Alibaba Group Holding Limited
Latest report: FY2026, the fiscal year ended 31 March 2026, released 20 May 2026. Snapshot FY2026_aea43620.
Overview
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Key Findings
Findings for the latest fiscal year, with their history over earlier years.
Revenue for the fiscal year ended 31 March 2026 was RMB1.02 trillion, 2.7% higher than in the previous fiscal year.
Weakenedin FY2026 · stated since FY20242.7% from 5.9% in FY2025Rule: Revenue against the previous fiscal year · Sources 20-F 2026-03History of this finding, 3 records
- FY2026 WeakenedRevenue for the fiscal year ended 31 March 2026 was RMB1.02 trillion, 2.7% higher than in the previous fiscal year.Recorded from FY2026_aea43620 · data update
- FY2025 WeakenedRevenue for the fiscal year ended 31 March 2025 was RMB996.3 billion, 5.9% higher than in the previous fiscal year.Reconstructed · data update
- FY2024 NewRevenue for the fiscal year ended 31 March 2024 was RMB941.2 billion, 8.3% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2026 was RMB103.6 billion, 20.4% lower than in the previous fiscal year.
Newin FY2026 · first statedRule: Net income against the previous fiscal year · Sources 20-F 2026-03History of this finding, 4 records
- FY2026 NewNet income attributable to the company for fiscal 2026 was RMB103.6 billion, 20.4% lower than in the previous fiscal year.Recorded from FY2026_aea43620 · data update
- FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026_aea43620 · data update
- FY2025 StrengthenedNet income attributable to the company for fiscal 2025 was RMB130.1 billion, 62.6% higher than in the previous fiscal year.Reconstructed · data update
- FY2024 NewNet income attributable to the company for fiscal 2024 was RMB80.0 billion, 9.9% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 4.9%, 9.2 percentage points lower than a year earlier.
Newin FY2026 · first statedRule: Operating margin against a year earlier · Sources 20-F 2026-03History of this finding, 4 records
- FY2026 NewThe operating margin for fiscal 2026 was 4.9%, 9.2 percentage points lower than a year earlier.Recorded from FY2026_aea43620 · data update
- FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026_aea43620 · data update
- FY2025 StrengthenedThe operating margin for fiscal 2025 was 14.1%, 2.1 percentage points higher than a year earlier.Reconstructed · data update
- FY2024 NewThe operating margin for fiscal 2024 was 12.0%, 0.5 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2026 was 10.0%, against 13.0% a year earlier.
Newin FY2026 · first statedRule: Return on equity against a year earlier · Sources 20-F 2026-03, 20-F 2025-03History of this finding, 4 records
- FY2026 NewReturn on equity for fiscal 2026 was 10.0%, against 13.0% a year earlier.Recorded from FY2026_aea43620 · data update
- FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026_aea43620 · data update
- FY2025 StrengthenedReturn on equity for fiscal 2025 was 13.0%, against 8.1% a year earlier.Reconstructed · data update
- FY2024 NewReturn on equity for fiscal 2024 was 8.1%, against 7.5% a year earlier.Reconstructed · initial
Cash and short-term investments exceeded total debt by RMB231.0 billion at 31 March 2026.
Weakenedin FY2026 · stated since FY2024Rule: Net debt or net cash · Sources 20-F 2026-03History of this finding, 3 records
- FY2026 WeakenedCash and short-term investments exceeded total debt by RMB231.0 billion at 31 March 2026.Recorded from FY2026_aea43620 · data update
- FY2025 StrengthenedCash and short-term investments exceeded total debt by RMB338.5 billion at 31 March 2025.Reconstructed · data update
- FY2024 NewCash and short-term investments exceeded total debt by RMB248.1 billion at 31 March 2024.Reconstructed · initial
Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.
Credit, liquidity, earnings quality and score findings: Analysis.
Data
FY2026_aea43620Corporate Events
Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.
Earnings, Returns and Balance Sheet
Revenue
By fiscal year, renminbi
Operating Income
By fiscal year, renminbi
Net Income Attributable to the Company
By fiscal year, renminbi
Margins
By fiscal year, per cent
Returns
By fiscal year, per cent
Net Debt
Total debt less cash and short-term investments, at fiscal year end, renminbi
Diluted Earnings per Share
By fiscal year, as reported
Financial Statements
Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.
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Ratios
Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.
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Analysis
Credit update
FY2026
20-F for the year to 31 March 2026, filed 20 May 2026. Changes are against the previous report, and each figure shows its period.
Changes in This Report 0
No finding changed its state in the latest report.
Thresholds Crossed 1
- NewCash Backing of Earnings
Net income attributable to the company for fiscal 2026 exceeded operating cash flow by an amount equal to 1.5% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.
Credit MetricsDebt to EBITDA 0.68x, FFO to debt 89.0% · FY2026
Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.
Lease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 89.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin FY2026 · stated since FY20240.68x from 0.27x in FY2025Rule: Debt against the S&P benchmark bands · Sources 20-F 2026-03History of this finding, 3 records
- FY2026 ConfirmedLease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 89.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2026_aea43620 · data update
- FY2025 ConfirmedLease-adjusted debt was 0.3 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 282.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
- FY2024 NewLease-adjusted debt was 0.2 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 414.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · initial
Position in the S&P Standard Volatility Table, Fiscal 2026
S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.
Debt equals 0.7 years of adjusted EBITDA; a year of funds from operations equals 89.0% of it.
| Band | Minimal | Modest | Intermediate | Significant | Aggressive | Highly leveraged |
|---|---|---|---|---|---|---|
| Debt to EBITDA | 0.68xbelow 1.5x | 1.5x to 2x | 2x to 3x | 3x to 4x | 4x to 5x | 5x and above |
| FFO to debt | 89.0%60% and above | 45% to 60% | 30% to 45% | 20% to 30% | 12% to 20% | below 12% |
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities | n/a | n/a | |||
| Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost | |||||
| Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes | |||||
| Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA | n/a | n/a | minimal | minimal | minimal |
| FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt | n/a | n/a | minimal | minimal | minimal |
| Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA | n/a | n/a | |||
| Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt | n/a | n/a | |||
| FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest) | |||||
| EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest) | |||||
| EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense | |||||
| Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt | n/a | n/a |
Reconciliation of the Credit Figures
| Item | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Total debt | n/a | n/a | RMB0 | RMB35.8bn | RMB55.9bn |
| Operating lease liabilities | n/a | n/a | RMB34.8bn | RMB17.4bn | RMB21.7bn |
| Lease-adjusted debt | n/a | n/a | RMB34.8bn | RMB53.2bn | RMB77.6bn |
| EBIT | RMB69.6bn | RMB100bn | RMB113bn | RMB141bn | RMB50.1bn |
| Depreciation and amortisation | RMB25.5bn | RMB24.7bn | RMB23.3bn | RMB24.5bn | RMB35.0bn |
| Goodwill impairment | RMB25.1bn | RMB2.7bn | RMB10.5bn | RMB6.2bn | RMB9.5bn |
| Share-based compensation | RMB24.0bn | RMB30.8bn | RMB18.5bn | RMB14.0bn | RMB11.2bn |
| Operating lease cost | RMB11.0bn | RMB10.8bn | RMB10.8bn | RMB10.4bn | RMB7.6bn |
| Adjusted EBITDA | RMB155bn | RMB169bn | RMB177bn | RMB196bn | RMB113bn |
| Cash interest | −RMB4.9bn | −RMB5.6bn | −RMB7.8bn | −RMB8.9bn | −RMB9.4bn |
| Lease interest | −RMB1.7bn | −RMB1.7bn | −RMB1.6bn | −RMB1.2bn | −RMB959m |
| Cash taxes | −RMB26.8bn | −RMB15.5bn | −RMB22.5bn | −RMB35.4bn | −RMB34.0bn |
| Funds from operations | RMB122bn | RMB146bn | RMB145bn | RMB150bn | RMB69.0bn |
Method
- Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
- Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
- S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
- Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.
Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.
Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.
These ratios have no value for the figures of this company.
Method
- Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
- Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.
Earnings QualityEarnings above cash flowCash-flow accruals 1.5%, Operating cash flow to EBITDA 0.90x · FY2026
Accruals and the cash backing of reported earnings.
Net income attributable to the company for fiscal 2026 exceeded operating cash flow by an amount equal to 1.5% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Newin FY2026 · first statedRule: Cash backing of earnings · Sources 20-F 2026-03History of this finding, 4 records
- FY2026 NewNet income attributable to the company for fiscal 2026 exceeded operating cash flow by an amount equal to 1.5% of average total assets.Recorded from FY2026_aea43620 · data update
- FY2026 RetiredThe finding changed to earnings led by accruals.Recorded from FY2026_aea43620 · data update
- FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 1.9% of average total assets.Reconstructed · data update
- FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 5.8% of average total assets.Reconstructed · initial
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets | |||||
| Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996) | |||||
| Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005) | |||||
| Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation) | |||||
| Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue |
Method
- Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
- Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.
