Alibaba Group Holding Limited
- Growing?
- Yes: revenue went from CNY 868.7B in FY23 to CNY 1.02T in FY26.
- Expensive?
- P/E (trailing) 22.8×. Priced 31% below the peer median of 32.9x (excludes 1 unprofitable peer).
- Analysts?
- 95% of 41 say buy; average 12-month target $184, 95% above today's price.
- Risky?
- Swingier than most large companies: its price swung 41% over the past year (the S&P 500's 14%), and it fell as much as 63% since Nov 2021.
Alibaba Group Holding Ltd. operates digital commerce marketplaces (including Taobao and Tmall) plus Alibaba Cloud and related technology services, generating revenue primarily from customer management/marketing services, commissions, select direct sales, and cloud/AI subscriptions and usage-based fees.
More about Alibaba Group Holding
Market Position
Alibaba is a leading player in China e-commerce and is a major global platform for cross-border e-commerce (e.g., AliExpress) and B2B trade (e.g., Alibaba.com), while Alibaba Cloud is a scaled cloud provider in Asia-Pacific with differentiation in its commerce-driven data/traffic, merchant tool ecosystem, and integrated logistics capabilities.
Key Segments
Reported operating segments have included Taobao and Tmall Group, Alibaba International Digital Commerce Group, Cloud Intelligence Group, Cainiao, Local Services, Digital Media and Entertainment, and All Others (portfolio assets and incubations), with periodic updates to segment reporting structure over time.
How has the stock done?
Over the past month BABA fell 14.8%; the consumer discretionary ETF (XLY) rose 7.3% and the S&P 500 fell 2.7%.
Over the past six months BABA fell 30.0%; the consumer discretionary ETF (XLY) rose 1.8% and the S&P 500 rose 2.6%.
Over the past year BABA fell 40.2%; the consumer discretionary ETF (XLY) rose 1.3% and the S&P 500 rose 10.8%.
Over five years BABA fell 43.4%; the consumer discretionary ETF (XLY) rose 18.2% and the S&P 500 rose 62.0%.
From Nov 16, 2021 to Oct 24, 2022, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.9% the same way
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.
Is the business growing?
Revenue went from CNY 868.7B in FY23 to CNY 1.02T in FY26; net income from CNY 72.8B to CNY 103.6B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY23 | CNY 868.7B | CNY 72.8B |
| FY24 | CNY 941.2B | CNY 80.0B |
| FY25 | CNY 996.3B | CNY 130.1B |
| FY26 | CNY 1.02T | CNY 103.6B |
Fiscal years: Yahoo Finance.
How it makes money
Of every $100 in revenue, $10.1 ends up as net income. Net margin rose from 8.4% to 10.1% over the past 3 years.
+3.1 pts over 3 years
−6.0 pts over 3 years
+1.7 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.
Customers and suppliers
Partners
Changes since the previous annual report (20-F filed Jun 26, 2025)
Named in other companies’ filings
MongoDB MDBdistribution deal with it · Offers authorized MongoDB-as-a-Service in ChinaShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Alipay | partner | ““Alipay” is to Alipay.com Co., Ltd., a company incorporated under the laws of the PRC on December 8, 2004, with which we have a long-term contractual relationship and which is a wholly-owned subsidiary of Ant Group or, where the context requires, its predecessor entities;” |
| AliExpress Russia | partner · joint venture with it | “For example, in connection with the Russia-Ukraine conflict, certain Russian shareholders of our AliExpress Russia joint venture (in which we are a minority shareholder) have become subject to varying degrees of sanctions.” |
| Ant Group | partner · Alibaba Group Holding invested in it | “As of March 31, 2026, Junhan and Junao held approximately 32% and 22% of Ant Group’s equity interest, respectively, we held 33% and other shareholders held the remaining equity interest.” |
| Vision Plus Capital Funds | partner · Alibaba Group Holding invested in it | “We refer to these funds collectively as Vision Plus Capital Funds. We have invested in certain Vision Plus Capital Funds, with a total commitment of approximately US$170 million and RMB500 million.” |
| Moonshot | partner · Alibaba Group Holding invested in it | “Moonshot is an artificial intelligence company in the PRC. During the year ended March 31, 2024, the Company invested a total of approximately US$0.8 billion (approximately RMB5.9 billion) for an approximately 36% equity interest.” |
| MongoDB (10-K filed Mar 11, 2026) | distribution deal with it | “We have expanded our global partner ecosystem with Alibaba Cloud and Tencent Cloud to offer an authorized MongoDB-as-a-Service solution in China, allowing their customers to easily adopt and consume our hosted solution.” |
Only the companies Alibaba Group Holding names in its 20-F filed May 20, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Alibaba Group Holding. Hover a name for the filing's own words.
