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Stock.Logging @stock_logging on x XXX followers
Created: 2025-07-27 15:51:40 UTC
X. Key figures & balance sheet
▪️ Yuanbao is a textbook example of an asset-light compounder – financials and balance sheet look absolutely fantastic. Snapshot of key metrics (LTM incl. Q1/25) below. Figures and chart by:
➡️ Gross margin: XXXX % ➡️ Operating margin: XXXX % ➡️ ROCE: XXXX % ➡️ FCF / EBITDA: XX % in FY 2024 ➡️ Receivables / total assets: XXXX % ➡️ Cash & short term investments / total assets: XXXX % (!!) ➡️ Cash & short term investments / current mcap: XXXX % ➡️ No net debt
▪️ To further underline the asset-light nature of the business: CAPEX spending has been negative for the past four fiscal years.
▪️ The margin development is also very impressive. Both the gross margin and the operating margin have been continuously improving in recent years, indicating pricing power on the one hand and strong operational efficiency on the other.
▪️ As shown in the chart below: OPEX has grown at a XX % CAGR over the past years, while revenue grew at a XXXX % CAGR. This demonstrates significant operating leverage. I expect EBIT and net income to grow faster than revenue going forward due to economies of scale, resulting in further EBIT margin expansion.
XXX engagements
Related Topics balance sheet