Full Truck Alliance Co Ltd (YMM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the YMM SEC filings page.
Full Truck Alliance Co Ltd (YMM) reported $1.8B in revenue for fiscal year 2025, up 16.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Operating leverage and cash conversion turned accelerating revenue into a high-margin, low-reinvestment business without balance-sheet strain.
In FY2025, operating cash flow exceeded net income:$662M versus$638M , indicating reported earnings translated into cash rather than being absorbed by operating balances. Free cash flow reached$643M against only$19M of capital expenditures, revealing that the model currently requires little physical reinvestment to support its cash output.
Gross margin rose from
Liabilities were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Full Truck Alliance Co Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Full Truck Alliance Co Ltd has an operating margin of 33.2%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is up from 22.0% the prior year.
Full Truck Alliance Co Ltd's revenue surged 16.0% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 84/100.
Full Truck Alliance Co Ltd carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 8.09, Full Truck Alliance Co Ltd holds $8.09 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 96/100.
Full Truck Alliance Co Ltd converts 36.0% of revenue into free cash flow ($643.1M). This strong cash generation earns a score of 95/100.
Full Truck Alliance Co Ltd's ROE of 11.0% shows moderate profitability relative to equity, earning a score of 42/100. This is up from 8.3% the prior year.
Full Truck Alliance Co Ltd scores 12.78, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.6B) relative to total liabilities ($436.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Full Truck Alliance Co Ltd passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Full Truck Alliance Co Ltd generates $1.04 in operating cash flow ($661.6M OCF vs $637.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Full Truck Alliance Co Ltd held $867.4M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
YMM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
YMM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K |
|---|---|---|---|---|---|
| Total Assets | $6.3B+12.1% | $5.7B+2.1% | $5.5B+4.2% | $5.3B-1.4% | $5.4B |
| Current Assets | $3.3B-11.7% | $3.7B+10.5% | $3.4B-24.8% | $4.5B-0.9% | $4.5B |
| Cash & Equivalents | $867.4M+9.0% | $796.0M-16.5% | $953.7M+28.0% | $744.8M+10.8% | $672.3M |
| Short-Term Investments | $1.6B-23.1% | $2.1B+26.7% | $1.6B-46.9% | $3.1B-9.9% | $3.4B |
| Accounts Receivable | $10.7M+299.3% | $2.7M-18.4% | $3.3M+74.8% | $1.9M-58.7% | $4.6M |
| Long-Term Investments | $0-100.0% | $1.4B-13.3% | $1.6B+506.4% | $257.2M-2.3% | $263.4M |
| Goodwill | $575.6M+34.5% | $428.1M-2.7% | $440.1M-2.9% | $453.1M-7.6% | $490.4M |
| Total Liabilities | $436.2M+1.0% | $431.8M-11.2% | $486.3M+16.1% | $418.9M-7.0% | $450.3M |
| Current Liabilities | $407.7M-1.5% | $413.7M-10.3% | $461.2M+16.5% | $396.1M-7.7% | $429.0M |
| Non-Current Liabilities | $28.5M+57.8% | $18.1M-28.0% | $25.1M+9.9% | $22.8M+7.2% | $21.3M |
| Total Equity | $5.8B+12.2% | $5.2B+2.9% | $5.0B+2.8% | $4.9B-1.4% | $4.9B |
| Retained Earnings | -$1.0B+35.6% | -$1.6B+23.2% | -$2.0B+15.8% | -$2.4B+9.8% | -$2.7B |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
YMM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
YMM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Full Truck Alliance Co Ltd YMM | FY2025 | $1.8B | $637.6M | 35.7% | $8.6B | 78/100 |
| Duolingo, Inc. DUOL | FY2025 | $1.0B | $414.1M | 39.9% | $6.5B | 68/100 |
| Dynatrace Inc DT | FY2026 | $2.0B | $163.0M | 8.1% | $14.6B | 67/100 |
| Manhattan Associates Inc MANH | FY2025 | $1.1B | $219.9M | 20.3% | $12.0B | 68/100 |
| Paycom Software Inc PAYC | FY2025 | $2.1B | $453.4M | 22.1% | $9.7B | 63/100 |
| Bentley Systems Inc BSY | FY2025 | $1.5B | $277.9M | 18.5% | $9.7B | 61/100 |
Where Full Truck Alliance Co Ltd Ranks
Frequently Asked Questions
What is Full Truck Alliance Co Ltd's annual revenue?
