Baidu

BIDU

Internet Content & Information · Communication Services

Price

$107.24

-5.58 (-4.95%)

Market Cap

$36.47B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−2.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 351.8M (2021) → 343.0M (2025)

Baidu, Inc. provides online marketing and cloud services through an internet platform in the People's Republic of China. It operates in two segments, Baidu Core and iQIYI. The Baidu Core segment offers search-based, feed-based, and other online marketing services; cloud services; and products and other services from AI initiatives. This segment also operates Haokan, a user generated and professionally produced short videos platform. The iQIYI segment operates an online entertainment video platfo

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-81.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$20.4B/ year

↓ Declining (-8% vs prior year)

15.8% of revenue

In line with sector average (12%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

21.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$24.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

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.

Score breakdown

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Quality

Gross Margin

44.2%

Healthy — 44.2% gross margin

Operating Margin

4.5%

Thin — 4.5% operating margin

ROCE

0.4%

Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-3.0%

Shrinking sales (-3.0% YoY)

EPS YoY

-80.0%

Earnings shrinking (-80.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-54%

Weak — only -54% of profit becomes cash

FCF Margin

-12.1%

Burning cash (-12.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.34

Conservative — low debt load (0.34)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

8.1x

Attractive valuation — P/E 8.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+6.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.1 → 1.9)

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Dividends

Not applicable for this business.

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