Stock fact sheet · data as of
Full Truck Alliance Co. Ltd. (YMM): fair value, margin of safety and Wheel Score
Ticker symbol YMM · Technology · Software - Application · China · ADR · Blend
YMM is an American depositary share (ADR): the US listing of Full Truck Alliance Co. Ltd., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.
Is YMM undervalued?
Full Truck Alliance Co. Ltd. (YMM) closed at 9.01 on 5 Nov 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 14.03, which puts the price 36% below it. 5 of the 9 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
There is a wide gap between DCF (0.2519) and GLS Growth (37.27). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for YMM, so the nightly engine files it under Blend (value score 57, growth score 74, out of 100).
Nine valuation models for YMM
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 0.2519 | -97% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 8.89 | -1% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 24.26 | +169% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 9.82 | +9% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 37.27 | +314% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 13.93 | +55% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 21.37 | +137% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 3.73 | -59% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 6.76 | -25% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 2.89 | -68% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 11.62 | +29% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Full Truck Alliance Co. Ltd. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability YMM scores 5.6/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are moderate - ROIC 11.0%, ROE 11.0%, ROA 9.9% - with debt at 0.00 times equity and a free-cash-flow yield of 5.9%.
The dividend yield is 2.81% at a payout ratio of 0%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Value Added Tax Services 70%, Credit Solutions 22%, Other Value Added Services 8% (fiscal year FY2025).
Institutional ownership scores 9/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 11.0% |
|---|---|---|---|
| GLS Moat | 5.6 / 10 | ROE | 11.0% |
| Debt / equity | 0.00 | ROA | 9.9% |
| Free-cash-flow yield | 5.9% | Payout ratio | 0% |
| Institutions | 9 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 51: Fair
A Wheel Score of 51 keeps Full Truck Alliance Co. Ltd. under 70, the mark only a stock that passes all 9 Wheel Trade Filters can reach: it fails filter 1, options that actually trade - options too quiet (3,550 open interest, 36 a day); and filter 4, financially healthy - Piotroski 5/9 (under 6). The parts: value strong, premium strong, moat fair, health fair, red flags strong, option trading weak, stability good.
Implied volatility is 54% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 3,550 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 5.1M shares a day on a market cap of $9.4B, with a beta of 0.30 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (3,550 open interest, 36 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 36% below fair value | |
| Premium | Strong | implied volatility 54% | |
| Moat | Fair | moat 5.6/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Weak | 36 contracts a day, 3,550 open interest | |
| Stability | Good | beta 0.30, $9.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Full Truck Alliance Co. Ltd. reports earnings on 19 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Software - Application
The 12 companies below are the closest to Full Truck Alliance Co. Ltd. by market cap within the Software - Application industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ESTC Elastic N.V. | 89.68 | 94.02 | +5% | 35Weak | $9.4B |
| PCTY Paylocity Holding Corporation | 170.96 | 185.42 | +8% | 73Good | $8.9B |
| GTLB GitLab Inc. | 52.37 | 29.62 | -77% | 32Weak | $8.7B |
| TTAN ServiceTitan, Inc. | 87.76 | 70.89 | -24% | 36Weak | $8.5B |
| APPF AppFolio Inc. | 236.85 | 178.82 | -32% | 41Weak | $8.4B |
| FROG JFrog Ltd. | 86.34 | 19.33 | -347% | 30Weak | $10.5B |
| FIG Figma, Inc. | 22.13 | 9.67 | -129% | 29Weak | $10.8B |
| DSGX The Descartes Systems Group Inc. | 94.74 | 65.94 | -44% | 42Weak | $8.1B |
| ZETA Zeta Global Holdings Corp. | 31.78 | 19.96 | -59% | 35Weak | $7.9B |
| IDCC InterDigital, Inc. | 308.50 | 257.93 | -20% | 37Weak | $7.9B |
| HUBS HubSpot, Inc. | 216.41 | 190.18 | -14% | 28Weak | $11.1B |
| CHYM Chime Financial, Inc. Class A Common Stock | 29.87 | 11.48 | -160% | 36Weak | $11.3B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about YMM
Is YMM undervalued right now?
By the GLS models, yes: at 9.01 the stock is 36% below the average fair value of 14.03 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of YMM and what does it mean?
YMM scores 51 out of 100 (Fair) - it fails Wheel Trade Filters 1, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for YMM?
14.03 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Full Truck Alliance Co. Ltd. report earnings next?
The next earnings report is due on 19 Nov 2026 (before the open), 14 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does YMM have listed options, and how liquid are they?
Yes. The nightly snapshot found 8 listed contracts with 3,550 open interest across all expiries and implied volatility of 54% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is YMM an ADR?
Yes. YMM is an American depositary share (ADR): the US listing of Full Truck Alliance Co. Ltd., whose own shares trade on its home exchange. It trades in dollars during US hours; currency moves and the home country's rules also affect it, and the depositary bank charges a small yearly fee.