Share count
472Mpeak FY2021
← All companies ← ATGL Manual ATS → ← ATGL IT Services & Consulting BILI →
ATHM, Autohome Inc.
IT Services & Consulting asset-light
We are a "critical information infrastructure operator" by any government authority.
Due to the data assets we have, our platform is an attractive target and potentially vulnerable to cyberattacks, computer viruses, physical or electronic break-ins or similar disruptions.
The Cybersecurity Review Measures further provides that network platform operators that hold personal information of over one million users shall apply with the Cybersecurity Review Office for a cybersecurity review before any public offering at a foreign stock exchange.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥6.5B
−8.3% YoY · −6% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥6.5B 5-yr avg CN¥7.0B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Leads Generation Services (42%), Online Marketplace and Other Service (40%) and Media Services (18%).
- What moves the needle
- Gross margin has run about 80% and operating margin about 20% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 12% to 40% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has run in the teens (median 14%, above 15% in 5 of 10 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 34% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 3 lines, the largest Leads Generation Services at 42%.
Revenue by product line, FY2025
- Leads Generation Services42%CN¥2.7B
- Online Marketplace And Other Service40%CN¥2.6B
- Media Services18%CN¥1.2B
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| CN¥6.0B | CN¥6.2B | CN¥7.2B | CN¥8.4B | CN¥8.7B | CN¥7.2B | CN¥6.9B | CN¥7.2B | CN¥7.0B | CN¥6.5B | CN¥6.5B | RevenueRevenue |
| 60% | 78% | — | — | — | — | 82% | 80% | 79% | 72% | — | Gross marginGross mgn |
| CN¥1.2B | CN¥2.1B | CN¥2.9B | CN¥3.2B | CN¥3.1B | CN¥1.8B | CN¥1.2B | CN¥1.1B | CN¥1.0B | CN¥769M | CN¥769M | Operating incomeOp. inc. |
| 19.6% | 33.0% | 39.7% | 38.4% | 36.4% | 24.6% | 18.0% | 15.8% | 14.3% | 11.9% | 11.9% | Operating marginOp. mgn |
| CN¥1.2B | CN¥2.0B | CN¥2.9B | CN¥3.2B | CN¥3.3B | CN¥2.1B | CN¥1.8B | CN¥1.9B | CN¥1.6B | CN¥1.4B | CN¥1.4B | Net incomeNet inc. |
| 3% | 12% | 12% | 14% | 7% | 2% | -4% | 4% | 4% | 9% | 9% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| CN¥1.6B | CN¥2.5B | CN¥3.1B | CN¥2.9B | CN¥3.3B | CN¥3.5B | CN¥2.6B | CN¥2.5B | CN¥1.4B | CN¥889M | CN¥889M | Operating cash flowOp. cash |
| CN¥65M | CN¥82M | CN¥90M | CN¥107M | CN¥158M | CN¥225M | CN¥226M | CN¥168M | CN¥124M | CN¥110M | CN¥110M | DepreciationDeprec. |
| CN¥293M | CN¥387M | CN¥158M | (CN¥418M) | (CN¥111M) | CN¥1.2B | CN¥514M | CN¥358M | (CN¥374M) | (CN¥611M) | (CN¥611M) | Working capital & otherWC & other |
| CN¥89M | CN¥86M | CN¥114M | CN¥204M | CN¥264M | CN¥219M | CN¥117M | CN¥79M | CN¥140M | CN¥118M | CN¥118M | CapexCapex |
| 1.5% | 1.4% | 1.6% | 2.4% | 3.0% | 3.0% | 1.7% | 1.1% | 2.0% | 1.8% | 1.8% | Capex / revenueCapex/rev |
| CN¥1.5B | CN¥2.4B | CN¥3.0B | CN¥2.7B | CN¥3.1B | CN¥3.3B | CN¥2.4B | CN¥2.4B | CN¥1.2B | CN¥771M | CN¥771M | Owner earningsOwner earn. |
| 24.9% | 38.3% | 41.4% | 31.9% | 35.4% | 45.7% | 35.3% | 33.0% | 17.5% | 12.0% | 12.0% | Owner earnings marginOE mgn |
