# Vipshop Holdings (VIPS.US)

Canonical: https://gigainvestors.com/s/VIPS

Analysis as of: 2026-10-16T07:32:52.111Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.17 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 35.7%

- ROIC, second-lowest year: 21.3%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 22.3%

- Recent gross margin (lower of latest and 3-year median): 23.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 28.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.4%

- FY2017: 21.3%

- FY2018: 16.4%

- FY2019: 25.8%

- FY2020: 43.6%

- FY2021: 32.5%

- FY2022: 39.6%

- FY2023: 66.3%

- FY2024: 49.7%

- FY2025: 39.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 28B

- Net income, five-year total: CNY 34B

- Return on incremental invested capital: 30.8%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -7.3 pp

- Working capital / revenue, final three-year average: -6.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.91×

- FY2022: 0.73×

- FY2023: 0.72×

- FY2024: 0.76×

- FY2025: 0.96×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 21.3% vs 49.7%

- Per-share earnings: 15.51 to 71.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.6%

- Ordinary dilution, 5-year annual growth: -5.8%

- Market cap gain: CNY 2.9B

- Cumulative retained earnings: CNY 45B

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -5.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.1%

- Per-share value change: CNY 56.25

- Per-share value, starting three-year median: CNY 15.51

- Per-share value, ending three-year median: CNY 71.76

- Buybacks concentrated in cheaper years (correlation): 0.09

- Average buyback yield: 33.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 7.9B

- Cumulative net income, 10 years: CNY 50B

- ROIC, first three-year median: 21.3%

- ROIC, last three-year median: 49.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 16.19

- FY2017: CNY 15.51

- FY2018: CNY 15.20

- FY2019: CNY 29.52

- FY2020: CNY 42.79

- FY2021: CNY 33.74

- FY2022: CNY 49.15

- FY2023: CNY 72.11

- FY2024: CNY 71.76

- FY2025: CNY 70.74

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 0.54×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 23.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.03×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: 2.5%

- FY2018: -8.3%

- FY2019: -17.0%

- FY2020: -10.0%

- FY2021: -3.3%

- FY2022: -6.4%

- FY2023: -8.7%

- FY2024: -1.9%

- FY2025: -0.3%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 33% since Sep 2025 · "Vipshop misses top-line and bottom-line estimates; gives Q3 outlook" (seekingalpha.com, Aug 2026) · sales -2.3%

Story as of 2026-10-16T09:59:48.020Z; price observation 2026-10-15.

- 2025-05-20: Chinese Retailer Vipshop's Stock Sinks as Q1 Sales, Active Customers Fall Short ([finance.yahoo.com](https://finance.yahoo.com/news/chinese-retailer-vipshops-stock-sinks-123433898.html))

- 2025-08-14: Vipshop beats top-line and bottom-line estimates; initiates Q3 outlook ([seekingalpha.com](https://seekingalpha.com/news/4485162-vipshop-beats-top-line-and-bottom-line-estimates-initiates-q3-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-20: Vipshop beats top-line and bottom-line estimates; gives Q4 outlook ([seekingalpha.com](https://seekingalpha.com/news/4524305-vipshop-beats-top-line-and-bottom-line-estimates-gives-q4-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-25: Vipshop misses top-line and bottom-line estimates; gives Q3 outlook ([seekingalpha.com](https://seekingalpha.com/news/4636477-vipshop-misses-top-line-and-bottom-line-estimates-gives-q3-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -2.3%; source https://www.sec.gov/Archives/edgar/data/1529192/000110465926044015/vips-20251231x20f.htm; observed 2026-04-16.

- FY2016: CNY 57B 

- FY2017: CNY 73B 

- FY2018: CNY 85B 

- FY2019: CNY 93B 

- FY2020: CNY 102B 

- FY2021: CNY 117B 

- FY2022: CNY 103B 

- FY2023: CNY 113B 

- FY2024: CNY 108B 

- FY2025: CNY 106B 

### Gross margin · FY2025

gross margin 23.1%; source https://www.sec.gov/Archives/edgar/data/1529192/000110465926044015/vips-20251231x20f.htm; observed 2026-04-16.

