# Weibo (WB.US)

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

Analysis as of: 2026-10-16T07:33:01.718Z. Financial observations: FY2011–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.55 per share; close as of 2026-10-15.

Estimated value: low $24.74 per share, central $26.70 per share, high $29.29 per share. Buy at or below the central value $26.70 per share. Valuation as of 2026-10-16T07:33:01.718Z; scenarios are not confidence intervals.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.35×

- FY2018: 0.35×

- FY2019: 0.34×

- FY2020: 0.30×

- FY2021: 0.31×

- FY2022: 0.26×

- FY2023: 0.27×

- FY2024: 0.28×

- FY2025: 0.26×

### moat: pass

- ROIC, median of available years: 21.8%

- ROIC, second-lowest year: 12.4%

- Typical minus recent gross margin: 3.4 pp

- Typical gross margin (annual median): 79.4%

- Recent gross margin (lower of latest and 3-year median): 76.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 15.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 26.8%

- FY2017: 67.2%

- FY2018: 45.4%

- FY2019: 31.8%

- FY2020: 25.1%

- FY2021: 18.5%

- FY2022: 14.5%

- FY2023: 12.4%

- FY2024: 12.7%

- FY2025: 10.9%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $1.6B

- Return on incremental invested capital: 34.7%

- Working capital / revenue, annual change: 5.3 pp

- Working capital / revenue, change between three-year averages: 39.7 pp

- Working capital / revenue, final three-year average: 51.5%

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

- FY2021: 0.79×

- FY2022: -0.53×

- FY2023: 1.10×

- FY2024: 1.03×

- FY2025: 1.07×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 45.4% vs 12.4%

- Per-share earnings: 0.48 to 1.43 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.0%

- Ordinary dilution, 5-year annual growth: 3.3%

- Market cap gain: -$6.4B

- Cumulative retained earnings: $2.7B

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: 3.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.6%

- Per-share value change: $0.95

- Per-share value, starting three-year median: $0.48

- Per-share value, ending three-year median: $1.43

- Average buyback yield: 1.5%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $567M

- Cumulative net income, 10 years: $3.4B

- ROIC, first three-year median: 45.4%

- ROIC, last three-year median: 12.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.48

- FY2017: $1.53

- FY2018: $2.46

- FY2019: $2.18

- FY2020: $1.37

- FY2021: $1.85

- FY2022: $0.36

- FY2023: $1.43

- FY2024: $1.13

- FY2025: $1.68

### accounting: pass

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.4%

- FY2017: -7.3%

- FY2018: 2.6%

- FY2019: -2.9%

- FY2020: -6.8%

- FY2021: -5.1%

- FY2022: -6.7%

- FY2023: -4.5%

- FY2024: -5.2%

- FY2025: -1.0%

## Holders

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

## Price story

Down 85% since Oct 2021 · "Weibo falls 7% after earnings miss, margin pressure" (seekingalpha.com, Mar 2026) · sales +0.4%

Story as of 2026-10-16T09:59:50.695Z; price observation 2026-10-15.

- 2025-08-14: Earnings Snapshot: Weibo beat Q2 estimates; advertising and marketing revenue from Alibaba rises 10% ([seekingalpha.com](https://seekingalpha.com/news/4485163-earnings-snapshot-weibo-beat-q2-estimates-advertising-and-marketing-revenue-from-alibaba-rises-10?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-03-18: Weibo falls 7% after earnings miss, margin pressure ([seekingalpha.com](https://seekingalpha.com/news/4565894-weibo-falls-7-after-earnings-miss-margin-pressure?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +0.4%; source https://www.sec.gov/Archives/edgar/data/1595761/000110465926047217/wb-20251231x20f.htm; observed 2026-04-23.

- FY2016: $656M 

- FY2017: $1.2B 

- FY2018: $1.7B 

- FY2019: $1.8B 

- FY2020: $1.7B 

- FY2021: $2.3B 

- FY2022: $1.8B 

- FY2023: $1.8B 

- FY2024: $1.8B 

- FY2025: $1.8B 

### Gross margin · FY2025

gross margin 76%; source https://www.sec.gov/Archives/edgar/data/1595761/000110465926047217/wb-20251231x20f.htm; observed 2026-04-23.

