Vipshop Holdings VIPS
NYSE · Retail-Catalog & Mail-Order Houses · $7.0B$13.97+1.45%Nov 5 close · Databento
VIPS Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $13.971D +1.45%3M −9.34%SMA20 $12.94SMA50 $12.77RSI(14) 67.2
13.97
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 67.2
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$7.0B
EV / True FCF6.8x
Revenue$15.1B +2.0%
True FCF (ex-SBC)$534.4M −10.9%
Rule of 407.2%
ROIC31.8%
True FCF Yield7.6%
EPS, diluted$10.12 +3.0%
Modern Valuation (EOD)
Market Cap$7.0B
Enterprise Value$3.6B
EV / True FCF6.75
EV / FCF4.61
EV / Gross Profit1.03
EV / EBIT3.10
EV / Sales0.24
P / E (GAAP)6.81
P / FCF9.01
P / Oper. CF6.61
P / Book1.11
Owner & Cash Yields
True FCF Yield7.6%
FCF Yield11.1%
Owner Earn. Yield10.2%
Earnings Yield14.7%
Shareholder Yield+10.2%
Buyback Yield10.0%
Dividend Yield—
Dividend / sh—
Payout Ratio25%
FCF / sh—
EPS (diluted)$10.12
Compounder & Returns
Rule of 407.2%
ROIC31.8%
Cash ROIC (CROIC)26.8%
GP / Assets31.1%
ROE16.3%
ROA9.2%
Gross Margin23.1%
Oper. Margin7.7%
Net Margin6.8%
FCF Margin5.2%
True FCF Margin3.5%
Quality & Dilution
Cash Conversion76%
Accrual Ratio−0.3%
SBC % of FCF31.7%
SBC % of Rev1.6%
Reinvest. Rate27%
Sales Growth Y/Y+2.0%
Sales 3Y CAGR+0.4%
EPS Growth Y/Y+3.0%
FCF Growth Y/Y−10.9%
FCF 3Y CAGR−12.6%
Share Change Y/Y−5.1%
Balance Sheet & Scale
Revenue (FY)$15.1B
Gross Profit (FY)$3.5B
Oper. Income (FY)$1.2B
GAAP Net Income$1.0B
True FCF (ex-SBC)$534.4M
Cash & Equiv$3.4B
Total Debt$9.3M
Net Cash (Debt)$3.4B
Net Cash % MCap+48.8%
Debt / FCF (yrs)0.0y
Current Ratio1.28
Price & Technicals (EOD)
Perf Week+9.65%
Perf Month+9.40%
Perf Quarter−10.91%
Perf Half Y−3.92%
Perf YTD−8.81%
SMA 20 Dist+7.98%$12.94
SMA 50 Dist+9.40%$12.77
SMA 100 Dist+3.47%$13.50
Window High−10.91%$15.68
Window Low+15.55%$12.09
RSI (14) · Vol67.233%v
Income Distribution & Cash Flow ConversionHow every dollar of VIPS revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$11.6B ($76.9 / $100)
Operating Expenses$2.5B ($16.4 / $100)
Tax & Non-Operating$127.8M ($0.8 / $100)
Net Profit Kept$1.0B ($5.8 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$1.0B (6.8% margin)
Operating Cash Flow (OCF)$1.1B(7.0% of rev)
Less: Capital Expenditures−$284.0M(1.9% of rev)
Standard Free Cash Flow (FCF)$782.0M(5.2% margin)
Less: Stock-Based Comp (SBC)−$247.5M(31.7% of FCF)
True FCF (Owner Cash ex-SBC)$534.4M(3.5% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $18.4B | $15.0B | $15.9B | $14.9B | $15.1B | +2.0% | −4.7% | |
| Cost of Revenue (COGS) | $14.7B | $11.8B | $12.3B | $11.4B | $11.6B | +2.5% | −5.7% | |
| Gross Profit | $3.6B | $3.1B | $3.6B | $3.5B | $3.5B | +0.4% | −0.9% | |
| Total Operating Expenses | $2.9B | $2.3B | $2.5B | $2.4B | $2.5B | +5.6% | −3.7% | |
| Operating Income (EBIT) | $876.0M | $898.5M | $1.3B | $1.3B | $1.2B | −7.4% | +7.4% | |
| Interest Expense | $2.3M | $3.5M | $3.2M | $7.9M | $12.9M | +62.9% | +54.3% | |
| Income Tax Expense | $191.9M | $255.0M | $262.8M | $317.2M | $257.2M | −18.9% | +7.6% | |
| GAAP Net Income | $736.4M | $915.1M | $1.2B | $1.1B | $1.0B | −3.6% | +8.9% | |
| Diluted EPS | $5.29 | $7.13 | $10.16 | $9.83 | $10.12 | +3.0% | +17.6% | |
| Diluted Shares | 138.7M | 128.2M | 112.6M | 107.9M | 102.4M | −5.1% | −7.3% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $2.5B | $3.3B | $3.6B | $3.9B | $3.4B | −10.5% | +8.5% | |
| Inventory | $1.1B | $799.7M | $795.0M | $689.4M | $736.9M | +6.9% | −9.1% | |
| Total Current Assets | $5.2B | $4.9B | $5.3B | $5.2B | $5.7B | +9.3% | +2.4% | |
| Total Assets | $9.8B | $9.5B | $10.2B | $10.3B | $11.3B | +9.8% | +3.6% | |
| Total Current Liabilities | $4.0B | $4.1B | $4.3B | $4.1B | $4.4B | +7.7% | +2.2% | |
| Total Debt (Short + Long Term) | $9.3M | $9.3M | $9.3M | $9.3M | $9.3M | +0.0% | +0.0% | |
| Total Liabilities | $4.5B | $4.6B | $4.8B | $4.6B | $4.9B | +7.5% | +2.4% | |
| Stockholders' Equity | $5.3B | $4.9B | $5.4B | $5.7B | $6.4B | +11.6% | +4.6% | |
| Net Cash / (Net Debt) | $2.5B | $3.2B | $3.6B | $3.8B | $3.4B | −10.5% | +8.5% | |
| Invested Capital | $2.8B | $1.7B | $1.8B | $1.8B | $2.9B | +57.8% | +0.8% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $1.1B | $1.5B | $2.0B | $1.3B | $1.1B | −14.8% | +0.2% | |
| Depreciation & Amortization (D&A) | $172.1M | $178.5M | $183.0M | $194.3M | $218.3M | +12.3% | +6.1% | |
| Stock-Based Compensation (SBC) | $158.5M | $175.1M | $212.7M | $210.7M | $247.5M | +17.5% | +11.8% | |
| Capital Expenditures (CapEx) | $428.8M | $352.4M | $305.2M | $373.1M | $284.0M | −23.9% | −9.8% | |
| Free Cash Flow (FCF) | $629.6M | $1.2B | $1.7B | $877.6M | $782.0M | −10.9% | +5.6% | |
| True FCF (ex-SBC Owner Cash) | $471.1M | $997.7M | $1.5B | $666.9M | $534.4M | −19.9% | +3.2% | |
| Share Repurchases (Buybacks) | $304.2M | $907.3M | $719.3M | $529.6M | $706.5M | +33.4% | +23.4% | |
| Dividends Paid | — | — | — | — | $256.7M | — | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
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