Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 2.5x · ROE 16.8%. (2009–2025 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 | $6.2B | $9.1B | $7.3B | $10.0B | $9.5B | $5.8B | $19.4B | $9.6B | $3.8B | $7.4B | $6.9B |
| Enterprise Value | $3.6B | $-8629524200 | $-15833211400 | $-13036408400 | $-8686443000 | $-7187464000 | $10.1B | $6.0B | $923M | $3.2B | $7.2B |
| P/E Ratio → | 6.00 | 1.25 | 0.94 | 1.23 | 1.39 | 1.24 | 3.28 | 2.40 | 1.80 | 3.67 | 3.27 |
| P/S Ratio | 0.39 | 0.09 | 0.07 | 0.09 | 0.09 | 0.05 | 0.19 | 0.10 | 0.05 | 0.10 | 0.12 |
| P/B Ratio | 0.98 | 0.20 | 0.17 | 0.26 | 0.28 | 0.17 | 0.66 | 0.43 | 0.22 | 0.52 | 1.20 |
| P/FCF | — | — | 1.30 | 1.09 | 1.28 | 1.84 | 2.03 | 1.20 | 1.78 | — | 150.88 |
| P/OCF | — | — | 0.80 | 0.69 | 0.90 | 0.86 | 1.64 | 0.78 | 0.67 | 7.51 | 2.45 |
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 | — | -0.08 | -0.15 | -0.12 | -0.08 | -0.06 | 0.10 | 0.06 | 0.01 | 0.04 | 0.13 |
| EV / EBITDA | 2.52 | -0.90 | -1.49 | -1.25 | -1.17 | -1.07 | 1.47 | 1.06 | 0.28 | 0.84 | 1.95 |
| EV / EBIT | 2.96 | -0.93 | -1.76 | -1.43 | -1.39 | -1.31 | 1.75 | 1.08 | 0.40 | 1.21 | 2.71 |
| EV / FCF | — | — | -2.84 | -1.42 | -1.17 | -2.27 | 1.06 | 0.74 | 0.43 | — | 156.80 |
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 | 23.1% | 23.1% | 23.5% | 22.8% | 21.0% | 19.7% | 20.9% | 22.2% | 20.2% | 22.3% | 24.0% |
| Operating Margin | 7.7% | 7.7% | 8.5% | 8.1% | 6.0% | 4.8% | 5.8% | 5.1% | 2.9% | 3.7% | 4.8% |
| Net Profit Margin | 6.8% | 6.8% | 7.1% | 7.2% | 6.1% | 4.0% | 5.8% | 4.3% | 2.5% | 2.7% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.8% | 16.8% | 19.3% | 22.3% | 18.6% | 14.8% | 22.9% | 20.4% | 13.5% | 19.5% | 43.4% |
| ROA | 9.4% | 9.4% | 10.5% | 11.8% | 9.9% | 7.7% | 11.0% | 8.7% | 5.2% | 6.2% | 9.0% |
| ROIC | 27.0% | 27.0% | 40.5% | 43.4% | 25.3% | 20.5% | 22.7% | 21.8% | 14.9% | 25.1% | 38.7% |
| ROCE | 17.5% | 17.5% | 21.2% | 23.2% | 16.9% | 16.2% | 20.6% | 22.6% | 13.3% | 18.4% | 29.5% |
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 | 0.15 | 0.15 | 0.08 | 0.06 | 0.11 | 0.10 | 0.09 | 0.13 | 0.39 | 0.40 | 0.76 |
| Debt / EBITDA | 0.68 | 0.68 | 0.31 | 0.23 | 0.51 | 0.49 | 0.39 | 0.51 | 2.05 | 1.54 | 1.19 |
| Net Debt / Equity | — | -0.40 | -0.56 | -0.60 | -0.53 | -0.38 | -0.32 | -0.17 | -0.17 | -0.30 | 0.05 |
| Net Debt / EBITDA | -1.85 | -1.85 | -2.18 | -2.21 | -2.44 | -1.94 | -1.35 | -0.66 | -0.90 | -1.12 | 0.07 |
| Debt / FCF | — | — | -4.15 | -2.51 | -2.45 | -4.11 | -0.97 | -0.46 | -1.35 | — | 5.93 |
| Interest Coverage | 106.14 | 106.14 | 155.90 | 396.68 | 258.43 | 378.57 | 85.71 | 64.03 | 14.52 | 31.75 | 31.19 |
Net cash position: cash ($24.1B) exceeds total debt ($6.5B)
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 | 1.28 | 1.28 | 1.26 | 1.23 | 1.18 | 1.27 | 1.17 | 0.96 | 1.05 | 1.35 | 1.00 |
| Quick Ratio | 1.12 | 1.12 | 1.10 | 1.04 | 0.99 | 1.01 | 0.89 | 0.64 | 0.85 | 0.98 | 0.66 |
| Cash Ratio | 0.97 | 0.97 | 0.94 | 0.89 | 0.83 | 0.84 | 0.73 | 0.40 | 0.46 | 0.53 | 0.33 |
| Asset Turnover | — | 1.34 | 1.45 | 1.56 | 1.58 | 1.88 | 1.73 | 1.91 | 1.94 | 1.92 | 2.26 |
| Inventory Turnover | 15.79 | 15.79 | 16.48 | 15.44 | 14.78 | 13.69 | 10.54 | 9.38 | 12.57 | 8.13 | 8.69 |
| Days Sales Outstanding | — | 5.73 | 10.62 | 7.72 | 9.46 | 8.60 | 1.20 | 3.88 | 23.67 | 23.95 | 15.02 |
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 | — | — | 23.2% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 21.8% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 16.7% | 80.0% | 106.5% | 81.2% | 72.1% | 80.4% | 30.5% | 41.6% | 55.7% | 27.2% | 30.6% |
| FCF Yield | — | — | 76.6% | 91.9% | 78.4% | 54.3% | 49.2% | 83.1% | 56.3% | — | 0.7% |
| Buyback Yield | 0.0% | 0.0% | 53.2% | 51.1% | 66.1% | 33.3% | 0.0% | 0.0% | 0.0% | 0.0% | 2.8% |
| Total Shareholder Yield | 0.0% | 0.0% | 76.4% | 51.1% | 66.1% | 33.3% | 0.0% | 0.0% | 0.0% | 0.0% | 2.8% |
| Shares Outstanding | — | $512M | $539M | $563M | $694M | $694M | $690M | $680M | $700M | $629M | $629M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying VIPS stock.
