NYSE · Consumer Cyclical

Alibaba Group Holding Limited

BABA · Internet Retail

$133.27

▲ 1.77 (1.35%)

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Mr. Market is currently offering Alibaba Group Holding Limited at $133.27.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 40.0%

Operating Margin 14.8%

Net Income Margin 13.1%

Fin. Health A

Years to Pay Off Debt 1.9 yrs

Working Capital vs Long-Term Debt $30.6B

Working Capital $238.7B

Valuation A

Margin of Safety 81.3%

Price-to-Book 0.32x

Cash Flow C

Free Cash Flow $77.5B

CapEx % of Net Income 66.1%

Owner Earnings $258.5B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $328.9B

Enterprise Value $2,456.4B

P/E (TTM) 23.50

Dividend Yield 80.00%

Exchange NYSE

Key Margins

Gross Profit 40.0%

Operating Margin 14.8%

Net Margin 13.1%

Company Info

Sector Consumer Cyclical

Industry Internet Retail

Employees 128197

Country Hong Kong

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Alibaba Group Holding Limited at $133.27.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $133.27, the stock trades below its Graham Number of $712.50 — suggesting a margin of safety exists.

The margin of safety of 81.3% exceeds Graham's recommended 33% threshold — a rare opportunity.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Alibaba Group Holding Limited

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally. It operates digital retail platforms under the Taobao and Tmall names; wholesale marketplaces through 1688.com and Alibaba.com; global e-commerce platform under the AliExpress name; e-commerce platforms under the Lazada, Trendyol, and Daraz names; and consumer-to-consumer community and marketplace under the Tmall Global, Tmall Supermarket, and Xianyu names. The company also operates Cainiao, an e-commerce logistics solution; Ele.me, an on-demand delivery and local services platform; and Amap, a provider of mobile digital map, navigation, and real-time traffic information; Youku, an online video platform; and Damai Entertainment that provides content production, promotion and distribution, performance and event ticketing management, IP-related licensing and operations, cinema ticketing management, and internet data services for the entertainment industry. In addition, it provides elastic computing, storage, network, security, database, big data, cloud native, and Alibaba cloud model studio services; and hardware, software license and installation, and application development and maintenance services, as well as sells membership packages and subscriptions. Further, the company offers Freshippo, a retail platform for groceries and goods; Alibaba Health for medical and healthcare solutions; mobile games under the Lingxi Games name; UC Browser, an information service platform; Quark, an information services platform for young users; Fliggy, an online travel platform; and DingTalk, a collaboration workplace and enterprise management platform. It also offers the Alibaba Token Hub (ATH) Business, which develops multimodal foundation models; the MaaS Business Line, which builds AI technical infrastructure; and the Qwen Business Unit, which is responsible for a personal AI assistant. Alibaba Group Holding Limited was incorporated in 1999 and is based in Causeway Bay, Hong Kong.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	40.0% ▲	37.7%	36.7%	36.8%
Operating Margin %	14.8% ▲	13.2%	11.9%	11.1%
Net Income %	13.1% ▲	8.5%	8.4%	7.3%
Diluted EPS	53.60 ▲	31.28	27.44	22.72

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$1,804.2B	$1,764.8B	$1,753.0B	$1,695.6B
Total Debt	$248.1B ↑	$205.6B	$195.6B	$176.6B
Working Capital	$238.7B ▼	$331.4B	$312.6B	$254.8B
Years to Pay Debt	1.91	2.57	2.69	2.84

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$77.5B ▼	$149.7B	$165.4B	$89.4B
Owner Earnings	$258.5B	$157.4B	$154.1B	$163.6B
CapEx % of Net Income	66.1%	41.2%	47.2%	85.7%

