Baidu, Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.
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Under review: after-tax interest is 89% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.
Under review: after-tax interest is 89% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.
Baidu, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $18.0bn, down 2.9% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to -12.7% from 7.1% a year earlier. Operating margin narrowed to -4.5% from 8.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks.
Our model value for Baidu is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Baidu, Inc.'s trailing-twelve-month revenue fell 2.9% year on year, with a free-cash-flow margin of -12.7%. Where it lags: free-cash-flow margin of -12.7% ranks 51 of 59 interactive media & services companies we cover.
Our discounted-cash-flow model values the business at ~$50 per share in the base case (~$42–$60 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Operating margin compressing: TTM operating margin fell to -4.5%, down 20.5pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Baidu, Inc.'s latest figures clears our strength thresholds.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for BIDU from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Baidu, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$2.6 ~$12–$35 | Left out: out of range vs price (0.03x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$59 ~$38–$92 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$41 ~$36–$48 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Baidu, Inc. with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Baidu's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 13.6% of total assets over 5 years.
Gross margin has been a median 49.2%, moving by 8.4 percentage points (standard deviation) across 5 years.
Operating margin has been a median 18.5%; its worst year was -4.5%.
Free cash flow was positive in 4 of 5 years, at a median 33.1% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (65 before it).
Next results: November 16, 2026, before the open.
No analyst estimates are published for Baidu, Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $9.84 | $7.22 | −26.6% |
| Mar 2026 | $11.43 | $12.06 | +5.5% |
| Dec 2025 | $9.65 | $10.62 | +10.1% |
| Sept 2025 | $8.20 | $11.12 | +35.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY14 Q4 | $8B |
| FY15 Q4 | $10.6B |
| FY16 Q4 | $10.6B |
| FY17 Q4 | $12.6B |
| FY18 Q4 | $15.5B |
| FY19 Q4 | $15.6B |
| FY20 Q4 | $15.5B |
| FY21 Q4 | $19.3B |
| FY22 Q4 | $18.4B |
| FY23 Q4 | $19B |
| FY24 Q4 | $18.5B |
| FY25 Q4 | $18B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY14 Q4 | 53.2% |
| FY15 Q4 | 32.7% |
| FY16 Q4 | 0.6% |
| FY17 Q4 | 18.1% |
| FY18 Q4 | 23.4% |
| FY19 Q4 | 0.4% |
| FY20 Q4 | -0.2% |
| FY21 Q4 | 24.4% |
| FY22 Q4 | -4.6% |
| FY23 Q4 | 3.3% |
| FY24 Q4 | -2.7% |
| FY25 Q4 | -2.9% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY14 Q4 | 26.1% |
| FY15 Q4 | 17.6% |
| FY16 Q4 | 14.2% |
| FY17 Q4 | 18.5% |
| FY18 Q4 | 15.2% |
| FY19 Q4 | 5.9% |
| FY20 Q4 | 13.4% |
| FY21 Q4 | 8.4% |
| FY22 Q4 | 12.9% |
| FY23 Q4 | 16.2% |
| FY24 Q4 | 16.0% |
| FY25 Q4 | -4.5% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY14 Q4 | 26.7% |
| FY15 Q4 | 21.9% |
| FY16 Q4 | 25.9% |
| FY17 Q4 | 33.1% |
| FY18 Q4 | 26.2% |
