The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 2.81B (2021) → 2.74B (2025)
Baidu, Inc. is a prominent Chinese technology company primarily recognized for its internet search services. Its operations are divided into two main segments: Baidu Core and iQIYI. The Baidu Core segment offers a wide array of products and services. This includes essential mobile applications such as the Baidu App, which provides search functionalities, personalized news feeds, and various utilities; Haokan for short video content; and Baidu Maps, a voice-enabled navigation system. It also manages numerous knowledge platforms like Baidu Wiki, Baidu Healthcare Wiki, and Baidu Scholar, alongside community-driven services like Baidu Knows. The segment further extends into artificial intelligence with the DuerOS smart assistant platform and Xiaodu smart devices, as well as cutting-edge autonomous driving technologies, encompassing automated valet parking, autonomous navigation, electric vehicles, and robotaxi fleets. Additionally, Baidu Core provides extensive online marketing solutions, including auction-based pay-for-performance advertising that allows clients to bid for priority placement of sponsored links, alongside display-based and other performance-driven marketing services. Cloud computing solutions (PaaS, SaaS, and IaaS) and a suite of mobile ecosystem applications, such as Baidu Post, are also part of this segment. The iQIYI segment operates a comprehensive online entertainment platform. It delivers a rich selection of original and licensed video content, offers membership subscriptions, and provides various online advertising opportunities. Baidu, Inc., originally known as Baidu.com, Inc., was founded in Beijing in 2000 and maintains a strategic partnership with Zhejiang Geely Holding Group.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
-2.1% YoY
YoY Growth Rate
Revenue declining
-54.6% YoY
YoY Growth Rate
Earnings declining
$19.9B/ year
↓ Declining (-10% vs prior year)
15.8% of revenue
In line with sector average (12%)
R&D spend declining — could signal cost-cutting or efficiency
5+ years
Quarterly Free Cash Flow
↓ Burn rate worsening
$275.9B cash & investments at current burn rate
Baidu's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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