Full Truck Alliance Co. Ltd. (YMM)

Services-Prepackaged Software

Latest Price

$8.17

TTM P/E

38.90

Normalized P/E

38.90

Div Yield

Book Value

P/B Ratio

Valuation metrics

EPS: $0.21

Book value / share: $1.97

Formula: √(22.5 × EPS × BVPS)

Graham Number

$3.05

62% downside

Norm. op. income: $140M (median of 5yr)

Tax rate: 12%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$0.18

98% downside

Base FCF: $2.9B (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$10.41

+29% upside

EPS: $0.21

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$3.15

61% downside

3.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
First Beijing Investment Ltd	91.79M	$745.0M	0.44%	+1.79M	2026-06-30
Invesco Ltd.	62.13M	$504.0M	0.30%	+2.07M	2026-06-30
FIL Ltd	60.52M	$491.0M	0.29%	-2.69M	2026-06-30
Greenwoods Asset Management Hong Kong Ltd.	39.45M	$320.0M	0.19%	-1.51M	2026-06-30
BlackRock, Inc.	32.14M	$261.0M	0.15%	+31.15M	2026-06-30
Krane Funds Advisors LLC	28.35M	$230.0M	0.14%	-248.1K	2026-06-30
Davis Selected Advisers	27.64M	$224.0M	0.13%	-1.12M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	23.53M	$191.0M	0.11%	-359.3K	2026-06-30
JPMORGAN CHASE & CO	23.16M	$187.0M	0.11%	+5.03M	2026-06-30
Mitsubishi UFJ Trust & Banking Corp	22.47M	$182.0M	0.11%	+3.16M	2026-06-30