A Business at a Glance
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Baidu, Inc.
BIDU
$25.2B
Mkt Cap
$90.59
-1.56%
ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company Our company was incorporated in the Cayman Islands in January 2000. In December 2008, our shareholders approved a change in the name of our company from Baidu.com, Inc. to Baidu, Inc. In December 2021, our shareholders approved a change in the name of our company from Baidu, Inc. to the dual foreign name Baidu, Inc. 百度集團股份有限公司. Since our inception, we have conducted our operations in Chinese mainland principally through Baidu Online, our wholly owned subsidiary in Beijing, China. Since June 2001, we also have conducted part of our operations in Chinese mainland through Baidu Netcom, a variable interest entity in Beijing, China, which holds the licenses and approvals necessary to operate our platform and provide internet content services, value-added telecommunication-based services, internet map services, online audio and video services and mobile application distribution businesses.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 129.1B | 129.1B | 133.1B | 134.6B | 123.7B | 124.5B |
| Net Income | 667M | 667M | 3.2B | 2.8B | 1.0B | 1.6B |
| EPS | $1.64 | $1.64 | $9.17 | $7.79 | $2.94 | $4.36 |
| Free Cash Flow | -2.2B | -2.2B | 1.8B | 3.6B |
| Metric | TTM | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 49.1B | 66.4B | 70.5B | 84.8B | 102.3B | 107.4B | 107.1B | 124.5B | 123.7B | 134.6B | 133.1B | 129.1B | 129.1B |
| Gross Margin | 11.4% | 16.1% | 9.1% | 9.6% | 12.7% | 10.7% | 9.9% | 8.8% | 7.4% | 8.7% | 8.6% | 7.0% | 7.0% |
| R&D | 1.1B | 1.6B | 1.5B | 2.0B | 2.3B | 2.6B | 3.0B | 3.9B | 3.4B | 3.4B | 3.0B | 2.9B | 2.9B |
| SG&A | 1.7B | 2.6B | 2.2B | 2.0B | 2.8B | 2.9B | 2.8B | 3.9B | 3.0B | 3.3B | 3.2B | 3.7B | 3.7B |
| EBIT | 2.1B | 1.8B | 1.4B | 2.4B | 2.3B | 906M | 2.2B | 1.7B | 2.3B | 3.1B | 2.9B | -833M | -833M |
| Op. Margin | 4.2% | 2.7% | 2.1% | 2.8% | 2.2% | 0.8% | 2.1% | 1.3% | 1.9% | 2.3% | 2.2% | -0.6% | -0.6% |
| Net Income | 2.1B | 5.1B | 1.6B | 2.8B | 4.0B | 285M | 3.4B | 1.6B | 1.0B | 2.8B | 3.2B | 667M | 667M |
| Net Margin | 4.3% | 7.8% | 2.3% | 3.3% | 3.9% | 0.3% | 3.2% | 1.2% | 0.8% | 2.1% | 2.4% | 0.5% | 0.5% |
| Non-Recurring | 19M | 22M | 73M | 367M | 1.2B | 1.6B | 378M | 14M | 8.0M | 5.0M | 6.0M | 2.3B | 2.3B |
| Returns on Capital | |||||||||||||
| ROIC | 67.9% | 8.7% | 6.0% | 20.7% | 15.0% | 5.1% | 16.5% | 8.6% | 11.2% | 16.7% | 12.1% | 1.6% | -1.5% |
| ROE | 28.9% | 49.7% | 12.4% | 18.2% | 19.3% | 1.2% | 13.3% | 5.1% | 3.1% | 8.3% | 9.0% | 1.8% | 1.8% |
| ROA | 15.2% | 26.5% | 6.5% | 8.7% | 9.7% | 0.7% | 7.3% | 2.8% | 1.7% | 4.8% | 5.5% | 1.1% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.9B | 3.0B | 22.5B | 32.8B | 5.2B | 4.1B | 3.7B | 3.2B | 3.8B | 5.2B | 2.9B | -431M | -431M |
| Free Cash Flow | 2.1B | 2.2B | 21.9B | 32.1B | 4.0B | 3.2B | 2.9B | 1.4B | 2.6B | 3.6B | 1.8B | -2.2B | -2.2B |
| Owner Earnings | 1.8B | 1.5B | 21.1B | 30.5B | 850M | -2.3B | 1.8B | 1.2B | 1.9B | 3.3B | 1.3B | -2.0B | -2.0B |
| CapEx | 778M | 807M | 603M | 735M | 1.3B | 923M | 779M | 1.7B | 1.2B | 1.6B | 1.1B | 1.7B | 1.7B |
| Maint. CapEx | 948M | 1.2B | 1.2B | 1.8B | 3.7B | 5.6B | 869M | 896M | 905M | 1.0B | 909M | 1.1B | 1.1B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 814M | 296M | 576M | 205M | 626M | 626M |
