Share count
19.2Bpeak FY2021
← All companies ← B Manual BAK → ← AZZ Commercial Services & Supplies BCO →
BABA, Alibaba Group Holding Limited
Commercial Services & Supplies diversified
Alibaba runs China's largest online-commerce marketplaces — Taobao and Tmall, where merchants pay to reach a vast base of consumers — alongside one of China's biggest cloud-computing businesses and a wide spread of logistics, payments and international ventures. The marketplaces are the profit engine; much of the rest is where that profit is spent.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2026
CN¥1.02T
+2.7% YoY · 7% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥1.02T 5-yr avg CN¥936.6B
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 led by Customer management services (45%) and Sales of goods (22%), with 4 more lines behind.
- What moves the needle
- Whether the core marketplaces hold their share of China's commerce against fierce rivals, and whether the many other businesses earn their keep or merely consume what the marketplaces throw off. What decides it: the commission and advertising merchants pay, the competition that pressures it, and the discipline of capital allocation across a conglomerate that has spread wide. Two risks the record cannot price: Chinese regulation, a force that hangs over the whole sector, and the contractual VIE structure through which foreign owners hold their interest. The figures are in the record below.
Drafted from the company's filings and reviewed by hand; every number is shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 6 lines, the largest Customer management services at 45%.
Revenue by product line, FY2026
- Customer management services45%CN¥459.9B
- Sales of goods22%CN¥227.7B
- Logistics services14%CN¥139.9B
- Cloud services11%CN¥112.1B
- Membership fees and value added services5%CN¥47.6B
- Other revenue4%CN¥36.4B
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, 2017–2026
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | 2026’26 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| CN¥158.3B | CN¥250.3B | CN¥376.8B | CN¥509.7B | CN¥717.3B | CN¥853.1B | CN¥868.7B | CN¥941.2B | CN¥996.3B | CN¥1.02T | CN¥1.02T | RevenueRevenue |
| 62% | 57% | 45% | 45% | 41% | 37% | 37% | 38% | 40% | 40% | 40% | Gross marginGross mgn |
| CN¥48.1B | CN¥69.3B | CN¥57.1B | CN¥91.4B | CN¥89.7B | CN¥69.6B | CN¥100.4B | CN¥113.3B | CN¥140.9B | CN¥50.1B | CN¥50.1B | Operating incomeOp. inc. |
| 30.4% | 27.7% | 15.1% | 17.9% | 12.5% | 8.2% | 11.6% | 12.0% | 14.1% | 4.9% | 4.9% | Operating marginOp. mgn |
| CN¥41.2B | CN¥61.4B | CN¥80.2B | CN¥140.3B | CN¥143.3B | CN¥47.1B | CN¥65.6B | CN¥71.3B | CN¥126.0B | CN¥102.1B | CN¥102.1B | Net incomeNet inc. |
| 25% | 23% | 17% | 13% | 17% | 36% | 19% | 24% | 22% | 23% | 23% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| CN¥82.9B | CN¥125.8B | CN¥151.0B | CN¥180.6B | CN¥231.8B | CN¥142.8B | CN¥199.8B | CN¥182.6B | CN¥163.5B | CN¥76.2B | CN¥76.2B | Operating cash flowOp. cash |
| CN¥5.2B | CN¥8.7B | CN¥14.8B | CN¥20.3B | CN¥25.6B | CN¥25.5B | CN¥24.7B | CN¥23.3B | CN¥24.5B | CN¥35.0B | CN¥35.0B | DepreciationDeprec. |
| CN¥36.5B | CN¥55.7B | CN¥55.9B | CN¥19.9B | CN¥63.0B | CN¥70.2B | CN¥109.5B | CN¥87.9B | CN¥13.0B | (CN¥60.9B) | (CN¥60.9B) | Working capital & otherWC & other |
| CN¥5.7B | CN¥15.6B | CN¥32.3B | CN¥24.7B | — | — | — | — | — | — | CN¥34.9B | CapexCapex |
| 3.6% | 6.2% | 8.6% | 4.8% | — | — | — | — | — | — | 3.4% | Capex / revenueCapex/rev |
| CN¥77.2B | CN¥117.2B | CN¥136.2B | CN¥155.9B | — | — | — | — | — | — | CN¥41.3B | Owner earningsOwner earn. |
| 48.8% | 46.8% | 36.1% | 30.6% | — | — | — | — | — | — | 4.0% | Owner earnings marginOE mgn |
