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 Oct 23, 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 7 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).
Turning growth into cash: FY2025 paired $1.8B revenue with $662M operating cash flow and light reinvestment.
From FY2023 to FY2025, revenue rose50.3% while gross profit rose85.1% . SG&A discipline was visible as it rose only14.6% while gross margin expanded 11.8 percentage points, so profit improvement reflects costs scaling more slowly than revenue alongside better gross economics.
In FY2025, operating cash flow of
Liabilities were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 results in a moderate score of 64/100, indicating healthy but not exceptional operating efficiency. 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.
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 10.8% shows moderate profitability relative to equity, earning a score of 41/100. This is up from 8.2% the prior year.
Full Truck Alliance Co. Ltd. scores 12.75, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $8.6B against total liabilities of $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
Full Truck Alliance Co. Ltd. generated $1.8B in revenue in fiscal year 2025. This represents an increase of 16.0% from the prior year.
Full Truck Alliance Co. Ltd.'s EBITDA was $607.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 73.6% from the prior year.
Full Truck Alliance Co. Ltd. reported $637.6M in net income in fiscal year 2025. This represents an increase of 49.0% from the prior year.
Full Truck Alliance Co. Ltd. earned $0.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 46.3% from the prior year.
Cash & Balance Sheet
Full Truck Alliance Co. Ltd. generated $643.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 62.1% from the prior year.
Full Truck Alliance Co. Ltd. held $867.4M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
Full Truck Alliance Co. Ltd.'s gross margin was 63.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 8.4 percentage points from the prior year.
Full Truck Alliance Co. Ltd.'s operating margin was 33.2% in fiscal year 2025, reflecting core business profitability. This is up 11.2 percentage points from the prior year.
Full Truck Alliance Co. Ltd.'s net profit margin was 35.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.9 percentage points from the prior year.
Full Truck Alliance Co. Ltd.'s ROE was 10.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.6 percentage points from the prior year.
Capital Allocation
Full Truck Alliance Co. Ltd. invested $125.0M in research and development in fiscal year 2025. This represents an increase of 3.7% from the prior year.
Full Truck Alliance Co. Ltd. spent $5.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. The change from the prior year is not meaningful, because that figure was zero or negative.
Full Truck Alliance Co. Ltd. invested $18.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 80.6% from the prior year.
