BABA
Alibaba Group Holding Limited
BABA has a slight edge over MMYT overall, supported by stronger valuation and lower modeled downside.
MMYT
MakeMyTrip Limited
MMYT offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
BABA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Weak | |
| Healthy |
BABA's balance sheet is currently healthy, and its revenue is stable, but its profitability and cash flow are under pressure.
MMYT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Weak |
MMYT's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are under pressure.
BABA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $69.66 | -26% |
| Fair | 20x | $86.59 | -8.2% |
| Current | 21x | $94.36 | — |
| Expensive | 26x | $115 | +22% |
Historical ranges are pointers, not guarantees.
BABA has the edge over MMYT in the historical PE scenario, which offers more potential upside but is not a forecast.
MMYT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 41x | $51.01 | — |
| Cheap | 56x | $18.60 | -64% |
| Fair | 113x | $37.14 | -27% |
| Expensive | 155x | $51.30 | +0.6% |
| Current | 156x | $51.01 | — |
Historical ranges are pointers, not guarantees.
MMYT's PE is in its expensive range at 156x. If earnings grow as analysts expect, today's price would be 41x next year's earnings, in its cheap range.
BABA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for BABA, with profitability improving. However, they disagree widely on these estimates.
MMYT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MMYT, with profitability improving.
BABA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $4.42 | -52% |
| Q1 2026 | $6.57 | -18% |
| Q4 2025 | $5.79 | -22% |
| Q3 2025 | $7.85 | +49% |
| Q2 2025 | $9.27 | +116% |
| Q1 2025 | $8.06 | +71% |
| Q4 2024 | $7.47 | +24% |
| Q3 2024 | $5.26 | -35% |
BABA has the edge over MMYT on earnings, with more consistent year-over-year improvement.
MMYT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.24 | +276% |
| Q3 2026 | $0.33 | -48% |
| Q2 2026 | $0.33 | -62% |
| Q1 2026 | $0.47 | -43% |
| Q4 2025 | $0.49 | -73% |
| Q3 2025 | $0.64 | -65% |
| Q2 2025 | $0.86 | -49% |
| Q1 2025 | $0.83 | -50% |
| Q4 2024 | $1.84 | +300% |
MMYT's earnings per share have fallen from their peak: $0.33 over the past year, against $1.84 in late 2024.
BABA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $40.2B | +8.3% |
| Q1 2026 | $36.5B | +2.9% |
| Q4 2025 | $42.7B | +1.7% |
| Q3 2025 | $37.2B | +4.8% |
| Q2 2025 | $37.2B | +1.8% |
| Q1 2025 | $35.5B | +6.6% |
| Q4 2024 | $42B | +7.6% |
| Q3 2024 | $35.5B | +5.2% |
BABA's revenue has grown year over year for 16 quarters in a row: $40.2B last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 7.2% | -6.9 points |
| Q1 2026 | -0.3% | -12 points |
| Q4 2025 | 7.1% | -7.6 points |
| Q3 2025 | 2.2% | -13 points |
| Q2 2025 | 14% | -0.7 points |
| Q1 2025 | 12% | +5.4 points |
| Q4 2024 | 15% | +6.1 points |
| Q3 2024 | 15% | 0 points |
BABA's operating margin was 7.2% last quarter, down 6.9 points from the same quarter a year ago.
MMYT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $229.3M | 0% |
| Q2 2026 | $285.6M | +6.2% |
| Q1 2026 | $250.1M | +1.9% |
| Q4 2025 | $295.7M | +11% |
| Q3 2025 | $229.3M | +8.7% |
| Q2 2025 | $268.8M | +5.6% |
| Q1 2025 | $245.5M | +21% |
| Q4 2024 | $267.4M | +25% |
MMYT's revenue is growing: $229M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | 0 points |
| Q2 2026 | 15% | +0.3 points |
| Q1 2026 | 16% | +3.3 points |
| Q4 2025 | 14% | +0.9 points |
| Q3 2025 | 15% | +2.6 points |
| Q2 2025 | 15% | +4.1 points |
| Q1 2025 | 13% | +4.5 points |
| Q4 2024 | 13% | +2.4 points |
MMYT has the edge over BABA on profitability, with a higher operating margin.
BABA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$6.7B | -$4.1B |
| Q1 2026 | -$2.7B | +$1.5B |
| Q4 2025 | $1B | -90% |
| Q3 2025 | -$3.2B | -254% |
| Q2 2025 | -$2.7B | -182% |
| Q1 2025 | -$4.2B | -12231% |
| Q4 2024 | $10.4B | -4.8% |
| Q3 2024 | $2.1B | -62% |
BABA's free cash flow has turned negative after years in the green: −$11.6B over the past year.
