Vipshop Holdings Ltd key statistics and ratios

In fiscal 2025, Vipshop Holdings Ltd had return on equity of 17.8%, an operating margin of 7.7%, debt equal to 15.6% of equity and a current ratio of 1.28. 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.

Vipshop Holdings Ltd: financial ratios, annual
Fiscal year	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	9.8%	19.1%	22.3%	24.0%	24.9%	24.6%	24.0%	22.3%	20.2%	22.2%	20.9%	19.7%	21.0%	22.8%	23.5%	23.1%
Operating margin	−25.7%	−47.1%	−1.7%	3.2%	3.6%	5.2%	4.8%	3.7%	2.9%	5.1%	5.8%	4.8%	6.0%	8.1%	8.5%	7.7%
Net margin	−25.7%	−47.2%	−1.4%	3.1%	3.3%	3.8%	3.6%	2.7%	2.5%	4.3%	5.8%	4.0%	6.1%	7.2%	7.1%	6.8%
Free-cash-flow margin	−24.8%	−3.6%	14.3%	24.0%	7.2%	−0.7%	1.5%	−1.7%	3.8%	9.7%	9.4%	3.4%	7.8%	10.9%	5.9%	5.2%
Return on equity	—	—	−11.5%	32.1%	37.3%	50.1%	44.7%	19.1%	13.7%	20.6%	22.8%	15.3%	19.0%	23.0%	20.1%	17.8%
Return on assets	—	—	—	—	4.5%	8.2%	9.2%	6.1%	5.3%	8.7%	10.7%	7.7%	9.7%	11.7%	10.5%	9.4%
Asset turnover	—	—	—	—	1.37	2.20	2.54	2.28	2.10	2.02	1.84	1.93	1.59	1.62	1.47	1.37
Current ratio	—	—	—	—	1.30	1.00	1.00	1.35	1.05	0.96	1.17	1.27	1.18	1.23	1.26	1.28
Debt to equity	—	—	—	0.0%	150.9%	117.3%	76.4%	35.0%	57.9%	5.3%	4.0%	10.6%	11.9%	4.9%	6.0%	15.6%
Interest cover (operating income ÷ interest)	—	—	—	—	11.1x	24.1x	31.8x	32.6x	15.2x	55.5x	87.0x	—	—	—	159.0x	90.4x
Effective tax rate	—	—	—	26.2%	23.1%	22.3%	22.6%	24.6%	20.6%	19.9%	16.1%	20.8%	21.8%	18.7%	23.2%	20.2%
Capital spending as % of revenue	4.7%	4.2%	1.8%	1.3%	6.9%	5.4%	3.5%	3.0%	3.0%	3.6%	2.2%	2.3%	2.4%	1.9%	2.5%	1.9%
Free cash flow ÷ net income	—	—	—	778.1%	222.4%	−17.8%	42.4%	−62.4%	151.5%	223.7%	162.2%	85.7%	128.4%	150.9%	82.8%	75.5%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	21.8%	24.8%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	22.4%	—	—	—	—	48.3%	77.4%	41.7%	86.6%	123.2%

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

3 of 3 checks passed · December 31, 2025

What it owns · $11.3bn

Short-term assets $5.7bnLonger-term assets $5.6bn

What it owes, and who funded it · $10.8bn

Short-term liabilities $4.4bnLonger-term liabilities $503mShareholders' equity $5.9bn

Short-term assets cover short-term liabilities $5.7bn of assets due within a year against $4.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.7bn short-term assets against $503m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $1.1bn against $13m of interest.

From Vipshop Holdings Ltd'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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

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 Vipshop Holdings Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Vipshop Holdings Ltd.