Vipshop Holdings Ltd
VIPS · Retail-Catalog & Mail-Order Houses · EDGAR filings ↗
Reference price $69.12 — last insider sale, 2026-06-09 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B76Vipshop is a cash-rich, high-margin Chinese off-price e-commerce franchise whose returns are tempered by flat-to-declining revenue and VIE governance risk.
Strengths
- Top-decile FCF (100th pct), strong net/operating margins (~89th pct) and ROA (87th pct), ROE 17.6%
- Huge net cash (96th pct), 90x interest coverage and a growing dividend
Risks
- Revenue (-2.3%) and net income (-6.4%) declining as active customers stagnate
- China VIE structure, PRC regulatory/capital-control and US-listing governance overhang
Notable findings
- Strong balance sheetStrong balance sheet — $4.1B cash & investments
- Insider sellingInsider selling — 4 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$411,057, last 6mo) Form 4 ↗
Key metrics
Gross margin
23.1%
Operating margin
7.7%
Net margin
6.8%
Return on equity
17.7%
Return on assets
9.2%
Revenue growth (QoQ)
2.0%
Net-income growth
-2.3%
Interest coverage
90.4×
Current ratio
1.3×
Free cash flow
$782M
Tangible book value
$5.7B
Cash & investments
$4.1B
Stock comp / revenue
1.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-09 | Wang Yuhua | Sell | 2.6K | $69.12 |
| 2026-06-09 | Yang Donghao | Sell | 397 | $69.30 |
| 2026-04-08 | Liu Chun | Sell | 145 | $77.88 |
| 2026-04-08 | Li Tianmin | Sell | 2.5K | $77.88 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-16 | 2025-12-31 | 0001104659-26-044015 ↗ |
| 20-F | 2025-04-17 | 2024-12-31 | 0001193125-25-083419 ↗ |
| 20-F | 2024-04-18 | 2023-12-31 | 0001193125-24-100774 ↗ |
| 20-F | 2023-04-19 | 2022-12-31 | 0001193125-23-106425 ↗ |
| 20-F | 2022-04-27 | 2021-12-31 | 0001193125-22-123600 ↗ |
| 20-F | 2021-04-16 | 2020-12-31 | 0001193125-21-118506 ↗ |
| 20-F | 2020-04-27 | 2019-12-31 | 0001193125-20-120336 ↗ |
| 20-F | 2019-04-18 | 2018-12-31 | 0001047469-19-002338 ↗ |
| 20-F | 2018-04-19 | 2017-12-31 | 0001047469-18-002945 ↗ |
| 20-F | 2017-04-14 | 2016-12-31 | 0001047469-17-002625 ↗ |
| 20-F | 2016-04-22 | 2015-12-31 | 0001047469-16-012448 ↗ |
| 20-F | 2015-04-24 | 2014-12-31 | 0001047469-15-003885 ↗ |