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Vipshop
(NYSE:VIPS)
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Rating:81Outperform
Price Target:
$20.00
▲(41.24% Upside)
Action:Reiterated
Date:12/02/25
Vipshop's overall stock score is driven by its strong financial performance and attractive valuation, which are supported by positive technical indicators. The earnings call provided a balanced view with growth in customer base and technological advancements, although challenges in maintaining profit margins were noted. The stock's undervaluation and dividend yield further enhance its investment appeal.
Positive Factors
Balance sheet strength
Low leverage and a strong equity base provide durable financial flexibility: supports capital allocation, buybacks/dividends, and investment in growth initiatives. This stability helps the company weather economic cycles and preserves strategic optionality over the next 2–6 months.
Negative Factors
Top-line contraction
A near-3% decline in reported revenue growth signals structural challenges scaling GMV in a competitive market. Persistent revenue contraction can erode operating leverage, limit reinvestment capacity, and pressure medium-term growth targets unless customer or category trends reverse.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Low leverage and a strong equity base provide durable financial flexibility: supports capital allocation, buybacks/dividends, and investment in growth initiatives. This stability helps the company weather economic cycles and preserves strategic optionality over the next 2–6 months.
Read all positive factors
Vipshop (VIPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.85B
Dividend Yield5.04%
Average Volume (3M)2.99M
Price to Earnings (P/E)3.9
Beta (1Y)0.68
Revenue Growth2.38%
EPS Growth64.31%
CountryUS
Employees15,145
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)21.21
Shares Outstanding402,468,750
10 Day Avg. Volume2,787,596
30 Day Avg. Volume2,986,030
Financial Highlights & Ratios
PEG Ratio-2.40
Price to Book (P/B)1.54
Price to Sales (P/S)0.60
P/FCF Ratio0.00
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$16.47Price Target Upside16.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)13.28
Revenue Forecast (FY)$103.49B
Vipshop Business Overview & Revenue Model
Company Description
Vipshop Holdings Limited (VIPS) functions as a leading online retail enterprise within the People's Republic of China. The company operates a collection of e-commerce platforms, notably Vip.com and Shan Shan Outlets, through which it delivers a wi...
How the Company Makes Money
Vipshop generates revenue primarily through the sale of discounted branded products to consumers via its e-commerce platform. The company's revenue model is based on a combination of direct sales and consignment sales, where it partners with vario...
Vipshop Earnings Call Summary
Earnings Call Date:Aug 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 2026
Earnings Call Sentiment Neutral
The call balanced meaningful strategic and financial positives—strong SVIP engagement, milestone SVIP membership (10M), robust cash reserves (RMB 29.9bn), a USD 1bn buyback authorization, successful REIT monetizations and >20% GMV growth at Shan Shan Outlets—against notable near-term operating and reported-profitability headwinds, including a ~4.3% revenue decline, a large one-time tax/withholding adjustment that materially depressed non-GAAP net income to shareholders (~81% decline), margin compression from deleverage, and softer consumer demand. Management emphasized disciplined cost control, underlying non-GAAP profitability (RMB 2.0bn excluding the one-time tax item), and confidence in long-term strategy, but near-term guidance and tax-related impacts represent meaningful challenges.Positive Updates
SVIP Engagement and Membership Milestone
Active SVIP grew 8% year-over-year and SVIP members drove 54% of online spending. SVIP membership reached the 10 million milestone, supporting retention and wallet share through tiered services.
Negative Updates
Quarterly Revenue Decline and Soft Guidance
Total net revenues for Q2 were RMB 24.7 billion vs. RMB 25.8 billion a year ago, a decline of ~4.3% year-over-year. Q3 revenue guidance of RMB 20.3–21.4 billion implies a year-over-year decrease of approximately 5% to 0%; management expects full-year revenue to be slightly negative vs. prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
SVIP Engagement and Membership Milestone
Active SVIP grew 8% year-over-year and SVIP members drove 54% of online spending. SVIP membership reached the 10 million milestone, supporting retention and wallet share through tiered services.