- FY2016: 73.9% 

- FY2017: 79.9% 

- FY2018: 83.8% 

- FY2019: 81.4% 

- FY2020: 82.1% 

- FY2021: 82.1% 

- FY2022: 78.2% 

- FY2023: 78.7% 

- FY2024: 78.9% 

- FY2025: 76.0% 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are USD 1.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1595761/000110465926047217/wb-20251231x20f.htm (filed 2026-04-23); FY2025: revenue 1761863371; grossProfit 1338910724; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WB.US: Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People's Republic of China. It operates through two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform. It also provides advertising and marketing solutions, such as social display advertisements; and promoted marketing offerings, such as Fans Headline, Weibo Express, and promoted feeds, as well as promoted trends and search products that appear alongside user's trends discovery and search behaviors. In addition, the company offers products, such as trends, search, video/live streaming, and editing tools; content customization, copyright contents pooling, and user interaction development; and search list recommendation, trends list recommendation, and Weibo app opening advertisements. Further, it provides back-end management, traffic support, and product services for better displaying and promotion of its account and content; an open application platform that allows users to log into third-party applications with their Weibo account for sharing third-party content on its platform; and Weibo Wallet, a product that enables platform partners to conduct interest generation activities on Weibo, such as handing out red envelops and coupons. It serves ordinary people, celebrities, opinion leaders, and other public figures or influencers, as well as media outlets, businesses, government agencies, charities, and other organizations. The company was formerly known as T.CN Corporation and changed its name to Weibo Corporation in 2012. The company was founded in 2009 and is based in Beijing, the People's Republic of China.

### Why customers stay

Margins ranged from 76% to 78.9% during 2023–25; it earns 21.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2023: grossProfit / revenue = 78.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2024: grossProfit / revenue = 78.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1595761/000110465926047217/wb-20251231x20f.htm (filed 2026-04-23); FY2025: grossProfit / revenue = 76%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); 10-year return on capital observations [[2016,0.2677123387897535],[2017,0.6715063775323857],[2018,0.453631836886032],[2019,0.3180806645006367],[2020,0.25105291261008705],[2021,0.18472659869870953],[2022,0.14525432796837137],[2023,0.12398653434266678],[2024,0.12672685390602523],[2025,0.10910208877776814]]; median 0.21788975565439828. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2016: growth capex 0; upkeep 13253000; owner earnings 108756000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2017: growth capex 5126000; upkeep 15328000; cash acquisitions 2298000; owner earnings 352590000. Growth capex plus acquisitions / owner earnings = 0.021055617005587227.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2018: growth capex 8503000; upkeep 19847000; cash acquisitions 40000000; owner earnings 571823000. Growth capex plus acquisitions / owner earnings = 0.08482170182031852.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2019: growth capex 0; upkeep 21746000; owner earnings 502494000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2020: growth capex 0; upkeep 34828000; cash acquisitions 214302000; owner earnings 314617000. Growth capex plus acquisitions / owner earnings = 0.6811520038650168.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2021: growth capex 17332837.865475297; upkeep 150292162.1345247; cash acquisitions 61160000; owner earnings 339258837.8654753. Growth capex plus acquisitions / owner earnings = 0.23136563916604494.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2023: growth capex 0; upkeep 36772000; cash acquisitions 243385000; owner earnings 378127000. Growth capex plus acquisitions / owner earnings = 0.6436594054378555.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2024: growth capex 0; upkeep 61469000; cash acquisitions 5250000; owner earnings 311008000. Growth capex plus acquisitions / owner earnings = 0.01688059471139006.

- Source: https://www.sec.gov/Archives/edgar/data/1595761/000110465926047217/wb-20251231x20f.htm (filed 2026-04-23); FY2025: growth capex 0; upkeep 42368000; cash acquisitions 0; owner earnings 481062539. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,200131000],[2024,194401000],[2025,195644000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 8.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); WB.US SharesStats.PercentInsiders = 8.246 percentage points; cache date 2026-10-15.

### What the price says

The price is 1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); Closing price 6.55 USD; reporting-to-trading FX 1; FY2025 annual sales per share 6.560408739201669; price multiple 0.9984134008084784. FY2025 cash earnings/share 1.7912665288948466. Closing-price date 2026-10-15.