Is it expensive?
P/E of 22.8x, below the peer median of 32.9x, with earnings still growing.
Priced 31% below the peer median of 32.9x (excludes 1 unprofitable peer).
Show the data
| Company | P/E (trailing) |
|---|---|
| DASH · DoorDash, Inc. | 71.6× |
| MELI · MercadoLibre, Inc. | 39.6× |
| EBAY · eBay Inc. | 26.2× |
| BABA · Alibaba Group Holding Limited | 22.8× |
| AMZN · Amazon.com, Inc. | 21.6× |
| CPNG · Coupang, Inc. | Loss |
What analysts expect
The average analyst price target is $184, 95% above the current price; 95% of 41 analysts rate it a buy; earnings missed estimates in all of the last 4 quarters.
Buy or Strong Buy: 39 analysts (95%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $196.00 to $188.60 (−4%), while BABA went from $159.84 to $94.36 (−41%). In the past three months targets were raised 4 times and cut twice. No upgrades and 2 downgrades over the year; the latest: Freedom Capital Markets moved it to Hold from Buy on Jan 6, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 12, 2026 | JP Morgan | Target cut | Overweight | $200.00, was $210.00 |
| Oct 8, 2026 | Citigroup | Target raised | Buy | $193.00, was $190.00 |
| Aug 28, 2026 | Susquehanna | Target raised | Positive | $190.00, was $185.00 |
| Aug 21, 2026 | JP Morgan | Target raised | Overweight | $210.00, was $205.00 |
| Aug 21, 2026 | Barclays | Target raised | Overweight | $200.00, was $195.00 |
| Aug 21, 2026 | Baird | Target cut | Outperform | $160.00, was $164.00 |
| May 15, 2026 | Susquehanna | Target raised | Positive | $185.00, was $170.00 |
| May 14, 2026 | JP Morgan | Target raised | Overweight | $205.00, was $200.00 |
| May 14, 2026 | Barclays | Target raised | Overweight | $195.00, was $186.00 |
| May 14, 2026 | Mizuho | Target raised | Outperform | $195.00, was $190.00 |
| Apr 14, 2026 | Barclays | Target cut | Overweight | $186.00, was $190.00 |
| Mar 26, 2026 | Susquehanna | Target cut | Positive | $170.00, was $190.00 |
| Mar 20, 2026 | JP Morgan | Target cut | Overweight | $205.00, was $215.00 |
| Mar 20, 2026 | Mizuho | Target cut | Outperform | $190.00, was $195.00 |
| Mar 20, 2026 | Barclays | Target cut | Overweight | $190.00, was $195.00 |
| Mar 20, 2026 | Baird | Target cut | Outperform | $164.00, was $174.00 |
| Mar 19, 2026 | Jefferies | Target cut | Buy | $212.00, was $225.00 |
| Jan 8, 2026 | Jefferies | Target cut | Buy | $225.00, was $231.00 |
| Jan 6, 2026 | Freedom Capital Markets | Downgrade | Hold, was Buy | — |
| Jan 6, 2026 | Freedom Broker | Downgrade | Hold, was Buy | $180.00, was $140.00 |
| Nov 26, 2025 | Citigroup | Target raised | Buy | $225.00, was $218.00 |
| Nov 26, 2025 | JP Morgan | Target cut | Overweight | $230.00, was $240.00 |
| Nov 26, 2025 | Barclays | Target raised | Overweight | $195.00, was $190.00 |
| Nov 26, 2025 | Benchmark | Target kept | Buy | $195.00 |
| Nov 26, 2025 | Bernstein | Target cut | Outperform | $190.00, was $200.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Sep ’25 | CNY 5.78 | CNY 4.36 | −24.6% |
| Dec ’25 | CNY 10.94 | CNY 7.09 | −35.2% |
| Mar ’26 | CNY 5.74 | CNY 0.62 | −89.2% |
| Jun ’26 | CNY 10.82 | CNY 8.52 | −21.3% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split.
