Alibaba — Moat

MOAT ASSESSMENT

TICKER: [US.BABA - Alibaba]
PERIOD: [2010-ANNUAL ~ 2026-ANNUAL]


Parameter  Value
----------------
WACC         10%
Tax Rate   21.0%


[+] ROIC Quality: Median 43.8%
    ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 45.6%
    ↳ CoV < 10% = highly stable
[~] Gross Margin Stability: 29.6%
    ↳ CoV < 10% = stable pricing power
[+] Economic Moat (ROIC-WACC): 33.8%
    ↳ > 5% = creating economic value


Metric  Gross Margin       ROIC
-------------------------------
Mean           56.1%      50.4%
Median         57.2%      43.8%
Max            83.2%      96.1%
Min            36.7%      14.9%
StdDev         16.6%      23.0%
CoV            29.6%      45.6%
Slope      -3.13%/yr  -5.00%/yr
R²               90%        61%


[DATA]


Period        Revenue  Gross Profit    GM%   ROIC  ROIC-WACC
------------------------------------------------------------
2010 ANNUAL     5.56B         4.63B  83.2%      -          -
2011 ANNUAL     6.42B         5.16B  80.4%      -          -
2012 ANNUAL    20.02B        13.47B  67.3%      -          -
2013 ANNUAL    34.52B        24.80B  71.8%      -          -
2014 ANNUAL    52.50B        39.13B  74.5%      -          -
2015 ANNUAL    76.20B        52.37B  68.7%  96.1%      86.1%
2016 ANNUAL   101.14B        66.79B  66.0%  76.9%      66.9%
2017 ANNUAL   158.27B        98.79B  62.4%  72.7%      62.7%
2018 ANNUAL   250.27B       143.22B  57.2%  65.3%      55.3%
2019 ANNUAL   376.84B       169.91B  45.1%  31.7%      21.7%
2020 ANNUAL   509.71B       227.34B  44.6%  39.3%      29.3%
2021 ANNUAL   717.29B       296.08B  41.3%  36.7%      26.7%
2022 ANNUAL   853.06B       313.61B  36.8%  35.3%      25.3%
2023 ANNUAL   868.69B       318.99B  36.7%  37.5%      27.5%
2024 ANNUAL   941.17B       354.85B  37.7%  48.4%      38.4%
2025 ANNUAL   996.35B       398.06B  40.0%  50.5%      40.5%
2026 ANNUAL  1023.67B       407.53B  39.8%  14.9%       4.9%