Alibaba
ConvictionModerate
Marketplace take-rate (customer management revenue on Taobao/Tmall GMV) + cloud/AI infrastructure and model services (Alibaba Cloud, Qwen) + international commerce (AIDC), logistics (Cainiao) and local/instant-commerce services; monetization via merchant ad/commission + cloud usage.
Revenue
RMB1,023.7B / ~US$148.4BFY2026Rev growth
+3% YoY reported+11% YoY like-for-like excluding disposed Sun Art & IntimeGross margin
~36% est.FY2026; not headlined by segment, compressed by rising cloud + quick-commerce cost of revenueOp margin
5%FY2026 income from operations RMB50.2B/~US$7.3B, -64% YoY; March-2026 quarter posted a small operating LOSS of RMB848MCapex intensity
~12% of revenueFY2026 capex RMB126.1B / ~US$18.3B, up from RMB84.3B in FY2025Market cap
~$231BNYSE:BABA ADS, ~2026-07-02/04; dual-primary listed on HKEX:9988The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage FY2026 ended 2026-03-31; March-2026 quarter results reported 2026-05-13; price/market cap as of 2026-07-04· sign in (free) for the analyst summary; Pro unlocks full intelligence