Forensic and Distress ScoresBeneish −2.28
Published distress and misstatement models, with their original coefficients and thresholds.
The Beneish M-score for fiscal 2026 was minus 2.28, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2026 · stated since FY2024−2.28 from −2.54 in FY2025Rule: Beneish M-score against its threshold · Sources 20-F 2026-03History of this finding, 3 records
- FY2026 WeakenedThe Beneish M-score for fiscal 2026 was minus 2.28, below the model threshold of minus 1.78.Recorded from FY2026_aea43620 · data update
- FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.54, below the model threshold of minus 1.78.Reconstructed · data update
- FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.83, below the model threshold of minus 1.78.Reconstructed · initial
By Fiscal Year
| Ratio | FY202231 Mar 2022 | FY202331 Mar 2023 | FY202431 Mar 2024 | FY202531 Mar 2025 | FY202631 Mar 2026 |
|---|---|---|---|---|---|
| Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78 | below threshold | below threshold | below threshold | below threshold | below threshold |
| Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate |
Beneish M-score
Beneish M-score
fiscal 2026
A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.
| −2.28Below the threshold, −1.78 and below | Above the threshold, above −1.78 |
The score of minus 2.28 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −4.840 | ||
| Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay. | 1.125 | 0.920 | 1.035 |
| Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor. | 1.000 | 0.528 | 0.528 |
| Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets. | 1.036 | 0.404 | 0.418 |
| Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor. | 1.027 | 0.892 | 0.916 |
| Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit. | 0.977 | 0.115 | 0.112 |
| Selling, general and administrative expenses indexOverheads against sales, against a year earlier. | 1.000 | −0.172 | −0.172 |
| Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model. | 0.014 | 4.679 | 0.067 |
| Leverage indexDebt against total assets, against a year earlier. | 1.067 | −0.327 | −0.349 |
| Score | −2.284 |
Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.
Dechow F-score
Dechow F-score
fiscal 2026
The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.
A score of 1.39 means a probability of a misstatement 1.39 times the average rate in the Dechow sample: 0.51% against 0.37%.
| Part | Value | Coefficient | Contribution |
|---|---|---|---|
| Intercept | −7.893 | ||
| Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets. | 0.027 | 0.790 | 0.021 |
| Change in receivables / average total assetsThe growth of receivables against average assets. | 0.003 | 2.518 | 0.007 |
| Change in inventories / average total assetsThe growth of stock against average assets. | 0.000 | 1.191 | 0.000 |
| Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement. | 0.783 | 1.979 | 1.550 |
| Change in cash salesThe growth of sales collected in cash. | 0.023 | 0.171 | 0.004 |
| Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score. | −0.017 | −0.932 | 0.016 |
| Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year. | 1.000 | 1.029 | 1.029 |
| Predicted value | −5.266 | ||
| Probability of a misstatement | 0.51% |
Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.
Source Documents
Documents of this snapshot, latest first.
| Document | Date | Id |
|---|---|---|
| 20-F for the year to 31 March 2026 | 20 May 2026 | 20-F:0001193125-26-231755 |
| 20-F for the year to 31 March 2025 | 26 Jun 2025 | 20-F:0000950170-25-090161 |
| 20-F for the year to 31 March 2024 | 23 May 2024 | 20-F:0000950170-24-063767 |
| 20-F for the year to 31 March 2023 | 21 Jul 2023 | 20-F:0000950170-23-033752 |
| 20-F for the year to 31 March 2022 | 26 Jul 2022 | 20-F:0001104659-22-082622 |
| 20-F for the year to 31 March 2021 | 27 Jul 2021 | 20-F:0001104659-21-096092 |
Checks
Data Quality
How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.
| Values published | 355 |
| Confirmed by other figures | 58.6%, 208 values |
| Confirmed by a second document | 50.7%, 180 values |
| Derived from reported figures | 0.0%, 0 values |
| Values withheld | 7 |
| Restated figures tracked | 23 |
| Changes compared on one basis | 0 |
| Company lines mapped | 0 of 0 reviewed |
Citation
Snapshot FY2026_aea43620 · dataset SHA-256 aea436207134aea51e5b5e87c170b0a3a2c54626ee2d6044c6a4d9676ff3a8e0 · findings rules 0.5
Data: info.json · dataset.json · validation.json · documents.json