BYTEDANCE·Short-video social + interactive entertainment, digital advertising, live-commerce, AI/cloudPre-IPO · Private

ByteDance

ConvictionContext

Attention-to-advertising engine (~60% of revenue) plus live-streaming gifting (~26%) and a fast-growing e-commerce take-rate business (TikTok Shop / Douyin e-commerce), increasingly cross-subsidizing an AI buildout (Doubao consumer app + Volcano Engine enterprise cloud).

Revenue

~$186B2025E, per company target reported by Bloomberg); $155B (2024

Rev growth

~20% YoY2025E); 2024 was ~29% YoY

Gross margin

Not disclosedprivate

Op margin

Not audited-disclosed~$48-50B profit reported for 2025 (Bloomberg Dec 2025; FT cites ~$48B) implies a ~25-27% margin if taken as operating profit — treat as estimate, not a filed figure. Note reported NET profit fell sharply YoY as AI investment accelerated.

Capex intensity

Elevated and rising — BloombergMay 2026) reports ByteDance weighing up to ~$70B AI capex for 2026; a step-change that pressures net margin

Valuation

~$550BGeneral Atlantic secondary sale, Feb 2026, per FT); recent range $330B employee buyback at $200.41/sh Aug 2025 -> $480B secondary -> $550B Feb 2026. HSG continuation fund marked $350-370B.

Valuation trail

General Atlantic secondary sale7.3× since 2018

7 marks · 2018–Feb 2026

private — no public price

Priced round Secondary / SPAC mark

All marks are private secondary/tender prints, not audited primary rounds after 2018; the wide 2021 $400B -> 2023 $268B -> 2026 $550B swing reflects TikTok-ban risk cycling and illiquid negotiated blocks, not a continuous market. HSG continuation fund separately marked $350-370B. Treat any single point as indicative.

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for ByteDance

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

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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence