| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 63 | 13.9x | 17.3x | Around median | |
Growth | 68 | 5.2% | 7.1% | Top tier | |
Quality | 77 | 8.0% | 4.5% | Top tier | |
Safety | 95 | — | 2.6x | Top tier | |
Capital Return | 74 | 0.12% | 0.06% | Top tier | |
Momentum | 35 | -34.0% | -1.6% | Bottom tier | |
Sentiment | 89 | 7 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
21% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Full Truck Alliance operates a digital platform that connects shippers with truck drivers in the road freight market, leveraging demand density, capacity, and route data to improve freight matching, pricing, and execution. The company generates revenue from transaction and commission services, freight brokerage, and platform services related to matching and settlement; it is also developing an aggregation model for freight brokerage in which qualified partners handle invoicing and settlement in exchange for a low-single-digit service fee, while the platform focuses on matching demand with capacity.
In the second quarter of fiscal year 2026, net revenue reached RMB 3.38 billion, up 4.4% year over year, and net income reached RMB 1.35 billion, up 6.3%, equivalent to a net income margin of approximately 39.9%. The accompanying financial statements showed gross profit of 2.5 billion on revenue of 3.4 billion, representing a gross margin of approximately 73.5%. Transaction services were the most prominent mix driver, with revenue rising 33.1% to RMB 1.77 billion and accounting for 52% of total net revenue.
The platform fulfilled 68.5 million orders in the second quarter of fiscal year 2026, up 12.7% year over year, while average monthly active shippers increased 12.8% to 3.57 million. The fulfillment rate reached a record 47%, up 6.3 percentage points year over year and 2.9 percentage points from the first quarter of fiscal year 2026, while average order-matching time fell to five minutes for the first time. Operating activities generated RMB 2.15 billion in cash, free cash flow reached RMB 2.04 billion, and the cash balance stood at RMB 33.4 billion at the end of the second quarter of fiscal year 2026.
The analyst consensus is a Buy recommendation, with an average price target of $11.45 and a target range of $10 to $13.36; this entire range falls within the 52-week range of $7.455–$14.07, while the average target is approximately 18.6% below the top of that range. A report dated August 19, 2026 cited a price-to-earnings multiple of 15 times and a free cash flow yield of 9.6%, but the conservative end of the target range reflects risks from slowing total revenue, volatile freight demand, and the ongoing transformation of freight brokerage and credit.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The company generates revenue from transaction and commission services, freight brokerage, and platform services related to matching and settlement. In the second quarter of fiscal year 2026, transaction services revenue reached RMB 1.77 billion, up 33.1%, and accounted for 52% of total net revenue. Commission network penetration reached 94.7% of eligible cities, while the self-operated invoicing business maintained a take rate of approximately 10% and the aggregation model added a low-single-digit service fee.
Net revenue reached RMB 3.38 billion, up 4.4% year over year, while net income reached RMB 1.35 billion, up 6.3%. The platform fulfilled 68.5 million orders, up 12.7%, and recorded a record fulfillment rate of 47%. Operating cash flow also reached RMB 2.15 billion, free cash flow reached RMB 2.04 billion, and the cash balance stood at RMB 33.4 billion at the end of the quarter.
Management attributed the improvement to increased capacity, better freight order quality, and greater matching efficiency. The number of monthly active truck drivers responding to orders grew by approximately 5% year over year, and the fulfillment rate for long-haul full-truckload activity increased by approximately seven percentage points in the second quarter of fiscal year 2026. Freight payment protection, driver ratings, and segmenting products into express freight, entrusted freight, general freight, and less-than-truckload services helped reduce average matching time to five minutes.
Automated analysis for informational purposes only — not investment advice.
In the second quarter of fiscal year 2026, the company expanded access to its AI-powered shipper assistant and activated AI-powered customer service in applicable use cases. Qmove achieved rapid growth in fulfilled orders and fulfillment rates outside China, while the less-than-truckload service attained nationwide coverage through specialized line-haul carriers. The company also expanded autonomous delivery vehicle trials to multiple cities, but it did not provide a separate numerical financial contribution for these initiatives.
Electric trucks represented slightly more than 20% of fulfilled orders on the platform, according to the August 19, 2026 call. Management views them as more competitive for short- and medium-distance journeys and fixed routes, with the range of some models improving to 400–500 kilometers per charge from 200–300 kilometers. However, the average transaction distance for long-haul full-truckload activity on the platform exceeds 500 kilometers, making charging limitations, battery swapping, battery weight, and route flexibility continuing constraints on long-distance use.
The average analyst price target is $11.45, with a lowest target of $10 and a highest target of $13.36, and an overall consensus Buy recommendation. The targets fall within the 52-week range of $7.455–$14.07, and the average target is approximately 18.6% below the top of the range. A report dated August 19, 2026 cited a price-to-earnings multiple of 15 times and a free cash flow yield of 9.6%, while the wide target range reflects differing expectations regarding order growth and the sustainability of monetization.