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-1,407,038	-2,333,041	-473,174	-6,285,250
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	213,681,000	174,532,000	155,826,000	153,367,000
Total Unusual Items	-6,171,000	-10,521,000	-2,714,000	-25,141,000
Total Unusual Items Excluding Goodwill	-6,171,000	-10,521,000	-2,714,000	-25,141,000
Net Income From Continuing Operation Net Minority Interest	130,109,000	80,009,000	72,783,000	62,249,000
Reconciled Depreciation	42,459,000	44,504,000	46,938,000	48,065,000
Reconciled Cost Of Revenue	562,162,000	563,411,000	516,261,000	503,032,000
EBITDA	207,510,000	164,011,000	153,112,000	128,226,000
EBIT	165,051,000	119,507,000	106,174,000	80,161,000
Net Interest Income	11,163,000	-17,911,000	-16,989,000	-20,611,000
Interest Expense	9,596,000	17,911,000	16,989,000	20,611,000
Interest Income	20,759,000
Normalized Income	134,872,962	88,196,959	75,023,826	81,104,750
Net Income From Continuing And Discontinued Operation	130,109,000	80,009,000	72,783,000	62,249,000
Total Expenses	849,271,000	817,297,000	765,622,000	758,283,000
Total Operating Income As Reported	140,905,000	113,350,000	100,351,000	69,638,000
Diluted Average Shares	2,414,750	2,544,875	2,639,250	2,723,375
Basic Average Shares	2,348,875	2,522,750	2,622,500	2,694,750
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	129,405,000	79,513,000	72,471,000	61,922,000
Average Dilution Earnings	-65,000	-228,000	-38,000	-37,000
Net Income Common Stockholders	129,470,000	79,741,000	72,509,000	61,959,000
Otherunder Preferred Stock Dividend	639,000	268,000	274,000	290,000
Net Income	130,109,000	80,009,000	72,783,000	62,249,000
Minority Interests	4,133,000	8,677,000	7,210,000	15,170,000
Net Income Including Noncontrolling Interests	125,976,000	71,332,000	65,573,000	47,079,000
Net Income Continuous Operations	125,976,000	71,332,000	65,573,000	47,079,000
Earnings From Equity Interest Net Of Tax	5,966,000	-7,735,000	-8,063,000	14,344,000
Tax Provision	35,445,000	22,529,000	15,549,000	26,815,000
Pretax Income	155,455,000	101,596,000	89,185,000	59,550,000
Other Income Expense	-2,784,000	-4,364,000	3,109,000	-14,618,000
Other Non Operating Income Expenses	3,387,000	6,157,000	5,823,000	10,523,000
Special Income Charges	-6,171,000	-10,521,000	-2,714,000	-25,141,000
Impairment Of Capital Assets	6,171,000	10,521,000	2,714,000	25,141,000
Net Non Operating Interest Income Expense	11,163,000	-17,911,000	-16,989,000	-20,611,000
Interest Expense Non Operating	9,596,000	17,911,000	16,989,000	20,611,000
Interest Income Non Operating	20,759,000
Operating Income	147,076,000	123,871,000	103,065,000	94,779,000
Operating Expense	250,986,000	230,974,000	215,927,000	218,833,000
Other Operating Expenses	-761,000
Depreciation Amortization Depletion Income Statement	6,336,000	21,592,000	13,504,000	11,647,000
Depreciation And Amortization In Income Statement	6,336,000	21,592,000	13,504,000	11,647,000
Amortization	6,336,000	21,592,000	13,504,000	11,647,000
Amortization Of Intangibles Income Statement	6,336,000	21,592,000	13,504,000	11,647,000
Research And Development	57,151,000	52,256,000	56,744,000	55,465,000
Selling General And Administration	188,260,000	157,126,000	145,679,000	151,721,000
Selling And Marketing Expense	144,021,000	115,141,000	103,496,000	119,799,000
General And Administrative Expense	44,239,000	41,985,000	42,183,000	31,922,000
Other Gand A	44,239,000	41,985,000	42,183,000	31,922,000
Gross Profit	398,062,000	354,845,000	318,992,000	313,612,000