| D&A | 948M | 1.2B | 1.2B | 1.8B | 3.7B | 5.6B | 869M | 896M | 905M | 1.0B | 909M | 1.1B | 1.1B |
| CapEx/OCF | 26.9% | 26.5% | 18.8% | 14.6% | 24.4% | 22.6% | 21.0% | 54.1% | 31.7% | 30.6% | 38.3% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 7.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 984M | 0 | 265M | 482M | 712M | 2.0B | 1.2B | 279M | 671M | 866M | 792M | 792M |
| Buyback Yield | N/A | 147.8% | N/A | 31.0% | 86.7% | 2.1% | 3.5% | 3.0% | 0.9% | 2.1% | 3.7% | 0.0% | 3.1% |
| Stock-Based Comp | 155M | 214M | 253M | 499M | 681M | 808M | 1.0B | 1.1B | 984M | 894M | 655M | 517M | 517M |
| Debt Repayment | 0 | 13M | 280M | 127M | 153M | 455M | 494M | 528M | 737M | 1.6B | 3.0B | 2.1B | 2.1B |
| Balance Sheet | |||||||||||||
| Net Debt | -5.7B | 20.3B | -7.2B | -3.9B | -12.6B | -13.5B | -15.2B | -17.9B | -15.6B | -18.6B | -9.9B | -8.2B | 4.8B |
| Cash & Equiv. | 2.1B | 1.4B | 1.7B | 1.7B | 4.0B | 4.8B | 5.5B | 5.8B | 7.7B | 3.6B | 3.4B | 3.5B | 3.5B |
| Long-Term Debt | 3.5B | 30.7B | 4.7B | 5.5B | 7.2B | 6.2B | 7.4B | 8.4B | 6.8B | 5.8B | 4.9B | 5.9B | 5.9B |
| Debt/Equity | 0.42 | 2.48 | 0.44 | 0.65 | 0.32 | 0.32 | 0.35 | 0.31 | 0.30 | 0.26 | 0.21 | 0.22 | 0.22 |
| Interest Coverage | 20.4 | 11.2 | 8.7 | 8.4 | 9.7 | 2.1 | 4.6 | 3.1 | 5.5 | 6.7 | 7.5 | -2.1 | -2.1 |
| Equity | 8.3B | 12.4B | 13.3B | 17.7B | 23.7B | 23.5B | 28.0B | 33.2B | 32.4B | 34.3B | 36.1B | 38.1B | 38.1B |
| Total Assets | 16.1B | 22.8B | 26.2B | 38.7B | 43.3B | 43.3B | 51.0B | 59.6B | 56.7B | 57.3B | 58.6B | 64.2B | 64.2B |
| Total Liabilities | 7.3B | 9.8B | 12.1B | 18.7B | 17.7B | 18.5B | 21.6B | 24.5B | 22.2B | 20.3B | 19.8B | 22.8B | 22.8B |
| Intangibles | 576M | 515M | 558M | 840M | 1.3B | 1.1B | 310M | 265M | 182M | 124M | 106M | 556M | 556M |
| Retained Earnings | 7.7B | 11.5B | 12.3B | 15.7B | 18.8B | 18.1B | 20.7B | 22.8B | 21.5B | 22.7B | 24.7B | 25.4B | 25.4B |
| Working Capital | 7.3B | 8.0B | 7.7B | 10.6B | 14.3B | 15.5B | 17.6B | 21.8B | 19.3B | 21.7B | 12.0B | 9.4B | 9.4B |
| Current Assets | 10.6B | 12.1B | 14.4B | 23.2B | 22.6B | 23.8B | 28.1B | 33.5B | 30.9B | 32.4B | 23.1B | 21.7B | 21.7B |
| Current Liabilities | 3.3B | 4.0B | 6.6B | 12.6B | 8.3B | 8.2B | 10.5B | 11.7B | 11.5B | 10.8B | 11.1B | 12.3B | 12.3B |
| Per Share Data | |||||||||||||
| EPS | 60.59 | 151.46 | 47.89 | 77.72 | 117.79 | 0.81 | 9.42 | 4.36 | 2.94 | 7.79 | 9.17 | 1.64 | 1.64 |
| Owner EPS | 495.05 | 427.07 | 5,643.42 | 8,557.32 | 235.33 | -8.47 | 6.40 | 4.04 | 6.64 | 11.55 | 4.83 | -7.36 | -7.36 |
| Book Value | 234.50 | 361.08 | 379.92 | 489.85 | 695.91 | 8.85 | 9.58 | 11.73 | 11.82 | 12.46 | 13.47 | 13.65 | 136.88 |
| Cash Flow/Share | 82.36 | 88.95 | 91.64 | 139.41 | 153.65 | 1.54 | 1.27 | 1.12 | 1.38 | 1.87 | 1.09 | -0.15 | 6.35 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 3.6M | 3.6M | 3.7M | 3.6M | 3.6M | 273.8M | 282.6M | 285.9M | 286.7M | 282.5M | 278.2M | 278.2M | 278.2M |
| Valuation | |||||||||||||
| P/E Ratio | 3.9 | 1.3 | 3.5 | 3.0 | 1.4 | 155.8 | 20.5 | 32.3 | 37.9 | 15.1 | 9.4 | N/A | 55.1 |
| P/FCF | 0.4 | 0.3 | 0.0 | 0.0 | 0.1 | 10.9 | 18.6 | 27.8 | 12.3 | 9.3 | 13.4 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 15.8 | 15.1 | 8.8 | 4.1 | 3.0 | 3.4 | N/A | N/A |
