Baidu, Inc.
$78.14
+0.51 (+0.66%) · delayed · Nov 13, 2026
Five-year price
52w $75.80 to $165.30
- Market cap
- —
- Enterprise value
- —
- P/E
- —
- EV / EBIT
- —
- FCF yield
- —
- ROIC
- −1.7%
- Debt / equity
- 0.16
- Piotroski F
- 1/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
0
- ○ROIC > 12% (5y avg)5y avg ROIC 4.1%
- ○ROE > 15% (5y avg)5y avg ROE 5.5%
- ○Stable operating marginsMargin volatility 7.7% (σ, 5y)
- ○Earnings convert to cashFCF / net income 47% (5y avg)
- ○Growing revenueRevenue CAGR 5y 2.4%
- –Shrinking share countDiluted shares n/a over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- –FCF yield above 6%FCF yield n/a
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
60
- ●Debt / equity below 0.5D/E 0.16
- ●Debt payable in < 4 yrs of earningsNet debt $2.6B
- ○Interest coverage > 8xCoverage -2.9x
- ●Current ratio > 1.5Current ratio 1.76
- ○Piotroski F-score ≥ 6F-score 1/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $18.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.76
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
A cash-flow valuation isn’t meaningful here: free cash flow is negative or not reported (common for banks, insurers and early-stage companies). Use book value and earnings power instead.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10,161 | 13,034 | 14,876 | 15,429 | 16,410 | 19,536 | 17,931 | 18,958 | 18,238 | 18,458 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,447 | 2,410 | 2,259 | 906 | 2,198 | 1,651 | 2,307 | 3,078 | 2,914 | (833) |
| Operating margin | 14.2% | 18.5% | 15.2% | 5.9% | 13.4% | 8.5% | 12.9% | 16.2% | 16.0% | -4.5% |
| Pre-tax income | 2,090 | 3,270 | 3,974 | (49) | 3,539 | 1,691 | 1,466 | 3,550 | 3,921 | 960 |
| Income tax | 420 | 460 | 690 | 279 | 623 | 500 | 374 | 514 | 609 | 180 |
| Net income | 1,675 | 2,812 | 4,010 | 296 | 3,444 | 1,605 | 1,096 | 2,861 | 3,255 | 799 |
| EPS (diluted) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | — | — | — | — | — | — |
Who owns it