NYSE : VIPS
Vipshop Holdings Limited — Financial statements
Consumer Discretionary · Internet Retail · China
Last price 12.88 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.13B
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Financial statements
Vipshop Holdings Limited (VIPS) reported revenue of 105.13B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 96.30B | 97.40B | 100.73B | 105.61B | 97.25B | 111.26B |
| Other Revenue | 8.83B | 8.52B | 7.69B | 7.24B | 5.90B | 5.80B |
| Revenue | 105.13B | 105.92B | 108.42B | 112.86B | 103.15B | 117.06B |
| Cost of Revenue | 80.52B | 81.43B | 82.95B | 87.14B | 81.54B | 93.95B |
| Gross Profit | 24.60B | 24.49B | 25.47B | 25.72B | 21.62B | 23.11B |
| Selling, General & Admin | 15.65B | 15.66B | 15.32B | 15.49B | 14.30B | 16.87B |
| Research & Development | 1.80B | 1.76B | 1.89B | 1.77B | 1.61B | 1.52B |
| Other Operating Expenses | -870.80M | -906.86M | -733.51M | -637.88M | -556.97M | -754.77M |
| Operating Expenses | 16.57B | 16.50B | 16.48B | 16.62B | 15.35B | 17.63B |
| Operating Income | 8.03B | 7.99B | 8.99B | 9.10B | 6.27B | 5.47B |
| Interest Expense | -329.00M | -90.04M | -57.68M | -22.93M | -24.26M | -14.46M |
| Interest & Investment Income | 742.89M | 801.59M | 809.79M | 780.29M | 764.02M | 671.46M |
| Earnings From Equity Investments | 766.47M | 293.92M | 166.98M | 80.30M | -6.56M | 42.30M |
| Currency Exchange Gain (Loss) | -62.29M | -62.09M | -24.81M | 162.67M | 687.87M | -37.05M |
| EBT Excluding Unusual Items | 9.15B | 8.93B | 9.89B | 10.10B | 7.69B | 6.14B |
| Gain (Loss) on Sale of Investments | 5.96B | 129.27M | 86.92M | -37.16M | 452.13M | -329.10M |
| Gain (Loss) on Sale of Assets | -6.46M | -6.46M | 3.78M | -5.26M | -34.78M | -5.69M |
| Asset Writedown | -156.24M | -239.30M | -61.92M | |||
| Pretax Income | 15.26B | 9.21B | 10.15B | 10.07B | 8.07B | 5.92B |
| Income Tax Expense | 4.74B | 1.80B | 2.32B | 1.87B | 1.76B | 1.22B |
| Earnings From Continuing Operations | 10.52B | 7.41B | 7.84B | 8.20B | 6.31B | 4.69B |
| Minority Interest in Earnings | -192.65M | -167.15M | -99.01M | -84.67M | -13.02M | -11.80M |
| Net Income | 10.32B | 7.24B | 7.74B | 8.12B | 6.30B | 4.68B |
| Net Income to Common | 10.32B | 7.24B | 7.74B | 8.12B | 6.30B | 4.68B |
| Shares Outstanding (Basic) | 485.82M | 500.36M | 530.37M | 553.48M | 636.18M | 680.88M |
| Shares Outstanding (Diluted) | 498.82M | 511.92M | 539.28M | 562.76M | 640.79M | 693.73M |
| EPS (Basic) | 21.25 | 14.47 | 14.59 | 14.66 | 9.90 | 6.88 |
| EPS (Diluted) | 20.69 | 14.15 | 14.35 | 14.42 | 9.83 | 6.75 |
| Free Cash Flow | 5.47B | 6.41B | 12.25B | 8.09B | 4.01B | |
| Free Cash Flow Per Share | 10.68 | 11.88 | 21.76 | 12.62 | 5.78 | |
