# Full Truck Alliance Co. Ltd. (YMM)

Source page: https://stoqly.net/companies/ymm

- **Ticker:** YMM (NYSE)
- **Sector:** Information Technology / Services-Prepackaged Software
- **SEC CIK:** 0001838413
- **Latest annual report:** 20-F filed 2026-04-14 (https://www.sec.gov/Archives/edgar/data/1838413/000119312526153778/d20504d20f.htm)
- **Data updated:** 2026-11-09

## What the company does

Full Truck Alliance runs a digital freight platform in China that connects shippers with truckers through the Yunmanman, Huochebang, Shengsheng and Yunmanman Cold Chain apps. Shippers post orders for long-haul, less-than-truckload, city and cold-chain shipments, and truckers find and accept work through the platform. Full Truck Alliance also offers freight brokerage, which handles shipping contracts and payments between shippers and truckers, and online transaction services that help them complete shipments. In 2025, the platform facilitated 236.3 million fulfilled orders.

Full Truck Alliance earns money from shipper membership fees for posting freight listings, brokerage fees charged to shippers, transaction fees charged to truckers, and interest and fees from services such as credit, insurance, transport management software, toll collection and energy services. It also sells advanced driver-assistance system kits and earns service fees from services using those systems. Its main market is China; in 2025 it began exploring selected international markets through Qmove, an overseas platform in its early stage of development. The company has two main operating areas: freight matching, including listing, brokerage and transaction services, and value-added services for shippers and truckers.

Full Truck Alliance operates the apps and matching platform, while shippers and truckers provide and carry out the shipments. For brokerage orders, its affiliates contract with shippers and arrange for truckers to deliver cargo; the company also sets transaction rules, provides shipment tracking and holds trucker deposits in escrow accounts at third-party banks. Its principal executive offices are in Guiyang, Guizhou, and Nanjing, Jiangsu.

## Key figures

- **Last close:** $8.69 on 2026-11-13 (+2.36% on the day)
- **Market cap:** $9.1B
- **P/E (trailing):** 14.9x
- **EPS, trailing 12 months:** $0.58
- **Revenue (FY2025):** $1.7B
- **Revenue growth:** +11.3%
- **Revenue growth, 5-year CAGR:** +36.0%
- **Gross margin:** 63.0%
- **Operating margin:** 33.2%
- **Net margin:** 35.7%
- **Free cash flow:** $626M
- **Free cash flow margin:** 36.0%
- **Return on equity:** 11.3%
- **Change in share count:** +0.1%
- **Piotroski F-score:** 5/9
- **Insider buys, last 90 days:** $0.0M
- **Insider sells, last 90 days:** $0.0M

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## Annual results

From SEC EDGAR XBRL filings. Full table: https://stoqly.net/companies/ymm/figures.csv

| US$ millions | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---:|---:|---:|---:|---:|---:|---:|
| Revenue | 358 | 374 | 722 | 1,000 | 1,191 | 1,562 | 1,738 |
| Operating income | -148 | -524 | -589 | -24 | 141 | 344 | 577 |
| Net income | -220 | -503 | -567 | 61 | 314 | 434 | 620 |
| Diluted EPS (US$) | -1.33 | -3.04 | -0.96 | 0.06 | 0.28 | 0.42 | 0.58 |
| Operating cash flow | -134 | 83 | -33 | -2 | 320 | 413 | 644 |
| Free cash flow | -135 | 76 | -39 | -15 | 306 | 402 | 626 |
| Cash | 572 | 2,874 | 4,080 | 3,801 | 2,574 | 2,851 | 2,445 |
| Debt and leases | — | — | 1 | — | — | — | — |

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Source: SEC EDGAR filings and end-of-day prices, via Stoqly. For information only — not investment advice or a recommendation to buy, sell or hold any security.