Full Truck Alliance Co. Ltd. (YMM) Key Metrics
YMM key metrics, 2019–2025
Fiscal year ended December 31, 2025 · Chinese yuanYMM returns How much profit the business earns on the capital it uses.
YMM financial health Debt, liquidity and how easily interest is covered.
YMM efficiency & capital use Working capital cycle and where the cash goes.
YMM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
YMM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
YMM cash returned to shareholders
YMM key metrics in Chinese yuan
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Returns & profitability | |||||||
| Return on equity (ROE) | 11.3% | 8.4% | 6.4% | 1.2% | −13.4% | −18.5% | −10.5% |
| Return on invested capital (ROIC) | 17.2% | 13.4% | 7.6% | −2.0% | −61.2% | −63.3% | −16.9% |
| Return on assets (ROA) | 10.3% | 7.6% | 5.8% | 1.1% | −12.3% | −16.5% | −9.0% |
| Return on tangible assets | 11.1% | 8.1% | 6.2% | 1.2% | −11.9% | −15.9% | −11.2% |
| Free cash flow margin | 36.0% | 25.8% | 25.7% | −1.5% | −5.5% | 20.2% | −37.8% |
| Income quality (OCF / net income) | 1.05 | 0.97 | 1.03 | −0.04 | — | — | — |
| Financial health | |||||||
| Total debt | CN¥35.4M | CN¥65.1M | CN¥84.5M | CN¥80.5M | CN¥9.0M | CN¥0 | CN¥500.0M |
| 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 |
| Net debt | −CN¥17.16B | −CN¥20.75B | −CN¥18.20B | −CN¥26.14B | −CN¥25.91B | −CN¥18.79B | −CN¥9.80B |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 |
| Debt / assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 |
| Net debt / EBITDA | −4.04 | −8.13 | −7.56 | — | — | — | — |
| Current ratio | 8.09 | 9.03 | 7.33 | 11.35 | 10.57 | 10.54 | 5.48 |
| Quick ratio | 8.09 | 9.06 | 7.20 | 11.32 | 10.55 | 10.49 | 5.39 |
| Interest coverage | — | — | — | -925.7 | — | -432.0 | -25.5 |
| Working capital | CN¥20.21B | CN¥24.24B | CN¥20.72B | CN¥28.27B | CN¥26.16B | CN¥18.72B | CN¥10.22B |
| Invested capital | CN¥22.90B | CN¥16.93B | CN¥17.40B | CN¥7.51B | CN¥5.55B | CN¥4.26B | CN¥4.76B |
| Tangible asset value | CN¥36.51B | CN¥34.62B | CN¥32.32B | CN¥30.18B | CN¥27.85B | CN¥19.70B | CN¥11.24B |
| Net current asset value | CN¥20.01B | CN¥24.10B | CN¥20.54B | CN¥28.11B | CN¥26.03B | CN¥18.60B | CN¥10.10B |
| Capital allocation | |||||||
| Dividends paid | CN¥1.43B | CN¥1.06B | CN¥0 | CN¥0 | — | — | — |
| Share buybacks (net) | CN¥406.9M | CN¥575.3M | CN¥1.37B | CN¥1.39B | CN¥2.59B | CN¥557.8M | CN¥384.9M |
| Dividend payout ratio | 32.3% | 34.7% | 0.0% | 0.0% | — | — | — |
| Dividends + buybacks / free cash flow | 40.7% | 56.6% | 63.4% | — | — | 106.9% | — |
| Capex / revenue | 1.0% | 0.7% | 1.2% | 1.3% | 0.9% | 2.1% | 0.4% |
| Capex / operating cash flow | 2.8% | 2.5% | 4.4% | — | — | 9.2% | — |
| Capex / depreciation | 1.30 | 0.96 | 1.34 | 0.97 | 0.64 | 0.83 | 0.15 |
| Stock-based compensation / revenue | 2.3% | 4.4% | 5.2% | 13.7% | 77.9% | 126.1% | 18.4% |
| R&D / revenue | 7.0% | 7.8% | 11.2% | 13.6% | 15.7% | 16.0% | 16.0% |
| SG&A / revenue | 19.7% | 22.3% | 25.8% | 34.5% | 109.7% | 170.2% | 64.4% |
| Efficiency | |||||||
| Days sales outstanding | 161.5 | 184.4 | 212.3 | 196.8 | 111.0 | 16.9 | 13.2 |
| Days of inventory on hand | — | 10.6 | 72.7 | 7.8 | 12.4 | 41.7 | 50.8 |
| Days payables outstanding | 2.7 | 2.0 | 7.9 | 3.0 | 3.8 | 5.8 | 4.7 |
| Cash conversion cycle (days) | 158.7 | 193.0 | 277.1 | 201.6 | 119.6 | 52.8 | 59.2 |
| Receivables turnover | 2.26 | 1.98 | 1.72 | 1.85 | 3.29 | 21.57 | 27.68 |
| Payables turnover | 133.88 | 180.72 | 46.36 | 122.60 | 95.45 | 62.94 | 77.30 |
| Inventory turnover | — | — | 5.02 | 46.99 | 29.33 | 8.75 | 7.19 |
| Asset turnover | 0.29 | 0.28 | 0.22 | 0.19 | 0.16 | 0.12 | 0.15 |
| Average receivables | CN¥5.53B | CN¥5.68B | CN¥4.91B | CN¥3.63B | CN¥1.42B | CN¥119.7M | CN¥89.3M |
| Average payables | CN¥34.5M | CN¥28.2M | CN¥26.6M | CN¥28.7M | CN¥26.6M | CN¥20.9M | CN¥18.0M |
| Average inventory | — | CN¥148.0M | CN¥245.3M | CN¥74.8M | CN¥86.6M | CN¥150.4M | CN¥193.4M |
| Intangibles / total assets | 10.8% | 8.5% | 9.1% | 9.9% | 10.7% | 13.4% | 19.5% |
Computed from YMM's annual financial statements (latest annual report filed April 14, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
YMM valuation and financial ratios
Full Truck Alliance earned a return on equity of 11.3% and a return on invested capital of 17.2% in fiscal 2025. It ended the year with CN¥35.4 million of debt and CN¥17.2 billion in cash and short-term investments, a net cash position of CN¥17.2 billion. It returned CN¥1.8 billion to shareholders: CN¥1.4 billion in dividends and CN¥406.9 million in share buybacks, 41% of free cash flow.
See the YMM income statement, the YMM chart for price history, or the YMM stock overview for the latest quote and news.
YMM key metrics FAQ
What is Full Truck Alliance's return on equity?
Full Truck Alliance's return on equity (ROE) was 11.3% in fiscal 2025: net income of CN¥4.4 billion on average shareholders' equity of CN¥38.9 billion.
What is Full Truck Alliance's ROIC?
Full Truck Alliance's return on invested capital was 17.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Full Truck Alliance have?
Full Truck Alliance had total debt of CN¥35.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.00 and more cash than debt.
Does Full Truck Alliance buy back its shares?
Yes. Full Truck Alliance spent CN¥406.9 million on net share repurchases in fiscal 2025.
What is Full Truck Alliance's current ratio?
Full Truck Alliance's current ratio was 8.09 at the end of fiscal 2025: current assets were 8.09 times current liabilities.