Vipshop Holdings Limited Financials

VIPS

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Vipshop Holdings Limited (VIPS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 45/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Vipshop Holdings Limited has an operating margin of 8.5%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is up from 8.1% the prior year.

Growth

Vipshop Holdings Limited's revenue declined 6.6% year-over-year, from $15.9B to $14.9B. This contraction results in a growth score of 10/100.

Leverage

Vipshop Holdings Limited carries a low D/E ratio of 0.84, meaning only $0.84 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Vipshop Holdings Limited's current ratio of 1.26 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Vipshop Holdings Limited has a free cash flow margin of 5.9%, earning a moderate score of 30/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Vipshop Holdings Limited earns a strong 19.6% return on equity (ROE), meaning it generates $20 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is down from 22.2% the prior year.

Altman Z-Score Safe

3.92

Vipshop Holdings Limited scores 3.92, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Vipshop Holdings Limited passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.16x

For every $1 of reported earnings, Vipshop Holdings Limited generates $1.16 in operating cash flow ($1.3B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

159.0x

Vipshop Holdings Limited earns $159.0 in operating income for every $1 of interest expense ($1.3B vs $7.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Revenue

$14.9B

YoY-6.6%

5Y CAGR+2.1%

10Y CAGR+14.7%

Vipshop Holdings Limited generated $14.9B in revenue in fiscal year 2024. This represents a decrease of 6.6% from the prior year.

EBITDA

$1.5B

YoY-1.0%

5Y CAGR+12.5%

10Y CAGR+22.3%

Vipshop Holdings Limited's EBITDA was $1.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.0% from the prior year.

Free Cash Flow

$877.6M

YoY-49.1%

5Y CAGR-7.4%

10Y CAGR+13.4%

Vipshop Holdings Limited generated $877.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 49.1% from the prior year.

Net Income

$1.1B

YoY-7.0%

5Y CAGR+13.4%

10Y CAGR+24.2%

Vipshop Holdings Limited reported $1.1B in net income in fiscal year 2024. This represents a decrease of 7.0% from the prior year.

EPS (Diluted)

$9.83

YoY-3.2%

5Y CAGR+18.3%

Vipshop Holdings Limited earned $9.83 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 3.2% from the prior year.

Cash & Debt

$3.6B

YoY+0.9%

5Y CAGR+30.8%

10Y CAGR+17.2%

Vipshop Holdings Limited held $3.6B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

23.5%

YoY+0.7pp

5Y CAGR+1.3pp

10Y CAGR-1.4pp

Vipshop Holdings Limited's gross margin was 23.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin

8.5%

YoY+0.4pp

5Y CAGR+3.3pp

10Y CAGR+4.9pp

Vipshop Holdings Limited's operating margin was 8.5% in fiscal year 2024, reflecting core business profitability. This is up 0.4 percentage points from the prior year.

Net Margin

7.2%

YoY-0.0pp

5Y CAGR+2.9pp

10Y CAGR+4.0pp

Vipshop Holdings Limited's net profit margin was 7.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.0 percentage points from the prior year.

Return on Equity

19.6%

YoY-2.6pp

5Y CAGR+1.3pp

10Y CAGR-10.3pp

Vipshop Holdings Limited's ROE was 19.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$529.6M

YoY-26.4%

Vipshop Holdings Limited spent $529.6M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 26.4% from the prior year.

Capital Expenditures

$373.1M

YoY+22.2%

5Y CAGR-4.7%

10Y CAGR+3.8%

Vipshop Holdings Limited invested $373.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 22.2% from the prior year.

VIPS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$14.9B-6.6%	$15.9B+6.3%	$15.0B-18.6%	$18.4B+17.7%	$15.6B+16.9%	$13.4B
Cost of Revenue	$11.4B-7.4%	$12.3B+3.8%	$11.8B-19.8%	$14.7B+19.4%	$12.3B+18.9%	$10.4B
Gross Profit	$3.5B-3.7%	$3.6B+15.6%	$3.1B-13.6%	$3.6B+11.2%	$3.3B+9.8%	$3.0B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$547.0M-6.3%	$584.0M-9.7%	$646.6M-1.7%	$657.5M+14.4%	$574.5M-1.6%	$583.8M
Operating Income	$1.3B-2.0%	$1.3B+42.7%	$898.5M+2.6%	$876.0M-2.5%	$898.1M+31.0%	$685.7M
Interest Expense	$7.9M+144.6%	$3.2M-8.2%	$3.5M+55.0%	$2.3M-78.0%	$10.3M-16.4%	$12.4M
Income Tax	$317.2M+20.7%	$262.8M+3.1%	$255.0M+32.9%	$191.9M+10.8%	$173.2M+22.6%	$141.3M
Net Income	$1.1B-7.0%	$1.2B+26.2%	$915.1M+24.3%	$736.4M-18.8%	$907.2M+58.4%	$572.6M
EPS (Diluted)	$9.83-3.2%	$10.16+42.5%	$7.13+34.8%	$5.29-19.4%	$6.56+54.4%	$4.25