| CN¥77.2B | CN¥110.2B | CN¥118.6B | CN¥155.9B | — | — | — | — | — | — | CN¥41.3B | Free cash flowFCF |
| 48.8% | 44.0% | 31.5% | 30.6% | — | — | — | — | — | — | 4.0% | Free cash flow marginFCF mgn |
| — | — | — | — | — | CN¥0 | CN¥0 | CN¥17.9B | CN¥29.1B | CN¥33.7B | CN¥33.7B | Dividends paidDiv. paid |
| CN¥13.2B | — | CN¥10.9B | — | CN¥773M | CN¥61.2B | CN¥74.7B | CN¥88.7B | CN¥86.7B | CN¥7.6B | — | BuybacksBuybacks |
| 15% | 17% | 16% | 19% | 15% | 5% | 7% | 7% | 12% | 10% | 10% | Return on equityROE |
| — | — | — | — | — | 5% | 7% | 5% | 10% | 6% | 6% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| CN¥147.8B | CN¥204.1B | CN¥190.0B | CN¥330.5B | CN¥321.3B | CN¥189.9B | CN¥193.1B | CN¥248.1B | CN¥374.3B | CN¥286.8B | CN¥286.8B | Cash & investmentsCash+inv |
| CN¥4.4B | CN¥7.3B | CN¥13.8B | CN¥19.8B | CN¥27.1B | CN¥32.8B | CN¥32.1B | CN¥30.7B | CN¥31.2B | CN¥36.0B | CN¥36.0B | ReceivablesReceiv. |
| CN¥4.4B | CN¥7.3B | CN¥13.8B | CN¥19.8B | CN¥27.1B | CN¥32.8B | CN¥32.1B | CN¥30.7B | CN¥31.2B | CN¥36.0B | CN¥36.0B | Operating working capitalOper. WC |
| CN¥181.9B | CN¥256.9B | CN¥270.3B | CN¥462.9B | CN¥643.4B | CN¥638.5B | CN¥698.0B | CN¥752.9B | CN¥674.0B | CN¥610.8B | CN¥610.8B | Current assetsCur. assets |
| CN¥93.6B | CN¥135.8B | CN¥207.7B | CN¥241.9B | CN¥377.4B | CN¥383.8B | CN¥385.4B | CN¥421.5B | CN¥435.3B | CN¥476.4B | CN¥476.4B | Current liabilitiesCur. liab. |
| 1.9× | 1.9× | 1.3× | 1.9× | 1.7× | 1.7× | 1.8× | 1.8× | 1.5× | 1.3× | 1.3× | Current ratioCurr. ratio |
| CN¥125.4B | CN¥162.1B | CN¥264.9B | CN¥276.8B | CN¥292.8B | CN¥269.6B | CN¥268.1B | CN¥259.7B | CN¥255.5B | CN¥247.4B | CN¥247.4B | GoodwillGoodwill |
| CN¥506.8B | CN¥717.1B | CN¥965.1B | CN¥1.31T | CN¥1.69T | CN¥1.70T | CN¥1.75T | CN¥1.76T | CN¥1.80T | CN¥1.91T | CN¥1.91T | Total assetsAssets |
| 18.0× | 19.4× | 11.0× | 17.7× | 20.0× | 14.2× | 17.0× | 14.3× | 14.7× | 5.1× | 5.1× | Interest coverageInt. cov. |
| CN¥278.8B | CN¥365.8B | CN¥492.3B | CN¥755.4B | CN¥937.5B | CN¥948.5B | CN¥989.7B | CN¥986.5B | CN¥1.01T | CN¥1.06T | CN¥1.06T | Shareholders’ equityEquity |
| Per share | |||||||||||
| 20.58B | 20.88B | 20.99B | 21.35B | 21.98B | 21.79B | 21.11B | 20.36B | 19.32B | 19.23B | 18.58B | Shares out (diluted)Shares |
| CN¥7.69 | CN¥11.99 | CN¥17.96 | CN¥23.88 | CN¥32.63 | CN¥39.15 | CN¥41.14 | CN¥46.23 | CN¥51.58 | CN¥53.22 | CN¥55.09 | Revenue / shareRev/sh |
| CN¥2.00 | CN¥2.94 | CN¥3.82 | CN¥6.58 | CN¥6.52 | CN¥2.16 | CN¥3.11 | CN¥3.50 | CN¥6.52 | CN¥5.31 | CN¥5.50 | EPS (diluted)EPS |
| CN¥3.75 | CN¥5.61 | CN¥6.49 | CN¥7.31 | — | — | — | — | — | — | CN¥2.22 | Owner earnings / shareOE/sh |
| CN¥3.75 | CN¥5.28 | CN¥5.65 | CN¥7.31 | — | — | — | — | — | — | CN¥2.22 | Free cash flow / shareFCF/sh |
| — | — | — | — | — | CN¥0.00 | CN¥0.00 | CN¥0.88 | CN¥1.51 | CN¥1.75 | CN¥1.82 | Dividends / shareDiv/sh |
| CN¥0.28 | CN¥0.75 | CN¥1.54 | CN¥1.16 | — | — | — | — | — | — | CN¥1.88 | Cap. spending / shareCapex/sh |
| CN¥13.54 | CN¥17.52 | CN¥23.45 | CN¥35.39 | CN¥42.65 | CN¥43.53 | CN¥46.87 | CN¥48.46 | CN¥52.28 | CN¥55.15 | CN¥57.10 | Book value / shareBVPS |
Share counts before 2018 are restated ×8 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 | +24.0%/yr | +10.3%/yr |
| Owner earnings / share | +24.9%/yr (3-yr) | +24.9%/yr (3-yr) |
| EPS | +11.4%/yr | −4.0%/yr |
| Capital spending / share | +61.2%/yr (3-yr) | +61.2%/yr (3-yr) |
| Book value / share | +16.9%/yr | +5.3%/yr |
The record, charted
FY2017–2026Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Gross margin
40%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
CN¥155.9Bowner earningsvs.CN¥140.3Bnet incomelow FY2017
