We expect Meituan’s losses to narrow in 2026, driven by a more rational competitive environment as Alibaba and JD.com gradually scale back on-demand delivery subsidies following the price war that began in 2025. We estimate Meituan’s food delivery gross transaction volume share exceeded 50% as of the first quarter of 2026. We expect Meituan to remain the largest food delivery platform in China in the foreseeable future.
Community group purchases could achieve profitability in the near term, boosting Meituan’s valuation.
Due to saturation in user and order frequency, growth in Meituan’s food delivery segment could decelerate earlier than anticipated.
|
Metric
|
03690
|
TCOM
|
BABA
|
|---|---|---|---|
Price/Earnings (Normalized) | 11.70 | 10.28 | 26.75 |
Price/Book Value | 2.26 | 1.05 | 1.73 |
Price/Sales | 1.02 | 2.78 | 1.80 |
Price/Cash Flow | — | 9.71 | 23.93 |
|
Metric
|
03690
|
TCOM
|
BABA
|
|---|---|---|---|
Quick Ratio | 1.63 | 1.05 | 1.28 |
Current Ratio | 1.91 | 1.33 | 1.36 |
Interest Coverage | −15.64 | 54.03 | 3.31 |
|
Metric
|
03690
|
TCOM
|
BABA
|
|---|---|---|---|
Return on Assets (Normalized) | −9.47% | 11.94% | 2.62% |
Return on Equity (Normalized) | −19.94% | 19.30% | 4.78% |
Return on Invested Capital (Normalized) | −13.42% | 15.17% | 0.25% |
|
1-Day Chart
|
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Price
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Morningstar Rating for Stocks
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Capital Allocation
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Market Cap
|
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United States