| Dividend Per Share | 4.34 | 3.50 | 3.05 | |||
| Gross Margin | 23.40% | 23.12% | 23.49% | 22.79% | 20.95% | 19.74% |
| Operating Margin | 7.64% | 7.54% | 8.29% | 8.06% | 6.08% | 4.68% |
| Profit Margin | 9.82% | 6.84% | 7.14% | 7.19% | 6.11% | 4.00% |
| Free Cash Flow Margin | 5.16% | 5.91% | 10.85% | 7.84% | 3.43% | |
| EBITDA | 9.61B | 9.52B | 10.41B | 10.40B | 7.50B | 6.58B |
| EBITDA Margin | 9.14% | 8.98% | 9.61% | 9.21% | 7.27% | 5.62% |
| D&A For EBITDA | 1.58B | 1.53B | 1.42B | 1.30B | 1.23B | 1.11B |
| EBIT | 8.03B | 7.99B | 8.99B | 9.10B | 6.27B | 5.47B |
| EBIT Margin | 7.64% | 7.54% | 8.29% | 8.06% | 6.08% | 4.68% |
| Effective Tax Rate | 31.08% | 19.54% | 22.80% | 18.54% | 21.79% | 20.67% |
| Revenue as Reported | 105.13B | 105.92B | 108.42B | 112.86B | 103.15B | 117.06B |
| Advertising Expenses | 2.01B | 1.97B | 1.82B | 1.75B | 3.28B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 29.25B | 22.99B | 26.35B | 25.41B | 21.94B | 16.30B |
| Short-Term Investments | 3.62B | 5.82B | 1.92B | 2.48B | 2.23B | 6.09B |
| Cash & Short-Term Investments | 32.86B | 28.81B | 28.28B | 27.90B | 24.17B | 22.39B |
| Accounts Receivable | 2.87B | 785.86M | 724.13M | 620.32M | 403.16M | 233.90M |
| Other Receivables | 3.13B | 1.88B | 1.62B | 1.31B | 1.24B | 1.15B |
| Receivables | 6.00B | 3.81B | 3.32B | 2.42B | 2.13B | 2.01B |
| Inventory | 4.33B | 5.59B | 5.34B | 6.05B | 5.97B | 7.25B |
| Prepaid Expenses | 75.36M | 96.47M | 76.31M | 59.50M | 63.92M | |
| Restricted Cash | 604.94M | 1.13B | 602.34M | 882.64M | 1.16B | 873.86M |
| Other Current Assets | 144.70M | 162.67M | 232.62M | 249.20M | 255.24M | |
| Total Current Assets | 43.80B | 39.58B | 37.80B | 37.56B | 33.73B | 32.84B |
| Property, Plant & Equipment | 16.79B | 18.71B | 18.73B | 17.44B | 17.12B | 15.53B |
| Long-Term Investments | 13.40B | 7.94B | 5.36B | 5.07B | 4.82B | 4.96B |
| Goodwill | 651.52M | 755.21M | 755.21M | 755.21M | 755.21M | 589.16M |
| Other Intangible Assets | 10.22B | 10.75B | 11.01B | 10.47B | 7.98B | 6.93B |
| Long-Term Accounts Receivable | 40.00K | |||||
| Long-Term Deferred Tax Assets | 745.60M | 757.11M | 681.03M | 685.02M | 681.77M | 760.02M |
| Other Long-Term Assets | 252.65M | 357.50M | 599.16M | 348.41M | 388.48M | 635.28M |
| Total Assets | 85.86B | 78.84B | 74.94B | 72.32B | 65.48B | 62.29B |
| Accounts Payable | 10.47B | 12.64B | 15.29B | 17.37B | 15.16B | 13.50B |
| Accrued Expenses | 10.78B | 3.97B | 4.08B | 4.55B | 4.28B | 4.62B |
| Short-Term Debt | 10.97B | 6.00B | 2.61B | 1.61B | 2.83B | 2.12B |
| Current Portion of Leases | 46.01M | 47.46M | 57.22M | 80.87M | 136.44M | 284.66M |
| Current Income Taxes Payable | 564.41M | 558.51M | 646.68M | 689.27M | 662.33M | |
