Alibaba Group Holding Limited BABA

Consumer DiscretionarySoftware & IT ServicesHong Kong

Last close 98.04 USD on Nov 1, 2026, −32.5% year to date

Quant rating

Quant rating B Rank 94 of 297 in Consumer Discretionary

Growth B 45 of 297
Valuation C 196 of 297
Quality B 80 of 297
Revisions A 38 of 297
Momentum D 213 of 297

Wall Street consensus Buy (1.83)Average target 184.01 USD +87.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 243.9B
Enterprise value: 235.5B
52-week range: 92.87 – 181.10
3-year range: 66.94 – 189.34
Dividend yield: 1.07%
Beta (5 years): 0.43
Shares outstanding: 19,902M
Next earnings: Nov 23, 2026

About the company

Alibaba Group Holding Ltd is an investment holding company mainly engaged in the provision of technology infrastructure and marketing platforms. The Company operates its business through four segments. The Alibaba China E-commerce Group segment is mainly engaged in E-commerce business, including operating Tmall Supermarket and Tmall Global, providing customer management services, product sales, as well as logistics services. It also operates quick commerce business such as Taobao Instant Commerce and Ele.me, as well as the China commerce wholesale business through 1688.com. The Alibaba International Digital Commerce Group segment is mainly engaged in international commerce retail and wholesale business, operating platforms such as AliExpress, Trendyol, Lazada and Alibaba.com. The Cloud Intelligence Group segment mainly provides public and non-public cloud services. The Other segments primarily include the operations of Freshippo, Cainiao, Alibaba Health and other business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	148,401	137,300	130,350	126,491	134,567	–
Revenue growth	8.1%	5.3%	3.1%	−6.0%	22.9%	6.3%
EPS (basic, normalized)	3.95	9.08	8.60	7.76	7.82	–
EPS growth	−56.5%	5.5%	10.9%	−0.8%	–	–
Gross margin	39.8%	40.0%	37.7%	36.9%	36.9%	38.2%
Net margin	10.3%	13.0%	8.5%	8.3%	7.3%	9.5%
ROE	10.2%	13.0%	8.1%	7.5%	6.6%	9.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	56,845
Current ratio	1.36x
Long-term debt (mil)	34,770
Net debt (mil)	−8,004
Total equity (mil)	154,609
Net debt / equity	−0.05x
Net debt / EBITDA	−0.48x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	148,401	+8.1%	1.6x	16,711	−39.5%	14.1x	3.95	−56.5%	24.8x
2027	169,176	+14.0%	1.4x	25,897	+55.0%	9.1x	6.71	+70.0%	14.6x
2028	192,347	+13.7%	1.2x	36,074	+39.3%	6.5x	9.50	+41.6%	10.3x
2029	218,897	+13.8%	1.1x	48,763	+35.2%	4.8x	12.10	+27.3%	8.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	169,176	−0.4%	+0.2%	−0.8%	6.71	+2.0%	+1.8%	−9.0%
2028	192,347	−0.3%	+1.3%	+0.5%	9.50	+1.3%	+2.5%	−5.0%
2029	218,897	−0.3%	+2.7%	+3.2%	12.10	+2.3%	+2.2%	+10.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	221,874	243,236	236,503	280,154	236,454	247,652	247,795	284,843	243,380	268,953
Sales mean (mil)	219,661	249,050	238,919	279,614	237,244	252,915	242,651	290,693	247,220	268,883
Surprise	+1.0%	−2.3%	−1.0%	+0.2%	−0.3%	−2.1%	+2.1%	−2.0%	−1.6%	0.0%
EPS reported	10.14	16.44	15.06	21.39	12.52	14.75	4.36	7.09	0.62	8.52
EPS mean	10.21	15.24	14.88	19.61	12.94	15.09	5.49	11.30	5.79	10.53
Surprise	−0.7%	+7.9%	+1.2%	+9.1%	−3.2%	−2.2%	−20.5%	−37.2%	−89.3%	−19.1%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BABA Alibaba Group Holding Limited	243.9B	−0.48x	10.3%	1.45x	14.6x	10.3x	9.1x	6.5x
GOOGL Alphabet Inc.	3.43T	−0.67x	32.8%	5.08x	14.1x	18.6x	14.3x	10.9x
0700 Tencent Holdings Limited	444.6B	0.29x	29.9%	2.61x	11.2x	10.8x	8.5x	7.8x
META Meta Platforms, Inc.	1.60T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
NFLX Netflix, Inc.	254.9B	0.49x	24.3%	8.70x	17.3x	16.5x	15.3x	13.3x
PANW Palo Alto Networks, Inc.	299.4B	−0.31x	2.7%	10.85x	87.5x	75.0x	60.0x	51.7x
Mean		−0.11x	22.9%	5.74x	27.7x	24.9x	19.8x	16.5x
Median		−0.15x	27.1%	5.42x	16.0x	17.4x	12.9x	9.9x

