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Data as of Q3 2026
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Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CPNG | $26.2B | 132.4× | 21.7× | 0.8× | 14.1% | 29.4% | 0.6% | 4.5% | 3.3% | -4.8× | 108 |
| CDW | $20.7B | 20.4× | 13.2× | 0.9× | 6.8% | 21.7% | 4.8% | 40.9% | 13.0% | 2.6× | 201 |
| W | $16.5B | — | 56.7× | 1.3× | 5.1% | 30.2% | -2.5% | 11.3% | -63.9% | 5.6× | 91 |
| CHWY | $8.4B | 40.1× | 19.6× | 0.7× | 6.2% | 29.8% | 1.8% | 44.7% | 44.7% | -2.2× | 130 |
| VIPS | $6.1B | 1.3× | 2.6× | 0.4× | 2.0% | 23.1% | 6.8% | 17.7% | 15.5% | -1.8× | 45 |
| NSIT | $5.2B | 36.7× | 11.1× | 0.6× | -5.2% | 21.4% | 1.9% | 9.5% | 9.5% | -0.8× | 66 |
| PTRN | $3.0B | — | 64.1× | 1.2× | 39.3% | 43.6% | 0.6% | 2.8% | 2.8% | -6.8× | 13 |
| GCT | $2.2B | 16.9× | 11.6× | 1.7× | 11.1% | 23.3% | 10.6% | 28.3% | 28.3% | -2.5× | 41 |
| RVLV | $1.6B | 26.9× | 17.1× | 1.3× | 8.5% | 53.5% | 5.0% | 12.0% | 12.0% | -3.7× | 31 |
| HNST | $492M | — | — | 1.3× | -1.9% | 33.3% | -4.2% | -9.2% | -9.2% | — | 26 |
| TDUP | $292M | — | — | 0.9× | 19.5% | 79.4% | -6.5% | -34.1% | -26.1% | — | 21 |
| BZUN | $195M | — | 6.0× | 0.1× | 10.2% | 74.1% | -2.4% | -6.6% | -5.0% | 1.1× | 8 |
| DIBS | $166M | — | — | 1.9× | 1.5% | 73.0% | -15.2% | -14.6% | -14.6% | — | 9 |
| BBBY | $148M | — | — | 0.1× | -25.1% | 24.7% | -8.1% | -38.9% | -36.3% | — | — |
| AKA | $117M | — | — | 0.2× | 4.4% | 57.3% | -5.2% | -32.2% | -15.1% | — | 1 |
Peers = companies sharing VIPS's sector (Retail-Catalog & Mail-Order Houses) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $12.88 today, the market must believe free cash flow compounds -20.9%/yr for a decade (off $1.13B on the 3-yr avg basis).
On the basis ($904.6M) the requirement is -17.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -20.9% is more conservative than its 7-yr track record.
Default is 8.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.48B shares (market data) · net debt -$2.45B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 29.3% · volatility σ 82% · implied rate exceeded in 5/7 yrs
Central path = implied -20.9%/yr growth; shaded band = ±1σ (82%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 33% of free cash flow, leaving room to grow it and fund buybacks. Last year: $256.7M dividends + $706.5M buybacks = $963.3M returned on $782.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.15B 100.0% | $108.42B 100.0% | $112.86B 100.0% | $103.15B 100.0% | $117.06B 100.0% | $101.86B 100.0% | $92.99B 100.0% | $84.52B 100.0% | $72.91B 100.0% | $56.59B 100.0% |
| Cost of Revenue | $11.64B 76.9% | $82.95B 76.5% | $87.14B 77.2% | $81.54B 79.0% | $93.95B 80.3% | $80.57B 79.1% | $72.31B 77.8% | $67.45B 79.8% | $56.62B 77.7% | $42.99B 76.0% |
| Cost of Products | — | — | — | — | — | — | — | — | $8.70B 11.9% | $42.99B 76.0% |
| Gross Profit | $3.50B 23.1% | $25.47B 23.5% | $25.72B 22.8% | $21.62B 21.0% | $23.11B 19.7% | $21.29B 20.9% | $20.68B 22.2% | $17.07B 20.2% | $16.29B 22.3% | $13.60B 24.0% |