- FY2016: 24.0% 

- FY2017: 22.3% 

- FY2018: 20.2% 

- FY2019: 22.2% 

- FY2020: 20.9% 

- FY2021: 19.7% 

- FY2022: 21.0% 

- FY2023: 22.8% 

- FY2024: 23.5% 

- FY2025: 23.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are CNY 105.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1529192/000110465926044015/vips-20251231x20f.htm (filed 2026-04-16); FY2025: revenue 105919546000; grossProfit 24490316000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIPS.US: Vipshop Holdings Limited operates online platforms in the People's Republic of China. The company operates through Vip.com, Shan Shan Outlets, and Others segments. It provides womenswear, menswear, sportswear and sporting goods, baby and children products, shoes and bags, skincare and cosmetics, home goods and other lifestyle products, and supermarket and other products. The company also engages in warehousing, retail business, product procurement, and software development and information technology support activities. It provides branded products through its vip.com and vipshop.com online platforms, as well as through retail stores. Vipshop Holdings Limited was founded in 2008 and is headquartered in Guangzhou, the People's Republic of China.

### Why customers stay

Margins ranged from 22.8% to 23.5% during 2023–25; it earns 35.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2023: grossProfit / revenue = 22.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2024: grossProfit / revenue = 23.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1529192/000110465926044015/vips-20251231x20f.htm (filed 2026-04-16); FY2025: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); 10-year return on capital observations [[2016,0.2544396869211494],[2017,0.21347722649811993],[2018,0.16389594197318236],[2019,0.25780946920730785],[2020,0.4360748656248785],[2021,0.3245007409194975],[2022,0.3955949559903696],[2023,0.6626769886434464],[2024,0.4971718040135802],[2025,0.3900636170991625]]; median 0.35728217900933. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 36.6% of cash earnings; earns 30.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2016: growth capex 1239439985.634531; upkeep 1546066014.365469; cash acquisitions 106365000; owner earnings 1503360985.634531. Growth capex plus acquisitions / owner earnings = 0.8951974931466646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2017: growth capex 1294617562.1445692; upkeep 1178965437.8554308; cash acquisitions 4701000; owner earnings 1887890562.1445692. Growth capex plus acquisitions / owner earnings = 0.6882382846750368.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2018: growth capex 1118373672.3722858; upkeep 2474669327.627714; owner earnings 543850672.3722858. Growth capex / owner earnings = 2.0563984365302352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2019: growth capex 897531203.41607; upkeep 3380141796.58393; cash acquisitions 2749178000; owner earnings 1587196203.41607. Growth capex plus acquisitions / owner earnings = 2.297579338690061.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2020: growth capex 1031598144.413367; upkeep 1240296855.586633; cash acquisitions 569425000; owner earnings 5805939144.413367. Growth capex plus acquisitions / owner earnings = 0.2757561015695308.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2021: growth capex 1886381867.6327262; upkeep 1692263132.3672738; cash acquisitions 148809000; owner earnings 4248339867.632726. Growth capex plus acquisitions / owner earnings = 0.4790555678321428.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2022: growth capex 0; upkeep 3102589000; cash acquisitions 387507000; owner earnings 4609628000. Growth capex plus acquisitions / owner earnings = 0.08406470109952473.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2023: growth capex 1453928810.7216806; upkeep 3776808189.2783194; cash acquisitions 0; owner earnings 5860300810.721681. Growth capex plus acquisitions / owner earnings = 0.2480979829672998.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2024: growth capex 0; upkeep 3562586000; cash acquisitions 625421000; owner earnings 5869682000. Growth capex plus acquisitions / owner earnings = 0.1065510874354011.

- Source: https://www.sec.gov/Archives/edgar/data/1529192/000110465926044015/vips-20251231x20f.htm (filed 2026-04-16); FY2025: growth capex 0; upkeep 2066538000; cash acquisitions 2554109000; owner earnings 6984843000. Growth capex plus acquisitions / owner earnings = 0.36566448236560223.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Incremental return on capital 0.30848432818064375, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,1684721000],[2025,1795384000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1529192/000110465926044015/vips-20251231x20f.htm (filed 2026-04-16); FY2025: cash repurchases 4940778000 CNY.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIPS.US SharesStats.PercentInsiders = 0.494 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Closing price 13.17 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 1034.5333235531489; price multiple 0.08518721725329301. FY2025 cash earnings/share 68.22209040895008. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $13.67 per share

