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$108.56
Market Capi
CN¥1.8T
Growth-adj P/E (3-yr hist)i
1.6x
Growth-adj P/E (3-yr proj)i
0.5x
P/S 27Ei
1.6x
P/S 29Ei
1.3x
EV/EBIT 27Ei
19x
EV/EBIT 29Ei
8.8x
P/E 27Ei
21x
P/E 29Ei
9.7x
P/S 27Ei
1.6x
EV/EBIT 27Ei
19x
P/E 27Ei
21x
P/S 29Ei
1.3x
EV/EBIT 29Ei
8.8x
P/E 29Ei
9.7x
Revenue
2027E
CN¥1.1T
Gross Margini
40%
Hist. CAGRi
5.6%
Proj. CAGRi
12%
EBIT
2027E
CN¥91B
Op. Margini
6.2%
Hist. CAGRi
-16%
Proj. CAGRi
45%
Net profit
2027E
CN¥86B
Net Margini
10%
Hist. CAGRi
13%
Proj. CAGRi
19%
Business Model
Recent Developments
Average Targeti
CN¥1,248.21+71%
Consensusi
Buy
39 analysts covering
Net cashi
CN¥93B
Div. Yieldi
1.0%
Dilutioni
0.6%
Market Capi
CN¥1.8T
P/E 27Ei
21x
Adj. P/E (fwd.)i
0.5x
Revenue 27E
CN¥1.1T
Proj. CAGRi
12%
Gross Margini
40%
EBIT 27E
CN¥91B
Proj. CAGRi
45%
Op. Margini
6.2%
Net Profit 27E
CN¥86B
Proj. CAGRi
19%
Net Margini
10%
Average Targeti
CN¥1,248.21+71%
Consensusi
Buy
39 analysts covering
Profile
Alibaba is a technology conglomerate whose revenue flows primarily from e-commerce, cloud and AI infrastructure, and a portfolio of adjacent digital businesses. Effective the quarter ended June 30, 2026, the company reorganized its reporting into four segments:
Industry
Alibaba serves Chinese consumers through its retail and quick-commerce platforms, SMBs and enterprises through merchant storefronts and cloud/AI services, and international buyers and sellers through cross-border platforms. China remains the dominant geography. Domestic e-commerce is mature and competitive — Pinduoduo and JD.com are significant rivals, and quick commerce has intensified competitive spending — while cloud competes against Tencent Cloud, Huawei Cloud, and ByteDance. Enterprise cloud and AI contracts carry higher retention and improving margins.
Key metrics
Economic moat
Alibaba's structural advantage rests on network density — hundreds of millions of buyers and millions of merchants reinforce each other, making defection costly for both sides. The Alipay/Ant ecosystem deepens financial switching costs, while integrated Cainiao logistics represent a capital-intensive asset rivals would take years to replicate. In AI Cloud and Compute, the pairing of proprietary Zhenwu chips with the Qwen model family and cloud infrastructure is building a vertically integrated full-stack AI moat, with Qwen's agentic features already reaching 250 million shoppers on Taobao.
Jack Ma
Jack Ma co-founded Alibaba in 1999 with 17 colleagues out of his Hangzhou apartment, building it from a small B2B directory into one of the world's largest technology companies. He stepped down as executive chairman in September 2019 and has had no formal operating role since. His public profile remains low following the 2020–2021 regulatory period, but his founding influence on Alibaba's culture, partnership structure, and strategic ethos remains embedded in the organisation.
Joe Tsai
Joe Tsai is one of Alibaba's original co-founders, joining the company in 1999 as one of the first outside hires. He has served as Chairman since September 2023, a role that combines governance oversight with ongoing strategic input on international expansion and capital allocation. Tsai also owns the Brooklyn Nets and San Diego Padres, reflecting his breadth of interests beyond Alibaba, though his tenure as chairman signals continuity of founder-generation leadership at the board level.
Eddie Wu
Eddie Wu (Wu Yongming) became CEO in September 2023 as part of the same leadership transition that elevated Tsai to Chairman, replacing Daniel Zhang. Wu is a long-tenure Alibaba insider who previously ran Taobao and Tmall and has deep operational knowledge of the core commerce business. His strategic priority since taking the role has been sharpening AI integration across Alibaba's consumer and cloud products — most visibly through the Qwen model family and the agentic redesign of Taobao.
Toby Xu
Toby Xu (Xu Hong) has served as CFO since April 2022, after two and a half years as deputy CFO, and is the senior financial steward through Alibaba's current investment-heavy phase. He has been the primary voice managing investor expectations around the multi-year AI infrastructure spending commitment and the resulting near-term free cash flow pressure.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in trillions of CNY.
Operating cashflow · Levered Free Cash Flow
Free Cash FlowFree cash flow year-over-year growth labels for 2027E and 2028E are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAPEX
Values in billions of CNY.
Margins
Rentability
Balance sheet
Values in trillions of CNY.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Alibaba's June quarter 2026 revenue rose to RMB268.95 billion, up 9% year-over-year, reported August 20, 2026.
Non-GAAP diluted EPS came in at RMB8.52, down 42% year-over-year and short of the roughly RMB10.72 analysts had modeled; GAAP net income fell 75% to RMB10.4 billion as AI infrastructure spending weighed on the bottom line.
The standout was AI Cloud and Compute Services revenue, which accelerated 45% year-over-year to RMB48.4 billion — its fastest pace in 22 quarters — with AI-related product revenue logging its twelfth straight quarter of triple-digit growth.
Management reaffirmed a three-year, RMB380 billion AI infrastructure commitment, roughly half already deployed, and said compute demand continues to outstrip supply.
Recent developments
Alibaba and Ant Group affiliate AUS Merchant Services agreed on July 1, 2026 to pay a combined $600 million under a non-prosecution agreement with the U.S. Department of Justice, resolving allegations that illegal pharmaceuticals and counterfeit goods moved through Alibaba.com and AliExpress between 2016 and 2024.
On August 3, 2026, Alibaba launched Qwen3.8-Max, a 2.4-trillion-parameter flagship AI model with a 1-million-token context window, made available via API on Alibaba Cloud ahead of a planned open-weight release.
The launch was paired with QwenWork, an AI-native workplace agent platform integrated with Alibaba Cloud and DingTalk, which entered public beta the same day.
Debate & sentiment
Bulls point to accelerating AI Cloud growth and management's stated target of $100 billion in external cloud revenue at 20%+ EBITDA margins by 2030, arguing the spending builds a durable compute moat while demand still exceeds supply.
Skeptics highlight negative free cash flow, which widened as quarterly capital expenditure jumped 75% year-over-year, alongside shrinking core China e-commerce revenue, down roughly 8%, even as quick-commerce growth requires ongoing subsidies to defend share against Meituan and JD.com.
The central question dividing investors is whether AI and cloud monetization scales fast enough to offset near-term margin compression from the infrastructure buildout.
Consensusi
Buy
Average targeti
CN¥1,248.21+71%
Highest targeti
CN¥1,598.27+119%
Lowest targeti
CN¥638.73-12%
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