Full Truck Alliance Co. Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Full Truck Alliance Co. Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	731	976	1,188	1,540	1,786
Cost of revenue	399	510	580	699	660
Gross profit	332	467	608	841	1,126
Research and development	115	133	133	121	125
Selling and marketing	131	131	175	219	250
General and administrative	670	206	132	125	101
Operating income	-596	-23.5	140	339	593
Interest expense	0.01	0.03	0	0
Interest income	36.8	70.1	161	147	136
Other non-operating income	24.4	97.1	188	122	178
Pre-tax income	-571	73.6	329	461	771
Income tax	2.23	13.9	15	32.8	133
Net income to minority interests	-0.01	0.08	-0.18	-0.49	-3.93
Net income	-655	59	312	421	630
EBITDA	-585	-10.7	151	350	607
EPS, basic	-0.05	0.00	0.01	0.02	0.03
EPS, diluted	-0.05	0.00	0.01	0.02	0.03
Shares, basic (weighted)	13,446	21,518	21,112	20,823	20,839
Shares, diluted (weighted)	13,446	21,580	21,162	20,902	20,928

Balance sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	672	745	954	796	867
Short-term investments	3,395	3,057	1,622	2,055	1,580
Receivables	4.57	1.89	3.3	2.69	10.7
Other current assets	173	295	289	291	134
Total current assets	4,535	4,495	3,380	3,734	3,296
Property, plant and equipment	16	15.8	27.4	39.7	65.4
Lease right-of-use assets		19.1	19	15.8	13.2
Goodwill	490	453	440	428	576
Intangible assets	87.4	72.8	63.4	53.9	108
Long-term investments	263	257	1,560	1,353
Other non-current assets	0.6	1.22	29.8	13.5	49.6
Total assets	5,398	5,320	5,542	5,656	6,338
Accounts payable	4.61	4.05	3.55	4.28	5.4
Deferred revenue	60.1	67	77.3	78.3	91.2
Total current liabilities	429	396	461	414	408
Lease liabilities		5.21	6.58	3.28	0.21
Other non-current liabilities			3.23	1.7	1.76
Total liabilities	450	419	486	432	436
Paid-in capital	7,728	6,924	6,720	6,278	6,339
Retained earnings	-2,671	-2,409	-2,028	-1,558	-1,004
Treasury stock			-85.7	0	0
Other comprehensive income	84.5	364	408	442	392
Shareholders' equity	4,948	4,880	5,017
Total equity	4,948	4,880	5,017	5,164	5,795
Total liabilities and equity	5,398	5,320	5,542	5,656	6,338

Cash flow statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-573	59.7	314	428	638
Depreciation and amortization	10.6	12.8	10.5	10.7	14.3
Stock-based compensation	569	133	62.2	68	40.3
Change in receivables	2.95	2.04	-1.42	0.52	-7.58
Cash from operations	-33.2	-2.25	320	407	662
Capital expenditures	-6.78	-12.4	-14.1	-10.3	-18.5
Acquisitions	-38	-11.1	0	0	21.5
Purchases of investments	-3,663	-12,266	-1,636	-305	-1,070
Cash from investing	-2,260	309	78	-331	-389
Stock issued	0	0	0	0	0
Share buybacks			-25.3	0	-5.03
Dividends paid				-146	-204
Cash from financing	1,397	-193	-164	-208	-237
Exchange rate effect	-13.8
Net change in cash	-910	124	236	-130	30.8
Free cash flow	-40	-14.7	306	397	643
Interest paid	0.01	0.03
Income taxes paid	7.79	16	17.6	14.9	146

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.0%	Gross profit / revenue.
Operating margin	33.2%	Operating income / revenue.
EBITDA margin	34.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	43.1%	Pre-tax income / revenue.
Net margin	35.3%	Net income / revenue.
FCF margin	36.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.0%	Cash from operations / revenue.
Effective tax rate	17.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	10.5%	Net income / average total assets.
R&D / revenue	7.0%	Research and development expense / revenue.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.0%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	33.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	34.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	74.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	73.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	49.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	120.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	50.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	62.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	62.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	12.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	8.09x	Current assets / current liabilities.
Quick ratio	6.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	6.00x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	6.9%	Total liabilities / total assets.
Working capital	$2.89B	Current assets - current liabilities.
Goodwill and intangibles / assets	10.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	34.0x	Revenue / average property, plant and equipment.
Receivables turnover	266x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	3 days	365 x average accounts payable / cost of revenue.
FCF conversion	102.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.03	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.09	Revenue / diluted weighted shares.
FCF per share	$0.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.03	Cash from operations / diluted weighted shares.
Cash per share	$0.12	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	31.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.44B	Share price x shares outstanding.
Enterprise value	$5.99B	Market cap + total debt - cash - short-term investments.
P/E	13.4x	Market cap / net income. Only when net income is positive.
P/S	4.72x	Market cap / revenue.
P/FCF	13.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	3.35x	Enterprise value / revenue.
EV/EBIT	10.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.86x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.31x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	7.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was Full Truck Alliance Co. Ltd.'s revenue in fiscal 2025?

Full Truck Alliance Co. Ltd. reported revenue of $1.79B for fiscal 2025, 16% higher than the year before.

Was Full Truck Alliance Co. Ltd. profitable in fiscal 2025?

Yes. Net income was $630.4M, a net margin of 35.3%.

How much free cash flow did Full Truck Alliance Co. Ltd. generate in fiscal 2025?

Cash from operations of $661.6M minus capital expenditures of $18.5M left free cash flow of $643.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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