Vipshop Holdings Limited's current P/E ratio is 6.0x. The historical average is 4.3x. This places it at the 85th percentile of its historical range.
Vipshop Holdings Limited's current EV/EBITDA is 2.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.2x.
Vipshop Holdings Limited's return on equity (ROE) is 16.8%. The historical average is 20.3%.
Based on historical data, Vipshop Holdings Limited is trading at a P/E of 6.0x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vipshop Holdings Limited has 23.1% gross margin and 7.7% operating margin.
Vipshop Holdings Limited's Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Structural revenue decline in core model
Deep Value Pricing Amidst Growth Concerns
Vipshop trades at a profound discount to peers, with a P/E of 6.20 and EV/EBITDA of 2.67, suggesting the market is pricing in severe structural headwinds to its flash-sale model rather than its current profitability.
The valuation multiples are exceptionally low compared to peers like JD.com (P/E 14.45) and PDD (P/E 8.41), indicating the market views Vipshop as a mature, low-growth entity. The forward P/E of 0.83 implies an expectation of significant earnings contraction, which aligns with the observed revenue decline. This deep value pricing may offer a margin of safety, but it also reflects a fundamental skepticism about the company's ability to re-accelerate growth in a competitive e-commerce landscape.
Margin Resilience Under Volume Pressure
Despite a sustained revenue contraction, Vipshop's gross margin has remained stable within a 22.9%-24.4% band over ten quarters, indicating disciplined procurement, though operating margin compression to 6.1% in Q2 2026 suggests rising fixed costs.
The stability in gross margin is a positive signal for the core liquidation model's pricing discipline. However, the decline in operating margin from a peak of 10.0% in Q1 2024 to 6.1% in Q2 2026 points to negative operating leverage, where SG&A and other fixed costs are not scaling down with revenue. The volatile net margin, which spiked to 17.4% in Q2 2026, appears driven by non-operating items rather than core operational improvement, making it an unreliable indicator of true earning power.
Declining Returns on Invested Capital
Return on Invested Capital (ROIC) has trended downward from a high of 12.4% in Q1 2024 to 4.2% in Q2 2026, suggesting the company's capital base is expanding faster than its ability to generate profits from it.
The declining ROIC trend is concerning as it indicates a deterioration in capital efficiency. This is likely driven by the combination of revenue contraction and the significant increase in total assets, which grew 21% over the period. The ROE, while volatile, has also shown a downward trend from its peaks, confirming that the business is generating lower returns for shareholders. This pattern suggests the company may be in a phase of capital absorption without corresponding profit growth.
Low Leverage with Rising Debt Trajectory
While Vipshop's debt-to-equity ratio of 0.24 remains conservative relative to peers, total debt has tripled from $3.2B to $11.6B since Q1 2024, a trajectory that warrants monitoring despite the current comfortable interest coverage of 30.75x.
The company maintains a fortress-like balance sheet with minimal leverage, as evidenced by the low D/E ratio and high interest coverage. However, the rapid absolute increase in debt is notable, especially as it appears to be funding asset growth rather than being supported by retained earnings. This shift from a near-zero debt base to a more meaningful, though still low, leverage level could indicate a change in capital allocation strategy or a need to fund operations amid slowing organic cash generation.
Substantial Cash Buffer with Data Opacity
Vipshop holds a massive cash position of $29.2B, representing 34% of total assets, providing a formidable liquidity buffer, yet the reported zero operating cash flow for ten quarters prevents a true assessment of cash generation.
The current and quick ratios above 1.2 indicate ample short-term liquidity. The enormous cash hoard is a key defensive strength, insulating the company from refinancing risk and providing resources for strategic pivots. However, the complete absence of reported operating cash flow data is a critical analytical gap. It obscures whether this cash pile is being generated from core operations, accumulated from past earnings, or built through debt issuance, making it impossible to assess the sustainability of the liquidity position.
The Misapplied Efficiency Metric
The Cash Conversion Cycle (CCC) is the ratio most commonly misapplied to Vipshop, as its negative value, driven by long supplier payment terms, is often misinterpreted as superior efficiency rather than a reflection of its unique liquidation-based business model.
Vipshop's negative CCC, ranging from -17 to -34 days, is structurally embedded in its role as a secondary liquidation channel. It collects from customers quickly (DSO of 5-19 days) but pays suppliers much later (DPO of 45-69 days). This is not a sign of operational efficiency in the traditional sense but a feature of its business model where it holds inventory for short periods (DIO of 17-26 days) and leverages its position to secure extended payment terms from brands needing to clear stock. Comparing this CCC to a primary retailer like JD.com would be misleading, as it reflects a fundamentally different relationship with suppliers and inventory.