Baidu, Inc. key statistics and ratios

In fiscal 2025, Baidu, Inc. had return on equity of 2.1%, an operating margin of -4.5%, debt equal to 18.4% of equity and a current ratio of 1.76. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Baidu, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
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%
Return on equity	31.2%	52.9%	55.5%	50.1%	32.6%	29.4%	52.0%	13.6%	17.5%	20.2%	1.3%	12.6%	5.2%	3.4%	8.6%	9.4%	2.1%
Return on assets	24.1%	40.4%	38.2%	30.0%	18.0%	15.5%	27.6%	7.1%	8.3%	10.2%	0.7%	6.9%	2.9%	1.9%	5.0%	5.7%	1.3%
Asset turnover	0.72	0.91	0.83	0.64	0.55	0.57	0.54	0.43	0.39	0.38	0.36	0.33	0.35	0.32	0.33	0.32	0.29
Current ratio	3.46	3.44	3.60	4.21	3.90	3.16	3.00	2.16	1.84	2.73	2.89	2.68	2.86	2.67	3.01	2.09	1.76
Debt to equity	0.1%	0.0%	0.8%	35.8%	39.3%	0.2%	38.5%	36.8%	32.0%	32.3%	28.1%	28.1%	27.3%	23.3%	21.0%	17.7%	18.4%
Interest cover (operating income ÷ interest)	—	—	91.8x	102.5x	25.0x	20.4x	11.2x	8.7x	9.7x	8.2x	2.1x	4.6x	3.1x	5.5x	6.7x	7.5x	n/m
Effective tax rate	11.8%	13.2%	15.2%	13.2%	15.0%	15.4%	14.4%	20.1%	14.1%	17.4%	—	17.6%	29.6%	25.5%	14.5%	15.5%	18.7%
R&D as % of revenue	9.5%	9.1%	9.2%	10.3%	12.9%	14.2%	15.3%	14.4%	15.2%	15.4%	17.1%	18.2%	20.0%	18.9%	18.0%	16.6%	15.8%
SG&A as % of revenue	18.1%	13.8%	11.7%	11.2%	16.2%	21.2%	25.7%	21.4%	15.5%	18.8%	18.5%	16.9%	19.9%	16.6%	17.5%	17.7%	20.0%
Capital spending as % of revenue	9.0%	11.3%	12.2%	10.4%	8.6%	9.8%	7.9%	5.9%	5.6%	8.6%	6.0%	4.7%	8.8%	6.7%	8.3%	6.1%	9.4%
Free cash flow ÷ net income	125.6%	107.9%	96.7%	92.6%	104.6%	99.3%	43.2%	157.2%	153.3%	98.6%	>999%	85.1%	90.2%	236.6%	125.2%	55.1%	−269.9%
Dividends and buybacks ÷ free cash flow	1.3%	0.0%	0.0%	—	0.0%	0.0%	43.9%	0.0%	6.1%	12.2%	22.5%	68.3%	82.2%	10.8%	18.7%	48.3%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · December 31, 2025

What it owns · $64.2bn

Short-term assets $21.7bnLonger-term assets $42.5bn

What it owes, and who funded it · $60.9bn

Short-term liabilities $12.3bnLonger-term liabilities $10.5bnShareholders' equity $38.1bn

Short-term assets cover short-term liabilities $21.7bn of assets due within a year against $12.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities $21.7bn short-term assets against $10.5bn of longer-dated liabilities.
More cash than debt $3.5bn of cash against $6.1bn of debt.
Debt below 40% of shareholders' equity Debt is 16% of equity.
Debt burden no higher than five years ago Debt to equity moved from 26% to 16% over five years.
A year's operating cash flow covers at least 20% of debt −$419m of operating cash flow against $6.1bn of debt.
Operating profit covers interest at least five times over Operating income of −$810m against $387m of interest.

From Baidu, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

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.

Returns on capital 18 / 20

Cash operating profit has been a median 13.6% of total assets over 5 years.
Pricing power 10 / 20

Gross margin has been a median 49.2%, moving by 8.4 percentage points (standard deviation) across 5 years.
Durability 5 / 20

Operating margin has been a median 18.5%; its worst year was -4.5%.
Cash conversion 18 / 20

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).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Baidu, Inc.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Baidu, Inc.