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Vipshop Holdings stock: key metrics
VIPSVipshop Holdings had an operating margin of 7.7% and a return on invested capital (ROIC) of 34.9% in fiscal 2025.
Margins show how much of revenue is left over, returns on capital how hard the invested money works.
Daily figure as of 13 Nov 2026
Margins
- Gross margin
- Operating margin
- Net margin
Figures as a table
| Year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| 2009 | 8.2% | −49.2% | −49.2% |
| 2010 | 9.8% | −25.7% | −25.7% |
| 2011 | 19.1% | −47.1% | −47.2% |
| 2012 | 22.3% | −1.8% | −1.4% |
| 2013 | 24.0% | 3.2% | 3.0% |
| 2014 | 24.9% | 3.6% | 3.7% |
| 2015 | 24.6% | 5.2% | 4.0% |
| 2016 | 24.0% | 4.8% | 3.6% |
| 2017 | 22.3% | 3.7% | 2.7% |
| 2018 | 20.2% | 2.9% | 2.5% |
| 2019 | 22.2% | 5.1% | 4.3% |
| 2020 | 20.9% | 5.8% | 5.8% |
| 2021 | 19.7% | 4.8% | 4.0% |
| 2022 | 21.0% | 6.0% | 6.1% |
| 2023 | 22.8% | 8.1% | 7.2% |
| 2024 | 23.5% | 8.5% | 7.1% |
| 2025 | 23.1% | 7.7% | 6.8% |
Returns on capital
- ROE
- ROIC
- ROA
Figures as a table
| Year | ROE | ROIC | ROA |
|---|---|---|---|
| 2009 | 89.1% | no data | −50.4% |
| 2010 | 82.7% | no data | −48.8% |
| 2011 | −100.0% | no data | −64.1% |
| 2012 | −71.6% | −44.3% | −14.8% |
| 2013 | 21.5% | 31.5% | 4.9% |
| 2014 | 33.4% | 15.2% | 5.0% |
| 2015 | 44.9% | 21.5% | 7.9% |
| 2016 | 35.5% | 51.9% | 8.1% |
| 2017 | 13.6% | 26.6% | 5.1% |
| 2018 | 12.3% | 17.6% | 4.9% |
| 2019 | 18.4% | 27.8% | 8.3% |
| 2020 | 20.7% | 34.8% | 10.0% |
| 2021 | 14.3% | 31.4% | 7.5% |
| 2022 | 19.2% | 32.6% | 9.6% |
| 2023 | 22.0% | 53.2% | 11.2% |
| 2024 | 19.4% | 47.0% | 10.3% |
| 2025 | 17.7% | 34.9% | 9.2% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = CN¥6.6683)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 6 Mar 2026)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.