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2017FY2026
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 2020 the business turned CN¥140.3B of profit into CN¥155.9B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|
| Reported net income | CN¥140.3B | CN¥80.2B | CN¥61.4B | CN¥41.2B |
| Depreciation & amortizationnon-cash charge added back | +CN¥20.3B | +CN¥14.8B | +CN¥8.7B | +CN¥5.2B |
| Working capital & othertiming of cash in and out, other non-cash items | +CN¥19.9B | +CN¥55.9B | +CN¥55.7B | +CN¥36.5B |
| Cash from operations | CN¥180.6B | CN¥151.0B | CN¥125.8B | CN¥82.9B |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −CN¥24.7B | −CN¥14.8B | −CN¥8.7B | −CN¥5.7B |
| Owner earnings | CN¥155.9B | CN¥136.2B | CN¥117.2B | CN¥77.2B |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | −CN¥17.5B | −CN¥6.9B | — |
| Free cash flow | CN¥155.9B | CN¥118.6B | CN¥110.2B | CN¥77.2B |
| Owner-earnings marginowner earnings ÷ revenue | 31% | 36% | 47% | 49% |
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
FY2026 20-F · source on SEC EDGAR →
Will it survive?
- ComfortableOperating income CN¥50.1B ÷ interest expense CN¥9.8B
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Debt under-captured — leverage unknown, not low
What this means
This company pays far more interest than its tagged debt implies (the rest sits under segment dimensions the data source strips), so its net cash or net debt cannot be read honestly: the gap is unknown, not zero, and 'net cash' here would be exactly the fiction the figure is meant to prevent. Judge it on the record and owner earnings instead.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Debt under-capturedIndustry peers: median 16%
What this means
This company's interest bill implies far more debt than its filings tag at the consolidated level (the rest sits under segment dimensions the data source strips), so invested capital, and the return on it, cannot be read honestly. Judge this one on Owner Earnings and the record instead.
- High through the cycle4-yr median margin, range 31%–49%; latest CN¥41.3B = operating cash CN¥76.2B − maintenance capex CN¥34.9BIndustry peers: median 19%
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 4% of revenue this year, a 36% median across 4 years.
- Mostly cash-backedCash from ops CN¥76.2B ÷ net income CN¥102.1B
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¥41.4B ÷ Owner Earnings CN¥41.3B
What this means
The company returned more than it generated: against CN¥41.3B of Owner Earnings, CN¥41.4B (100%) went back to shareholders, CN¥33.7B dividends, CN¥7.6B 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? 1.00×MaintainingCapex CN¥34.9B ÷ depreciation CN¥35.0B
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¥1.02T
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 MissCurrent ratio ≥ 2× · 1.28×
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.
- Conservative debt —Debt ≤ working capital · —
What this means
The filings tag only a fraction of the debt this company's interest bill implies (much of it sits under segment dimensions the data source strips), so this test can't be run honestly.
- 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 · 3 of 10 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.
- Earnings growth PassEarnings +33% over the record · +64%
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¥5.37/share (latest year CN¥5.50), the averaged base the calculator's gate runs on, and book value is CN¥57.10/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, 2017–2026
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 24% → 10% (3-yr avg ends)
In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.