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VIPS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$10.3B+0.8%	$10.2B+7.3%	$9.5B-2.9%	$9.8B+8.2%	$9.0B+29.4%	$7.0B
Current Assets	$5.2B-2.1%	$5.3B+8.2%	$4.9B-5.1%	$5.2B+7.9%	$4.8B+44.4%	$3.3B
Cash & Equivalents	$3.6B+0.9%	$3.6B+12.5%	$3.2B+24.4%	$2.6B+39.1%	$1.8B+94.7%	$944.3M
Inventory	$689.4M-13.3%	$795.0M-0.6%	$799.7M-25.8%	$1.1B-8.0%	$1.2B+5.8%	$1.1B
Accounts Receivable	$125.4M+14.3%	$109.7M+33.3%	$82.3M+14.2%	$72.0M+40.5%	$51.3M-72.5%	$186.1M
Goodwill	$103.5M-2.7%	$106.4M-2.9%	$109.5M+18.4%	$92.5M+1.6%	$91.0M+167.6%	$34.0M
Total Liabilities	$4.6B-3.8%	$4.8B+4.4%	$4.6B+1.9%	$4.5B-1.4%	$4.5B+19.7%	$3.8B
Current Liabilities	$4.1B-4.9%	$4.3B+4.3%	$4.1B+2.3%	$4.0B-0.7%	$4.1B+18.5%	$3.4B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$9.3M
Total Equity	$5.5B+5.2%	$5.2B+9.6%	$4.7B-7.3%	$5.1B+17.2%	$4.4B+39.3%	$3.1B
Retained Earnings	$5.9B+13.3%	$5.2B+24.6%	$4.2B+18.4%	$3.5B+29.4%	$2.7B+58.7%	$1.7B

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Total Assets	$10.3B+0.8%	$10.2B+7.3%	$9.5B-2.9%	$9.8B+8.2%	$9.0B+29.4%	$7.0B+10.1%	$6.3B+8.5%	$5.8B
Current Assets	$5.2B-2.1%	$5.3B+8.2%	$4.9B-5.1%	$5.2B+7.9%	$4.8B+44.4%	$3.3B-16.8%	$4.0B-0.2%	$4.0B
Cash & Equivalents	$3.6B+0.9%	$3.6B+12.5%	$3.2B+24.4%	$2.6B+39.1%	$1.8B+94.7%	$944.3M-32.0%	$1.4B-9.5%	$1.5B
Inventory	$689.4M-13.3%	$795.0M-0.6%	$799.7M-25.8%	$1.1B-8.0%	$1.2B+5.8%	$1.1B+41.8%	$780.8M-27.0%	$1.1B
Accounts Receivable	$125.4M+14.3%	$109.7M+33.3%	$82.3M+14.2%	$72.0M+40.5%	$51.3M-72.5%	$186.1M-77.4%	$825.4M+11.8%	$738.3M
Goodwill	$103.5M-2.7%	$106.4M-2.9%	$109.5M+18.4%	$92.5M+1.6%	$91.0M+167.6%	$34.0M-36.3%	$53.4M-5.4%	$56.4M
Total Liabilities	$4.6B-3.8%	$4.8B+4.4%	$4.6B+1.9%	$4.5B-1.4%	$4.5B+19.7%	$3.8B-1.3%	$3.8B+5.1%	$3.6B
Current Liabilities	$4.1B-4.9%	$4.3B+4.3%	$4.1B+2.3%	$4.0B-0.7%	$4.1B+18.5%	$3.4B-8.9%	$3.8B+27.5%	$3.0B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$9.3M	N/A	N/A
Total Equity	$5.5B+5.2%	$5.2B+9.6%	$4.7B-7.3%	$5.1B+17.2%	$4.4B+39.3%	$3.1B+24.9%	$2.5B+14.3%	$2.2B
Retained Earnings	$5.9B+13.3%	$5.2B+24.6%	$4.2B+18.4%	$3.5B+29.4%	$2.7B+58.7%	$1.7B+48.9%	$1.2B+33.6%	$861.1M