| Current Unearned Revenue | 534.92M | 520.85M | 476.80M | 457.59M | 400.21M | 2.28B |
| Other Current Liabilities | 1.40B | 7.14B | 6.86B | 5.90B | 5.03B | 2.30B |
| Total Current Liabilities | 34.19B | 30.88B | 29.93B | 30.62B | 28.53B | 25.77B |
| Long-Term Leases | 554.73M | 556.95M | 592.00M | 689.26M | 832.93M | 952.81M |
| Long-Term Unearned Revenue | 2.15B | 2.25B | 2.08B | 1.76B | 1.47B | 1.03B |
| Long-Term Deferred Tax Liabilities | 625.72M | 707.32M | 783.86M | 692.49M | 573.73M | 437.20M |
| Other Long-Term Liabilities | 272.04M | |||||
| Total Liabilities | 37.52B | 34.40B | 33.39B | 33.76B | 31.40B | 28.46B |
| Common Stock | 44.99B | 71.00K | 75.00K | 73.00K | 91.00K | 91.00K |
| Additional Paid-In Capital | 1.50B | 4.91B | 4.44B | 13.09B | 12.23B | |
| Retained Earnings | 48.59B | 42.91B | 36.84B | 28.72B | 22.42B | |
| Treasury Stock | -7.88B | -7.04B | -3.62B | -8.35B | -1.93B | |
| Comprehensive Income & Other | -1.21B | -807.39M | -695.59M | -707.63M | -88.60M | |
| Total Common Equity | 44.99B | 41.00B | 39.97B | 36.96B | 32.75B | 32.63B |
| Minority Interest | 3.34B | 3.44B | 1.58B | 1.60B | 1.32B | 1.20B |
| Shareholders' Equity | 48.33B | 44.44B | 41.55B | 38.56B | 34.07B | 33.83B |
| Total Liabilities & Equity | 85.86B | 78.84B | 74.94B | 72.32B | 65.48B | 62.29B |
| Total Debt | 11.57B | 6.61B | 3.25B | 2.38B | 3.79B | 3.35B |
| Net Cash (Debt) | 21.30B | 22.21B | 25.02B | 25.52B | 20.37B | 19.04B |
| Net Cash Per Share | 42.69 | 43.38 | 46.40 | 45.34 | 31.79 | 27.44 |
| Filing Date Shares Outstanding | 553.30M | 480.27M | 514.88M | 542.37M | 563.06M | 656.08M |
| Total Common Shares Outstanding | 553.30M | 478.85M | 515.86M | 542.30M | 585.91M | 678.97M |
| Working Capital | 9.60B | 8.69B | 7.88B | 6.94B | 5.21B | 7.07B |
| Book Value Per Share | 81.31 | 85.63 | 77.48 | 68.16 | 55.90 | 48.06 |
| Tangible Book Value | 34.12B | 29.50B | 28.20B | 25.74B | 24.02B | 25.11B |
| Tangible Book Value Per Share | 61.66 | 61.60 | 54.66 | 47.47 | 41.00 | 36.98 |
| Buildings | 21.68B | 20.50B | 17.79B | 15.88B | 13.49B | |
| Machinery | 3.88B | 3.73B | 3.46B | 3.41B | 3.38B | |
| Construction In Progress | 202.00M | 600.37M | 1.10B | 1.48B | 1.06B | |
| Leasehold Improvements | 1.69B | 1.61B | 1.44B | 1.28B | 1.37B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.24B | 7.74B | 8.12B | 6.30B | 4.68B | |
| Depreciation & Amortization | 1.53B | 1.42B | 1.30B | 1.23B | 1.11B | |
| Other Amortization | 278.64M | 270.06M | 217.32M | 178.84M | 150.48M | |
| Loss (Gain) From Sale of Assets | 4.59M | -3.78M | 5.26M | 34.78M | -183.45M | |
| Asset Writedown & Restructuring Costs | 156.24M | 239.30M | 61.92M | |||