| Price/Book | 1.0 | 0.5 | 0.4 | 0.5 | 0.2 | 14.3 | 20.1 | 12.0 | 9.4 | 9.5 | 6.5 | N/A | 0.7 |
| Price/Sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 2.3 | 2.2 | 2.8 | 2.0 | 1.9 | 1.5 | N/A | 0.2 |
| FCF Yield | 252.8% | 319.0% | 3595.6% | 3888.8% | 685.5% | 9.3% | 5.5% | 3.7% | 8.2% | 10.9% | 7.4% | N/A | -8.6% |
| Market Cap | 836M | 687M | 608M | 825M | 577M | 34.1B | 53.7B | 39.7B | 31.5B | 32.8B | 24.1B | 0 | 25.2B |
| Avg. Price | 192.75 | 192.16 | 172.58 | 204.49 | 229.49 | 132.55 | 124.41 | 195.35 | 130.68 | 131.93 | 96.70 | 0.00 | 90.59 |
| Year-End Price | 234.88 | 192.80 | 165.54 | 234.74 | 162.17 | 126.45 | 193.08 | 140.88 | 111.60 | 117.82 | 86.60 | 0.00 | 90.59 |
Baidu, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Baidu, Inc. trades at 9.9x trailing earnings, compared to its 15-year median P/E of 12.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 13.8x vs a median of 10.9x. The company's 5-year average ROIC is 10.0% with a gross margin of 8.1%. Total shareholder yield (buybacks) is 3.1%. At current prices, the estimated annualized return to fair value is -30.6%.
Baidu, Inc. (BIDU) has a current P/E ratio of 9.9, compared to its historical median P/E of 12.3. The stock is currently considered Fair based on its historical valuation range.
Baidu, Inc. (BIDU) has a 5-year average return on invested capital (ROIC) of 10.0%. This indicates solid capital allocation.
Baidu, Inc. (BIDU) has a market capitalization of $25.2B. It is classified as a large-cap stock.
Baidu, Inc. (BIDU) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.14%.
Based on historical P/E analysis, Baidu, Inc. (BIDU) appears fair. The current P/E of 9.9 is 20% below its historical median of 12.3. The estimated fair value CAGR (P/E method) is -11.0%.
Baidu, Inc. (BIDU) operates in the Services-Computer Programming, Data Processing, Etc. industry, within the Technology sector.
Baidu, Inc. (BIDU) reported annual revenue of $129.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
| 2.6B |
| 1.4B |
| ROIC | -1.5% | 1.6% | 12.1% | 16.7% | 11.2% | 8.6% |
|---|
| Gross Margin | 7.0% | 7.0% | 8.6% | 8.7% | 7.4% | 8.8% |
|---|
| Debt/Equity | 0.22 | 0.22 | 0.21 | 0.26 | 0.30 | 0.31 |
|---|
| Dividends/Share | $0.00 | - | - | - | - | - |
|---|
| Operating Income | -833M | -833M | 2.9B | 3.1B | 2.3B | 1.7B |
|---|
| Operating Margin | -0.6% | -0.6% | 2.2% | 2.3% | 1.9% | 1.3% |
|---|
| ROE | 1.8% | 1.8% | 9.0% | 8.3% | 3.1% | 5.1% |
|---|
| Shares Outstanding | 278M | 278M | 278M | 282M | 287M | 286M |
|---|
Baidu, Inc. (BIDU) has a net profit margin of 0.5%. This is a modest margin.
Baidu, Inc. (BIDU) generated $-2.2 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Baidu, Inc. (BIDU) has a debt-to-equity ratio of 0.22. This indicates a conservatively financed balance sheet.
Baidu, Inc. (BIDU) reported earnings per share (EPS) of $1.64 in its most recent fiscal year.
Baidu, Inc. (BIDU) has a return on equity (ROE) of 1.8%. This indicates moderate shareholder returns.
Baidu, Inc. (BIDU) has a 5-year average gross margin of 8.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for Baidu, Inc. (BIDU), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Baidu, Inc. (BIDU) has a book value per share of $13.65, based on its most recent annual SEC filing.