| CN¥1.5B | CN¥2.4B | CN¥3.0B | CN¥2.7B | CN¥3.1B | CN¥3.3B | CN¥2.4B | CN¥2.4B | CN¥1.2B | CN¥771M | CN¥771M | Free cash flowFCF |
| 24.9% | 38.3% | 41.4% | 31.9% | 35.4% | 45.7% | 35.3% | 33.0% | 17.5% | 12.0% | 12.0% | Free cash flow marginFCF mgn |
| — | CN¥596M | CN¥596M | — | CN¥651M | CN¥673M | CN¥422M | CN¥491M | CN¥1.5B | CN¥1.5B | CN¥1.5B | Dividends paidDiv. paid |
| CN¥0 | — | — | — | — | CN¥31M | CN¥719M | CN¥634M | CN¥223M | CN¥1.1B | — | BuybacksBuybacks |
| 37% | 26% | 23% | 22% | 18% | 10% | 6% | 6% | 4% | 3% | 3% | ROICROIC |
| 19% | 25% | 26% | 22% | 19% | 9% | 8% | 8% | 7% | 6% | 6% | Return on equityROE |
| — | 18% | 20% | — | 15% | 6% | 6% | 6% | 1% | −0% | −0% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| CN¥5.7B | CN¥8.2B | CN¥10.1B | CN¥12.8B | CN¥14.6B | CN¥20.7B | CN¥22.1B | CN¥23.5B | CN¥23.3B | CN¥19.2B | CN¥19.2B | Cash & investmentsCash+inv |
| CN¥1.2B | CN¥1.9B | CN¥2.8B | CN¥3.2B | CN¥3.1B | CN¥2.1B | CN¥1.9B | CN¥1.5B | CN¥1.4B | CN¥1.5B | CN¥1.5B | ReceivablesReceiv. |
| CN¥96M | CN¥0 | — | — | — | — | — | — | — | — | CN¥0 | InventoryInvent. |
| CN¥1.3B | CN¥1.9B | CN¥2.8B | CN¥3.2B | CN¥3.1B | CN¥2.1B | CN¥1.9B | CN¥1.5B | CN¥1.4B | CN¥1.5B | CN¥1.5B | Operating working capitalOper. WC |
| CN¥7.4B | CN¥10.3B | CN¥13.1B | CN¥16.4B | CN¥18.4B | CN¥23.3B | CN¥24.4B | CN¥25.5B | CN¥25.2B | CN¥21.2B | CN¥21.2B | Current assetsCur. assets |
| CN¥2.5B | CN¥3.9B | CN¥4.2B | CN¥4.0B | CN¥4.2B | CN¥4.0B | CN¥4.1B | CN¥5.1B | CN¥4.5B | CN¥3.5B | CN¥3.5B | Current liabilitiesCur. liab. |
| 2.9× | 2.6× | 3.2× | 4.1× | 4.4× | 5.9× | 6.0× | 5.0× | 5.6× | 6.0× | 6.0× | Current ratioCurr. ratio |
| CN¥1.5B | CN¥1.5B | CN¥1.5B | CN¥1.5B | CN¥4.1B | CN¥3.9B | CN¥3.9B | CN¥3.9B | CN¥3.9B | CN¥3.9B | CN¥3.9B | GoodwillGoodwill |
| CN¥9.4B | CN¥12.3B | CN¥15.8B | CN¥19.2B | CN¥23.7B | CN¥28.4B | CN¥29.7B | CN¥30.8B | CN¥30.2B | CN¥28.3B | CN¥28.3B | Total assetsAssets |
| (CN¥5.7B) | (CN¥8.2B) | (CN¥10.1B) | (CN¥12.8B) | (CN¥14.6B) | (CN¥20.7B) | (CN¥22.1B) | (CN¥23.5B) | (CN¥23.3B) | (CN¥19.2B) | (CN¥19.2B) | Net debt / (cash)Net debt |
| CN¥6.4B | CN¥8.0B | CN¥11.1B | CN¥14.6B | CN¥17.6B | CN¥22.6B | CN¥23.9B | CN¥23.9B | CN¥24.0B | CN¥23.0B | CN¥23.0B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 464M | 472M | 477M | 478M | 480M | 500M | 500M | 491M | 487M | 472M | 463M | Shares out (diluted)Shares |
| CN¥12.84 | CN¥13.15 | CN¥15.17 | CN¥17.61 | CN¥18.05 | CN¥14.46 | CN¥13.89 | CN¥14.62 | CN¥14.47 | CN¥13.67 | CN¥13.93 | Revenue / shareRev/sh |
| CN¥2.62 | CN¥4.22 | CN¥6.00 | CN¥6.70 | CN¥6.83 | CN¥4.28 | CN¥3.65 | CN¥3.92 | CN¥3.34 | CN¥2.94 | CN¥3.00 | EPS (diluted)EPS |
| CN¥3.20 | CN¥5.03 | CN¥6.29 | CN¥5.62 | CN¥6.38 | CN¥6.60 | CN¥4.90 | CN¥4.83 | CN¥2.53 | CN¥1.63 | CN¥1.67 | Owner earnings / shareOE/sh |
| CN¥3.20 | CN¥5.03 | CN¥6.29 | CN¥5.62 | CN¥6.38 | CN¥6.60 | CN¥4.90 | CN¥4.83 | CN¥2.53 | CN¥1.63 | CN¥1.67 | Free cash flow / shareFCF/sh |
| — | CN¥1.26 | CN¥1.25 | — | CN¥1.36 | CN¥1.35 | CN¥0.84 | CN¥1.00 | CN¥3.04 | CN¥3.14 | CN¥3.20 | Dividends / shareDiv/sh |
| CN¥0.19 | CN¥0.18 | CN¥0.24 | CN¥0.43 | CN¥0.55 | CN¥0.44 | CN¥0.23 | CN¥0.16 | CN¥0.29 | CN¥0.25 | CN¥0.25 | Cap. spending / shareCapex/sh |
