Full Truck Alliance Co. Ltd.
- Open
- 8.76
- Day high
- 8.76
- Day low
- 8.46
- Prev close
- 8.81
- Volume
- 11.5M
- Mkt cap
- $8.8B
- P/E (TTM)
- 33.9
- EPS (TTM)
- $0.25
- P/B
- 1.5
- P/S
- 4.6
- Yield
- 1.83%
- Per share
- $0.16
Full Truck Alliance Co. Ltd. (YMM) is a Technology company listed on NYSE. The stock is down 35% over the past year. Drillr has 1 published research article covering YMM.
Full Truck Alliance Co. Ltd. (YMM) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
YMM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 19, 2026 | $0.19 | $0.20 | +5.3% | $498M | +7.1% |
| May 21, 2026 | $0.13 | $0.17 | +28.8% | $413M | +5.9% |
| Mar 12, 2026 | $0.14 | $0.14 | +0.7% | $450M | -1.5% |
| Nov 17, 2025 | $0.14 | $0.13 | -8.5% | $472M | -84.9% |
| Aug 21, 2025 | $0.16 | $0.18 | +11.8% | $452M | -85.5% |
| May 21, 2025 | $0.17 | $0.18 | +5.9% | $371M | -87.9% |
| Mar 5, 2025 | $0.14 | $0.14 | +0.0% | $435M | -83.6% |
| Nov 20, 2024 | $0.14 | $0.17 | +20.6% | $432M | +10.8% |
| Aug 21, 2024 | $0.13 | $0.13 | +0.0% | $380M | +1.4% |
| May 21, 2024 | $0.09 | $0.10 | +9.9% | $314M | +0.4% |
| Mar 7, 2024 | $0.09 | $0.10 | +11.1% | $340M | +6.7% |
| Nov 20, 2023 | $0.08 | $0.11 | +37.5% | $310M | -2.3% |
Full Truck Alliance Co. Ltd. company profile
Overview
Full Truck Alliance Co. Ltd. (NYSE:YMM) is a Chinese technology company that operates the largest digital freight platform in China. Founded in 2011 and headquartered in Guiyang, China, the company went public on the New York Stock Exchange in June 2021. Full Truck Alliance has established itself as the dominant player in China's fragmented trucking industry by creating a comprehensive digital ecosystem that connects millions of shippers with truckers across the country. The platform facilitates freight matching, transactions, and provides various value-added services to both sides of the logistics market.
Business
Full Truck Alliance operates in China's road freight transportation industry, which is characterized by extreme fragmentation with millions of individual truck drivers and small logistics companies. The company's core offering is Yunmanman, a comprehensive digital freight platform that serves as the "Uber for trucking" in China. The platform provides three primary services. Freight matching services represent the largest revenue segment, accounting for approximately 75% of total revenues. This includes freight listing services where shippers post cargo requirements and truckers bid for jobs, freight brokerage services where the company actively matches and facilitates transactions, and transaction services where the platform takes commissions on completed shipments. The transaction service segment has shown the strongest growth, increasing over 70% year-over-year in 2024. Value-added services comprise roughly 25% of revenues and include credit solutions for truckers, insurance brokerage, electronic toll collection systems, and energy services such as fuel cards and charging stations for electric vehicles. These services leverage the platform's user base and transaction data to provide financial and operational support to the trucking ecosystem. The company has also been expanding into Less Than Truckload (LTL) services, which allows multiple shippers to share truck capacity for smaller shipments. This segment has experienced rapid growth with over 100% year-over-year order volume increases, representing approximately 28% of total platform orders by 2024.
Revenue model
Full Truck Alliance operates multiple revenue models that capitalize on its position as the dominant freight matching platform in China. The company generates revenue through freight brokerage fees where it charges shippers for actively facilitating matches and managing transactions, earning approximately RMB 1.3 billion in 2024. Transaction commissions represent the fastest-growing segment, where the platform takes a percentage of the freight value on completed shipments, reaching RMB 1.16 billion in 2024 and growing over 70% year-over-year. Freight listing fees provide a more traditional classified advertising model where shippers pay to post cargo requirements, generating around RMB 200+ million annually. The value-added services create additional revenue streams by monetizing the user base through financial products, insurance, and operational services, contributing approximately RMB 400+ million annually. The company's paying customers are primarily freight shippers, including both direct manufacturers and freight forwarders, with over 1 million shipper members by end of 2024. The platform serves 2.93 million average monthly active shippers and 4.4 million active truckers, though truckers primarily generate revenue indirectly through transaction completion rather than direct payments. Margin expansion factors include the growing proportion of higher-margin transaction services, improved platform efficiency leading to better fulfillment rates (now 37.5%), and the network effects of scale that reduce customer acquisition costs. Margin compression risks include increased competition from other platforms, potential regulatory changes in China's logistics sector, macroeconomic downturns affecting freight demand, and the need for continued investment in technology and user acquisition to maintain market leadership.
