What is Full Truck Alliance Co Ltd's earnings per share (EPS)?

Full Truck Alliance Co Ltd (YMM) reported diluted earnings per share of $0.03 for fiscal year 2025. This represents a 50.0% 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.

Full Truck Alliance Co Ltd Financials

YMM

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Full Truck Alliance Co Ltd (YMM) financial statements, including the 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).

Rhea AI YMM FY2025 2026-04-22

Expanding gross margin and shrinking overhead intensity show a business model whose extra revenue is increasingly dropping to cash.

Across FY2023-FY2025, operating income climbed from $140M to $593M even though revenue growth was much less dramatic. Because gross margin reached 63.0% while SG&A fell to $101M, the company’s newer sales are landing on a largely fixed overhead base rather than needing matching selling spend.

In FY2025, free cash flow was $643M against capex of only $19M, so operating profit is not being consumed by sustaining upkeep. That points to an asset-light model where added volume can become cash without heavy reinvestment.

The balance sheet is conservatively financed: current assets were $3.3B versus current liabilities of $408M. With very little receivables relative to sales and no meaningful debt burden shown, growth appears funded more by internal liquidity than by suppliers or external lenders.

Financial Health Signals

Financial Profile 80/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Profitability

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 79/100, reflecting efficient cost management and pricing power. This is up from 22.0% the prior year.

Growth

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 71/100.

Leverage

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 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

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 100/100.

Cash Flow

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 100/100.

Returns

Full Truck Alliance Co Ltd's ROE of 11.0% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 8.3% the prior year.

Altman Z-Score Safe

13.27

Full Truck Alliance Co Ltd scores 13.27, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.0B) relative to total liabilities ($436.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Full Truck Alliance Co Ltd passes 6 of 9 financial strength tests. 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.

Earnings Quality Cash-Backed

1.04x

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

Export CSV

Earnings & Revenue

Revenue

$1.8B

YoY+16.0%

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.

EBITDA

$607.2M

YoY+73.6%

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.

Net Income

$637.6M

YoY+49.0%

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.

EPS (Diluted)

$0.03

YoY+50.0%

Full Truck Alliance Co Ltd earned $0.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 50.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$643.1M

YoY+62.1%

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.

Cash & Debt

$867.4M

YoY+9.0%

Full Truck Alliance Co Ltd held $867.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

63.0%

YoY+8.4pp

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.

Operating Margin

33.2%

YoY+11.2pp

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.

Net Margin

35.7%

YoY+7.9pp

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.

Return on Equity

11.0%

YoY+2.7pp

Full Truck Alliance Co Ltd's ROE was 11.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$125.0M

YoY+3.7%

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.

Share Buybacks

$5.0M

Full Truck Alliance Co Ltd spent $5.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$18.5M

YoY+80.6%

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

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$1.8B+16.0%	$1.5B+29.6%	$1.2B+21.7%	$976.3M+33.6%	$730.8M
Cost of Revenue	$660.5M-5.5%	$698.8M+20.4%	$580.2M+13.9%	$509.6M+27.8%	$398.6M
Gross Profit	$1.1B+33.8%	$840.9M+38.3%	$608.1M+30.3%	$466.7M+40.5%	$332.2M
R&D Expenses	$125.0M+3.7%	$120.6M-9.6%	$133.3M+0.6%	$132.5M+15.8%	$114.5M
SG&A Expenses	$101.5M-18.9%	$125.2M-5.2%	$132.1M-35.8%	$205.6M-69.3%	$670.2M
Operating Income	$592.9M+74.9%	$339.1M+141.4%	$140.5M+698.1%	-$23.5M+96.1%	-$595.7M
Interest Expense	N/A	$0	$0-100.0%	$25K+316.7%	$6K
Income Tax	$132.9M+305.1%	$32.8M+118.0%	$15.0M+8.0%	$13.9M+525.2%	$2.2M
Net Income	$637.6M+49.0%	$427.9M+36.4%	$313.7M+425.3%	$59.7M+110.4%	-$573.5M
EPS (Diluted)	$0.03+50.0%	$0.02+100.0%	$0.01	$0.00	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

YMM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
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
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$10.7M+299.3%	$2.7M-18.4%	$3.3M+74.8%	$1.9M-58.7%	$4.6M
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
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
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

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
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
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$10.7M+299.3%	$2.7M-18.4%	$3.3M+74.8%	$1.9M-58.7%	$4.6M
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
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
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

YMM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$661.6M+62.6%	$406.9M+27.3%	$319.7M+14320.4%	-$2.2M+93.2%	-$33.2M
Capital Expenditures	$18.5M+80.6%	$10.3M-27.3%	$14.1M+13.8%	$12.4M+83.2%	$6.8M
Free Cash Flow	$643.1M+62.1%	$396.6M+29.8%	$305.5M+2182.6%	-$14.7M+63.3%	-$40.0M
Investing Cash Flow	-$388.6M-17.2%	-$331.5M-525.0%	$78.0M-74.8%	$309.0M+113.7%	-$2.3B
Financing Cash Flow	-$236.8M-13.7%	-$208.2M-26.7%	-$164.4M+14.8%	-$192.9M-113.8%	$1.4B
Dividends Paid	$203.8M+39.8%	$145.8M	N/A	N/A	N/A
Share Buybacks	$5.0M	$0-100.0%	$25.3M	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

YMM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	63.0%+8.4pp	54.6%+3.4pp	51.2%+3.4pp	47.8%+2.4pp	45.5%
Operating Margin	33.2%+11.2pp	22.0%+10.2pp	11.8%+14.2pp	-2.4%+79.1pp	-81.5%
Net Margin	35.7%+7.9pp	27.8%+1.4pp	26.4%+20.3pp	6.1%+84.6pp	-78.5%
Return on Equity	11.0%+2.7pp	8.3%+2.0pp	6.3%+5.0pp	1.2%+12.8pp	-11.6%
Return on Assets	10.1%+2.5pp	7.6%+1.9pp	5.7%+4.5pp	1.1%+11.7pp	-10.6%
Current Ratio	8.09-0.9	9.03+1.7	7.33-4.0	11.35+0.8	10.57
Debt-to-Equity	0.080.0	0.08-0.0	0.10+0.0	0.090.0	0.09
FCF Margin	36.0%+10.2pp	25.8%+0.1pp	25.7%+27.2pp	-1.5%+4.0pp	-5.5%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A
Current Ratio	8.09-0.9	9.03+1.7	7.33-4.0	11.35+0.8	10.57
Debt-to-Equity	0.080.0	0.08-0.0	0.10+0.0	0.090.0	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A

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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% 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.

Does Full Truck Alliance Co Ltd buy back shares?

Yes, Full Truck Alliance Co Ltd (YMM) spent $5.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

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 Altman Z-Score?

Full Truck Alliance Co Ltd (YMM) has an Altman Z-Score of 13.27, 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 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 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 80 out of 100 on our Financial Profile, indicating strong 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.