| CN¥13.70 | CN¥16.84 | CN¥23.35 | CN¥30.60 | CN¥36.74 | CN¥45.21 | CN¥47.81 | CN¥48.71 | CN¥49.23 | CN¥48.81 | CN¥49.76 | Book value / shareBVPS |
Share counts before 2018 are restated ×4 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +0.7%/yr | −5.4%/yr |
| Owner earnings / share | −7.2%/yr | −23.9%/yr |
| EPS | +1.3%/yr | −15.5%/yr |
| Dividends / share | +12.1%/yr (8-yr) | +18.2%/yr |
| Capital spending / share | +3.0%/yr | −14.6%/yr |
| Book value / share | +15.2%/yr | +5.8%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
ROIC
3%low FY2025
Gross margin
72%low FY2016
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
CN¥771Mowner earningsvs.CN¥1.4Bnet incomelow FY2025
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business reported CN¥1.4B of profit but CN¥771M of owner earnings: CN¥619M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | CN¥1.4B | CN¥1.6B | CN¥1.9B | CN¥1.8B | CN¥2.1B |
| Depreciation & amortizationnon-cash charge added back | +CN¥110M | +CN¥124M | +CN¥168M | +CN¥226M | +CN¥225M |
| Working capital & othertiming of cash in and out, other non-cash items | −CN¥611M | −CN¥374M | +CN¥358M | +CN¥514M | +CN¥1.2B |
| Cash from operations | CN¥889M | CN¥1.4B | CN¥2.5B | CN¥2.6B | CN¥3.5B |
| Capital expenditurecash put back in to keep running and to grow | −CN¥118M | −CN¥140M | −CN¥79M | −CN¥117M | −CN¥219M |
| Owner earnings | CN¥771M | CN¥1.2B | CN¥2.4B | CN¥2.4B | CN¥3.3B |
| Owner-earnings marginowner earnings ÷ revenue | 12% | 18% | 33% | 35% | 46% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- How heavy is the debt, net of cash? +CN¥19.2BNet cash, debt-freeCash CN¥2.2B + ST investments CN¥17.1B − debt CN¥0
What this means
Cash and short-term investments exceed every dollar of debt by CN¥19.2B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median 7%
What this means
The filing data didn't include the inputs for this check.
- High through the cycle10-yr median margin, range 12%–46%; latest CN¥771M = operating cash CN¥889M − maintenance capex CN¥118MIndustry peers: median 14%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 12% of revenue this year, a 33% median across 10 years.
- Mostly cash-backedCash from ops CN¥889M ÷ net income CN¥1.4B
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returned more than it generatedDividends + buybacks CN¥2.5B ÷ Owner Earnings CN¥771M
What this means
The company returned more than it generated: against CN¥771M of Owner Earnings, CN¥2.5B (328%) went back to shareholders, CN¥1.5B dividends, CN¥1.1B buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 1.07×MaintainingCapex CN¥118M ÷ depreciation CN¥110M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · CN¥6.5B
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 6.00×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability PassA profit every year (10-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 8 of 9 tagged yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design. One year of this record is untagged in the data, with the dividend paid on both sides; a lone missing tag is treated as unknown, not a suspension, so the streak is judged on the tagged years.