MMYT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $0 | -100% |
| Q2 2026 | $0 | -100% |
| Q1 2026 | $0 | -100% |
| Q4 2025 | $45.6M | +$56.1M |
| Q3 2025 | $48.7M | +37% |
| Q2 2025 | $41.8M | -42% |
| Q1 2025 | $87.8M | +$94.4M |
| Q4 2024 | -$10.5M | -115% |
MMYT has the edge over BABA on cash generation, producing positive trailing cash flow while its opponent burns cash.
BABA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +11.1M shares |
| 1 year | +0.9% | +21.4M shares |
| 3 years | -6.2% | -161M shares |
| 5 years | -12% | -339M shares |
| Available history | -8.4% | -221M shares |
BABA has 2.4B diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $269.8M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
BABA spent $270M buying back its own shares over the past year, after none the year before.
MMYT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -220K shares |
| 1 year | 0% | -- |
| 3 years | -13% | -14.5M shares |
| 5 years | -9.7% | -10.5M shares |
| Available history | -6.9% | -7.3M shares |
MMYT has the edge over BABA on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $1.6B |
| Q3 2025 | $3B |
| Q2 2025 | — |
| Q1 2025 | $7M |
| Q4 2024 | — |
MMYT spent $1.6B buying back its own shares over the past year, down 47% from the year before.
BABA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.5x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.2x | Very low |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 0.1x | Very low |
| Q3 2024 | -0.2x | Net Cash |
BABA has the edge over MMYT on leverage, with a lower net debt burden relative to earnings.
MMYT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.3x | High |
| Q2 2026 | 6.2x | High |
| Q1 2026 | 4.7x | High |
| Q4 2025 | 6.7x | High |
| Q3 2025 | 6.3x | High |
| Q2 2025 | 5.1x | High |
| Q1 2025 | -1.7x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
MMYT's net debt is about 6.3 years of its operating earnings (EBITDA), about the same as a year ago.
BABA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 12.7 | Oversold |
BABA's weekly RSI is 38 (neutral) and its Stochastic is 13 (oversold).
MMYT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.8 | Neutral |
| Stochastic | 37.3 | Neutral |
MMYT's weekly RSI is 50 (neutral) and its Stochastic is 37 (neutral).
BABA PE vs Consumer Cyclical Sector
| Metric | BABA | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 18x | 19% above |
| PE % | 60 | 47 | 13 pts above |
BABA has the edge over MMYT on valuation relative to its sector.
MMYT PE vs Consumer Cyclical Sector
| Metric | MMYT | Sector median | Relative |
|---|---|---|---|
| PE | 156x | 18x | 763% above |
| PE % | 83 | 47 | 36 pts above |
MMYT is trading at 156x earnings, a 763% premium to the Consumer Cyclical sector's median of 18x.
BABA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $104.7 | 9.9% below |
| 20 week MA | $111.1 | 15% below |
| 50 week MA | $128.0 | 26% below |
| 100 week MA | $127.7 | 26% below |
| 200 week MA | $106.4 | 11% below |
BABA is in a downtrend: it's below all five of its weekly moving averages, and 11% below its 200-week average.
MMYT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $46.2 | 10% above |
| 20 week MA | $52.0 | 2% below |
| 50 week MA | $54.4 | 6.2% below |
| 100 week MA | $76.1 | 33% below |
| 200 week MA | $66.9 | 24% below |
MMYT has the edge over BABA on trend strength, trading above more of its moving averages.
BABA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $215.5 | $222.0 | +3% |
| 2021 | $222.0 | $118.7 | -47% |
| 2022 | $118.7 | $85.7 | -28% |
| 2023 | $85.7 | $77.5 | -9.5% |
| 2024 | $77.5 | $85.1 | +9.7% |
| 2025 | $85.1 | $152.2 | +79% |
| 2026 YTD | $152.2 | $94.4 | -38% |
BABA has the edge over MMYT on returns for 2026, with the stronger performance.
MMYT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.6 | $27.2 | +15% |
| 2021 | $27.2 | $28.3 | +4.1% |
| 2022 | $28.3 | $28.0 | -1.1% |
| 2023 | $28.0 | $47.0 | +68% |
| 2024 | $47.0 | $114.5 | +144% |
| 2025 | $114.5 | $83.3 | -27% |
| 2026 YTD | $83.3 | $51.0 | -39% |
MMYT is down 39% so far in 2026, after finishing higher in four of the previous six years.