China A-share · SZSE · 000858
Wuliangye (000858) stock analysis: valuation and financials
酒、饮料和精制茶制造业
¥70.82 +0.5% Price as of Oct 14, 2026
Top-tier baijiu franchise with 77.5% gross margin and CNY118.8B net cash, but revenue fell 54.6% in FY2025 and FCF is negative; 21x P/E prices a recovery not yet visible.
- Market cap
- ¥274.9B
- P/E
- 21.0x
- EV/Sales
- 3.4x
- FCF yield
- -1.8%
- 52-week range
- ¥68.51 – ¥115.90
Research as of Oct 14, 2026
Business quality scorecard
- Growth0
- Profitability100
- Cash flow50
- Balance sheet100
- Capital allocation71
- Innovation24
- Valuation39
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Chinese distributors and wholesalers pay for bottled baijiu and ancillary packaging products; liquor products are the profit engine at 91.6% of FY2025 revenue of CNY40.5B, with a 30.2% operating margin.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥66.2B | ¥74.0B | ¥83.3B | ¥89.2B | ¥40.5B |
| Revenue growth | +15.5% | +11.7% | +12.6% | +7.1% | -54.6% |
| Gross margin | 75.4% | 75.4% | 75.8% | 77.1% | 77.5% |
| Operating margin | 49.2% | 50.3% | 50.4% | 49.6% | 30.2% |
| Net income | ¥23.4B | ¥26.7B | ¥30.2B | ¥31.9B | ¥9.0B |
| Free cash flow | ¥25.2B | ¥22.7B | ¥38.8B | ¥31.3B | ¥27.7B |
| FCF margin | 38.1% | 30.6% | 46.6% | 35.1% | 68.4% |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 77.54% vs 77.05% (+49bp), but operating margin fell to 30.23% from 49.57%: revenue -54.55% to CNY40.53B outpaced the 24.7% SG&A cut (CNY10.73B) — operating deleverage. TTM 79.10%/39.26%; Q2 FY2026 75.63%/23.89%.
- Cash flow WatchFY2025 operating cash flow CNY29.71B versus net income CNY8.95B; three-year cumulative cash conversion 1.484x. But TTM OCF is negative at -CNY3.58B, so the recent trend, not the record, is the signal.
- Debt LowNet cash of CNY118.8B: total debt CNY0.26B against CNY119.1B cash, net debt/EBITDA -8.79x, debt/equity 0.0022 and a 2.47x current ratio. Leverage is effectively nil.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥119.1B
- Total debt
- ¥257.7M
- Net cash
- ¥118.8B
- Interest coverage
- 521.2x
- Current ratio
- 2.5x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateCapital returns kept rising through the downturn: dividends grew from 9.23B CNY (FY2020) to 27.98B (FY2025), 86.5B cumulative versus 145.7B cumulative free cash flow.
Valuation range
Implied value per share · Price when researched: ¥70.82
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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