| Selling, General & Admin | $625.5M 4.1% | $3.99B 3.7% | $4.15B 3.7% | $4.46B 4.3% | $4.19B 3.6% | $3.75B 3.7% | $4.06B 4.4% | $2.67B 3.2% | $2.45B 3.4% | $1.94B 3.4% |
| Total Operating Expenses | $2.49B 16.4% | $17.21B 15.9% | $17.42B 15.4% | $16.14B 15.7% | $18.45B 15.8% | $16.13B 15.8% | $16.55B 17.8% | $15.40B 18.2% | $14.13B 19.4% | $11.25B 19.9% |
| Operating Income | $1.16B 7.7% | $9.17B 8.5% | $9.10B 8.1% | $6.20B 6.0% | $5.58B 4.8% | $5.86B 5.8% | $4.77B 5.1% | $2.42B 2.9% | $2.69B 3.7% | $2.71B 4.8% |
| Interest Expense | $12.9M 0.1% | $57.7M 0.1% | $22.9M 0.0% | $24.3M 0.0% | $14.5M 0.0% | $67.4M 0.1% | $86.0M 0.1% | $159.7M 0.2% | $82.4M 0.1% | $85.2M 0.2% |
| Interest & Investment Income | $114.6M 0.8% | $809.8M 0.7% | $780.3M 0.7% | $764.0M 0.7% | $671.5M 0.6% | $449.0M 0.4% | $217.0M 0.2% | $242.9M 0.3% | $101.1M 0.1% | $107.0M 0.2% |
| Other Income (Expense), net | $778.7M 5.1% | $814.2M 0.8% | $882.9M 0.8% | $1.88B 1.8% | $290.9M 0.2% | $1.16B 1.1% | $169.4M 0.2% | $326.0M 0.4% | -$149.6M -0.2% | -$41.6M -0.1% |
| Pretax Income | $1.27B 8.4% | $9.99B 9.2% | $9.99B 8.8% | $8.08B 7.8% | $5.87B 5.0% | $7.02B 6.9% | $4.94B 5.3% | $2.75B 3.3% | $2.54B 3.5% | $2.67B 4.7% |
| Income Tax Expense | $257.2M 1.7% | $2.32B 2.1% | $1.87B 1.7% | $1.76B 1.7% | $1.22B 1.0% | $1.13B 1.1% | $983.6M 1.1% | $566.6M 0.7% | $626.1M 0.9% | $601.8M 1.1% |
| Net Income | $1.04B 6.8% | $7.74B 7.1% | $8.12B 7.2% | $6.31B 6.1% | $4.69B 4.0% | $5.92B 5.8% | $3.99B 4.3% | $2.13B 2.5% | $1.89B 2.6% | $1.99B 3.5% |
| Per Share | ||||||||||
| EPS (Basic) | $10.35 | $72.97 | $73.32 | $49.51 | $34.38 | $43.73 | $30.08 | $16.09 | $16.59 | $17.57 |
| EPS (Diluted) | $10.12 | $71.76 | $72.11 | $49.15 | $33.74 | $42.79 | $29.58 | $15.61 | $15.94 | $16.86 |
| Weighted Avg Shares (Basic) | 100.1M | 106.1M | 110.7M | 127.2M | 136.2M | 135.1M | 133.5M | 132.3M | 117.6M | 116.0M |
| Weighted Avg Shares (Diluted) | 102.4M | 107.9M | 112.6M | 128.2M | 138.7M | 138.0M | 136.1M | 140.1M | 125.7M | 125.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~1.5% on $835.8M of debt.
Cash of $3.29B fully covers short-term debt of $835.8M.
Mostly short-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-13 | Li Tianmin Chief Technology Officer | Open-market sale | 2,394 | $64.06 | $153k |
| 2026-10-13 | Liu Chun Director | Open-market sale | 181 | $63.85 | $12k |
| 2026-09-08 | Wang Yuhua Chief Financial Officer | Open-market sale | 2,499 | $64.95 | $162k |
| 2026-09-08 | Yang Donghao Director | Open-market sale | 479 | $64.80 | $31k |
| 2026-07-07 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Earns 15.64pts above its cost of capital, without much margin of safety.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 24.0% | 4.8% | 3.5% |
| FY2017 | 22.3% | 3.7% | 2.6% |
| FY2018 | 20.2% | 2.9% | 2.5% |
| FY2019 | 22.2% | 5.1% | 4.3% |
| FY2020 | 20.9% | 5.8% | 5.8% |
| FY2021 | 19.7% | 4.8% | 4.0% |
| FY2022 | 21.0% | 6.0% | 6.1% |
| FY2023 | 22.8% | 8.1% | 7.3% |
| FY2024 | 23.5% | 8.5% | 7.2% |
| FY2025 | 23.1% | 7.7% | 6.8% |
The spread has been narrowing over the last three years.