| Loss (Gain) From Sale of Investments | -93.19M | -78.30M | 8.89M | -447.13M | 479.71M | |
| Loss (Gain) on Equity Investments | -293.92M | -166.98M | -80.30M | 6.56M | -42.30M | |
| Stock-Based Compensation | 1.73B | 1.54B | 1.51B | 1.21B | 1.01B | |
| Provision & Write-off of Bad Debts | 13.82M | 44.81M | 28.11M | 70.43M | -17.12M | |
| Other Operating Activities | -118.10M | -113.89M | -399.84M | 445.78M | 182.47M | |
| Change in Accounts Receivable | 15.02M | -126.18M | -199.85M | -99.33M | -88.05M | |
| Change in Inventory | -25.45M | 944.73M | 601.44M | 1.46B | 917.38M | |
| Change in Accounts Payable | -2.17B | -2.17B | 2.57B | 982.95M | -1.94B | |
| Change in Unearned Revenue | 23.20M | 5.78M | 46.88M | -66.03M | 67.94M | |
| Change in Other Net Operating Assets | -684.91M | -176.40M | 534.89M | -1.02B | 357.18M | |
| Operating Cash Flow | 7.45B | 9.13B | 14.41B | 10.52B | 6.74B | |
| Capital Expenditures | -1.99B | -2.72B | -2.17B | -2.43B | -2.73B | |
| Sale of Property, Plant & Equipment | 14.84M | 20.50M | 199.01M | 42.82M | 395.08M | |
| Cash Acquisitions | -387.51M | -148.81M | ||||
| Divestitures | -11.52M | 1.42M | 2.39M | 600.46M | ||
| Sale (Purchase) of Intangibles | -80.77M | -839.34M | -3.06B | -671.82M | -846.25M | |
| Investment in Securities | -6.46B | -487.16M | -675.93M | 3.65B | 976.10M | |
| Other Investing Activities | 230.28M | 417.11M | 503.50M | 489.89M | -444.06M | |
| Investing Cash Flow | -8.30B | -3.57B | -5.16B | 1.05B | -2.33B | |
| Short-Term Debt Issued | 67.80M | 162.80M | 112.05M | 92.00M | 110.80M | |
| Long-Term Debt Issued | 13.15B | 6.40B | 2.09B | 4.59B | 4.07B | |
| Total Debt Issued | 13.22B | 6.56B | 2.21B | 4.68B | 4.18B | |
| Short-Term Debt Repaid | -114.30M | -144.80M | -62.05M | -95.40M | -30.60M | |
| Long-Term Debt Repaid | -9.68B | -5.44B | -3.36B | -4.05B | -3.12B | |
| Total Debt Repaid | -9.79B | -5.59B | -3.42B | -4.14B | -3.16B | |
| Net Debt Issued (Repaid) | 3.43B | 973.10M | -1.21B | 541.03M | 1.02B | |
| Issuance of Common Stock | 1.34M | 249.00K | 419.81M | |||
| Repurchase of Common Stock | -4.94B | -3.87B | -5.11B | -6.26B | -1.94B | |
| Common Dividends Paid | -1.80B | -1.68B | ||||
| Other Financing Activities | 1.37B | -392.43M | 173.34M | 143.28M | 435.69M | |
| Financing Cash Flow | -1.94B | -4.97B | -6.15B | -5.57B | -58.79M | |
| Foreign Exchange Rate Adjustments | -52.96M | 63.28M | 85.79M | -63.32M | 581.00K | |
| Net Cash Flow | -2.83B | 657.14M | 3.19B | 5.93B | 4.36B | |
| Free Cash Flow | 5.47B | 6.41B | 12.25B | 8.09B | 4.01B | |
| Free Cash Flow Margin | 5.16% | 5.91% | 10.85% | 7.84% | 3.43% | |
| Free Cash Flow Per Share | 10.68 | 11.88 | 21.76 | 12.62 | 5.78 | |