Cost Of Revenue	598,285,000	586,323,000	549,695,000	539,450,000
Total Revenue	996,347,000	941,168,000	868,687,000	853,062,000
Operating Revenue	953,662,000	902,332,000	832,100,000	816,311,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	1,210
Ordinary Shares Number	18,997,077	19,469,127	20,526,018	21,357,323
Share Issued	18,998,288	19,469,127	20,526,018	21,357,323
Net Debt	85,216,000
Total Debt	248,110,000	205,614,000	195,569,000	176,597,000
Tangible Book Value	720,557,000	687,842,000	665,748,000	607,242,000
Invested Capital	1,240,561,000	1,157,320,000	1,151,011,000	1,089,823,000
Working Capital	238,703,000	331,357,000	312,615,000	254,751,000
Net Tangible Assets	720,557,000	687,842,000	665,748,000	607,242,000
Capital Lease Obligations	17,407,000	34,838,000	34,215,000	35,253,000
Common Stock Equity	1,009,858,000	986,544,000	989,657,000	948,479,000
Total Capitalization	1,217,999,000	1,128,319,000	1,138,745,000	1,080,982,000
Total Equity Gross Minority Interest	1,090,106,000	1,112,599,000	1,122,921,000	1,082,193,000
Minority Interest	80,248,000	126,055,000	133,264,000	133,714,000
Stockholders Equity	1,009,858,000	986,544,000	989,657,000	948,479,000
Other Equity Interest			-49,000	-46,000
Gains Losses Not Affecting Retained Earnings	19,329,000	18,331,000	2,560,000	-23,318,000
Other Equity Adjustments	15,936,000	14,733,000	12,977,000	9,839,000
Foreign Currency Translation Adjustments	3,286,000	3,635,000	-10,476,000	-33,184,000
Unrealized Gain Loss	107,000	-37,000	59,000	27,000
Treasury Stock	36,329,000	27,684,000	28,763,000	2,221,000
Retained Earnings	645,478,000	597,897,000	599,028,000	563,557,000
Additional Paid In Capital	381,379,000	397,999,000	416,880,000	410,506,000
Capital Stock	1,000	1,000	1,000	1,000
Common Stock	1,000	1,000	1,000	1,000
Total Liabilities Net Minority Interest	714,121,000	652,230,000	630,123,000	613,360,000
Total Non Current Liabilities Net Minority Interest	278,775,000	230,723,000	244,772,000	229,576,000
Other Non Current Liabilities	2,811,000	1,427,000	773,000	628,000
Non Current Deferred Liabilities	54,360,000	58,554,000	66,363,000	66,186,000
Non Current Deferred Revenue	4,536,000	4,069,000	3,560,000	3,490,000
Non Current Deferred Taxes Liabilities	48,454,000	53,012,000	61,745,000	61,706,000
Long Term Debt And Capital Lease Obligation	221,604,000	170,742,000	177,636,000	162,762,000
Long Term Capital Lease Obligation	13,463,000	28,967,000	28,548,000	30,259,000
Long Term Debt	208,141,000	141,775,000	149,088,000	132,503,000
Current Liabilities	435,346,000	421,507,000	385,351,000	383,784,000
Other Current Liabilities	28,690,000	18,456,000	17,512,000	13,096,000
Current Deferred Liabilities	130,992,000	141,157,000	140,457,000	138,975,000
Current Deferred Revenue	68,609,000	85,555,000	84,592,000	81,730,000
Current Debt And Capital Lease Obligation	26,506,000	34,872,000	17,933,000	13,835,000
Current Capital Lease Obligation	3,944,000	5,871,000	5,667,000	4,994,000
Current Debt	22,562,000	29,001,000	12,266,000	8,841,000
Other Current Borrowings	22,562,000	29,001,000	12,266,000	8,841,000
Payables And Accrued Expenses	249,158,000	227,022,000	209,449,000	217,878,000
Current Accrued Expenses	31,705,000	29,631,000	29,000,000	28,343,000
Payables	217,453,000	197,391,000	180,449,000	189,535,000
Other Payable	190,044,000	170,886,000	150,526,000	151,238,000
Dueto Related Parties Current	8,130,000	9,503,000	10,383,000	7,783,000
Total Tax Payable	19,279,000	17,002,000	19,540,000	30,514,000