- 2016-11: $11.22 per share

- 2016-12: $11.01 per share

- 2017-01: $11.32 per share

- 2017-02: $13.01 per share

- 2017-03: $13.34 per share

- 2017-04: $13.87 per share

- 2017-05: $12.37 per share

- 2017-06: $10.55 per share

- 2017-07: $12.30 per share

- 2017-08: $9.31 per share

- 2017-09: $8.79 per share

- 2017-10: $7.90 per share

- 2017-11: $8.23 per share

- 2017-12: $11.72 per share

- 2018-01: $16.53 per share

- 2018-02: $17.39 per share

- 2018-03: $16.62 per share

- 2018-04: $15.48 per share

- 2018-05: $11.68 per share

- 2018-06: $10.85 per share

- 2018-07: $9.65 per share

- 2018-08: $6.98 per share

- 2018-09: $6.24 per share

- 2018-10: $4.86 per share

- 2018-11: $5.77 per share

- 2018-12: $5.46 per share

- 2019-01: $7.69 per share

- 2019-02: $7.18 per share

- 2019-03: $8.03 per share

- 2019-04: $8.61 per share

- 2019-05: $7.54 per share

- 2019-06: $8.63 per share

- 2019-07: $7.60 per share

- 2019-08: $8.37 per share

- 2019-09: $8.92 per share

- 2019-10: $11.54 per share

- 2019-11: $12.78 per share

- 2019-12: $14.17 per share

- 2020-01: $12.73 per share

- 2020-02: $12.83 per share

- 2020-03: $15.58 per share

- 2020-04: $15.93 per share

- 2020-05: $17.34 per share

- 2020-06: $19.91 per share

- 2020-07: $22.77 per share

- 2020-08: $16.51 per share

- 2020-09: $15.64 per share

- 2020-10: $21.40 per share

- 2020-11: $25.54 per share

- 2020-12: $28.11 per share

- 2021-01: $27.42 per share

- 2021-02: $37.32 per share

- 2021-03: $29.86 per share

- 2021-04: $30.77 per share

- 2021-05: $23.13 per share

- 2021-06: $20.08 per share

- 2021-07: $16.63 per share

- 2021-08: $14.79 per share

- 2021-09: $11.14 per share

- 2021-10: $11.16 per share

- 2021-11: $9.77 per share

- 2021-12: $8.40 per share

- 2022-01: $9.31 per share

- 2022-02: $8.67 per share

- 2022-03: $9.00 per share

- 2022-04: $7.66 per share

- 2022-05: $9.30 per share

- 2022-06: $9.89 per share

- 2022-07: $9.16 per share

- 2022-08: $11.61 per share

- 2022-09: $8.41 per share

- 2022-10: $6.97 per share

- 2022-11: $11.15 per share

- 2022-12: $13.64 per share

- 2023-01: $15.47 per share

- 2023-02: $14.89 per share

- 2023-03: $15.18 per share

- 2023-04: $15.70 per share

- 2023-05: $14.32 per share

- 2023-06: $16.50 per share

- 2023-07: $18.83 per share

- 2023-08: $15.79 per share

- 2023-09: $16.01 per share

- 2023-10: $14.26 per share

- 2023-11: $16.03 per share

- 2023-12: $17.76 per share

- 2024-01: $15.89 per share

- 2024-02: $19.25 per share

- 2024-03: $16.55 per share

- 2024-04: $15.04 per share

- 2024-05: $16.07 per share

- 2024-06: $13.02 per share

- 2024-07: $13.64 per share

- 2024-08: $12.54 per share

- 2024-09: $15.73 per share

- 2024-10: $14.44 per share

- 2024-11: $13.81 per share

- 2024-12: $13.47 per share

- 2025-01: $14.37 per share

- 2025-02: $15.72 per share

- 2025-03: $15.68 per share

- 2025-04: $13.62 per share

- 2025-05: $13.79 per share

- 2025-06: $15.05 per share

- 2025-07: $15.09 per share

- 2025-08: $16.74 per share

- 2025-09: $19.64 per share

- 2025-10: $17.49 per share

- 2025-11: $19.64 per share

- 2025-12: $17.69 per share

- 2026-01: $17.11 per share

- 2026-02: $17.42 per share

- 2026-03: $15.72 per share

- 2026-04: $14.39 per share

- 2026-05: $14.22 per share

- 2026-06: $13.26 per share

- 2026-07: $15.34 per share

- 2026-08: $13.10 per share

- 2026-09: $12.51 per share

- 2026-10: $13.17 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1529192/000110465926044015/vips-20251231x20f.htm); period 2025-12-31, filed 2026-04-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.