Vipshop Holdings Ltd VIPS
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS10.12
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.15B | $14.85B | $15.90B | $14.96B | $18.37B | $15.61B | $13.36B | $12.29B | $11.21B | $8.15B |
| Cost of revenue | $11.64B | $11.36B | $12.27B | $11.82B | $14.74B | $12.35B | $10.39B | $9.81B | $8.70B | $6.19B |
| Gross profit | $3.50B | $3.49B | $3.62B | $3.13B | $3.63B | $3.26B | $2.97B | $2.48B | $2.50B | $1.96B |
| SG&A | $625.5M | $547.0M | $584.0M | $646.6M | $657.5M | $574.5M | $583.8M | $388.9M | $376.2M | $279.6M |
| Total operating expenses | $2.49B | $2.36B | $2.45B | $2.34B | $2.90B | $2.47B | $2.38B | $2.24B | $2.17B | $1.62B |
| Operating income | $1.16B | $1.26B | $1.28B | $898.5M | $876.0M | $898.1M | $685.7M | $352.1M | $413.5M | $390.0M |
| Interest expense | $12.9M | $7.9M | $3.2M | $3.5M | $2.3M | $10.3M | $12.4M | $23.2M | $12.7M | $12.3M |
| Pre-tax income | $1.27B | $1.39B | $1.42B | $1.17B | $928.3M | $1.08B | $710.0M | $399.5M | $390.5M | $384.0M |
| Income tax | $257.2M | $317.2M | $262.8M | $255.0M | $191.9M | $173.2M | $141.3M | $82.4M | $96.2M | $86.7M |
| Net income | $1.04B | $1.07B | $1.16B | $915.1M | $736.4M | $907.2M | $572.6M | $310.3M | $290.9M | $287.0M |
| EPS, basic | 10.35 | 10.00 | 10.33 | 7.18 | 5.39 | 6.70 | 4.32 | 2.34 | 2.55 | 2.53 |
| EPS, diluted | 10.12 | 9.83 | 10.16 | 7.13 | 5.29 | 6.56 | 4.25 | 2.27 | 2.45 | 2.43 |
| Shares, diluted (wtd. avg.) | $102.4M | $107.9M | $112.6M | $128.2M | $138.7M | $138.0M | $136.1M | $140.1M | $125.7M | $125.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.29B | $3.85B | $3.60B | $3.25B | $2.49B | $2.01B | $1.18B | $1.44B | $1.49B | $631.6M |
| Short-term investments | $826.1M | $256.6M | $279.3M | $231.4M | $844.5M | $1.12B | $438.5M | $337.6M | — | — |
| Receivables | $127.2M | $125.4M | $109.7M | $82.3M | $72.0M | $51.3M | $186.1M | $825.4M | $738.3M | $336.2M |
| Inventory | $736.9M | $689.4M | $795.0M | $799.7M | $1.08B | $1.17B | $1.11B | $780.8M | $1.07B | $712.7M |
| Total current assets | $5.66B | $5.18B | $5.29B | $4.89B | $5.15B | $4.78B | $3.31B | $3.97B | $3.98B | $2.10B |
| Property, plant and equipment | $2.62B | $2.51B | $2.38B | $2.35B | $2.26B | $2.08B | $1.62B | $1.24B | $1.02B | $643.4M |
| Goodwill | $108.0M | $103.5M | $106.4M | $109.5M | $92.5M | $91.0M | $34.0M | $53.4M | $56.4M | $52.9M |
| Other intangibles | $46.3M | $44.9M | $46.9M | $48.8M | $50.4M | $51.0M | $48.5M | $51.4M | $61.6M | $104.4M |
| Total assets | $11.27B | $10.27B | $10.19B | $9.49B | $9.77B | $9.03B | $6.98B | $6.34B | $5.84B | $3.61B |
| Accounts payable | $1.79B | $2.08B | $2.43B | $2.18B | $2.06B | $2.33B | $1.98B | $1.69B | $1.76B | $1.20B |
| Short-term debt | $835.8M | $328.7M | $200.8M | $389.6M | $309.9M | $159.9M | $157.1M | $195.4M | $139.5M | — |
| Total current liabilities | $4.42B | $4.10B | $4.31B | $4.14B | $4.04B | $4.07B | $3.44B | $3.77B | $2.96B | $2.10B |
| Long-term debt | — | — | — | — | — | — | $9.3M | — | — | — |
| Total liabilities | $4.92B | $4.57B | $4.76B | $4.55B | $4.47B | $4.53B | $3.78B | $3.83B | $3.65B | $2.78B |
| Retained earnings | $6.95B | $5.88B | $5.19B | $4.16B | $3.52B | $2.72B | $1.71B | $1.15B | $861.1M | $526.1M |
| Total equity | $5.86B | $5.48B | $5.21B | $4.75B | $5.12B | $4.37B | $3.14B | $2.51B | $2.20B | $825.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.07B | $1.25B | $2.03B | $1.53B | $1.06B | $1.81B | $1.77B | $835.7M | $150.8M | $407.8M |
| Depreciation and amortisation | $218.3M | $194.3M | $183.0M | $178.5M | $172.1M | $148.7M | $119.3M | $112.0M | $110.8M | $88.0M |
| Stock-based compensation | $247.5M | $210.7M | $212.7M | $175.1M | $158.5M | $145.8M | $98.8M | $97.6M | $102.5M | $68.5M |
| Capital expenditure | $284.0M | $373.1M | $305.2M | $352.4M | $428.8M | $342.9M | $474.5M | $366.5M | $337.8M | $283.4M |
| Investing cash flow | -$1.19B | -$488.5M | -$726.8M | $152.1M | -$365.1M | -$1.03B | -$1.18B | -$973.6M | -$312.4M | -$240.4M |
| Financing cash flow | -$276.8M | -$680.8M | -$865.6M | -$808.1M | -$9.2M | -$3.2M | -$898.7M | $85.4M | $1.10B | -$56.6M |
| Dividends paid | $256.7M | — | — | — | — | — | — | — | — | — |
| Buybacks | $706.5M | $529.6M | $719.3M | $907.3M | $304.2M | — | — | — | — | $27.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-044015.
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