Logo

YMM

Full Truck Alliance Co. Ltd.

YMM

Full Truck Alliance Co. Ltd. • NYSE
$11.35 ▲ 1.52% (+0.17)
Market Cap $11.82 B
52w High $14.07
52w Low $9.45
Dividend Yield 0.18%
P/E 21.02
Volume 6.92M
Outstanding Shares 1.04B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.358B ▲ $976.762M ▲ $907.276M ▼ 27.016% ▼ $16 ▼ $1.196B ▲
Q2-2025 $3.239B ▲ $861.175M ▲ $1.244B ▼ 38.421% ▼ $24 ▲ $1.14B ▼
Q1-2025 $2.7B ▼ $798.903M ▼ $1.269B ▲ 46.986% ▲ $1.22 ▲ $1.202B ▲
Q4-2024 $3.174B ▲ $2.152B ▲ $558.457M ▼ 17.593% ▼ $0.54 ▼ $854.121M ▲
Q3-2024 $3.031B $904.515M $1.107B 36.521% $1.06 $780.674M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $15.479B ▼ $44.098B ▲ $3.668B ▲ $39.241B ▲
Q2-2025 $16.737B ▼ $42.6B ▲ $2.787B ▼ $39.218B ▲
Q1-2025 $20.159B ▼ $42.42B ▲ $3.702B ▲ $38.25B ▲
Q4-2024 $20.813B ▲ $41.287B ▲ $3.152B ▼ $37.677B ▲
Q3-2024 $20.448B $40.613B $3.785B $36.386B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.244B ▼ $0 $0 $0 $0 $0
Q1-2025 $1.269B ▲ $0 $0 $0 $0 $0
Q4-2024 $558.457M ▼ $0 $0 $0 $0 $0
Q3-2024 $1.107B ▲ $0 $0 $0 $0 $0
Q2-2024 $823.055M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last several years, showing that the platform is scaling and demand is expanding. Profitability has improved markedly: the business moved from sizable operating losses to consistent operating profits, and net income has climbed each year since turning positive. Margins have widened as the company leverages its fixed platform costs over a larger volume of transactions. The key question going forward is how long this margin expansion can continue in the face of competition, pricing pressure, and ongoing investment needs.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively robust. Total assets and shareholders’ equity have increased steadily, reflecting retained earnings and ongoing investment in the business. Cash levels are still healthy, even though they have come down from earlier peaks, and financial debt remains very low. This combination suggests a solid financial cushion and flexibility to fund growth or weather downturns, but it also raises the question of how efficiently that capital will be deployed over time.

Cash Flow

Cash Flow Cash generation has improved significantly. After a period of weak or slightly negative operating cash flow, the company now produces solid, positive cash from its core operations. Capital spending requirements appear modest, so free cash flow closely tracks operating cash flow and is also clearly positive. This pattern points to a business model that is becoming self-funding, though it remains sensitive to freight volumes, pricing cycles, and broader economic conditions in China.

Competitive Edge

Competitive Edge The company benefits from powerful network effects as a leading digital freight platform in a very fragmented trucking market. More shippers attract more truckers, which in turn improves matching quality, pricing transparency, and reliability. Over time this scale, data advantage, and brand recognition create meaningful barriers for new entrants. At the same time, the industry is competitive and exposed to regulatory, macroeconomic, and trade-related risks in China, so maintaining trust, service quality, and platform liquidity will be critical to defending this position.

Innovation and R&D

Innovation and R&D Technology is a core differentiator. The platform relies heavily on data, artificial intelligence, and algorithms to match loads with trucks, reduce empty miles, and optimize pricing. The company is extending its reach with value-added services such as financial products, insurance, toll and energy solutions, and software tools for drivers and shippers, which deepen user engagement. Longer-term bets on autonomous trucking and more advanced AI could further reshape the economics of the business, but they involve high execution risk, long timelines, and regulatory uncertainty.

Summary

Overall, Full Truck Alliance shows a clear transition from a fast-growing, loss-making platform to a more mature business that combines strong growth with meaningful profitability and cash generation. Its balance sheet is conservative, its network effects are significant, and its technology and service ecosystem give it multiple levers for future growth. Key areas to monitor include competitive intensity, regulatory developments in China, the sustainability of margin expansion, and the company’s ability to translate its ambitious innovation agenda—especially around AI and autonomous trucking—into durable, profitable advantages.

NEWS

November 17, 2025 · 5:30 AM UTC

Full Truck Alliance Co. Ltd. Announces Third Quarter 2025 Unaudited Financial Results

Read more

October 22, 2025 · 4:00 AM UTC

Full Truck Alliance Co. Ltd. to Announce Third Quarter 2025 Financial Results on Monday, November 17, 2025

Read more