Full Truck Alliance

YMM

Market cap $11.9B

I lower Full Truck Alliance's rating from Buy to Hold, because of its below-expectations Q3 earnings and weak Q4 guidance. But a Sell would be too harsh, given YMM's potential for higher commission rates and expanding margins in the longer term. YMM trades at a PEG ratio of 0.97x, implying that the name is reasonably valued.

The company posted mixed third quarter results. It's anticipating marginal year-over-year improvement, at best, on the top line for its current quarter.

Full Truck Alliance Co. Ltd. ( YMM ) Q3 2025 Earnings Call November 17, 2025 7:00 AM EST Company Participants Mao Mao - Head of Investor Relations Hui Zhang - Founder, Chairman & CEO Chong Cai - Chief Financial Officer Conference Call Participants Ronald Keung - Goldman Sachs Group, Inc., Research Division Eddy Wang - Morgan Stanley, Research Division Brian Gong - Citigroup Inc., Research Division Yuan Liao - Citic Securities Co., Ltd.

Full Truck Alliance Co. Ltd. Sponsored ADR (YMM) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.14 per share.

GUIYANG, China , Nov. 17, 2025 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Added 5,880,548 shares of YMM, a net increase of $88.88 million Post-trade stake: 28,165,473 shares valued at $352.07 million YMM now represents approximately 10.0% of AUM, making it the fund's 4th-largest holding

Earnings Call Scheduled for 7 :00 A.M. U.S. ET on November 17, 2025   GUIYANG, China , Oct. 22, 2025 /PRNewswire/ -- Full Truck Alliance Co. Ltd.

On October 9, 2025, ABS Direct Equity Fund LLC disclosed it sold 223,861 shares of Full Truck Alliance (YMM -1.88%), an estimated $2.77 million trade based on average quarterly pricing.

An entertainment platform, a digital freight company, and an online recruiter.

I continue to award a Buy rating to Full Track Alliance after reviewing its latest financial and operating disclosures. YMM's Q2'25 EPS was 40% higher, representing an 8% beat, as its "Transaction Service Segment" made better-than-expected monetization progress. YMM lifted its charges for the "Freight Brokerage Segment" because of the government's tax rebate cancellation; this policy change could lead to more rapid industry consolidation benefiting YMM.