Full Truck Alliance (ADR)
Connects Chinese shippers and truckers through freight listings, brokerage and online transaction services.
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Profile
Connects shippers and truckers in China through freight listings, freight brokerage, transaction services and related services. The platform moved from information matching into deposit-backed online transactions and depends on sustained participation on both sides of the network, licensed China operations and compliance with data and cybersecurity rules.
Connects shippers and truckers in China through the Yunmanman and Huochebang mobile freight networks. Freight listing, freight brokerage and transaction services form the main revenue engines, supplemented by value-added services for platform participants.
Turns fragmented load discovery into a standardized mobile workflow. Shippers post orders, truckers contact them about loads, and selected online transactions add deposits and step tracking; the model has progressed beyond listings into matching and transaction fulfillment.
Operates through a Cayman holding company, subsidiaries and contractual arrangements with variable-interest entities. Participation from both shippers and truckers, enforceable VIE agreements, operating licenses, data and cybersecurity compliance, and continued access to the ADS and NYSE framework are structural dependencies.
Company facts
Categories
Key statistics
Year to date −21.8% · Average volume (30d) 6.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | UBS | Reiterate | Buy | $9.78 | $13.36 | |
| Jun 29, 2026 | Industrial Alliance Securities | Target | $11.30 | $10 | ||
| Jun 29, 2026 | JP Morgan | Upgrade | Neutral | Overweight | ||
| Jun 15, 2026 | Nomura | Target | $11 | |||
| May 5, 2026 | Industrial Alliance Securities | Target | $8 | $11.30 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 19, 2026Q2 FY26 | $0.19 | $0.20 | +5.3% | $463.1M | $497.7M | +7.5% | −1.14% |
| May 21, 2026Q1 FY26 | $0.13 | $0.17 | +30.8% | $388.7M | $412.8M | +6.2% | −5.22% |
| Mar 12, 2026Q4 FY25 | $0.14 | $0.14 | 0.0% | $446.9M | $480.1M | +7.4% | −2.23% |
| Nov 17, 2025Q3 FY25 | $0.14 | $0.13 | −7.1% | $3.13B | $471.7M | −84.9% | +0.92% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $401.7M | $482.0M | $499.7M | $475.0M | $423.8M | $501.7M | |
| Gross profit | $297.8M | $297.7M | $260.8M | $314.8M | $308.0M | $367.9M | |
| Operating income | $178.9M | $169.6M | $115.5M | $152.9M | $149.7M | $220.1M | |
| Net income | $188.8M | $185.2M | $135.0M | $147.0M | $147.4M | $197.3M | |
| Diluted EPS | $0.18 | $3.57 | $0.12 | $0.14 | $0.02 | $0.19 | |
| Gross margin | 74.1% | 61.8% | 52.2% | 66.3% | 72.7% | 73.3% | |
| Operating margin | 44.5% | 35.2% | 23.1% | 32.2% | 35.3% | 43.9% |
Fiscal years (4-quarter sums)FY21 $692.9M · FY22 $1.00B · FY23 $1.26B · FY24 $1.67B · FY25 $1.86B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $3.52B · Total debt $3.7M · Total assets $6.79B · Shareholders' equity $6.02B
Dividends
Last cut to $0.084 from $0.096 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 7, 2026 | Jul 7 | Jul 21 | $0.084 | |
| Apr 8, 2026 | Apr 8 | Apr 22 | $0.084 | cut from $0.096 |
| Oct 10, 2025 | Oct 10 | Oct 27 | $0.096 | |
| Apr 7, 2025 | Apr 7 | Apr 17 | $0.096 | cut from $0.1444 |
| Apr 4, 2024 | Apr 5 | Apr 19 | $0.1444 |
Ownership
Shares outstanding 1.05B · Float 767.21M · 73.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| First Beijing Investment Ltd | 91.79M | 8.78% | 13F | Aug 12, 2026 |
| Invesco Ltd. | 62.13M | 5.94% | 13F | Aug 14, 2026 |
| FIL Ltd | 60.52M | 5.79% | 13F | Aug 13, 2026 |
| Greenwoods Asset Management Hong Kong Ltd. | 39.45M | 3.77% | 13F | Aug 7, 2026 |
| BlackRock, Inc. | 32.14M | 3.07% | 13F | Aug 7, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
Not reported.