| Levered Free Cash Flow | 2.74B | 3.72B | 6.74B | 6.50B | 1.52B | |
| Unlevered Free Cash Flow | 2.80B | 3.76B | 6.76B | 6.51B | 1.53B | |
| Cash Interest Paid | 71.15M | 57.68M | 26.48M | 21.82M | 13.77M | |
| Cash Income Tax Paid | 2.44B | 2.17B | 1.78B | 1.64B | 1.36B | |
| Change in Working Capital | -2.84B | -1.52B | 3.55B | 1.25B | -687.21M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.13B | 8.72B | 6.92B | 9.62B | 8.32B | 5.69B |
| Enterprise Value | 3.99B | 6.11B | 4.66B | 7.38B | 6.27B | 3.82B |
| Last Close Price | 12.88 | 17.01 | 12.50 | 16.09 | 12.36 | 7.61 |
| PE Ratio | 4.23 | 8.42 | 6.53 | 8.41 | 9.11 | 7.72 |
| Forward PE | 4.88 | 6.69 | 5.84 | 7.00 | 9.40 | 5.73 |
| PS Ratio | 0.46 | 0.58 | 0.47 | 0.60 | 0.56 | 0.31 |
| PB Ratio | 1.08 | 1.37 | 1.22 | 1.77 | 1.69 | 1.07 |
| P/TBV Ratio | 1.42 | 2.07 | 1.79 | 2.65 | 2.39 | 1.44 |
| P/FCF Ratio | 8.67 | 11.15 | 7.89 | 5.57 | 7.10 | 9.01 |
| P/OCF Ratio | 8.18 | 5.54 | 4.73 | 5.46 | 5.36 | |
| PEG Ratio | 1.25 | 1.04 | 1.27 | 1.25 | 1.25 | 0.82 |
| EV/Sales Ratio | 0.26 | 0.40 | 0.31 | 0.46 | 0.42 | 0.21 |
| EV/EBITDA Ratio | 2.82 | 4.49 | 3.27 | 5.03 | 5.76 | 3.69 |
| EV/EBIT Ratio | 3.38 | 5.35 | 3.79 | 5.75 | 6.90 | 4.43 |
| EV/FCF Ratio | 4.85 | 7.81 | 5.32 | 4.27 | 5.34 | 6.05 |
| Debt / Equity Ratio | 0.24 | 0.15 | 0.08 | 0.06 | 0.11 | 0.10 |
| Debt / EBITDA Ratio | 1.14 | 0.66 | 0.30 | 0.22 | 0.49 | 0.50 |
| Debt / FCF Ratio | 1.21 | 0.51 | 0.20 | 0.47 | 0.84 | |
| Net Debt / Equity Ratio | -0.44 | -0.50 | -0.60 | -0.66 | -0.60 | -0.56 |
| Net Debt / EBITDA Ratio | -2.21 | -2.33 | -2.40 | -2.45 | -2.71 | -2.89 |
| Net Debt / FCF Ratio | -4.06 | -3.91 | -2.08 | -2.52 | -4.75 | |
| Asset Turnover | 1.32 | 1.38 | 1.47 | 1.64 | 1.61 | 1.93 |
| Inventory Turnover | 18.72 | 14.89 | 14.56 | 14.50 | 12.34 | 12.12 |
| Quick Ratio | 1.14 | 1.02 | 1.02 | 0.97 | 0.91 | 0.92 |
| Current Ratio | 1.28 | 1.28 | 1.26 | 1.23 | 1.18 | 1.27 |
| Return on Equity (ROE) | 23.51% | 17.23% | 19.57% | 22.58% | 18.59% | 14.85% |
| Return on Assets (ROA) | 6.30% | 6.49% | 7.63% | 8.25% | 6.13% | 5.64% |
| Return on Invested Capital (ROIC) | 22.81% | 33.16% | 46.95% | 55.41% | 34.41% | 31.67% |
| Return on Capital Employed (ROCE) | 15.50% | 16.70% | 20.00% | 21.80% | 17.00% | 15.00% |
| Earnings Yield | 23.65% | 11.87% | 15.32% | 11.89% | 10.97% | 12.95% |
| FCF Yield | 11.54% | 8.96% | 12.68% | 17.95% | 14.09% | 11.10% |
| Dividend Yield | 4.81% | 3.40% | 3.58% | 2.42% | ||
| Payout Ratio | 20.35% | 24.79% | 21.77% | |||
| Buyback Yield / Dilution | 4.25% | 5.07% | 4.17% | 12.18% | 7.63% | -0.51% |
| Total Shareholder Return | 9.06% | 8.48% | 7.75% | 14.60% | 7.63% | -0.51% |