CMCM vs YMM
Cheetah Mobile Inc. and Full Truck Alliance Co. Ltd., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | CMCM | YMM |
|---|---|---|
| Revenue | CNY 1.2B | CNY 12.5B |
| Net income | CNY -257.7M | CNY 4.5B |
| Gross margin | 72.5% | 40.9% |
| Net margin | −20.4% | 57.0% |
| Return on equity | −14.7% | 11.4% |
| Diluted EPS | · | CNY 0.21 |
| Dividend / share | · | · |
| Payout ratio | · | 32.0% |
| Free cash flow | · | CNY 4.5B |
| Equity | CNY 1.6B | · |
| Net debt / equity | · | · |
| Current ratio | 1.27× | 8.09× |
| Revenue CAGR 5y | −5.8% | 37.1% |
| Profit CAGR 5y | · | · |
YMM bills 10.9× the revenue of CMCM, and CMCM closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
7 years side by side
| Fiscal year | CMCM | YMM |
|---|---|---|
| FY2025 | CNY 1.2B | CNY 12.5B |
| FY2024 | CNY 806.9M | CNY 11.2B |
| FY2023 | CNY 669.5M | CNY 8.4B |
| FY2022 | CNY 884.1M | CNY 6.7B |
| FY2021 | CNY 784.6M | CNY 4.7B |
| FY2020 | CNY 1.6B | CNY 2.6B |
| FY2019 | CNY 3.6B | CNY 2.5B |
Bottom line
| Fiscal year | CMCM | YMM |
|---|---|---|
| FY2025 | CNY -257.7M | CNY 4.5B |
| FY2024 | CNY -617.6M | CNY 3.1B |
| FY2023 | CNY -602.9M | CNY 2.2B |
| FY2022 | CNY -513.5M | CNY 411.9M |
| FY2021 | CNY -351.1M | CNY -3.7B |
| FY2020 | CNY 416.7M | CNY -3.5B |
| FY2019 | CNY -314.0M | CNY -1.5B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 11,339,415,000 | YMM |
| FY2024 | −CNY 10,431,761,000 | YMM |
| FY2023 | −CNY 7,766,656,000 | YMM |
| FY2022 | −CNY 5,849,578,000 | YMM |
| FY2021 | −CNY 3,872,403,000 | YMM |
| FY2020 | −CNY 1,028,175,000 | YMM |
| FY2019 | +CNY 1,114,634,000 | CMCM |
The higher-revenue side has changed between CMCM and YMM over this period. The gap has widened since the earliest year compared.
7 of 14 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −77.5 pp | YMM |
| FY2024 | −125.4 pp | YMM |
| FY2023 | −140.9 pp | YMM |
| FY2022 | −71.8 pp | YMM |
| FY2021 | +134.4 pp | CMCM |
| FY2020 | +329.1 pp | CMCM |
| FY2019 | +126.4 pp | CMCM |
The higher net margin has changed hands between CMCM and YMM over this period.
7 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
YMM's net margin has been more volatile than CMCM's over the 7 comparable fiscal years — 132.5 percentage points of standard deviation against 37.1.
7 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CMCM and YMM over these 7 fiscal years — CMCM led in 3 and YMM in 4.
7 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CMCM's return on equity has been more volatile than YMM's over the 4 comparable fiscal years — 5.4 percentage points of standard deviation against 3.7.
4 of 13 comparable fiscal years — a year missing data on either side is not counted.
Year by year
YMM led in return on equity in every one of the 4 comparable fiscal years — a structural lead, not a recent swing.
4 of 13 comparable fiscal years — a year missing data on either side is not counted.