Full Truck Alliance Co. Ltd. (YMM) Balance Sheet

NYSE: YMMAssets, liabilities, debt and equity over 7 years.

YMM balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥44.35B assets = CN¥3.05B liabilities + CN¥41.30B equity

Both columns are drawn to the same scale: what YMM owns equals what it owes plus shareholders’ equity. Hover a block for its value.

YMM financial health

Current ratio8.09

Comfortable · current assets cover current liabilities 8.09×

Debt / equity0.00

Low leverage · CN¥0.00 of debt for each $1 of equity

Equity / assets90.3%

Equity-funded · of assets funded by shareholders

Cash / debt48,637.9%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles10.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

YMM balance sheet trends, 2019–2025

Full Truck Alliance Co. Ltd. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥16.96B2019	CN¥44.35B2025	+17.4%/yr
Total liabilities	CN¥2.40B2019	CN¥3.05B2025	+4.1%/yr
Shareholders’ equity	CN¥14.55B2019	CN¥40.06B2025	+18.4%/yr
Cash & short-term investments	CN¥10.30B2019	CN¥17.20B2025	+8.9%/yr
Total debt	CN¥500.0M2019	CN¥35.4M2025	−35.7%/yr
Net cash (debt)	CN¥9.80B2019	CN¥17.16B2025	+CN¥7.4B
Working capital	CN¥10.22B2019	CN¥20.21B2025	+CN¥10.0B
Current ratio	5.482019	8.092025	+2.61
Debt / equity	0.032019	0.002025	−0.03
Shares outstanding	1.10B2019	1.05B2025	−0.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