What this means
Through the cycle the operating margin slipped — about 24% early to 10% lately, median 13% — competition or costs are biting in.
- Owner earnings growth +15%/yr
What this means
Owner earnings grew about 15% a year over the record.
- Worst year 2026 · 4.9% 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 A competitive risk, new this year
Its FY2026 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“We compete to attract and retain enterprises, developers and organizations by offering full stack AI capabilities to accelerate their AI transformation, enhance productivity and reduce operational costs.”
The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.
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, Mar 31, 2026Can 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¥610.8B
- Cash & short-term investmentsCN¥286.8B
- ReceivablesCN¥36.0B
- Other current assetsCN¥287.9B
Current liabilitiesCN¥476.4B
- Debt due within a yearCN¥6.0B
- Other current liabilitiesCN¥470.4B
Current ratio1.28×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.28×stricter: inventory excluded
Cash ratio0.60×strictest: cash alone against what's due
Working capitalCN¥134.4Bthe cushion left after near-term bills
Debt due this year vs. cashCN¥6.0B due · CN¥286.8B cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Deeper floors
Tangible book valueCN¥813.5Bequity stripped of goodwill & intangibles
Net current asset value(CN¥172.5B)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥10.3BCN¥4.3B of it operating leases
From the company's latest filing.
How the cash was used, 2017–2020
Over the record, the business generated CN¥540.2B 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¥78.3B · 14%
- BuybacksCN¥24.1B · 4%
- Retained (debt / cash)CN¥437.9B · 81%
- Returned to ownersCN¥24.1B
5% of the owner earnings the business produced over the span, CN¥0 as dividends and CN¥24.1B as buybacks.
- Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose CN¥80M and cash and short-term investments rose CN¥139.1B.
- Average price paid for buybacks—
Buybacks ran CN¥24.1B over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count−9.7%
The diluted count fell from 20584M to 18580M, so the buybacks outran the stock issued to staff.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained9%
Of the earnings it kept rather than paid out (CN¥299.2B over the span), annual owner earnings (first three years vs last three) grew CN¥26.3B, so each retained CN¥1 added about 0.09 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 Alibaba Group Holding Limited 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 2017–2026.
2 of the 4 tests turned up something to look into; the other 2 came back clean.
- Look hereIs it less profitable than it was?33.4% vs 47.8%
The owner-earnings margin averaged 47.8% early in the record and 33.4% 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.
- Look hereDid receivables and inventory outpace sales?3% → 4% of sales
Receivables and inventory grew from CN¥4.4B to CN¥36.0B while revenue grew 547%: working capital is climbing faster than sales (3% of revenue then, 4% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
And these came back clean
- Did the share count rise anyway?
- Did reported profit become cash?
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.
Peers, Commercial Services & Supplies
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 |
|---|---|---|---|---|---|
| BABAAlibaba Group Holding Limited | CN¥1.02T | 41% | 13.3% | — | 41% |
| ACNAccenture PLC | $69.7B | 32% | 14.6% | 54% | 14% |
| UBERUber Technologies Inc. | $52.0B | — | -22.0% | -12% | -4% |
| VVisa Inc. | $40.0B | — | 64.4% | 28% | 53% |
| PYPLPayPal Holdings Inc. | $33.2B | — | 15.8% | 16% | 19% |
| MAMastercard Incorporated | $32.8B | — | 53.2% | 81% | 42% |
| MELIMercadoLibre Inc. | $20.3B | 36% | 11.0% | 14% | 23% |
| AMTMAmentum Holdings Inc. | $14.4B | 10% | 2.5% | 3% | 1% |
| Group median | — | 34% | 14.0% | — | 21% |
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 eight Ordinary”; Alibaba Group Holding Limited 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 Alibaba Group Holding Limited has delivered.
$
Through the cycle, Alibaba Group Holding Limited earns about $54.5B on its 36.1% median owner-earnings margin. This year’s 4.0% 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 · ’17→’20+14%/yr
Owner-earnings growth · ’17→’20+15%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’24–’26)—
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 $6.1B on 2323M shares outstanding, the balance-sheet count at 2026-03-31; net cash $41.4B. 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, "Alibaba Group Holding Limited (BABA), the owner's record," https://ownerscorecard.com/c/BABA, data as of 2026-07-09.
Manual order: ← B its page in the Manual BAK →
Industry order: ← AZZ the Commercial Services & Supplies chapter BCO →