YMM

MKT CAP:$9B

Full Truck Alliance Co. Ltd.

Market Cap

$9B

Technology·Software - Application·🇨🇳 China·NYSE

Technology·Software App·🇨🇳·NYSE

Stock Price

$8.89-$2.36 (-20.98%)

Apr 20, 2026

Company Details

Full Truck Alliance Co. 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 Chin...

CEO

Hui Zhang

IPO Date

Jun 23, 2021

Website

www.fulltruckalliance.com

Key Metrics TTM

Revenue

$1.8B

+10.7% YoY

Net Income

$642M

EPS (Diluted)

$3.93

Free Cash Flow

$0

Revenue / Share

$1.74

Gross Margin

63.2%

Operating Margin

33.2%

Net Margin

35.3%

FCF Margin

0.0%

P/S

5.0x

P/E

14.1x

Earnings Reports

FY 2025

Dec 30, 2025

$1.8BEPS $0.61

Q4 2025

Mar 12, 2026

$460M-0.8%EPS $0.13

Q3 2025

Nov 17, 2025

$491M+10.8%EPS $0.12

Q2 2025

Aug 21, 2025

$473M+17.2%EPS $3.51

Q1 2025

May 21, 2025

$394M+19.0%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$181M	$58M	-$29M
Q4 21	$209M	$113M	-$198M
Q1 22	$195M	$95M	-$37M
Q2 22	$244M	$109M	-$7M
Q3 22	$264M	$125M	$21M
Q1 23	$249M	$125M	$24M
Q3 23	$331M	$164M	$36M
Q4 23	$352M	$183M	$37M
Q1 24	$331M	$181M	$46M
Q2 24	$404M	$562M	$83M
Q3 24	$443M	$244M	$111M
Q4 24	$464M	$436M	$122M
Q1 25	$394M	$292M	$176M
Q2 25	$473M	$292M	$167M
Q3 25	$491M	$256M	$113M
Q4 25	$460M	$308M	$148M

Valuation

Quarter	P/S	P/E
Q3 21	28.8x	—
Q4 21	13.3x	—
Q1 22	10.4x	—
Q2 22	11.5x	—
Q3 22	7.3x	—
Q1 23	8.3x	87.4x
Q3 23	6.9x	36.1x
Q4 23	5.9x	24.0x
Q1 24	6.2x	24.4x
Q2 24	5.8x	21.5x
Q3 24	6.1x	20.7x
Q4 24	6.9x	25.1x
Q1 25	7.8x	24.2x
Q2 25	6.9x	20.2x
Q3 25	7.5x	23.4x
Q4 25	6.3x	17.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$0	$0
Q1 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+68.9%	+34.1%
Q4 21	+68.1%	-23.9%
Q1 22	+53.7%	+48.2%
Q2 22	+49.3%	-45.7%
Q3 22	+45.7%	+15.5%
Q1 23	+19.1%	-44.8%
Q3 23	+69.9%	+27.3%
Q4 23	+44.2%	+25.7%
Q1 24	+25.4%	+17.4%
Q2 24	+62.4%	+43.1%
Q3 24	+33.9%	+12.5%
Q4 24	+31.8%	+8.4%
Q1 25	+19.0%	-23.5%
Q2 25	+17.2%	-4.5%
Q3 25	+10.8%	+13.8%
Q4 25	-0.8%	-8.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$0	0.0%
Q1 23	$13M	5.3%
Q3 23	$0	0.0%
Q4 23	$19M	5.4%
Q1 24	$23M	6.9%
Q2 24	$17M	4.2%
Q3 24	$16M	3.6%
Q4 24	$17M	3.6%
Q1 25	$15M	3.8%
Q2 25	$11M	2.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$30M	$28M	$28M	—
Q4 21	$34M	$239M	$35M	—
Q1 22	$32M	$67M	$28M	—
Q2 22	$32M	$50M	$29M	—
Q3 22	$33M	$30M	$34M	—
Q1 23	$34M	$26M	$36M	—
Q3 23	$35M	$42M	$42M	—
Q4 23	$37M	$39M	$62M	—
Q1 24	$36M	$39M	$50M	—
Q2 24	$34M	$32M	$54M	—
Q3 24	$29M	$33M	$60M	—
Q4 24	$30M	$31M	$69M	—
Q1 25	$28M	$27M	$55M	—
Q2 25	$28M	$25M	$63M	—
Q3 25	$34M	$24M	$64M	—
Q4 25	$37M	—	—	$120M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	68.9%	-12.6%	56.4
Q4 21	68.1%	-95.2%	-27.1
Q1 22	53.7%	-12.8%	40.8
Q2 22	49.3%	-1.8%	47.5
Q3 22	45.7%	9.1%	54.7
Q1 23	19.1%	11.0%	30.1
Q3 23	69.9%	15.3%	85.1
Q4 23	44.2%	10.7%	54.8
Q1 24	25.4%	14.6%	40.0
Q2 24	62.4%	21.1%	83.5
Q3 24	33.9%	25.8%	59.7
Q4 24	31.8%	26.9%	58.7
Q1 25	19.0%	44.5%	63.5
Q2 25	17.2%	35.2%	52.4
Q3 25	10.8%	35.6%	46.4
Q4 25	-0.8%	32.1%	31.3

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$632M	$3.1B	$3.7B
Q2 22	$703M	$3.1B	$3.8B
Q3 22	$724M	$3.2B	$3.9B
Q4 22	$751M	$3.1B	$3.8B
Q1 23	$997M	$2.8B	$3.8B
Q2 23	$1.0B	$2.6B	$3.6B
Q3 23	$984M	$1.9B	$2.9B
Q4 23	$989M	$1.7B	$2.7B
Q1 24	$1.0B	$1.7B	$2.7B
Q2 24	$750M	$1.7B	$2.4B
Q3 24	$671M	$2.3B	$3.0B
Q4 24	$849M	$2.2B	$3.0B
Q1 25	$1.2B	$1.7B	$2.9B
Q2 25	$643M	$1.8B	$2.4B
Q3 25	$839M	$1.4B	$2.3B
Q4 25	$897M	$1.6B	$2.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	1.07B	-0.6%	-1.1%
Q4 21	1.08B	+0.4%	-0.8%
Q1 22	1.09B	+1.4%	+0.6%
Q2 22	1.08B	-0.7%	+0.4%
Q3 22	1.07B	-1.7%	-0.7%
Q1 23	1.07B	+0.2%	-1.0%
Q3 23	1.05B	-1.4%	-3.7%
Q4 23	1.05B	-0.2%	-3.1%
Q1 24	1.05B	-0.5%	-1.9%
Q2 24	1.05B	+0.0%	-2.1%
Q3 24	1.04B	-0.1%	-0.8%
Q4 24	1.05B	+0.1%	-0.5%
Q1 25	1.05B	+0.2%	+0.3%
Q2 25	1.05B	0.0%	+0.3%
Q3 25	1.05B	-0.1%	+0.2%
Q4 25	1.05B	-0.1%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	$29.4K	7K
Q1 22	$27.4K	7K
Q2 22	$34.4K	7K
Q3 22	$37.2K	7K
Q1 23	$36.6K	7K
Q3 23	$48.7K	7K
Q4 23	$46.4K	8K
Q1 24	$43.7K	8K
Q2 24	$53.3K	8K
Q3 24	$58.4K	8K
Q4 24	$64.6K	7K
Q1 25	$54.9K	7K
Q2 25	$65.9K	7K
Q3 25	$68.3K	7K
Q4 25	$64.0K	7K

Revenue / Employee