YMM assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

YMM liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

YMM debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

YMM balance sheet in Chinese yuan

Full Truck Alliance Co. Ltd. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	CN¥17.20B	CN¥20.81B	CN¥18.29B	CN¥26.22B	CN¥25.92B	CN¥18.79B	CN¥10.30B
Cash & equivalents	CN¥6.14B	CN¥5.81B	CN¥6.77B	CN¥5.14B	CN¥4.28B	CN¥10.06B	CN¥3.98B
Short-term investments	CN¥11.06B	CN¥15.00B	CN¥11.52B	CN¥21.09B	CN¥21.63B	CN¥8.73B	CN¥6.31B
Receivables	CN¥4.93B	CN¥6.12B	CN¥5.23B	CN¥4.58B	CN¥2.68B	CN¥150.0M	CN¥89.3M
Inventory	CN¥0	−CN¥111.0M	CN¥406.9M	CN¥83.8M	CN¥65.8M	CN¥107.4M	CN¥193.4M
Other current assets	CN¥941.2M	CN¥432.7M	CN¥68.4M	CN¥117.5M	CN¥231.4M	CN¥1.63B	CN¥1.92B
Total current assets	CN¥23.07B	CN¥27.26B	CN¥24.00B	CN¥31.00B	CN¥28.90B	CN¥20.68B	CN¥12.50B
Property, plant & equipment (net)	CN¥550.1M	CN¥407.4M	CN¥355.3M	CN¥240.8M	CN¥106.0M	CN¥82.0M	CN¥51.4M
Goodwill & intangible assets	CN¥4.79B	CN¥3.52B	CN¥3.57B	CN¥3.63B	CN¥3.68B	CN¥3.36B	CN¥3.31B
Long-term investments	CN¥15.31B	CN¥9.88B	CN¥11.08B	CN¥1.77B	CN¥1.68B	CN¥875.2M	CN¥985.3M
Other non-current assets	CN¥636.2M	CN¥229.3M	CN¥344.9M	CN¥49.9M	CN¥34.0M	CN¥136.5M	CN¥111.0M
Total assets	CN¥44.35B	CN¥41.29B	CN¥39.35B	CN¥36.70B	CN¥34.40B	CN¥25.13B	CN¥16.96B
Liabilities
Accounts payable	CN¥37.8M	CN¥31.2M	CN¥25.2M	CN¥28.0M	CN¥29.4M	CN¥23.8M	CN¥18.0M
Short-term debt	CN¥33.8M	CN¥41.2M	CN¥37.8M	CN¥44.6M	CN¥9.0M	CN¥0	CN¥500.0M
Deferred revenue	CN¥434.8M	—	CN¥2.59B	—	CN¥2.31B	—	CN¥1.13B
Total current liabilities	CN¥2.85B	CN¥3.02B	CN¥3.27B	CN¥2.73B	CN¥2.73B	CN¥1.96B	CN¥2.28B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥35.3M	CN¥65.1M	CN¥84.5M	CN¥80.5M	CN¥0	—	—
Other long-term liabilities	CN¥199.5M	CN¥131.9M	CN¥178.2M	CN¥157.5M	CN¥135.8M	CN¥118.8M	CN¥123.3M
Total liabilities	CN¥3.05B	CN¥3.15B	CN¥3.45B	CN¥2.89B	CN¥2.87B	CN¥2.08B	CN¥2.40B
Shareholders' equity
Common stock & paid-in capital	CN¥1.3M	CN¥1.3M	CN¥1.4M	CN¥1.4M	CN¥1.4M	CN¥296,000	CN¥226,000
Retained earnings (deficit)	−CN¥7.02B	−CN¥11.37B	−CN¥14.40B	−CN¥16.61B	−CN¥17.02B	−CN¥13.37B	−CN¥9.90B
Accumulated other comprehensive income	CN¥2.72B	CN¥3.22B	CN¥2.90B	CN¥2.51B	CN¥538.6M	CN¥1.07B	CN¥1.57B
Minority interest	CN¥1.24B	CN¥458.4M	CN¥290.2M	CN¥149.8M	—	—	—
Total shareholders' equity	CN¥40.06B	CN¥37.68B	CN¥35.60B	CN¥33.66B	CN¥31.46B	CN¥23.05B	CN¥14.55B
Key figures
Total debt	CN¥35.4M	CN¥65.1M	CN¥84.5M	CN¥80.5M	CN¥9.0M	CN¥0	CN¥500.0M
Net cash (debt)	CN¥17.16B	CN¥20.75B	CN¥18.20B	CN¥26.14B	CN¥25.91B	CN¥18.79B	CN¥9.80B
Working capital	CN¥20.21B	CN¥24.24B	CN¥20.72B	CN¥28.27B	CN¥26.16B	CN¥18.72B	CN¥10.22B
Tangible book value	CN¥35.27B	CN¥34.16B	CN¥32.03B	CN¥30.03B	CN¥27.77B	CN¥19.70B	CN¥11.24B
Shares outstanding	1.05B	1.05B	1.06B	1.08B	1.09B	1.10B	1.10B
Current ratio	8.09	9.03	7.33	11.35	10.57	10.54	5.48
Quick ratio	7.76	8.92	7.18	11.28	10.46	9.65	4.55
Debt / equity	0.00	0.00	0.00	0.00	0.00	0.00	0.03
Equity / assets	90.3%	91.3%	90.5%	91.7%	91.4%	91.7%	85.8%

