Hong Kong · HKEX · 01024
Kuaishou (01024) stock analysis: valuation and financials
媒体及娱乐
HK$29.16 -0.3% Price as of Oct 13, 2026
Narrow-moat short-video leader, 55% gross margin, CNY53.1B net cash; growth stalled to 1.4% in Q2 FY2026, yet EV at 1.96x EBITDA discounts stagnation.
- Market cap
- HK$125.5B
- P/E
- 6.8x
- EV/Sales
- 0.4x
- FCF yield
- —
- Dividend yield
- 2.4%
- 52-week range
- HK$28.54 – HK$82.95
Research as of Oct 14, 2026
Business quality scorecard
- Growth63
- Profitability66
- Cash flow100
- Balance sheet74
- Capital allocation85
- Innovation65
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Kuaishou monetises its short-video and live-streaming user base in three ways: advertisers buy performance and brand inventory, viewers buy virtual gifts for creators, and merchants pay commissions and promotion fees on live e-commerce; segment profit is not disclosed, but group FY2025 operating margin was 14.5%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥81.1B | ¥94.2B | ¥113.5B | ¥126.9B | ¥142.8B |
| Revenue growth | +37.9% | +16.2% | +20.5% | +11.8% | +12.5% |
| Gross margin | 42.0% | 44.7% | 50.6% | 54.6% | 55.0% |
| Operating margin | -34.2% | -13.3% | 5.7% | 12.0% | 14.5% |
| Net income | -¥78.1B | -¥13.7B | ¥6.4B | ¥15.3B | ¥18.6B |
| Free cash flow | -¥13.3B | -¥4.3B | ¥15.9B | — | — |
| FCF margin | -16.4% | -4.6% | 14.0% | — | — |
Amounts in CNY · What is free cash flow?
Margins Gross margin rose to 55.0% in FY2025 from 54.6% in FY2024 (TTM 53.2%, +0.4pp) and operating margin to 14.5% from 12.1% (TTM 12.8%, +2.4pp), but both rolled over: gross margin 51.6% and operating margin 10.6% in Q2 FY2026, as revenue growth slowed to 1.4% and R&D intensity climbed to 12.9%.
- Cash flow HealthyCash conversion 1.92x: FY2025 operating cash flow CNY26.7B against net income CNY18.6B; TTM operating cash flow CNY24.0B versus net income CNY15.8B. Earnings are consistently cash-backed.
- Debt LowNet cash of CNY53.1B at TTM; total debt CNY27.4B is covered more than twice over by short-term investments of CNY68.7B and cash of CNY11.7B. Net debt/EBITDA is -1.91x.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥80.4B
- Total debt
- ¥27.4B
- Net cash
- ¥53.0B
- Interest coverage
- 36.7x
- Current ratio
- 1.1x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateOperating execution is strong: gross margin rose from 40.5% (FY2020) to 55.0% (FY2025) and net income from CNY6.4B (FY2023) to CNY18.6B (FY2025), ROIC 61.6%.
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
The full report is for members.