Li Tianmin Chief Technology Officer |
| Open-market sale |
| 2,518 |
| $67.45 |
| $170k |
| 2026-07-07 | Liu Chun Director | Open-market sale | 174 | $67.31 | $12k |
| 2026-06-09 | Wang Yuhua Chief Financial Officer | Open-market sale | 2,589 | $69.12 | $179k |
| 2026-06-09 | Yang Donghao Director | Open-market sale | 397 | $69.30 | $28k |
| 2026-04-08 | Liu Chun Director | Open-market sale | 145 | $77.88 | $11k |
| 2026-04-08 | Li Tianmin Chief Technology Officer | Open-market sale | 2,482 | $77.88 | $193k |
Where each multiple sits in its own 14-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 18% against ROIC 15% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 79.8 | 77.8 | 79.1 | 80.3 | 79.0 | 77.2 | 76.5 | 76.9 |
| Gross Profit | 20.2 | 22.2 | 20.9 | 19.7 | 21.0 | 22.8 | 23.5 | 23.1 |
| SG&A | 3.2 | 4.4 | 3.7 | 3.6 | 4.3 | 3.7 | 3.7 | 4.1 |
| Operating Income | 2.9 | 5.1 | 5.8 | 4.8 | 6.0 | 8.1 | 8.5 | 7.7 |
| Income Tax | 0.7 | 1.1 | 1.1 | 1.0 | 1.7 | 1.7 | 2.1 | 1.7 |
| Net Income | 2.5 | 4.3 | 5.8 | 4.0 | 6.1 | 7.2 | 7.1 | 6.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VIPS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 2 points of the 18% return on equity in FY2025. The business earns 15% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$108M of goodwill — 3% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 18.9% | 8.6% (today's — no rate published for this year) | 10.3pts |
| FY2020 | 21.9% | 8.6% (today's — no rate published for this year) | 13.2pts |
| FY2021 | 20.2% | 4.9% | 15.4pts |
| FY2022 | 29.7% | 7.3% | 22.5pts |
| FY2023 | 45.1% | 7.8% | 37.4pts |
| FY2024 | 38.6% | 9.8% | 28.8pts |
| FY2025 | 24.3% | 7.9% | 16.4pts |
| Now | 15.5% | 8.6% | 6.8pts |
Converts 1.04x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.04B | $1.04B |
| Share-based comp | $248M | $1.28B |
| Other non-cash & working capital | −$217M | $1.07B |
| Operating cash flow | $1.07B | $1.07B |
| Capex | −$284M | $782M |
| Free cash flow | $782M | $782M |
| FCF after SBC | $534M | $534M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 16.9% | -72.5% | -89.3 points |
| FY2021 | 17.7% | 40.5% | 22.9 points |
| FY2022 | -18.6% | 14.3% | 32.8 points |
| FY2023 | 6.3% | 33.3% | 27.0 points |
| FY2024 | -6.5% | 14.3% | 20.9 points |
| FY2025 | 2.0% | 1.4% | -0.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 5.1 days | 38.9 days | 69.6 days | -25.6 days |
| FY2020 | 1.2 days | 34.6 days | 68.8 days | -33 days |
| FY2021 | 1.4 days | 26.7 days | 51.1 days | -23 days |
| FY2022 | 2 days | 24.7 days | 67.2 days | -40.5 days |
| FY2023 | 2.5 days | 23.6 days | 72.3 days | -46.1 days |
| FY2024 | 3.1 days | 22.1 days | 66.8 days | -41.6 days |
| FY2025 | 3.1 days | 23.1 days | 56.2 days | -30 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -17.1 percent |
| FY2020 | -10.0 percent |
| FY2021 | -3.3 percent |
| FY2022 | -6.4 percent |
| FY2023 | -8.6 percent |
| FY2024 | -1.7 percent |
| FY2025 | -0.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Reported free cash flow is $782M; after share-based compensation it is $534M. The difference is a real cost that the cash flow statement adds back.
Covers interest 63.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 90.36x |
| 5% | 85.85x |
| 10% | 81.33x |
| 15% | 76.81x |
| 20% | 72.29x |
| 25% | 67.77x |
| 30% | 63.25x |
| 35% | 58.74x |
| 40% | 54.22x |
| 45% | 49.70x |
| 50% | 45.18x |
| 55% | 40.66x |
| 60% | 36.15x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $12.74, free cash flow must compound -20.86%/yr for 10 years. It has done -8.01%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 13.8% | −20.9% |
| FY2021 | −57.1% | −20.9% |
| FY2022 | 86.3% | −20.9% |
| FY2023 | 47.1% | −20.9% |
| FY2024 | −49.1% | −20.9% |
| FY2025 | −10.9% | −20.9% |
The implied rate has been matched or beaten in 4 of the last 6 years.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.