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VIPS · NYSE · United States · Retail-Catalog & Mail-Order Houses
In shortVipshop Holdings Ltd is profitable, generates cash and holds more cash than debt, with revenue shrinking (−2.3% last year).
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 7.7% | 42/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 6.8% | 47/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 17.9% | 89/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 13.9% | 92/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.28× | 40/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.14× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 90.36× | 100/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 4.68 | 92/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 5.2% | 41/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.76× | 57/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 3 of 5 | 0/100 |
| Revenue growth volatility | 10.8% | 71/100 |
| Operating margin volatility | 1.6% | 95/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 0.9% | 22/100 |
|---|---|---|
| EPS growth, 3-year average | 12.9% | 90/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
CNY millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 117,060 | 103,152 | 112,856 | 108,421 | 105,920 |
| Cost of revenue | 93,953 | 81,536 | 87,135 | 82,951 | 81,429 |
| Gross profit | 23,107 | 21,616 | 25,721 | 25,470 | 24,490 |
| Operating income | 5,582 | 6,197 | 9,104 | 9,173 | 8,136 |
| Interest expense | 14 | 24 | 23 | 58 | 90 |
| Pre-tax income | 5,873 | 8,077 | 9,987 | 9,987 | 8,915 |
| Income tax | 1,223 | 1,759 | 1,866 | 2,316 | 1,799 |
| Net income | 4,681 | 6,299 | 8,117 | 7,740 | 7,242 |
| Diluted EPS | ¥33.74 | ¥49.15 | ¥72.11 | ¥71.76 | ¥70.74 |
| Diluted shares (millions) | 139 | 128 | 113 | 108 | 102 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
4.68 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 16, 2026