| FY19 Q4 | 20.0% |
| FY20 Q4 | 17.6% |
| FY21 Q4 | 7.1% |
| FY22 Q4 | 14.4% |
| FY23 Q4 | 18.8% |
| FY24 Q4 | 9.7% |
| FY25 Q4 | -12.7% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 0.7 | 1.2 | 2.2 | 3.5 | 5.2 | 8.0 | 10.6 | 10.6 | 12.6 | 15.5 | 15.6 | 15.5 | 19.3 | 18.4 | 19.0 | 18.5 | 18.0 |
| Gross profit | 0.4 | 0.9 | 1.6 | 2.5 | 3.3 | 4.9 | 6.2 | 5.3 | 6.2 | 7.7 | 6.5 | 7.5 | 9.3 | 8.9 | 9.8 | 9.3 | 7.9 |
| EBITDA | 0.3 | 0.6 | 1.3 | 2.0 | 2.1 | 2.4 | 2.3 | 2.0 | 2.9 | 2.9 | 1.7 | 2.9 | 2.5 | 3.3 | 4.1 | 3.9 | 0.2 |
| Operating income | 0.2 | 0.6 | 1.2 | 1.8 | 1.8 | 2.1 | 1.9 | 1.5 | 2.3 | 2.4 | 0.9 | 2.1 | 1.6 | 2.4 | 3.1 | 3.0 | −0.8 |
| Net income | 0.2 | 0.5 | 1.0 | 1.7 | 1.7 | 2.1 | 5.4 | 1.8 | 2.7 | 4.2 | 0.3 | 3.3 | 1.6 | 1.1 | 2.9 | 3.3 | 0.8 |
| Diluted EPS | $50.01 | $119.32 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Growth (year on year) | |||||||||||||||||
| Revenue | +41.4% | +79.6% | +91.9% | +57.6% | +47.0% | +53.2% | +32.7% | +0.6% | +18.1% | +23.4% | +0.4% | −0.2% | +24.4% | −4.6% | +3.3% | −2.7% | −2.9% |
| EBITDA | +42.3% | +131.8% | +100.3% | +50.4% | +7.3% | +16.3% | −5.0% | −12.2% | +41.9% | +1.0% | −40.8% | +68.4% | −13.4% | +31.0% | +24.3% | −5.3% | −94.3% |
| Operating income | +48.8% | +148.9% | +100.5% | +49.4% | +3.9% | +14.1% | −10.6% | −18.5% | +53.4% | +1.3% | −61.2% | +127.6% | −21.5% | +45.3% | +30.4% | −4.3% | −127.4% |
| Net income | +44.1% | +139.5% | +97.3% | +61.3% | +3.6% | +24.8% | +150.2% | −67.3% | +54.6% | +54.2% | −92.9% | — | −51.3% | −29.0% | +155.1% | +15.0% | −76.4% |
| Diluted EPS | +43.8% | +138.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Margins | |||||||||||||||||
| Gross margin | 63.7% | 72.8% | 73.1% | 71.1% | 64.1% | 61.5% | 58.6% | 50.0% | 49.2% | 49.4% | 41.5% | 48.5% | 48.3% | 48.3% | 51.7% | 50.3% | 43.9% |
| EBITDA margin | 43.0% | 55.5% | 57.9% | 55.3% | 40.4% | 30.6% | 21.9% | 19.1% | 23.0% | 18.8% | 11.1% | 18.7% | 13.0% | 17.9% | 21.5% | 20.9% | 1.2% |
| Operating margin | 36.1% | 50.0% | 52.3% | 49.5% | 35.0% | 26.1% | 17.6% | 14.2% | 18.5% | 15.2% | 5.9% | 13.4% | 8.4% | 12.9% | 16.2% | 16.0% | −4.5% |
| Net margin | 33.4% | 44.5% | 45.8% | 46.9% | 33.0% | 26.9% | 50.7% | 16.5% | 21.6% | 27.0% | 1.9% | 21.0% | 8.2% | 6.1% | 15.1% | 17.8% | 4.3% |
| Free-cash-flow margin | 41.9% | 48.1% | 44.3% | 43.4% | 34.5% | 26.7% | 21.9% | 25.9% | 33.1% | 26.6% | 20.5% | 17.9% | 7.4% | 14.5% | 18.9% | 9.8% | −11.7% |
| Cash flow | |||||||||||||||||
| Cash from operations | 0.3 | 0.7 | 1.3 | 1.9 | 2.2 | 2.9 | 3.1 | 3.4 | 4.9 | 5.5 | 4.1 | 3.5 | 3.1 | 3.9 | 5.2 | 3.0 | −0.4 |
| Capital spending | 0.1 | 0.1 | 0.3 | 0.4 | 0.4 | 0.8 | 0.8 | 0.6 | 0.7 | 1.3 | 0.9 | 0.7 | 1.7 | 1.2 | 1.6 | 1.1 | 1.7 |
| Free cash flow | 0.3 | 0.6 | 1.0 | 1.5 | 1.8 | 2.1 | 2.3 | 2.8 | 4.2 | 4.1 | 3.2 | 2.8 | 1.4 | 2.7 | 3.6 | 1.8 | −2.1 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.3 | 0.5 | 0.7 | 0.8 | 1.0 | 1.1 | 1.0 | 0.9 | 0.7 | 0.5 |
| Free cash flow after stock pay | 0.3 | 0.5 | 1.0 | 1.5 | 1.7 | 2.0 | 2.1 | 2.5 | 3.7 | 3.4 | 2.4 | 1.8 | 0.3 | 1.7 | 2.7 | 1.2 | −2.6 |
| Balance sheet | |||||||||||||||||
| Cash | 0.6 | 1.2 | 0.7 | 1.9 | 1.6 | 2.2 | 1.5 | 1.6 | 1.7 | 4.0 | 4.8 | 5.5 | 5.8 | 7.7 | 3.6 | 3.4 | 3.5 |
| Total debt | 0.0 | 0.0 | 0.0 | 1.5 | — | 0.0 | 4.8 | 4.9 | 5.7 | 7.7 | 6.6 | 7.9 | 9.1 | 7.6 | 7.2 | 6.4 | 7.0 |
