Internet retail

14 companies · $818B combined revenue · $87.1B operating profit

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The typical US-listed internet retail company grew revenue 10.2% and earnings -6.4% in its latest year, at a 8.5% operating margin, and 8 of 14 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

10.2%Median revenue growth
-6.4%Median earnings growth
7.8%Median revenue growth, 3 yrs
39.8%Median earnings growth, 3 yrs
8.5%Median operating margin
16.9%Median ROCE
Fastest revenue growthPattern PTRN39.3%Fastest earnings growthCoupang CPNG35.1%Highest ROCEChewy CHWY23.9%Biggest margin gainWayfair W+4.0 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more50%
  • Operating leverage · Operating income growing faster than a growing revenue15%
  • Margin expansion · Operating margin up 1 point or more14%
  • Debt reduction · Debt down 5% or more, or net cash56%

Combined revenue · 10 companies reporting in US dollars

Revenue
$0$250B$500B$750B$1,000BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%5%10%15%FY21FY22FY23FY24FY25

All 14 companies

Median–10.2%-6.4%8.5%16.9%0.17x
AMZNAmazon.com$717B12.4%▲31.1%▲11.2%▲13.3%▼0.17x
BABAAlibabaCNY 1.02T2.7%▼-20.4%▼4.9%▼3.5%▼0.11x▲
PDDPDDCNY 432B9.7%▼-13%▼21.6%▲22.4%▲–
MELIMercadolibre$20.3B34.3%▲4.5%▲15.7%▲22.8%▲1.36x▼
EBAYEBAY$11.1B7.9%▼2.8%▲20.5%▲17.8%▲1.50x▼
JDJD.comCNY 1.31T13%▲-48.2%▼0.2%▼0.7%▼0.20x▼
CPNGCoupang$34.5B14.1%▲35.1%▲1.4%▼5.6%▼0.14x▲
WWayfair$12.5B5.1%▼–0.1%▼1.3%▼–
CARTMaplebear$3.7B10.8%▲-2.2%▲13.3%▲18%▲–
CHWYChewy$12.6B6.2%▼-43.3%▼2%▼23.9%▲0.00x▲
ETSYETSY$2.9B2.7%▼-46.3%▼9.2%▲18.2%▲–
VIPSVipshopCNY 106B-2.3%▼-6.4%7.7%▼17%▲–
PTRNPattern$2.5B39.3%▲-76.1%▼1%▼4.2%▼–
GCTGigaCloud Technology$1.3B11.1%▲9.2%▲11.2%▲16.9%▼–

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).