Vipshop Holdings Limited (VIPS) Financial Ratios
16 years of historical data (2009–2024) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↓
2.93
↑+99% vs avg
5yr avg: 1.47
30Y Low0.3·High9.0
P/FCF
↓
9.73
↑+545% vs avg
5yr avg: 1.51
30Y Low1.1·High150.9
P/B Ratio
↓
1.30
↑+322% vs avg
5yr avg: 0.31
30Y Low0.2·High4.4
ROE
↓
19.3%
-1% vs avg
5yr avg: 19.6%
30Y Low-19%·High50%
Debt/EBITDA
↓
0.31
↓-20% vs avg
5yr avg: 0.39
30Y Low0.2·High3.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VIPS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Vipshop Holdings Limited trades at 7.0x earnings, 333% above its 5-year average of 1.6x, sitting at the 83rd percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a discount of 64%. On a free-cash-flow basis, the stock trades at 9.7x P/FCF, 545% above the 5-year average of 1.5x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $7.3B | $10.0B | $9.5B | $5.8B | $19.4B | $9.6B | $3.8B | $7.4B | $6.9B | $9.2B |
| Enterprise Value | $4.6B | $-15833211400 | $-13036408400 | $-8686443000 | $-7187464000 | $10.1B | $6.0B | $923M | $3.2B | $7.2B | $10.0B |
| P/E Ratio → | 7.00 | 0.94 | 1.23 | 1.39 | 1.24 | 3.28 | 2.40 | 1.80 | 3.67 | 3.27 | 5.76 |
| P/S Ratio | 0.50 | 0.07 | 0.09 | 0.09 | 0.05 | 0.19 | 0.10 | 0.05 | 0.10 | 0.12 | 0.23 |
| P/B Ratio | 1.30 | 0.17 | 0.26 | 0.28 | 0.17 | 0.66 | 0.43 | 0.22 | 0.52 | 1.20 | 2.54 |
| P/FCF | 9.73 | 1.30 | 1.09 | 1.28 | 1.84 | 2.03 | 1.20 | 1.78 | — | 150.88 | — |
| P/OCF | 5.93 | 0.80 | 0.69 | 0.90 | 0.86 | 1.64 | 0.78 | 0.67 | 7.51 | 2.45 | 4.79 |
P/E links to full P/E history page with 30-year chart
VIPS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Vipshop Holdings Limited's enterprise value stands at 2.9x EBITDA, 99% above its 5-year average of 1.5x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 74% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.15 | -0.12 | -0.08 | -0.06 | 0.10 | 0.06 | 0.01 | 0.04 | 0.13 | 0.25 |
| EV / EBITDA | 2.93 | -1.49 | -1.23 | -1.17 | -1.07 | 1.47 | 1.04 | 0.28 | 0.83 | 1.93 | 3.77 |
| EV / EBIT | 3.39 | -1.76 | -1.30 | -1.39 | -1.31 | 1.75 | 1.18 | 0.32 | 1.20 | 2.62 | 4.68 |
| EV / FCF | — | -2.84 | -1.42 | -1.17 | -2.27 | 1.06 | 0.74 | 0.43 | — | 156.80 | — |
VIPS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Vipshop Holdings Limited earns an operating margin of 8.5%, above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from 6.0% to 8.5% over the past 3 years, signaling improving operational efficiency. ROE of 19.3% indicates solid capital efficiency, compared to the sector median of 5.6%. ROIC of 40.5% represents excellent returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.5% | 23.5% | 22.8% | 21.0% | 19.7% | 20.9% | 22.2% | 20.2% | 22.3% | 24.0% | 24.6% |
| Operating Margin | 8.5% | 8.5% | 8.1% | 6.0% | 4.8% | 5.8% | 5.1% | 2.9% | 3.7% | 4.8% | 5.2% |
| Net Profit Margin | 7.1% | 7.1% | 7.2% | 6.1% | 4.0% | 5.8% | 4.3% | 2.5% | 2.7% | 3.6% | 4.0% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 19.3% | 22.3% | 18.6% | 14.8% | 22.9% | 20.4% | 13.5% | 19.5% | 43.4% | 50.4% |
| ROA | 10.5% | 10.5% | 11.8% | 9.9% | 7.7% | 11.0% | 8.7% | 5.2% | 6.2% | 9.0% | 8.6% |
| ROIC | 40.5% | 40.5% | 43.4% | 25.3% | 20.5% | 22.7% | 21.8% | 14.9% | 25.1% | 38.7% | 50.1% |
| ROCE | 21.2% | 21.2% | 23.2% | 16.9% | 16.2% | 20.6% | 22.6% | 13.3% | 18.4% | 29.5% | 28.2% |
VIPS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Vipshop Holdings Limited carries a Debt/EBITDA ratio of 0.3x, which is very conservative (93% below the sector average of 4.4x). The company holds a net cash position — cash of $26.4B exceeds total debt of $3.3B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 159.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.06 | 0.11 | 0.10 | 0.09 | 0.13 | 0.39 | 0.40 | 0.76 | 1.15 |
| Debt / EBITDA | 0.31 | 0.31 | 0.22 | 0.51 | 0.49 | 0.39 | 0.50 | 2.01 | 1.51 | 1.18 | 1.56 |
| Net Debt / Equity | — | -0.56 | -0.60 | -0.53 | -0.38 | -0.32 | -0.17 | -0.17 | -0.30 | 0.05 | 0.23 |
| Net Debt / EBITDA | -2.18 | -2.18 | -2.17 | -2.44 | -1.94 | -1.35 | -0.64 | -0.88 | -1.11 | 0.07 | 0.31 |