Full Truck Alliance Co. Ltd. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥23.65B	CN¥18.47B	CN¥20.81B	CN¥15.48B	CN¥16.74B	CN¥18.43B	CN¥20.81B	CN¥20.45B	CN¥16.69B	CN¥18.29B	CN¥26.22B	CN¥19.84B
Cash & equivalents	CN¥6.89B	CN¥6.72B	CN¥5.81B	CN¥5.74B	CN¥4.40B	CN¥7.05B	CN¥5.81B	CN¥4.59B	CN¥5.14B	CN¥6.77B	CN¥5.14B	CN¥6.74B
Short-term investments	CN¥16.76B	CN¥11.75B	CN¥15.00B	CN¥9.74B	CN¥12.34B	CN¥11.39B	CN¥15.00B	CN¥15.86B	CN¥11.55B	CN¥11.52B	CN¥21.09B	CN¥13.11B
Receivables	CN¥3.72B	CN¥4.36B	CN¥6.12B	CN¥5.06B	CN¥4.91B	CN¥63.1M	CN¥19.6M	CN¥4.35B	CN¥4.02B	CN¥23.4M	CN¥4.58B	CN¥3.40B
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥92.6M	CN¥0	CN¥0	CN¥0	CN¥92.6M	CN¥83.8M	CN¥103.4M
Other current assets	CN¥1.19B	CN¥949.4M	CN¥321.8M	CN¥1.18B	CN¥2.15B	CN¥5.71B	CN¥6.42B	CN¥3.00B	CN¥2.48B	CN¥5.59B	CN¥117.5M	CN¥2.42B
Total current assets	CN¥28.56B	CN¥23.79B	CN¥27.26B	CN¥21.71B	CN¥23.80B	CN¥24.30B	CN¥27.26B	CN¥27.80B	CN¥23.19B	CN¥24.00B	CN¥31.00B	CN¥25.77B
Property, plant & equipment (net)	CN¥655.9M	CN¥601.4M	CN¥407.4M	CN¥515.3M	CN¥446.4M	CN¥349.6M	CN¥405.3M	CN¥392.9M	CN¥371.3M	CN¥355.3M	CN¥240.8M	CN¥279.9M
Goodwill & intangible assets	CN¥4.74B	CN¥4.74B	CN¥3.52B	CN¥4.69B	CN¥3.49B	CN¥3.56B	CN¥3.52B	CN¥3.53B	CN¥3.55B	CN¥3.57B	CN¥3.63B	CN¥3.59B
Long-term investments	CN¥10.74B	CN¥14.66B	CN¥15.31B	CN¥16.57B	CN¥14.46B	CN¥10.79B	CN¥9.88B	CN¥8.66B	CN¥12.01B	CN¥10.86B	CN¥11.08B	CN¥9.24B
Other non-current assets	CN¥915.7M	CN¥851.7M	CN¥0	CN¥612.8M	CN¥406.7M	CN¥524.3M	CN¥231.4M	CN¥229.4M	CN¥483.0M	CN¥557.7M	CN¥0	CN¥79.3M
Total assets	CN¥45.61B	CN¥44.64B	CN¥41.29B	CN¥44.10B	CN¥42.60B	CN¥39.52B	CN¥41.29B	CN¥40.61B	CN¥39.60B	CN¥39.35B	CN¥36.70B	CN¥38.95B
Liabilities
Accounts payable	CN¥44.4M	CN¥40.7M	CN¥31.2M	CN¥34.3M	CN¥29.5M	CN¥28.2M	CN¥31.2M	CN¥28.4M	CN¥32.7M	CN¥25.2M	CN¥28.0M	CN¥30.9M
Short-term debt	CN¥18.8M	CN¥24.6M	CN¥41.2M	CN¥43.0M	CN¥43.5M	CN¥41.2M	CN¥41.2M	CN¥42.2M	CN¥42.8M	CN¥75.5M	CN¥44.6M	CN¥40.3M
Deferred revenue	—	—	—	—	—	—	—	—	—	CN¥2.59B	CN¥2.59B	CN¥2.51B
Total current liabilities	CN¥3.59B	CN¥3.43B	CN¥3.02B	CN¥3.47B	CN¥2.68B	CN¥4.15B	CN¥3.02B	CN¥3.64B	CN¥3.34B	CN¥3.27B	CN¥2.73B	CN¥3.14B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥24.9M	CN¥25.7M	CN¥35.3M	CN¥44.9M	CN¥52.1M	CN¥56.6M	CN¥65.1M	CN¥74.8M	CN¥83.2M	CN¥85.9M	CN¥84.5M	CN¥57.4M
Other long-term liabilities	CN¥190.8M	CN¥191.3M	CN¥131.9M	CN¥197.9M	CN¥108.7M	CN¥169.0M	CN¥131.9M	CN¥146.8M	CN¥159.7M	CN¥178.2M	CN¥157.5M	CN¥153.4M
Total liabilities	CN¥3.78B	CN¥3.62B	CN¥3.15B	CN¥3.67B	CN¥2.79B	CN¥4.32B	CN¥3.15B	CN¥3.79B	CN¥3.50B	CN¥3.45B	CN¥2.89B	CN¥3.29B
Shareholders' equity
Common stock & paid-in capital	CN¥1.3M	CN¥1.3M	CN¥1.3M	CN¥1.3M	CN¥1.3M	CN¥1.3M	CN¥1.3M	CN¥1.3M	CN¥1.3M	CN¥1.4M	CN¥1.4M	CN¥1.4M
Retained earnings (deficit)	−CN¥4.79B	−CN¥6.10B	−CN¥11.37B	−CN¥8.01B	−CN¥8.91B	−CN¥13.82B	−CN¥11.37B	−CN¥11.93B	−CN¥13.04B	−CN¥14.40B	−CN¥16.61B	−CN¥14.98B
Accumulated other comprehensive income	CN¥2.11B	CN¥2.41B	CN¥3.22B	CN¥2.97B	CN¥3.13B	CN¥2.94B	CN¥3.22B	CN¥2.60B	CN¥3.03B	CN¥2.90B	CN¥2.51B	CN¥3.20B
Minority interest	CN¥1.40B	CN¥1.24B	CN¥1.24B	CN¥1.19B	CN¥595.0M	—	—	—	—	—	—	—
Total shareholders' equity	CN¥40.43B	CN¥39.78B	CN¥37.68B	CN¥39.24B	CN¥39.22B	CN¥34.88B	CN¥37.68B	CN¥36.39B	CN¥35.70B	CN¥35.60B	CN¥33.66B	CN¥35.38B
Key figures
Total debt	CN¥24.9M	CN¥25.6M	CN¥65.1M	CN¥44.9M	CN¥52.1M	CN¥85.9M	CN¥65.1M	CN¥74.8M	CN¥83.2M	CN¥84.5M	CN¥80.5M	CN¥57.4M
Net cash (debt)	CN¥23.63B	CN¥18.45B	CN¥20.75B	CN¥15.43B	CN¥16.68B	CN¥18.35B	CN¥20.75B	CN¥20.37B	CN¥16.60B	CN¥18.20B	CN¥26.14B	CN¥19.79B
Working capital	CN¥24.98B	CN¥20.35B	CN¥24.24B	CN¥18.24B	CN¥21.12B	CN¥20.15B	CN¥24.24B	CN¥24.16B	CN¥19.85B	CN¥20.72B	CN¥28.27B	CN¥22.63B
Tangible book value	CN¥35.70B	CN¥35.04B	CN¥34.16B	CN¥34.55B	CN¥35.73B	CN¥31.32B	CN¥34.16B	CN¥32.85B	CN¥32.15B	CN¥32.03B	CN¥30.03B	CN¥31.79B
Shares outstanding	1.04B	1.04B	1.05B	1.05B	1.04B	1.05B	1.05B	1.04B	1.04B	1.04B	1.05B	1.05B
Current ratio	7.96	6.93	9.03	6.26	8.89	5.86	9.03	7.64	6.94	7.33	11.35	8.21
Quick ratio	7.63	6.65	8.92	5.92	8.08	4.46	6.90	6.82	6.20	5.59	11.28	7.41
Debt / equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Equity / assets	88.7%	89.1%	91.3%	89.0%	92.1%	88.3%	91.3%	89.6%	90.1%	90.5%	91.7%	90.8%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 14, 2026); data from EODHD.