Read all positive updates
Company Guidance
Guidance highlighted a Q3 revenue range of RMB 20.3–21.4 billion (roughly -5% to 0% YoY) and a full‑year view that total revenue will be “slightly negative” versus last year; management expects operating and net profit margins to remain resilient in H2 (CFO cited an underlying non‑GAAP net profit of RMB 2.0 billion with a 7.9% net margin when adjusting for a one‑time withholding tax), while acknowledging a one‑off tax charge in Q2 (income tax expense RMB 3.3 billion driven by a RMB 1.63 billion REIT gain and RMB 1.56 billion withholding tax) that will be settled in Q3; capital return plans include ~USD 400 million distributed in H1, a new USD 1.0 billion share repurchase authorization and a commitment to return no less than 75% of 2025 non‑GAAP net income, and the company finished Q2 with RMB 29.9 billion cash & equivalents (+ RMB 3.6 billion short‑term investments).Vipshop Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
75
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 105.07B | 105.92B | 108.42B | 112.86B | 103.15B | 117.06B |
| Gross Profit | 24.66B | 24.49B | 25.47B | 25.72B | 21.62B | 23.11B |
| EBITDA | 15.82B | 10.72B | 10.41B | 10.40B | 7.50B | 6.58B |
| Net Income | 10.31B | 7.24B | 7.74B | 8.12B | 6.30B | 4.68B |
Balance Sheet | ||||||
| Total Assets | 85.86B | 78.84B | 74.94B | 72.32B | 65.48B | 62.29B |
| Cash, Cash Equivalents and Short-Term Investments | 32.86B | 29.92B | 28.22B | 27.40B | 23.53B | 21.68B |
| Total Debt | 11.57B | 6.45B | 3.25B | 2.38B | 3.79B | 3.28B |
| Total Liabilities | 37.52B | 34.42B | 33.39B | 33.76B | 31.40B | 28.46B |
| Stockholders Equity | 44.99B | 41.00B | 39.97B | 36.96B | 32.75B | 32.63B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 0.00 | 5.57B | 9.18B | 7.42B | 3.17B |
| Operating Cash Flow | 0.00 | 0.00 | 9.13B | 14.41B | 10.52B | 6.74B |
| Investing Cash Flow | 0.00 | 0.00 | -3.57B | -5.16B | 1.05B | -2.33B |
| Financing Cash Flow | 0.00 | 0.00 | -4.97B | -6.15B | -5.57B | -58.79M |
Vipshop Technical Analysis
Negative
14.16
Price Trends
14.05
Negative
14.00
Negative
15.29
Negative
Market Momentum
-0.55
Positive
30.44
Neutral
19.23
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VIPS, the sentiment is Negative. The current price of 14.16 is above the 20-day moving average (MA) of 13.07, above the 50-day MA of 14.05, and below the 200-day MA of 15.29, indicating a bearish trend. The MACD of -0.55 indicates Positive momentum. The RSI at 30.44 is Neutral, neither overbought nor oversold. The STOCH value of 19.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VIPS.
Vipshop Risk Analysis
Vipshop disclosed 81 risk factors in its most recent earnings report. Vipshop reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
You must not rely on our dividend policy for return on your investment in our ADSs because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors. Q4, 2023
2.
There can be no assurance that we will maintain profitable or positive cash flow from operating activities in the future. Q4, 2023
Vipshop Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $5.85B | 3.89 | 24.62% | 5.04% | 2.38% | 64.31% | |
77 Outperform | $112.31B | 7.93 | 21.97% | ― | 13.53% | -2.42% | |
70 Outperform | $62.34B | 37.56 | 13.51% | 10.18% | 43.06% | 32.91% | |
62 Neutral | $36.48B | 16.64 | 6.63% | 3.71% | 7.23% | -57.76% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $277.04B | 24.12 | 7.04% | 0.93% | 7.76% | -49.08% | |
49 Neutral | $25.69B | -32.91 | -18.84% | ― | 9.92% | -309.73% |
* Consumer Cyclical Sector Average
VIPS
Vipshop
12.31
-5.23
-29.80%
JD
JD
26.92
-5.86
-17.89%
BABA
Alibaba
113.24
-49.54
-30.43%
SE
Sea
101.79
-91.17
-47.25%
PDD
PDD Holdings
78.90
-49.67
-38.63%
CPNG
Coupang
14.29
-18.03
-55.79%
Vipshop Corporate Events
Vipshop Posts Higher Profit and GMV on Modest Q1 2026 Revenue Growth
May 21, 2026
On May 21, 2026, Vipshop reported unaudited results for the quarter ended March 31, 2026, showing modest top-line growth but stronger profitability. Total net revenue rose 1.2% year on year to RMB26.6 billion, while gross profit grew 6.8% to RMB6....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.