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

- 2016-10: $46.01 per share

- 2016-11: $51.31 per share

- 2016-12: $40.60 per share

- 2017-01: $48.22 per share

- 2017-02: $50.52 per share

- 2017-03: $52.18 per share

- 2017-04: $55.86 per share

- 2017-05: $73.53 per share

- 2017-06: $66.47 per share

- 2017-07: $76.95 per share

- 2017-08: $101.10 per share

- 2017-09: $98.94 per share

- 2017-10: $92.65 per share

- 2017-11: $108.56 per share

- 2017-12: $103.46 per share

- 2018-01: $129.57 per share

- 2018-02: $128.52 per share

- 2018-03: $119.54 per share

- 2018-04: $114.52 per share

- 2018-05: $101.91 per share

- 2018-06: $88.76 per share

- 2018-07: $82.75 per share

- 2018-08: $76.74 per share

- 2018-09: $73.13 per share

- 2018-10: $59.01 per share

- 2018-11: $63.68 per share

- 2018-12: $58.43 per share

- 2019-01: $60.66 per share

- 2019-02: $72.25 per share

- 2019-03: $61.99 per share

- 2019-04: $68.50 per share

- 2019-05: $41.52 per share

- 2019-06: $43.55 per share

- 2019-07: $39.17 per share

- 2019-08: $41.37 per share

- 2019-09: $44.75 per share

- 2019-10: $49.19 per share

- 2019-11: $42.81 per share

- 2019-12: $46.35 per share

- 2020-01: $42.62 per share

- 2020-02: $42.14 per share

- 2020-03: $33.11 per share

- 2020-04: $37.53 per share

- 2020-05: $30.77 per share

- 2020-06: $33.60 per share

- 2020-07: $34.56 per share

- 2020-08: $37.30 per share

- 2020-09: $36.43 per share

- 2020-10: $41.55 per share

- 2020-11: $42.25 per share

- 2020-12: $40.99 per share

- 2021-01: $45.58 per share

- 2021-02: $55.17 per share

- 2021-03: $50.46 per share

- 2021-04: $50.40 per share

- 2021-05: $50.84 per share

- 2021-06: $52.62 per share

- 2021-07: $56.40 per share

- 2021-08: $50.52 per share

- 2021-09: $47.49 per share

- 2021-10: $44.98 per share

- 2021-11: $39.81 per share

- 2021-12: $30.98 per share

- 2022-01: $34.65 per share

- 2022-02: $27.43 per share

- 2022-03: $24.51 per share

- 2022-04: $23.14 per share

- 2022-05: $22.00 per share

- 2022-06: $23.13 per share

- 2022-07: $19.22 per share

- 2022-08: $20.69 per share

- 2022-09: $17.10 per share

- 2022-10: $11.32 per share

- 2022-11: $15.94 per share

- 2022-12: $19.12 per share

- 2023-01: $22.75 per share

- 2023-02: $20.68 per share

- 2023-03: $20.06 per share

- 2023-04: $17.51 per share

- 2023-05: $13.97 per share

- 2023-06: $13.11 per share

- 2023-07: $15.75 per share

- 2023-08: $12.90 per share

- 2023-09: $12.54 per share

- 2023-10: $11.83 per share

- 2023-11: $10.11 per share

- 2023-12: $10.95 per share

- 2024-01: $8.10 per share

- 2024-02: $9.12 per share

- 2024-03: $9.09 per share

- 2024-04: $8.62 per share

- 2024-05: $8.85 per share

- 2024-06: $7.68 per share

- 2024-07: $7.72 per share

- 2024-08: $7.48 per share

- 2024-09: $10.08 per share

- 2024-10: $9.05 per share

- 2024-11: $9.60 per share

- 2024-12: $9.55 per share

- 2025-01: $9.82 per share

- 2025-02: $10.01 per share

- 2025-03: $9.47 per share

- 2025-04: $8.10 per share

- 2025-05: $9.05 per share

- 2025-06: $9.53 per share

- 2025-07: $9.64 per share

- 2025-08: $11.46 per share

- 2025-09: $12.40 per share

- 2025-10: $10.88 per share

- 2025-11: $9.94 per share

- 2025-12: $10.22 per share

- 2026-01: $10.58 per share

- 2026-02: $9.93 per share

- 2026-03: $8.75 per share

- 2026-04: $8.41 per share

- 2026-05: $7.86 per share

- 2026-06: $7.26 per share

- 2026-07: $8.15 per share

- 2026-08: $6.83 per share

- 2026-09: $6.46 per share

- 2026-10: $6.55 per share

## Annual estimated value (USD per share)

- FY2017: low $12.80 per share, central $13.50 per share, high $14.44 per share

- FY2018: low $21.10 per share, central $22.95 per share, high $25.40 per share

- FY2019: low $34.65 per share, central $37.99 per share, high $42.44 per share

- FY2020: low $38.15 per share, central $41.32 per share, high $45.54 per share

- FY2021: low $43.65 per share, central $47.83 per share, high $53.39 per share

- FY2022: low $32.92 per share, central $41.34 per share, high $46.25 per share

- FY2023: low $31.86 per share, central $39.81 per share, high $44.44 per share

- FY2024: low $21.55 per share, central $23.31 per share, high $25.67 per share

- FY2025: low $21.53 per share, central $23.29 per share, high $25.62 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/1595761/000110465926047217/wb-20251231x20f.htm); period 2025-12-31, filed 2026-04-23.

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.