YMM financial position

At the end of fiscal 2025 (December 31, 2025), Full Truck Alliance had total assets of CN¥44.4 billion (up 7.4% from a year earlier), total liabilities of CN¥3.1 billion and shareholders' equity of CN¥40.1 billion. It held CN¥17.2 billion in cash and short-term investments against CN¥35.4 million of debt, a net cash position of CN¥17.2 billion. Its current ratio was 8.09. In the latest quarter (ended June 30, 2026) total assets were CN¥45.6 billion and equity CN¥40.4 billion.

Related: YMM income statement, YMM cash flow statement, YMM key metrics. See the YMM stock overview for the latest quote and news.

YMM balance sheet FAQ

What are Full Truck Alliance's total assets?

Full Truck Alliance reported total assets of CN¥44.4 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥41.3 billion a year earlier.

How much debt does Full Truck Alliance have?

Full Truck Alliance had CN¥35.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.

How much cash does Full Truck Alliance have?

Full Truck Alliance held CN¥17.2 billion in cash and short-term investments at the end of fiscal 2025; with CN¥35.4 million of debt that is net cash of CN¥17.2 billion.

What is Full Truck Alliance's book value?

Full Truck Alliance's shareholders' equity (book value) was CN¥40.1 billion at the end of fiscal 2025.

What is Full Truck Alliance's current ratio?

Full Truck Alliance had current assets of CN¥23.1 billion and current liabilities of CN¥2.9 billion, a current ratio of 8.09 (it can cover its short-term obligations).

How much goodwill does Full Truck Alliance have?

Full Truck Alliance carried CN¥4.8 billion of goodwill and intangible assets, 10.8% of total assets, at the end of fiscal 2025.