Income Tax Payable	11,638,000	9,068,000	12,543,000	21,753,000
Accounts Payable			103,369,000	107,205,000
Total Assets	1,804,227,000	1,764,829,000	1,753,044,000	1,695,553,000
Total Non Current Assets	1,130,178,000	1,011,965,000	1,055,078,000	1,057,018,000
Other Non Current Assets	11,380,000	4,396,000	5,123,000	4,602,000
Non Current Deferred Assets	13,161,000	11,361,000	15,494,000	14,475,000
Non Current Deferred Taxes Assets	13,161,000	11,361,000	15,494,000	14,475,000
Investments And Advances	566,987,000	424,073,000	453,117,000	443,253,000
Investmentin Financial Assets	356,818,000	220,942,000	245,737,000	223,611,000
Available For Sale Securities	356,818,000	220,942,000	245,737,000	223,611,000
Long Term Equity Investment	210,169,000	203,131,000	207,380,000	219,642,000
Goodwill And Other Intangible Assets	289,301,000	298,702,000	323,909,000	341,237,000
Other Intangible Assets	33,800,000	39,023,000	55,818,000	71,656,000
Goodwill	255,501,000	259,679,000	268,091,000	269,581,000
Net PPE	249,349,000	273,433,000	257,435,000	253,451,000
Accumulated Depreciation	-128,417,000	-130,473,000	-114,568,000	-93,756,000
Gross PPE	377,766,000	403,906,000	372,003,000	347,207,000
Construction In Progress	61,648,000	54,022,000	49,105,000	47,267,000
Other Properties	39,202,000	76,927,000	77,428,000	78,053,000
Machinery Furniture Equipment	172,316,000	137,825,000	122,194,000	115,093,000
Buildings And Improvements	104,600,000	135,132,000	123,276,000	106,794,000
Current Assets	674,049,000	752,864,000	697,966,000	638,535,000
Other Current Assets	28,292,000	13,400,000	8,317,000	11,657,000
Current Deferred Assets	5,365,000	6,482,000	4,771,000	3,915,000
Restricted Cash	43,781,000	38,299,000	36,424,000	37,455,000
Prepaid Assets	20,556,000	17,784,000	16,794,000	17,902,000
Inventory	18,887,000	25,460,000	28,547,000	30,087,000
Receivables	129,075,000	80,410,000	78,643,000	82,434,000
Other Receivables	52,976,000	11,508,000	14,499,000	11,205,000
Duefrom Related Parties Current	12,058,000	8,257,000	9,042,000	12,188,000
Taxes Receivable	26,336,000	19,904,000	17,497,000	23,779,000
Accrued Interest Receivable	6,533,000	10,055,000	5,471,000	2,449,000
Accounts Receivable	31,172,000	30,686,000	32,134,000	32,813,000
Cash Cash Equivalents And Short Term Investments	428,093,000	571,029,000	524,470,000	455,085,000
Other Short Term Investments	282,606,000	322,904,000	331,384,000	265,187,000
Cash And Cash Equivalents	145,487,000	248,125,000	193,086,000	189,898,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	77,537,000	149,664,000	165,400,000	89,435,000
Repurchase Of Capital Stock	-86,662,000	-88,745,000	-74,746,000	-61,225,000
Repayment Of Debt	-59,898,000	-18,105,000	-11,448,000	-16,713,000
Issuance Of Debt	124,432,000	20,570,000	22,790,000	9,427,000
Issuance Of Capital Stock	10,000	843,000	11,000	109,000
Capital Expenditure	-85,972,000	-32,929,000	-34,352,000	-53,324,000
Interest Paid Supplemental Data	8,866,000	7,832,000	5,637,000	5,066,000
Income Tax Paid Supplemental Data	33,409,000	32,486,000	26,476,000	21,474,000
End Cash Position	189,268,000	286,424,000	229,510,000	227,353,000
Beginning Cash Position	286,424,000	229,510,000	227,353,000	356,469,000
Effect Of Exchange Rate Changes	965,000	4,389,000	3,530,000	-8,834,000
Changes In Cash	-98,121,000	52,525,000	-1,373,000	-120,282,000
Financing Cash Flow	-76,215,000	-108,244,000	-65,619,000	-64,449,000
Cash Flow From Continuing Financing Activities	-76,215,000	-108,244,000	-65,619,000	-64,449,000
