Full Truck Alliance Co. Ltd. (YMM)

Price$8.68Cached quoteAs of 2026-09-04 16:23 UTC

AI: Undervalued

Price checkThe shares look undervalued because strong cash generation and liquid assets support the current market value.

Using the observed market price and the supplied financial history, Full Truck Alliance is valued at roughly RMB62 billion. Its 2025 net income was RMB4.46 billion, implying about 14 times earnings, while operating cash flow reached RMB4.63 billion and capital spending was only RMB0.13 billion. That leaves substantial cash after normal investment needs. With RMB6.07 billion of cash and very low reported debt at year-end, the current valuation appears modest for a business whose profits and cash generation are still expanding.

Big pictureProfit and cash generation have improved much faster than sales since the company returned to growth.

Revenue increased from RMB6.73 billion in 2022 to RMB12.49 billion in 2025, while operating income moved from a RMB0.16 billion loss to RMB4.15 billion of profit. Net income reached RMB4.46 billion in 2025 and operating cash flow rose to RMB4.63 billion. Current assets of RMB23.05 billion greatly exceeded current liabilities of RMB2.85 billion. Stock-based compensation also fell to RMB0.28 billion from RMB0.50 billion in 2024, reducing dilution pressure while dividends became a larger use of cash.

Business strengthGrowing transaction fees are making the freight network more profitable even as brokerage revenue weakens.

In the second quarter of 2026, fulfilled orders grew 12.7% from a year earlier and average monthly active shippers grew 12.8%. Transaction-service revenue rose 33.1% to RMB1.77 billion and reached 52.2% of revenue, while freight-brokerage revenue declined to about RMB1.00 billion from RMB1.18 billion. The shift toward platform fees matters because the supplied annual history shows gross margin rising from about 55% in 2024 to 63% in 2025 and operating margin rising from about 22% to 33%.

What could change the storyFlat sales guidance and worsening loan quality could quickly weaken the undervaluation case.

The valuation depends on Full Truck Alliance preserving strong cash generation while its transaction platform keeps gaining economic importance. Management guided third-quarter 2026 revenue to RMB3.32 billion to RMB3.42 billion, close to the prior-year level, showing that total sales growth has slowed sharply. Credit quality also weakened, with non-performing loans reaching 3.8% of the loan book in June from 2.9% at year-end. The thesis strengthens if transaction fees keep growing rapidly, but weakens if stagnant revenue or credit losses begin eroding cash generation.

AI: News

Second-quarter mix shiftOrders kept growing and transaction fees surged, but management guided to nearly flat next-quarter sales.

On August 19, 2026, Full Truck Alliance reported second-quarter revenue of RMB3.38 billion, up 4.4% from a year earlier, while net income rose 6.3% to RMB1.35 billion. Fulfilled orders increased 12.7% and transaction-service revenue jumped 33.1%. Management then guided third-quarter revenue to RMB3.32 billion to RMB3.42 billion, roughly flat at the midpoint. The results improved evidence of stronger monetization but also showed that overall revenue growth is slowing.

First-quarter profit dipOrder growth remained strong, but reported profit fell even as cash generation improved sharply.

On May 21, 2026, Full Truck Alliance reported first-quarter revenue growth of 5.5% to RMB2.85 billion and fulfilled-order growth of 14.3%. Net income fell to RMB0.99 billion from RMB1.28 billion a year earlier, while free cash flow, meaning cash left after operating and capital spending, improved to about RMB1.49 billion from RMB0.29 billion. The combination suggested that platform activity remained healthy despite uneven reported earnings, supporting confidence in underlying cash generation.

Shareholder return planThe board committed substantially more cash to dividends and buybacks, increasing direct returns to shareholders.

On January 19, 2026, Full Truck Alliance announced a long-term shareholder return plan targeting at least 50% of the prior year's adjusted net income through dividends and share repurchases. The company targeted about US$400 million of total returns for 2026, including at least US$300 million of dividends and the remainder intended for buybacks. The plan can reduce excess cash and offset some dilution from employee stock awards, although actual repurchases and cross-border cash availability remain important execution variables.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

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2025

Total cash / debt

CashTotal debt

2020

2021

2022

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.79B	$1.54B	$1.19B	$976.3M	$730.8M	—	—
Gross profit	$1.13B	$840.9M	$608.1M	$466.7M	$332.2M	—	—
Gross margin	63.02%	54.62%	51.17%	47.81%	45.46%	—	—
Research & development	$125.0M	$120.6M	$133.3M	$132.5M	$114.5M	—	—
Operating expenses	$532.6M	$1.20B	$467.6M	$490.2M	$1.33B	—	—
Operating income	$592.9M	$339.1M	$140.5M	−$23.5M	−$595.7M	—	—
Operating margin	33.20%	22.02%	11.82%	−2.41%	−81.51%	—	—
EBITDA	$607.2M	$349.7M	$151.0M	−$10.7M	−$585.1M	—	—
EBITDA margin	34.00%	22.72%	12.71%	−1.09%	−80.06%	—	—
Net income	$637.6M	$427.9M	$313.7M	$59.7M	−$573.5M	—	—
Net profit margin	35.70%	27.79%	26.40%	6.12%	−78.47%	—	—
Basic EPSper basic share	$0.03	$0.02	$0.01	$0.00	-$0.05	—	—
Diluted EPSper diluted share	$0.03	$0.02	$0.01	$0.00	-$0.05	—	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of YMM
Holder	Shares held
First Beijing Investment Ltd	91.79M
Invesco Ltd.	62.13M
FIL Ltd	60.52M
Greenwoods Asset Management Hong Kong Ltd.	39.45M
BlackRock, Inc.	32.14M
Krane Funds Advisors LLC	28.35M
Davis Selected Advisers	27.64M
VANGUARD CAPITAL MANAGEMENT LLC	23.53M
JPMORGAN CHASE & CO	23.16M
Mitsubishi UFJ Trust & Banking Corp	22.47M
All-Stars Investment Ltd	21.95M
Alpine Investment Management Ltd	17.21M
WFM ASIA (BVI) Ltd	14.21M
SCHRODER INVESTMENT MANAGEMENT GROUP	13.78M
SC US (TTGP), LTD.	13.06M
North of South Capital LLP	12.94M
MORGAN STANLEY	10.74M
OLP CAPITAL MANAGEMENT Ltd	10.72M
GOLDMAN SACHS GROUP INC	10.5M
BRILLIANCE ASSET MANAGEMENT LTD	10.13M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Full Truck Alliance Co. Ltd. (YMM)

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