VIPS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.3B-38.4%	$2.0B+33.1%	$1.5B+44.1%	$1.1B-41.6%	$1.8B+2.6%	$1.8B
Capital Expenditures	$373.1M+22.2%	$305.2M-13.4%	$352.4M-17.8%	$428.8M+25.1%	$342.9M-27.7%	$474.5M
Free Cash Flow	$877.6M-49.1%	$1.7B+47.1%	$1.2B+86.3%	$629.6M-57.1%	$1.5B+13.8%	$1.3B
Investing Cash Flow	-$488.5M+32.8%	-$726.8M-577.8%	$152.1M+141.7%	-$365.1M+64.4%	-$1.0B+13.3%	-$1.2B
Financing Cash Flow	-$680.8M+21.4%	-$865.6M-7.1%	-$808.1M-8659.5%	-$9.2M-188.8%	-$3.2M+99.6%	-$898.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$529.6M-26.4%	$719.3M-20.7%	$907.3M+198.2%	$304.2M	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VIPS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	23.5%+0.7pp	22.8%+1.8pp	21.0%+1.2pp	19.7%-1.2pp	20.9%-1.3pp	22.2%
Operating Margin	8.5%+0.4pp	8.1%+2.1pp	6.0%+1.2pp	4.8%-1.0pp	5.8%+0.6pp	5.1%
Net Margin	7.2%-0.0pp	7.3%+1.2pp	6.1%+2.1pp	4.0%-1.8pp	5.8%+1.5pp	4.3%
Return on Equity	19.6%-2.6pp	22.2%+2.9pp	19.3%+4.9pp	14.4%-6.4pp	20.8%+2.5pp	18.3%
Return on Assets	10.5%-0.9pp	11.3%+1.7pp	9.6%+2.1pp	7.5%-2.5pp	10.0%+1.8pp	8.2%
Current Ratio	1.26+0.0	1.23+0.0	1.18-0.1	1.27+0.1	1.17+0.2	0.96
Debt-to-Equity	0.84-0.1	0.91-0.0	0.96+0.1	0.87-0.2	1.04+1.0	0.00
FCF Margin	5.9%-4.9pp	10.8%+3.0pp	7.8%+4.4pp	3.4%-6.0pp	9.4%-0.3pp	9.7%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.26+0.0	1.23+0.0	1.18-0.1	1.27+0.1	1.17+0.2	0.96-0.1	1.05-0.3	1.35
Debt-to-Equity	0.84-0.1	0.91-0.0	0.96+0.1	0.87-0.2	1.04+1.0	0.00-1.5	1.53-0.1	1.66
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Vipshop Holdings Limited's annual revenue?

Vipshop Holdings Limited (VIPS) reported $14.9B in total revenue for fiscal year 2024. This represents a -6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Vipshop Holdings Limited's revenue growing?

Vipshop Holdings Limited (VIPS) revenue declined by 6.6% year-over-year, from $15.9B to $14.9B in fiscal year 2024.

Is Vipshop Holdings Limited profitable?

Yes, Vipshop Holdings Limited (VIPS) reported a net income of $1.1B in fiscal year 2024, with a net profit margin of 7.2%.

What is Vipshop Holdings Limited's earnings per share (EPS)?

Vipshop Holdings Limited (VIPS) reported diluted earnings per share of $9.83 for fiscal year 2024. This represents a -3.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Vipshop Holdings Limited's EBITDA?

Vipshop Holdings Limited (VIPS) had EBITDA of $1.5B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Vipshop Holdings Limited's gross margin?

Vipshop Holdings Limited (VIPS) had a gross margin of 23.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Vipshop Holdings Limited's operating margin?

Vipshop Holdings Limited (VIPS) had an operating margin of 8.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Vipshop Holdings Limited's net profit margin?

Vipshop Holdings Limited (VIPS) had a net profit margin of 7.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Vipshop Holdings Limited's return on equity (ROE)?

Vipshop Holdings Limited (VIPS) has a return on equity of 19.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Vipshop Holdings Limited's free cash flow?

Vipshop Holdings Limited (VIPS) generated $877.6M in free cash flow during fiscal year 2024. This represents a -49.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Vipshop Holdings Limited's operating cash flow?

Vipshop Holdings Limited (VIPS) generated $1.3B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Vipshop Holdings Limited's total assets?

Vipshop Holdings Limited (VIPS) had $10.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Vipshop Holdings Limited's capital expenditures?

Vipshop Holdings Limited (VIPS) invested $373.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Vipshop Holdings Limited buy back shares?

Yes, Vipshop Holdings Limited (VIPS) spent $529.6M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Vipshop Holdings Limited's current ratio?

Vipshop Holdings Limited (VIPS) had a current ratio of 1.26 as of fiscal year 2024, which is considered adequate.

What is Vipshop Holdings Limited's debt-to-equity ratio?

Vipshop Holdings Limited (VIPS) had a debt-to-equity ratio of 0.84 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vipshop Holdings Limited's return on assets (ROA)?

Vipshop Holdings Limited (VIPS) had a return on assets of 10.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Vipshop Holdings Limited's Altman Z-Score?

Vipshop Holdings Limited (VIPS) has an Altman Z-Score of 3.92, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Vipshop Holdings Limited's Piotroski F-Score?

Vipshop Holdings Limited (VIPS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vipshop Holdings Limited's earnings high quality?

Vipshop Holdings Limited (VIPS) has an earnings quality ratio of 1.16x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Vipshop Holdings Limited cover its interest payments?

Vipshop Holdings Limited (VIPS) has an interest coverage ratio of 159.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Vipshop Holdings Limited?

Vipshop Holdings Limited (VIPS) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.