Net Other Financing Charges	-25,020,000	-4,861,000	-2,226,000	3,953,000
Cash Dividends Paid	-29,077,000	-17,946,000	0	0
Net Common Stock Issuance	-86,652,000	-87,902,000	-74,735,000	-61,116,000
Common Stock Payments	-86,662,000	-88,745,000	-74,746,000	-61,225,000
Common Stock Issuance	10,000	843,000	11,000	109,000
Net Issuance Payments Of Debt	64,534,000	2,465,000	11,342,000	-7,286,000
Net Long Term Debt Issuance	64,534,000	2,465,000	11,342,000	-7,286,000
Long Term Debt Payments	-59,898,000	-18,105,000	-11,448,000	-16,713,000
Long Term Debt Issuance	124,432,000	20,570,000	22,790,000	9,427,000
Investing Cash Flow	-185,415,000	-21,824,000	-135,506,000	-198,592,000
Cash Flow From Continuing Investing Activities	-185,415,000	-21,824,000	-135,506,000	-198,592,000
Net Other Investing Changes	264,000	79,000	-360,000	-456,000
Dividends Received Cfi		1,265,000	1,001,000	936,000
Net Investment Purchase And Sale	-95,109,000	14,418,000	-96,678,000	-132,267,000
Sale Of Investment	41,609,000	94,050,000	23,020,000	14,543,000
Purchase Of Investment	-136,718,000	-79,632,000	-119,698,000	-146,810,000
Net Business Purchase And Sale	-7,026,000	-3,765,000	-4,760,000	-13,481,000
Sale Of Business	1,873,000	1,964,000	1,001,000	15,479,000
Purchase Of Business	-8,899,000	-5,729,000	-5,761,000	-13,481,000
Net Intangibles Purchase And Sale	0	-842,000	-22,000	-15,000
Purchase Of Intangibles	0	-842,000	-22,000	-15,000
Net PPE Purchase And Sale	-83,544,000	-31,714,000	-33,686,000	-53,309,000
Sale Of PPE	2,428,000	373,000	644,000	0
Purchase Of PPE	-85,972,000	-32,087,000	-34,330,000	-53,309,000
Operating Cash Flow	163,509,000	182,593,000	199,752,000	142,759,000
Cash Flow From Continuing Operating Activities	163,509,000	182,593,000	199,752,000	142,759,000
Change In Working Capital	-23,988,000	-13,749,000	13,482,000	-18,150,000
Change In Other Working Capital	-1,239,000	1,510,000	2,932,000	4,545,000
Change In Payables And Accrued Expense	27,841,000	22,362,000	1,945,000	9,801,000
Change In Accrued Expense	25,873,000	27,126,000	11,159,000	13,327,000
Change In Payable	1,968,000	-4,764,000	-9,214,000	-3,526,000
Change In Tax Payable	1,968,000	-4,764,000	-9,214,000	-3,526,000
Change In Income Tax Payable	1,968,000	-4,764,000	-9,214,000	-3,526,000
Change In Prepaid Assets	-50,590,000	-37,621,000	8,605,000	-32,496,000
Other Non Cash Items	590,000	-708,000	-1,011,000	1,478,000
Stock Based Compensation	13,970,000	18,546,000	30,831,000	23,971,000
Provisionand Write Offof Assets	3,016,000	3,509,000	2,802,000	1,739,000
Asset Impairment Charge	15,606,000	34,854,000	19,985,000	34,808,000
Deferred Tax	374,000	-5,263,000	-1,717,000	-1,369,000
Deferred Income Tax	374,000	-5,263,000	-1,717,000	-1,369,000
Depreciation Amortization Depletion	42,459,000	44,504,000	46,938,000	48,065,000
Depreciation And Amortization	42,459,000	44,504,000	46,938,000	48,065,000
Amortization Cash Flow	13,199,000	17,864,000	19,139,000	20,257,000
Amortization Of Intangibles	13,199,000	17,864,000	19,139,000	20,257,000
Depreciation	29,260,000	26,640,000	27,799,000	27,808,000
Operating Gains Losses	-14,494,000	29,568,000	22,869,000	5,138,000
Earnings Losses From Equity Investments	-5,966,000	7,735,000	8,063,000	-14,344,000
Gain Loss On Investment Securities	-29,280,000	23,480,000	14,911,000	20,481,000
Gain Loss On Sale Of PPE	-784,000	-107,000	-163,000	132,000
Gain Loss On Sale Of Business	21,536,000	-1,540,000	58,000	-1,131,000
Net Income From Continuing Operations	125,976,000	71,332,000	65,573,000	47,079,000