- Earnings growth MissEarnings +33% over the record · −19%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CN¥3.56/share (latest year CN¥3.00), the averaged base the calculator's gate runs on, and book value is CN¥49.76/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 10 of 10
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Operating margin 31% → 14% (3-yr avg ends)
In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.
What this means
Through the cycle the operating margin slipped — about 31% early to 14% lately, median 20% — competition or costs are biting in.
- Owner earnings growth −7%/yr
What this means
Owner earnings shrank about 7% a year over the record.
- Worst year 2025 · 11.9% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“In addition, we also face competition from companies engaged in social media business, such as ByteDance and Tencent , companies engaged in data product offering, such as BitAuto and Dongchedi , and companies engaged in AI and big data technologies.”
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥21.2B
- Cash & short-term investmentsCN¥19.2B
- ReceivablesCN¥1.5B
- Other current assetsCN¥427M
Current liabilitiesCN¥3.5B
- Other current liabilitiesCN¥3.5B
Current ratio6.00×all current assets ÷ what's due · Graham looked for 2×
Quick ratio6.00×stricter: inventory excluded
Cash ratio5.44×strictest: cash alone against what's due
Working capitalCN¥17.7Bthe cushion left after near-term bills
Deeper floors
Tangible book valueCN¥19.1Bequity stripped of goodwill & intangibles
Net current asset valueCN¥17.2BGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥39MCN¥39M of it operating leases
Deferred revenueCN¥171Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2016–2025
Over the record, the business generated CN¥24.2B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.
- ReinvestedCN¥1.4B · 6%
- DividendsCN¥6.4B · 26%
- BuybacksCN¥2.7B · 11%
- Retained (debt / cash)CN¥13.7B · 57%
- Returned to ownersCN¥9.0B
40% of the owner earnings the business produced over the span, CN¥6.4B as dividends and CN¥2.7B as buybacks.
- Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose CN¥13.5B.
- Average price paid for buybacks—
Buybacks ran CN¥2.7B over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count−0.2%
The diluted count barely moved (464M to 463M): buybacks roughly offset the stock issued to staff.
- Dividend recordCN¥3.14/sh
Paid in 8 of the years on record, the per-share dividend growing about 14% a year. It was cut at least once along the way.
- Return on what it retained−7%
Of the earnings it kept rather than paid out (CN¥12.4B over the span), annual owner earnings (first three years vs last three) fell CN¥828M, so each retained CN¥1 gave back about 0.07 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Inverting the record
Invert: instead of why Autohome Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.
1 of the 4 tests turned up something to look into; the other 3 came back clean.
- Look hereIs it less profitable than it was?20.8% vs 34.9%
The owner-earnings margin averaged 34.9% early in the record and 20.8% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
And these came back clean
- Did the share count rise anyway?
- Did reported profit become cash?
- Did receivables and inventory outpace sales?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈CN¥1.6B · 24% of revenue on the largest customers (TTM)
“In 2025, our top five automaker customers contributed 24.1% of our media services revenues.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, IT Services & Consulting
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| DXCDXC Technology Company Common Stock | $12.6B | — | 8.0% | 12% | 8% |
| WDAYWorkday Inc. | $9.6B | 99% | -4.7% | -4% | 22% |
| SNPSSynopsys Inc. | $7.1B | 78% | 16.2% | 15% | 21% |
| TTWOTake-Two Interactive | $6.7B | 50% | 6.3% | 18% | 14% |
| ATHMAutohome Inc. | CN¥6.5B | 79% | 22.1% | 14% | 34% |
| PSNParsons Corporation | $6.4B | 22% | 5.0% | 6% | 7% |
| SSNCSS&C Technologies | $6.3B | 47% | 21.8% | 7% | 25% |
| TOSTToast Inc. | $6.2B | 19% | -13.4% | -38% | -1% |
| Group median | — | 50% | 7.2% | 9% | 17% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each representing four ordinary”; Autohome Inc. reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Autohome Inc. has delivered.
$
Through the cycle, Autohome Inc. earns about $325M on its 34.2% median owner-earnings margin. This year’s 12.0% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25−23%/yr
Owner-earnings growth · ’16→’25−7%/yr
Owner-earnings growth · ’16→’25−7%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $114M on 116M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $2.8B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Autohome Inc. (ATHM), the owner's record," https://ownerscorecard.com/c/ATHM, data as of 2026-07-09.
Manual order: ← ATGL its page in the Manual ATS →
Industry order: ← ATGL the IT Services & Consulting chapter BILI →