Financial health
Current ratio 1.3, short-term debt is manageable; debt-to-equity 0.2, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.3x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.2 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of CNY 316.9B against debt of CNY 260.0B. Lease obligations of CNY 21.7B are not counted: they are rent owed, not money borrowed. It also holds CNY 656.7B of long-term investments, CNY 449.9B of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
1 portfolio Hunch tracks holds BABA. It is 4.0% of Appaloosa's portfolio (2.6% as filed).
BABA's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 16 held BABA at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 7 cut, 1 bought new and 4 held the same. The largest of them is Dodge & Cox, 9.96M shares worth $956M at Jun 30, 2026, 0.4% more than a quarter earlier.
1 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Dodge & Cox | Q2 2026 | 9.96M | $956M | +40,200 | +0.4% | Aug 13, 2026 |
| Fisher Asset Management | Q3 2026 | 5.05M | $543M | −42,699 | −0.8% | Nov 6, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 4.32M | $414M | +262,826 | +6.5% | Aug 12, 2026 |
| Appaloosa | Q2 2026 | 2.00M | $192M | −1.47M | −42% | Aug 14, 2026 |
| Temasek Holdings (Private) | Q3 2026 | 1.31M | $141M | 0 | 0.0% | Oct 28, 2026 |
| Baillie Gifford & | Q3 2026 | 794,088 | $85.4M | −1,933 | −0.2% | Nov 9, 2026 |
| H&H International Investment | Q2 2026 | 301,400 | $28.9M | +301,400 | New | Aug 14, 2026 |
| Newlands Management Operations | Q2 2026 | 269,858 | $25.9M | 0 | 0.0% | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 261,221 | $25.1M | +50,955 | +24% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 114,624 | $12.3M | −210,375 | −65% | Nov 3, 2026 |
| ARK Investment Management | Q2 2026 | 119,555 | $11.5M | −663,616 | −85% | Aug 14, 2026 |
| Rovida Investment Management | Q2 2026 | 80,000 | $7.7M | 0 | 0.0% | Aug 5, 2026 |
| Harris Associates L P | Q2 2026 | 15,413 | $1.5M | +1,972 | +15% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 10,976 | $1.1M | −280,087 | −96% | Aug 12, 2026 |
| Nomura Holdings | Q2 2026 | 5,578 | $535K | −77,752 | −93% | Aug 14, 2026 |
| Tweedy, Browne | Q3 2026 | 3,960 | $426K | 0 | 0.0% | Nov 4, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of BABA at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.
Are insiders buying or selling?
Officers and directors bought $25.7M and sold $80.4M of BABA on the open market in the 12 months to Nov 11, 2026. The largest was J. Michael Evans (President; director), who sold $68.4M in 2 sales.
3 sales
3 purchases
Share of the sales' value
Show every trade
| Date | Insider | Role | Trade | Shares | Price | Value | Filed |
|---|---|---|---|---|---|---|---|
| Sep 30, 2026 | Fang Jiang | Chief People Officer | Sale | 885,272 | $13.55 (ordinary shares) | $12.0M | Oct 2, 2026 |
| Aug 25, 2026 | Joseph C Tsai | Director | Buy | 720,000 | $14.47 (ordinary shares) | $10.4M | Aug 25, 2026 |
| Aug 24, 2026 | Yongming Wu | Chief Executive Officer; director | Buy | 350,000 | $14.24 (ordinary shares) | $5.0M | Aug 24, 2026 |
| Aug 24, 2026 | Joseph C Tsai | Director | Buy | 720,000 | $14.29 (ordinary shares) | $10.3M | Aug 24, 2026 |
| Jun 29, 2026 | J. Michael Evans | President; director | Sale | 692,992 | $94.92 | $65.8M | Jul 1, 2026 |
| Jun 29, 2026 | J. Michael Evans | President; director | Sale | 27,008 | $95.59 | $2.6M | Jul 1, 2026 |
From the Form 4s filed with the SEC about Alibaba Group Holding Limited (38 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 79 other transactions (grants, option exercises and shares sold to pay tax). 4 trades marked “ordinary shares” were filed in ordinary shares, 8 to one BABA American depositary share: on the chart their price is 8 times as filed, per ADS as BABA trades; the table gives them as filed.