| Debt / FCF | — | -4.15 | -2.51 | -2.45 | -4.11 | -0.97 | -0.46 | -1.35 | — | 5.93 | — |
| Interest Coverage | 159.05 | 159.05 | 397.01 | 255.48 | 386.03 | 87.00 | 55.50 | 15.16 | 32.64 | 31.78 | 24.14 |
Net cash position: cash ($26.4B) exceeds total debt ($3.3B)
VIPS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.26x means Vipshop Holdings Limited can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.18x to 1.26x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.23 | 1.18 | 1.27 | 1.17 | 0.96 | 1.05 | 1.35 | 1.00 | 1.00 |
| Quick Ratio | 1.10 | 1.10 | 1.04 | 0.99 | 1.01 | 0.89 | 0.64 | 0.85 | 0.98 | 0.66 | 0.62 |
| Cash Ratio | 0.94 | 0.94 | 0.89 | 0.83 | 0.84 | 0.73 | 0.40 | 0.46 | 0.53 | 0.33 | 0.42 |
| Asset Turnover | — | 1.45 | 1.56 | 1.58 | 1.88 | 1.73 | 1.91 | 1.94 | 1.92 | 2.26 | 2.01 |
| Inventory Turnover | 16.48 | 16.48 | 15.44 | 14.78 | 13.69 | 10.54 | 9.38 | 12.57 | 8.13 | 8.69 | 6.64 |
| Days Sales Outstanding | — | 10.62 | 7.72 | 9.46 | 8.60 | 1.20 | 3.88 | 23.67 | 23.95 | 15.02 | 2.96 |
VIPS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Vipshop Holdings Limited returns 10.2% to shareholders annually — split between a 3.1% dividend yield and 7.1% buyback yield. The payout ratio of 21.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 14.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 23.2% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 21.8% | 21.8% | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.3% | 106.5% | 81.2% | 72.1% | 80.4% | 30.5% | 41.6% | 55.7% | 27.2% | 30.6% | 17.4% |
| FCF Yield | 10.3% | 76.6% | 91.9% | 78.4% | 54.3% | 49.2% | 83.1% | 56.3% | — | 0.7% | — |
| Buyback Yield | 7.1% | 53.2% | 51.1% | 66.1% | 33.3% | 0.0% | 0.0% | 0.0% | 0.0% | 2.8% | 7.1% |
| Total Shareholder Yield | 10.2% | 76.4% | 51.1% | 66.1% | 33.3% | 0.0% | 0.0% | 0.0% | 0.0% | 2.8% | 7.1% |
| Shares Outstanding | — | $539M | $563M | $694M | $694M | $690M | $680M | $700M | $629M | $629M | $601M |
Peer Comparison
Compare VIPS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VIPSYou | $8B | 7.0 | 2.9 | 9.7 | 23.5% | 8.5% | 19.3% | 40.5% | 0.3 |
 JD | $47B | 7.8 | 6.5 | 7.3 | 9.8% | 3.3% | 13.6% | 9.9% | 1.9 |
 PDD | $151B | 9.2 | 9.0 | 8.5 | 60.9% | 27.5% | 44.9% | 40.3% | 0.1 |
 BABA | $342B | 18.0 | 13.6 | 29.8 | 40.0% | 14.1% | 11.8% | 9.6% | 1.4 |
 SE | $54B | 123.3 | 53.4 | 18.4 | 42.8% | 3.9% | 5.9% | 5.4% | 3.9 |
 CPNG | $32B | 162.6 | 44.9 | 61.9 | 29.4% | 1.4% | 4.8% | 14.5% | 6.8 |
 GLOB | $2B | 10.9 | 5.3 | 8.1 | 35.7% | 9.3% | 8.7% | 8.3% | 1.1 |
 REAL | $4B | -19.1 | 449.7 | 205.1 | 69.8% | -3.5% | — | — | 51.1 |
 RVLV | $1B | 23.5 | 15.0 | 30.0 | 53.5% | 6.1% | 13.0% | 23.5% | 0.4 |
 BIDU | $49B | 14.5 | 10.9 | 25.6 | 50.3% | 16.0% | 8.7% | 4.8% | 2.2 |
 TCOM | $36B | 15.0 | 15.6 | 12.7 | 81.3% | 26.6% | 12.8% | 8.1% | 2.7 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 16 years · Updated daily
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Start ComparisonVIPS — Frequently Asked Questions
Quick answers to the most common questions about buying VIPS stock.
What is Vipshop Holdings Limited's P/E ratio?
Vipshop Holdings Limited's current P/E ratio is 7.0x. The historical average is 4.5x. This places it at the 83th percentile of its historical range.
What is Vipshop Holdings Limited's EV/EBITDA?
Vipshop Holdings Limited's current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.2x.
What is Vipshop Holdings Limited's ROE?
Vipshop Holdings Limited's return on equity (ROE) is 19.3%. The historical average is 23.0%.
Is VIPS stock overvalued?
Based on historical data, Vipshop Holdings Limited is trading at a P/E of 7.0x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Vipshop Holdings Limited's dividend yield?
Vipshop Holdings Limited's current dividend yield is 3.11% with a payout ratio of 21.8%.
What are Vipshop Holdings Limited's profit margins?
Vipshop Holdings Limited has 23.5% gross margin and 8.5% operating margin.
How much debt does Vipshop Holdings Limited have?
Vipshop Holdings Limited's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.