KC vs YMM
Kingsoft Cloud Holdings Ltd. and Full Truck Alliance Co. Ltd., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | KC | YMM |
|---|---|---|
| Revenue | CNY 9.6B | CNY 12.5B |
| Net income | CNY -936.3M | CNY 4.5B |
| Gross margin | 15.7% | 40.9% |
| Net margin | −9.9% | 57.0% |
| Return on equity | −12.9% | 11.4% |
| Diluted EPS | −CNY 0.23 | CNY 0.21 |
| Dividend / share | · | · |
| Payout ratio | · | 32.0% |
| Free cash flow | · | CNY 4.5B |
| Equity | CNY 9.3B | · |
| Net debt / equity | 0.04× | · |
| Current ratio | 1.17× | 8.09× |
| Revenue CAGR 5y | 7.8% | 37.1% |
| Profit CAGR 5y | · | · |
YMM bills 1.3× the revenue of KC, and KC 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 | KC | YMM |
|---|---|---|
| FY2025 | CNY 9.6B | CNY 12.5B |
| FY2024 | CNY 7.8B | CNY 11.2B |
| FY2023 | CNY 7.0B | CNY 8.4B |
| FY2022 | CNY 8.2B | CNY 6.7B |
| FY2021 | CNY 9.1B | CNY 4.7B |
| FY2020 | CNY 6.6B | CNY 2.6B |
| FY2019 | CNY 4.0B | CNY 2.5B |
Bottom line
| Fiscal year | KC | YMM |
|---|---|---|
| FY2025 | CNY -936.3M | CNY 4.5B |
| FY2024 | CNY -2.0B | CNY 3.1B |
| FY2023 | CNY -2.2B | CNY 2.2B |
| FY2022 | CNY -2.7B | CNY 411.9M |
| FY2021 | CNY -1.6B | CNY -3.7B |
| FY2020 | CNY -962.3M | CNY -3.5B |
| FY2019 | CNY -1.1B | CNY -1.5B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 2,931,240,000 | YMM |
| FY2024 | −CNY 3,453,458,000 | YMM |
| FY2023 | −CNY 1,388,698,000 | YMM |
| FY2022 | +CNY 1,446,463,000 | KC |
| FY2021 | +CNY 4,403,765,000 | KC |
| FY2020 | +CNY 3,996,487,000 | KC |
| FY2019 | +CNY 1,483,292,000 | KC |
The higher-revenue side has changed between KC and YMM over this period. The gap has widened since the earliest year compared.
7 of 8 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −66.9 pp | YMM |
| FY2024 | −76.3 pp | YMM |
| FY2023 | −83.2 pp | YMM |
| FY2022 | −45.8 pp | YMM |
| FY2021 | +161.9 pp | KC |
| FY2020 | +288.0 pp | KC |
| FY2019 | +108.7 pp | KC |
The higher net margin has changed hands between KC and YMM over this period.
7 of 8 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 KC's over the 7 comparable fiscal years — 132.5 percentage points of standard deviation against 8.1.
7 of 8 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between KC and YMM over these 7 fiscal years — KC led in 3 and YMM in 4.
7 of 8 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
KC's return on equity has been more volatile than YMM's over the 4 comparable fiscal years — 7.4 percentage points of standard deviation against 3.7.
4 of 5 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 5 comparable fiscal years — a year missing data on either side is not counted.