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.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+16.0% | $1.5B+29.6% | $1.2B+21.7% | $976.3M+33.6% | $730.8M+84.8% | $395.5M+11.3% | $355.2M |
| Cost of Revenue | $660.5M-5.5% | $698.8M+20.4% | $580.2M+13.9% | $509.6M+27.8% | $398.6M+97.6% | $201.7M+1.0% | $199.6M |
| Gross Profit | $1.1B+33.8% | $840.9M+38.3% | $608.1M+30.3% | $466.7M+40.5% | $332.2M+71.4% | $193.8M+24.6% | $155.6M |
| R&D Expenses | $125.0M+3.7% | $120.6M-9.6% | $133.3M+0.6% | $132.5M+15.8% | $114.5M+80.7% | $63.4M+11.2% | $57.0M |
| SG&A Expenses | $351.4M+2.2% | $343.9M+12.2% | $306.6M-8.9% | $336.4M-58.0% | $801.6M+19.1% | $673.2M+194.3% | $228.8M |
| Operating Income | $592.9M+74.9% | $339.1M+141.4% | $140.5Mn/m | -$23.5Mn/m | -$595.7Mn/m | -$554.0Mn/m | -$146.6M |
| EBITDA | $607.2M+73.6% | $349.7M+131.6% | $151.0Mn/m | -$10.7Mn/m | -$585.1Mn/m | -$544.2Mn/m | -$136.4M |
| Interest Expense | N/A | $0n/m | $0-100.0% | $25K+304.2% | $6K-99.5% | $1.3M-77.7% | $5.7M |
| Income Tax | $132.9M+305.1% | $32.8M+118.0% | $15.0M+8.0% | $13.9M+525.3% | $2.2M-24.9% | $3.0Mn/m | -$2.1M |
| Net Income | $637.6M+49.0% | $427.9M+36.4% | $313.7M+425.3% | $59.7Mn/m | -$573.5Mn/m | -$531.9Mn/m | -$218.9M |
| EPS (Basic) | $0.03+46.3% | $0.02+45.4% | $0.01+386.2% | $0.00 | -$0.05 | -$0.16n/m | -$0.07 |
| EPS (Diluted) | $0.03+46.3% | $0.02+45.4% | $0.01+386.2% | $0.00 | -$0.05 | -$0.16n/m | -$0.07 |
| Diluted Shares (Avg) | 20.93B+0.1% | 20.90B-1.2% | 21.16B-1.9% | 21.58B | 13.45B | 3.42B+3.8% | 3.30B |
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 | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $6.3B+12.1% | $5.7B+2.1% | $5.5B+4.2% | $5.3B-1.4% | $5.4B+40.1% | $3.9B | N/A |
| Current Assets | $3.3B-11.7% | $3.7B+10.5% | $3.4B-24.8% | $4.5B-0.9% | $4.5B+43.1% | $3.2B | N/A |
| Cash & Equivalents | $867.4M+9.0% | $796.0M-16.5% | $953.7M+28.0% | $744.8M+10.8% | $672.3M-56.4% | $1.5B+169.4% | $572.2M |
| Short-Term Investments | $1.6B-23.1% | $2.1B+26.7% | $1.6B-46.9% | $3.1B-9.9% | $3.4B+153.7% | $1.3Bn/m | $0 |
| Accounts Receivable | $10.7M+299.2% | $2.7M-18.4% | $3.3M+74.8% | $1.9M-58.7% | $4.6M-14.1% | $5.3M | N/A |
| Long-Term Investments | $0-100.0% | $1.4B-13.3% | $1.6B+506.4% | $257.2M-2.3% | $263.4M+96.4% | $134.1Mn/m | $0 |
| Goodwill | $575.6M+34.5% | $428.1M-2.7% | $440.1M-2.9% | $453.1M-7.6% | $490.4M+11.7% | $439.1M | N/A |
| Total Liabilities | $436.2M+1.0% | $431.8M-11.2% | $486.3M+16.1% | $418.9M-7.0% | $450.3M-91.3% | $5.2B | N/A |
| Current Liabilities | $407.7M-1.5% | $413.7M-10.3% | $461.2M+16.5% | $396.1M-7.7% | $429.0M+42.6% | $300.7M | N/A |
| Non-Current Liabilities | $28.5M+57.8% | $18.1M-28.0% | $25.1M+9.9% | $22.8M+7.2% | $21.3M+17.0% | $18.2M | N/A |
| Total Equity | $5.9B+13.0% | $5.2B+4.1% | $5.0B+2.8% | $4.9B-1.4% | $4.9Bn/m | -$1.3Bn/m | -$1.0B |
| Retained Earnings | -$1.0Bn/m | -$1.6Bn/m | -$2.0Bn/m | -$2.4Bn/m | -$2.7Bn/m | -$2.0B | N/A |
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.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $661.6M+62.6% | $406.9M+27.3% | $319.7Mn/m | -$2.3Mn/m | -$33.2M-137.7% | $88.1Mn/m | -$132.7M |