Full Truck Alliance Co Ltd (YMM) reported $1.8B in total revenue for fiscal year 2025. This represents a 16.0% 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 Full Truck Alliance Co Ltd's revenue growing?
Full Truck Alliance Co Ltd (YMM) revenue grew by 16.0% year-over-year, from $1.5B to $1.8B in fiscal year 2025.
Is Full Truck Alliance Co Ltd profitable?
Yes, Full Truck Alliance Co Ltd (YMM) reported a net income of $637.6M in fiscal year 2025, with a net profit margin of 35.7%.
What is Full Truck Alliance Co Ltd's EBITDA?
Full Truck Alliance Co Ltd (YMM) had EBITDA of $607.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Full Truck Alliance Co Ltd's gross margin?
Full Truck Alliance Co Ltd (YMM) had a gross margin of 63.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Full Truck Alliance Co Ltd's operating margin?
Full Truck Alliance Co Ltd (YMM) had an operating margin of 33.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Full Truck Alliance Co Ltd's net profit margin?
Full Truck Alliance Co Ltd (YMM) had a net profit margin of 35.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Full Truck Alliance Co Ltd's return on equity (ROE)?
Full Truck Alliance Co Ltd (YMM) has a return on equity of 11.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Full Truck Alliance Co Ltd's free cash flow?
Full Truck Alliance Co Ltd (YMM) generated $643.1M in free cash flow during fiscal year 2025. This represents a 62.1% 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 Full Truck Alliance Co Ltd's operating cash flow?
Full Truck Alliance Co Ltd (YMM) generated $661.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Full Truck Alliance Co Ltd's total assets?
Full Truck Alliance Co Ltd (YMM) had $6.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Full Truck Alliance Co Ltd's capital expenditures?
Full Truck Alliance Co Ltd (YMM) invested $18.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Full Truck Alliance Co Ltd spend on research and development?
Full Truck Alliance Co Ltd (YMM) invested $125.0M in research and development during fiscal year 2025.
What is Full Truck Alliance Co Ltd's current ratio?
Full Truck Alliance Co Ltd (YMM) had a current ratio of 8.09 as of fiscal year 2025, which is generally considered healthy.
What is Full Truck Alliance Co Ltd's debt-to-equity ratio?
Full Truck Alliance Co Ltd (YMM) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Full Truck Alliance Co Ltd's return on assets (ROA)?
Full Truck Alliance Co Ltd (YMM) had a return on assets of 10.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Full Truck Alliance Co Ltd's P/E ratio?
Full Truck Alliance Co Ltd (YMM) trades at 13.5x earnings, its market capitalization divided by net income of $637.6M net income, FY2025. The market capitalization is $8.6B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Full Truck Alliance Co Ltd's price-to-sales ratio?
Full Truck Alliance Co Ltd (YMM) trades at 4.8x sales, its market capitalization divided by revenue of $1.8B revenue, FY2025. The market capitalization is $8.6B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Full Truck Alliance Co Ltd's Altman Z-Score?
Full Truck Alliance Co Ltd (YMM) has an Altman Z-Score of 12.78, 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 Full Truck Alliance Co Ltd's Piotroski F-Score?
Full Truck Alliance Co Ltd (YMM) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Full Truck Alliance Co Ltd's earnings high quality?
Full Truck Alliance Co Ltd (YMM) has an earnings quality ratio of 1.04x, 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.
How financially healthy is Full Truck Alliance Co Ltd?
Full Truck Alliance Co Ltd (YMM) scores 78 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.