Competitive moat
Full Truck Alliance possesses a strong network effects moat in China's fragmented trucking market. The platform benefits from classic two-sided marketplace dynamics where more shippers attract more truckers and vice versa, creating a self-reinforcing cycle. With 2.93 million monthly active shippers and 4.4 million active truckers, the company has achieved critical mass that makes it extremely difficult for competitors to replicate. The company's moat is strengthened by high switching costs for both user groups. Shippers have integrated the platform into their operational workflows and built relationships within the ecosystem, while truckers depend on the platform's consistent order flow and have invested time in building ratings and reputations. The 85% next-month retention rate for truckers demonstrates this stickiness. Data and algorithmic advantages further reinforce the moat. The platform processes millions of freight transactions, giving it superior insights into pricing, route optimization, and matching algorithms that improve over time. This data advantage becomes more valuable as transaction volume grows, creating barriers for new entrants who lack this historical dataset. However, the moat faces potential threats from regulatory risks in China, where government policy changes could impact platform operations. Competition from tech giants like Alibaba or Tencent entering the logistics space could pose challenges, though the specialized nature of freight matching and existing network effects provide some protection. The company's focus on the Chinese market also creates geographic concentration risk, though this specialization has enabled deeper market penetration and regulatory compliance.
Risks & safety
Full Truck Alliance demonstrates a strong margin of safety with robust financial health and attractive valuation metrics. • Cash and liquidity: RMB 792 million in cash and short-term investments with minimal debt (debt-to-equity ratio of 0.0017), providing substantial financial cushion • Profitability: Strong cash generation with RMB 395 million in free cash flow for 2024 and consistent profitability growth • Current ratio: Excellent liquidity position with current ratio of 9.0, indicating strong ability to meet short-term obligations • Valuation metrics: Trading at extremely attractive P/E ratio of 1.34 and P/B ratio of 0.11, suggesting significant undervaluation • Growth trajectory: 32% revenue growth in 2024 with expanding margins and market share gains • Dividend policy: Initiated semi-annual dividend with $200 million planned for 2025, demonstrating confidence in cash generation • Market position: Dominant platform position in large addressable market with network effects providing defensive characteristics
Recent development
Over the past few years, Full Truck Alliance has executed several strategic initiatives to strengthen its market position and diversify revenue streams. The company has significantly expanded its transaction services business, which grew from representing a small portion of revenues to 36% of total revenue by 2024, with over 70% year-over-year growth. This shift toward higher-margin commission-based revenue represents a strategic pivot from traditional listing fees to transaction-based monetization. The company has made substantial investments in user acquisition and retention, launching targeted programs like the 288-Tier Mini Membership to attract small and medium-sized shippers and implementing premium cargo bidding systems for truckers. These efforts have resulted in the proportion of direct shippers reaching 50% of total fulfilled orders, improving platform efficiency and margins. Less Than Truckload (LTL) expansion has emerged as a key growth driver, with the segment experiencing over 100% year-over-year order volume growth and contributing approximately 28% of total platform orders. The company has developed specialized features like carpool assistants and dedicated LTL zones to optimize this business line. Technology investments have focused on AI and algorithmic improvements for freight matching and capacity scheduling, leading to significant improvements in fulfillment rates from around 24% in 2022 to 37.5% in 2024. The company has also expanded into green logistics, with electric vehicle freight orders increasing 100% year-over-year, positioning it for China's sustainability trends. Recent corporate actions include implementing a semi-annual dividend policy and maintaining an active share repurchase program, demonstrating management's confidence in the business model and commitment to returning capital to shareholders.
YMM company profile · for informational purposes only — not investment advice.
Track YMM with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free