| Net debt (negative = net cash) | −0.6 | −1.2 | −0.6 | −0.4 | −1.6 | −2.2 | 3.2 | 3.3 | 4.0 | 3.6 | 1.8 | 2.4 | 3.3 | −0.1 | 3.7 | 3.0 | 3.5 |
| Diluted shares | 4m | 4m | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Returned to shareholders | |||||||||||||||||
| Buybacks | 0.0 | 0.0 | 0.0 | — | 0.0 | 0.0 | 1.0 | 0.0 | 0.3 | 0.5 | 0.7 | 1.9 | 1.2 | 0.3 | 0.7 | 0.9 | 0.8 |
| Total returned | 0.0 | 0.0 | 0.0 | — | 0.0 | 0.0 | 1.0 | 0.0 | 0.3 | 0.5 | 0.7 | 1.9 | 1.2 | 0.3 | 0.7 | 0.9 | 0.8 |
| Last 12 months unless stated | BIDU | SPOT | SE | SNAP | PINS | TME | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $18.0bn | $19.4bn | $22.9bn | $6.4bn | $4.7bn | $4.6bn | $615m |
| Revenue growth, last 12 months | −2.9% | 14.6% | 36.4% | 12.6% | 15.4% | 16.0% | 2.4% |
| Revenue growth, 3-year average | 51.2% | — | — | 12.3% | 16.6% | — | 5.0% |
| Revenue growth, latest quarter | — | — | — | 18.9% | 11.9% | — | 2.4% |
| Gross margin | 43.9% | 32.0% | 44.7% | 57.3% | 79.0% | 44.2% | 60.4% |
| Operating margin | −4.5% | 12.8% | 8.7% | −5.1% | 4.2% | 40.6% | 0.3% |
| Operating margin, 3-year average | 7.5% | 1.5% | −42.8% | −13.7% | 4.8% | 22.4% | −0.4% |
| Net margin | 4.3% | 12.9% | 6.9% | −4.9% | 3.8% | 33.6% | 3.8% |
| Cash from operations / revenue | −2.3% | 17.1% | 21.9% | 14.5% | 28.4% | 31.1% | 11.4% |
| Free-cash-flow margin | −12.7% | 16.7% | 19.7% | 11.1% | 27.0% | 30.2% | 7.5% |
| Free-cash-flow margin, 3-year average | 9.2% | 7.7% | −21.6% | 6.1% | 27.3% | 22.8% | 7.2% |
| Stock pay / revenue | 2.8% | 1.4% | 2.7% | 16.2% | 23.0% | 2.0% | 3.7% |
| Change in share count | 0.4% | 1.7% | 5.5% | 0.6% | −11.7% | −0.7% | 2.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -2.9% | 2.4% | 46 of 63 |
| Change in growth rate Growth | -0.2pp | -0.2pp | 32 of 63 |
| Gross margin Profitability | 43.9% | 60.9% | 37 of 54 |
| Operating margin Profitability | -4.5% | 0.3% | 38 of 63 |
| Net margin Profitability | 4.3% | 3.8% | 30 of 63 |
| Free-cash-flow margin Cash generation | -12.7% | 8.9% | 51 of 59 |
| Stock pay as % of revenue Cash generation | 2.8% | 3.9% | 19 of 61 |
| Long-term debt as % of assets Balance sheet | 9.2% | 16.9% | 11 of 32 |
| Days sales outstanding Balance sheet | 38 days | 49 days | 19 of 54 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Primecap Management Co | $1.3B | 11.0M | 18.5% | ▼ 0.4% |
| Morgan Stanley | $743M | 6.5M | 10.9% | ▼ 0.2% |
| UBS Group AG | $348M | 3.0M | 5.1% | ▲ 43.2% |
| Robeco Institutional Asset Management B.V. | $170M | 1.5M | 2.5% | ▲ 0.6% |
| Bank Of America Corp | $165M | 1.4M | 2.4% | ▲ 304.7% |
| Appaloosa LP | $148M | 1.3M | 2.2% | ▲ 87.1% |
| Capital World Investors | $142M | 1.2M | 2.1% | ▲ 4.0% |
| Alyeska Investment Group, L.P. | $138M | 1.2M | 2.0% | ▲ 307.9% |
| Farallon Capital Management, L.L.C. | $138M | 1.2M | 2.0% | ▲ 171.3% |
| Holocene Advisors, LP | $136M | 1.2M | 2.0% | ▲ 628.4% |
| Arga Investment Management, LP | $129M | 1.1M | 1.9% | New |
| Federated Hermes, Inc. | $124M | 1.1M | 1.8% | ▲ 7793.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Baidu, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Foo Jixun Director | May 21, 2026 | Sell | 122,584 | $16.32 | $2M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Baidu, Inc. disclosed in the last 12 months; 29 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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