These metrics estimate what Alibaba Group Holding Limited is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$712.50

Margin of Safety

81.3%

Market Cap ÷ Company Value

1.12

P/B Ratio

0.32

Warren's Owner Earnings

$258.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$996.3B

vs > $1.5B revenue

❌ Strong Financial Condition

1.55x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

80.00%

vs Uninterrupted dividends

✅ Earnings Growth

+135.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

23.5x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.32x P/B (P/E×P/B: 7.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-16.70

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$681.18

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	66.1%	41.2%	47.2%	85.7%
Repurchase of Capital Stock	-$86.7B	-$88.7B	-$74.7B	-$61.2B
Free Cash Flow	$77.5B ▼	$149.7B ▼	$165.4B ▲	$89.4B •
Warren's Owner Earnings	$258.5B	$157.4B	$154.1B	$163.6B

Peers & Industry Comparison

Internet Retail — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BABA	$133.27	$328.9B	23.50	40.0%	13.1%	$996.3B
AMZN Amazon.com, Inc.	$272.05	$2,925.7B	32.5	50.6%	12.2%	$742.8B
JD JD.com, Inc.	$30.04	$41.0B	15.9	9.3%	1.5%	$1,309.1B
EBAY eBay Inc.	$109.33	$48.5B	25.2	71.8%	17.6%	$11.6B
ETSY Etsy, Inc.	$64.04	$6.1B	24.5	71.6%	9.8%	$2.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.01%

Low — management has little skin in the game

Return on Equity (ROE)

12.9%

Adequate — returns are moderate

Return on Assets (ROA)

7.2%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$86.7B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+20.7% YoY

Debt is growing — management is leveraging up

Leadership Team

Joseph Tsai

Executive Chairman

Age 61

Pay: $4,488,641

0.003% of net income

Yongming Wu

CEO, Head of Core E-Commerce Business & Director

Age 50

Pay: $7,253,462

0.006% of net income

Michael Evans

President & Director

Age 67

Pay: $5,182,299

0.004% of net income

Hong Xu

Chief Financial Officer

Age 52

Zeming Wu

Chairman & Chief Executive Officer of Ele.me and Group Chief Technology Officer

Age 44

Top Institutional Holders

Institution	% Owned	Shares
JPMORGAN CHASE & CO	0.90%	21,647,160
Primecap Management Company	0.79%	18,977,436
UBS Group AG	0.45%	10,709,880
FMR, LLC	0.43%	10,265,691
Dodge & Cox Inc.	0.42%	10,016,870
HSBC Holdings PLC	0.38%	9,144,918
Goldman Sachs Group Inc	0.32%	7,665,627
Capital World Investors	0.27%	6,505,165

Risk Analysis

Beta (Market Risk)

0.49

Low volatility — more stable than the market

Short Interest

1.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.26x

Conservative balance sheet — low financial risk

Current Ratio

1.33x

Adequate liquidity

52-Week Price Range

Low: $103.71 Current: $133.27 High: $192.67

Currently at 33% of 52-week range

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