Technical analysis

1M−9.9%
3M−14.9%
1Y−44.0%
3Y+28.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Alibaba Group Holding Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	148,401	137,300	130,350	126,491	134,567	109,480
Cost of revenue	89,321	82,446	81,205	79,877	84,979	64,031
Gross profit	59,080	54,854	49,145	46,614	49,589	45,449
Selling, general & administrative expenses	40,317	25,943	21,762	21,213	23,933	20,871
Research & development	9,645	7,876	7,237	8,263	8,749	8,736
Depreciation/amortization	486	786	1,317	1,966	1,837	1,897
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1,440	671	3,252	508	4,592	−692
Other operating expenses	0	0	0	0	0	0
Operating income	7,193	19,579	15,578	14,664	10,476	14,638
Net interest income (expense)	9,468	3,803	−1,644	−2,775	−2,665	9,477
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2,097	−1,960	137	1,098	1,582	1,157
Net income before taxes	18,757	21,422	14,071	12,986	9,394	25,272
Provision for taxes	4,356	4,884	3,120	2,264	4,230	4,469
Minority interest	548	481	1,165	1,010	2,347	1,072
Equity in affiliates	404	822	−1,071	−1,174	2,263	1,066
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	15,353	17,841	11,044	10,558	9,774	22,941
Extraordinary items	–	–	–	–	–	–
Net income	15,353	17,841	11,044	10,558	9,774	22,941
EBIT, normalized	−962	21,284	26,711	20,415	20,873	8,856
EBITDA, normalized	5,814	26,481	32,419	27,659	28,455	16,169
Basic EPS, normalized	3.95	9.08	8.60	7.76	7.82	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Alibaba Group Holding Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	45,940	58,993	79,087	76,369	71,788	73,788
Receivables	13,643	10,487	9,543	9,340	11,236	8,688
Total inventory	2,741	2,603	3,526	4,157	4,746	4,252
Prepaid expenses	3,270	2,833	2,463	2,445	2,824	2,829
Other current assets	22,949	17,972	9,652	9,321	10,132	8,639
Total current assets	88,543	92,886	104,270	101,632	100,726	98,196
Property, plant & equipment	47,582	33,424	36,299	36,906	39,414	33,495
Goodwill	35,862	35,209	35,965	39,037	42,525	44,686
Intangibles	2,462	2,882	3,733	6,831	9,343	10,811
Long-term investments	95,208	78,133	58,733	65,979	69,921	66,762
Note receivable	–	–	–	–	–	–
Other long-term assets	7,172	6,095	5,426	4,878	5,536	4,028
Total assets	276,830	248,629	244,426	255,263	267,467	257,978
Liabilities
Accounts payable	1,096	1,120	1,316	1,512	1,228	904
Payable/accrued	–	–	–	–	–	–
Accrued expenses	38,126	32,285	28,747	27,097	29,439	27,809
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4,092	3,109	4,017	1,786	1,395	2,051
Other current liabilities	25,749	23,478	24,298	25,716	28,479	26,832
Total current liabilities	69,063	59,992	58,378	56,111	60,540	57,596
Long-term debt	33,600	28,683	19,636	21,709	20,902	20,714
Minority interest	9,479	11,058	17,458	19,405	21,093	22,309
Other liabilities	10,892	9,734	12,319	13,933	15,313	14,272
Total liabilities	123,033	109,467	107,791	111,158	117,848	114,892
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.2	0.2
Additional paid-in capital	55,826	52,555	55,122	60,702	64,756	60,183
Retained earnings (accumulated deficit)	105,104	91,145	84,848	89,115	90,451	85,819
Treasury stock	−5,239	−5,006	−3,834	−4,188	−350	0
Other equity	−1,895	468	498	−1,524	−5,238	−2,917
Total equity	153,796	139,162	136,635	144,105	149,619	143,086
Total liabilities & shareholders' equity	276,830	248,629	244,426	255,263	267,467	257,978

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Alibaba Group Holding Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	14,805	17,360	9,879	9,548	7,427	21,869
Depreciation, depletion & amortization	6,831	5,851	6,164	6,835	7,582	7,312
Deferred taxes	−366	51.5	−729	−250	−216	494
Non-cash items	−6,952	2,575	11,879	10,990	10,590	−2,007
Changes in working capital	−3,269	−3,306	−1,904	1,963	−2,863	7,709
Cash from operations	11,049	22,532	25,289	29,086	22,520	35,377
Investing activities
Capital expenditures	−18,402	−11,847	−4,561	−5,002	−8,412	−6,591
Other investing cash flows	8,640	−13,704	1,538	−14,729	−22,915	−30,680
Cash from investing	−9,762	−25,551	−3,023	−19,731	−31,327	−37,271
Financing activities
Financing cash flow items	−2,795	−3,448	−673	−324	624	−102
Cash dividends paid	−4,890	−4,007	−2,485	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4,702	−3,048	−11,833	−9,231	−10,790	4,694
Cash from financing	−2,982	−10,503	−14,992	−9,555	−10,167	4,591
Foreign exchange effects	−580	133	608	514	−1,394	−1,097
Net change in cash	−2,276	−13,388	7,882	314	−20,368	1,601
Free cash flow	−7,353	10,685	20,728	24,084	14,108	28,786

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.