| Depreciation & Amortization | $14.3M+34.0% | $10.7M+1.4% | $10.5M-17.8% | $12.8M+21.1% | $10.6M+8.4% | $9.8M-3.9% | $10.2M |
| Stock-Based Compensation | $40.3M-40.8% | $68.0M+9.3% | $62.2M-53.3% | $133.3M-76.6% | $569.4M+14.2% | $498.7M+662.1% | $65.4M |
| Capital Expenditures | $18.5M+80.6% | $10.3M-27.3% | $14.1M+13.8% | $12.4M+83.2% | $6.8M-16.6% | $8.1M+443.4% | $1.5M |
| Free Cash Flow | $643.1M+62.1% | $396.6M+29.8% | $305.5Mn/m | -$14.7Mn/m | -$40.0M-150.0% | $80.0Mn/m | -$134.2M |
| Investing Cash Flow | -$388.6Mn/m | -$331.5M-525.0% | $78.0M-74.8% | $309.0Mn/m | -$2.3Bn/m | -$412.4Mn/m | -$487.1M |
| Financing Cash Flow | -$236.8Mn/m | -$208.2Mn/m | -$164.4Mn/m | -$192.9M-113.8% | $1.4B+9.5% | $1.3B+424.5% | $243.2M |
| Dividends Paid | $203.8M+39.8% | $145.8Mn/m | $0n/m | $0 | N/A | N/A | N/A |
| Share Buybacks | $5.0Mn/m | $0-100.0% | $25.3Mn/m | $0n/m | $0 | N/A | N/A |
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.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | 63.0%+8.4pp | 54.6%+3.4pp | 51.2%+3.4pp | 47.8%+2.4pp | 45.5%-3.5pp | 49.0%+5.2pp | 43.8% |
| Operating Margin | 33.2%+11.2pp | 22.0%+10.2pp | 11.8%+14.2pp | -2.4%+79.1pp | -81.5% | -140.1% | -41.3% |
| Net Margin | 35.7%+7.9pp | 27.8%+1.4pp | 26.4%+20.3pp | 6.1%+84.6pp | -78.5% | -134.5% | -61.6% |
| Return on Equity | 10.8%+2.6pp | 8.2%+1.9pp | 6.3%+5.0pp | 1.2%+12.8pp | -11.6% | N/A | N/A |
| Return on Assets | 10.1%+2.5pp | 7.6%+1.9pp | 5.7%+4.5pp | 1.1%+11.7pp | -10.6%+3.2pp | -13.8% | N/A |
| Current Ratio | 8.09-0.9x | 9.03+1.7x | 7.33-4.0x | 11.35+0.8x | 10.570.0x | 10.54 | N/A |
| Liabilities-to-Equity | 0.070.0x | 0.080.0x | 0.100.0x | 0.090.0x | 0.09 | N/A | N/A |
| Asset Turnover | 0.280.0x | 0.27+0.1x | 0.210.0x | 0.180.0x | 0.140.0x | 0.10 | N/A |
| FCF Margin | 36.0%+10.2pp | 25.8%+0.1pp | 25.7%+27.2pp | -1.5%+4.0pp | -5.5%-25.7pp | 20.2%+58.0pp | -37.8% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net 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 | 77/100 |
| Duolingo, Inc. DUOL | FY2025 | $1.0B | $414.1M | 39.9% | $6.7B | 68/100 |
| Dynatrace, Inc. DT | FY2026 | $2.0B | $162.7M | 8.1% | $18.5B | 66/100 |
| Manhattan Associates Inc MANH | FY2025 | $1.1B | $219.9M | 20.3% | $13.9B | 67/100 |
| PAYCOM SOFTWARE, INC. PAYC | FY2025 | $2.1B | $453.4M | 22.1% | $12.4B | 62/100 |
| Bentley Systems, Incorporated BSY | FY2025 | $1.5B | $277.9M | 18.5% | $12.0B | 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 10.8% 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 liabilities-to-equity ratio?
Full Truck Alliance Co. Ltd. (YMM) had a liabilities-to-equity ratio of 0.07 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
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 $637.6M net income, FY2025. The market capitalization is $8.6B as of Oct 23, 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 $1.8B revenue, FY2025. The market capitalization is $8.6B as of Oct 23, 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 12.75, 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 77 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average 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.