | 13.3% | 12.2% | 6.2% |
| ROA | -2.4% | -2.4% | -1.8% | -2.7% | -5.9% | -1.9% | 4.9% | 5.1% | 7.7% | 7.8% | 4.1% |
| ROIC | 0.8% | 0.8% | -1.3% | -2.6% | 0.4% | 0.1% | 9.1% | 7.4% | 13.4% | 15.4% | 11.8% |
| ROCE | 1.2% | 1.2% | -1.7% | -3.2% | 0.5% | 0.1% | 8.6% | 8.8% | 17.3% | 15.0% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.41 | 0.44 | 0.47 | 0.43 | 0.61 | 0.46 | 1.13 | 0.24 | 0.12 | 0.07 |
| Debt / EBITDA | 7.66 | 7.66 | 19.40 | 60.80 | 10.35 | 18.58 | 3.94 | 6.84 | 1.24 | 0.73 | 0.91 |
| Net Debt / Equity | — | 0.22 | 0.15 | 0.07 | 0.03 | -0.11 | -0.15 | 0.55 | 0.01 | -0.04 | -0.54 |
| Net Debt / EBITDA | 4.13 | 4.13 | 6.76 | 8.88 | 0.72 | -3.36 | -1.31 | 3.30 | 0.04 | -0.24 | -6.77 |
| Debt / FCF | — | 4.59 | — | 1.42 | 0.94 | — | -4.67 | 6.69 | — | — | — |
| Interest Coverage | -3.50 | -3.50 | -1.39 | -4.25 | -9.20 | -1.71 | 7.84 | 6.68 | 26.71 | 63.24 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.87 | 1.87 | 1.93 | 1.94 | 2.01 | 1.93 | 4.17 | 2.45 | 1.86 | 2.15 | 2.72 |
| Quick Ratio | 1.52 | 1.52 | 1.52 | 1.58 | 1.65 | 1.59 | 3.57 | 1.97 | 1.39 | 1.74 | 2.24 |
| Cash Ratio | 0.77 | 0.77 | 0.78 | 0.82 | 0.85 | 0.98 | 2.36 | 1.02 | 0.33 | 0.53 | 1.27 |
| Asset Turnover | — | 1.03 | 0.92 | 0.84 | 0.84 | 0.76 | 0.85 | 1.04 | 1.34 | 1.38 | 1.43 |
| Inventory Turnover | 3.92 | 3.92 | 3.24 | 3.63 | 3.84 | 3.71 | 4.27 | 4.05 | 4.03 | 5.74 | 6.35 |
| Days Sales Outstanding | — | 80.03 | 93.52 | 110.35 | 118.68 | 105.85 | 105.57 | 106.11 | 109.36 | 105.37 | 80.29 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.7% | 0.7% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 19.5% | 14.2% | 15.4% | 11.3% | 13.2% |
| FCF Yield | 19.0% | 173.3% | — | 173.9% | 54.3% | — | 9.1% | 10.6% | — | — | — |
| Buyback Yield | 0.7% | 6.6% | 58.7% | 0.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.9% |
| Total Shareholder Yield | 0.7% | 6.6% | 59.3% | 0.7% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.9% |
| Shares Outstanding | — | $58M | $60M | $59M | $61M | $72M | $64M | $60M | $60M | $59M | $55M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying BZUN stock.
Baozun Inc.'s current P/E ratio is -6.0x. The historical average is 9.1x.
Baozun Inc.'s current EV/EBITDA is 8.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.4x.
Baozun Inc.'s return on equity (ROE) is -4.3%. The historical average is -0.9%.
Based on historical data, Baozun Inc. is trading at a P/E of -6.0x. Compare with industry peers and growth rates for a complete picture.
Baozun Inc. has 50.9% gross margin and 0.8% operating margin.
Baozun Inc.'s Debt/EBITDA ratio is 7.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Retail pivot margin compression
Deep Discount Reflects Structural Skepticism
According to current market data, Baozun trades at a P/S ratio of 0.11 and a forward P/E of 0.97, suggesting that investors are heavily discounting the company's equity due to profound uncertainty regarding the long-term viability of its transition from a service-based model to brand management.
The extremely low valuation multiples imply that the market views the company as a distressed asset rather than a growth-oriented technology enabler. This pricing suggests that investors are not assigning any premium to the company's technical infrastructure, instead focusing on the potential for permanent margin erosion following the Gap China acquisition.
Capital Efficiency Remains Under Pressure
Based on reported figures, Baozun's ROIC has struggled to maintain positive territory, fluctuating between -1.6% and 2.2% over the last ten quarters, which indicates that the company is currently failing to generate returns that exceed its cost of capital during this period of strategic transformation.
The inability to consistently compound returns on invested capital highlights the difficulty of integrating asset-heavy retail operations into a legacy service-oriented business. This trend warrants further investigation into whether the current capital allocation strategy is fundamentally dilutive to long-term shareholder value.
Working Capital Cycles Signal Complexity
As reported in financial statements, the company's cash conversion cycle has remained elevated, peaking at 182 days in 2025Q1, which reflects the increased inventory management burden and operational friction introduced by the shift toward owning and managing retail brands in a fragmented Chinese e-commerce market.
The volatility in days inventory outstanding (DIO) suggests that the company is grappling with the complexities of retail stock management, which is a significant departure from its historical asset-light service model. Investors should monitor whether these efficiency metrics stabilize as the company gains more experience with its new retail portfolio.
Debt Service Capacity Remains Strained
According to recent SEC filings, Baozun's interest coverage ratio has frequently dipped into negative territory, reaching -1.72 in 2025Q4, which indicates that the company's ability to service its debt obligations is highly sensitive to operational volatility and the ongoing lack of consistent net profitability.
While the debt-to-equity ratio of 0.41% appears manageable on the surface, the lack of consistent operating income makes the debt burden more precarious than the headline leverage ratio suggests. The company's reliance on cash reserves to bridge operational gaps remains a critical point of concern for long-term solvency.
Misapplied Focus on Headline Revenue
As highlighted by the company's hybrid business model, the most commonly misapplied metric is headline revenue, which obscures the fundamental difference between high-margin service commissions and low-margin product sales, leading to a distorted perception of the company's true earning power and operational scale.
Analysts should instead focus on the 'take rate' and segment-specific margins to understand the underlying health of the business. Relying on top-line growth figures fails to account for the shift in revenue mix, which is the primary driver of the current margin compression observed in recent financial statements.