Full Truck Alliance Co. Ltd.
Rank #389Capital ReturnYMM · NYSE · Technology
Full Truck Alliance Co. Ltd. (YMM) — Rank #389 by gross profitability (GP/assets 0.18) · ROE 11.0% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · CIK 0001838413 · all metrics point-in-time as of the filing date.
About
Full Truck Alliance Co.
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Ltd., together with its subsidiaries, operates a digital freight platform that connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types in the People's Republic of China and Hong Kong. The company offers freight matching services, such as freight listing and brokerage services; and transaction services, as well as various value-added services, such as credit solutions, insurance brokerage, software solutions, electronic toll collection, Intelligent Driving Related Services, and energy services. It also provides technology development and other services. Full Truck Alliance Co. Ltd.
was founded in 2011 and is based in Guiyang, China.
- Industry
- Software - Application
- Sector
- Technology
- State
- E9
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- fulltruckalliance.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$8.48B
P/E (annual)
38.6
P/S (annual)
0.7
P/B
0.2
P/OCF (annual)
1.8
Shareholder Yield
16.7%
Employees
8,251
Industry
Software - Application
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 3/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
16.3%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 0.1% — per-share value needs a total required return of 16.5% once share-count change is priced in.
vs. own 6-year median revenue growth: 38.9%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
11.5%
r = 10% (base)
16.3%
r = 12%
20.5%
Net debt / market cap: -15.9%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.18
Primary signal (Novy-Marx).
5th pctl of 38 SIC 7372 peers
Return on equity
11.0%
Gross margin
63.0%
32nd pctl of 38 SIC 7372 peers
Revenue growth (YoY)
11.1%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
22.9%
Revenue CAGR (5Y)
37.1%
Earnings CAGR (3Y)
121.2%
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.08
100th pctl of 33 SIC 7372 peers (best = lowest)
Current ratio
8.09×
97th pctl of 38 SIC 7372 peers
Quick ratio
6.03×
Net cash
$26.99B
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$4.50B
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.01
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
2.3%
Stock-based comp intensity.
Dividend safety
Composite score
3.0 / 5
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Fast grower deceleration
Revenue growth decelerated to 11.1% after being classified hypergrowth as of 2024-12-31 -- Lynch's fast-grower rule: sell once growth slows below the pace that justified the label, not on price weakness.