Tearsheet

Baidu (BIDU)


Market Price (10/23/2025): $116.87 | Market Cap: $39.7 Bil
Sector: Communication Services | Industry: Interactive Media & Services

Baidu (BIDU)


Market Price (10/23/2025): $116.87
Market Cap: $39.7 Bil
Sector: Communication Services
Industry: Interactive Media & Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 70%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 65%
Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -67%
Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg QQuarterly Revenue Change % is -3.6%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -80%
  
2 Low stock price volatility
Vol 12M is 46%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 70%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 65%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -80%
2 Low stock price volatility
Vol 12M is 46%
3 Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -67%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.5%, Rev Chg QQuarterly Revenue Change % is -3.6%

Market Valuation & Key Metrics

BIDU Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
BIDU Return71%-31%-23%4%-29%39%-5%
Peers Return60%8%-41%76%31%37%221%
S&P 500 Return16%27%-19%24%23%14%106%

Monthly Win Rates [3]
BIDU Win Rate67%33%50%67%25%67% 
Peers Win Rate65%62%35%65%57%58% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
BIDU Max Drawdown-34%-37%-49%-8%-33%-9% 
Peers Max Drawdown-25%-25%-51%-6%-11%-16% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, GOOGL, META, BABA, Z. See BIDU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/22/2025 (YTD)

How Low Can It Go

Unique KeyEventBIDUS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-77.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven343.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-42.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven72.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven240 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-66.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven201.1%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven544 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-74.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven298.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven303 days1480 days

Compare to MSFT, GOOGL, META, BABA, Z


In The Past

Baidu's stock fell -77.5% during the 2022 Inflation Shock from a high on 2/19/2021. A -77.5% loss requires a 343.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Baidu (BIDU)

Interactive Breakdown

Baidu Interactive Breakdown Analysis

Better Bets than Baidu (BIDU)

Trade Ideas

Select past ideas related to BIDU. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TTD_9302025_Dip_Buyer_High_CFO_Margins_ExInd_DE09302025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
10.0%10.0%0.0%
CMCSA_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025CMCSAComcastMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-8.9%-8.9%-11.0%
PINS_5312025_Monopoly_xInd_xCD_Getting_Cheaper05312025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
8.5%8.5%-2.3%
IRDM_4302025_Dip_Buyer_FCFYield04302025IRDMIridium CommunicationsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-20.3%-20.3%-27.4%
IAS_4302025_Dip_Buyer_High_CFO_Margins_ExInd_DE04302025IASIntegral Ad ScienceDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
44.7%44.7%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
TTD_9302025_Dip_Buyer_High_CFO_Margins_ExInd_DE09302025TTDTrade DeskDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
10.0%10.0%0.0%
CMCSA_7312025_Monopoly_xInd_xCD_Getting_Cheaper07312025CMCSAComcastMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-8.9%-8.9%-11.0%
PINS_5312025_Monopoly_xInd_xCD_Getting_Cheaper05312025PINSPinterestMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
8.5%8.5%-2.3%
IRDM_4302025_Dip_Buyer_FCFYield04302025IRDMIridium CommunicationsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-20.3%-20.3%-27.4%
IAS_4302025_Dip_Buyer_High_CFO_Margins_ExInd_DE04302025IASIntegral Ad ScienceDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
44.7%44.7%0.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Baidu

Financials

BIDUMSFTGOOGLMETABABAZMedian
NameBaidu MicrosoftAlphabet Meta Pla.Alibaba Zillow  
Mkt Price117.03520.54251.69733.41165.8677.37208.78
Mkt Cap39.83,867.63,051.01,853.3385.018.71,119.2
Rev LTM132,846281,724371,399170,3591,000,7632,388226,042
Op Inc LTM17,627128,528121,37073,116146,075-13397,243
FCF LTM-24371,61166,72852,311150,54521559,520
FCF 3Y Avg22,52168,38666,20339,960177,55221053,081
CFO LTM-243136,162133,70896,108150,545484114,908
CFO 3Y Avg22,521114,097112,63674,289177,55240793,462

Growth & Margins

BIDUMSFTGOOGLMETABABAZMedian
NameBaidu MicrosoftAlphabet Meta Pla.Alibaba Zillow  
Rev Chg LTM-1.5%14.9%13.1%19.4%5.3%15.3%14.0%
Rev Chg 3Y Avg2.6%12.5%10.2%13.0%5.5%4.6%7.8%
Rev Chg Q-3.6%18.1%13.8%16.1%1.8%14.5%14.2%
QoQ Delta Rev Chg LTM-0.9%4.3%3.2%3.6%0.4%3.6%3.4%
Op Mgn LTM13.3%45.6%32.7%42.9%14.6%-5.6%23.6%
Op Mgn 3Y Avg15.3%44.0%29.4%34.6%13.5%-9.4%22.3%
QoQ Delta Op Mgn LTM-1.9%0.4%0.0%0.7%-0.2%1.4%0.2%
CFO/Rev LTM-0.2%48.3%36.0%56.4%15.0%20.3%28.1%
CFO/Rev 3Y Avg17.0%46.0%34.1%51.0%18.9%19.3%26.7%
FCF/Rev LTM-0.2%25.4%18.0%30.7%15.0%9.0%16.5%
FCF/Rev 3Y Avg17.0%27.9%20.3%26.9%18.9%10.1%19.6%

Valuation

BIDUMSFTGOOGLMETABABAZMedian
NameBaidu MicrosoftAlphabet Meta Pla.Alibaba Zillow  
Mkt Cap39.83,867.63,051.01,853.3385.018.71,119.2
P/S0.313.78.210.90.47.88.0
P/EBIT1.130.721.824.52.1-548.612.0
P/E1.438.026.427.82.6-300.814.5
P/CFO-163.728.422.819.32.638.521.1
Total Yield70.0%3.3%4.1%3.9%38.0%-0.3%4.0%
Dividend Yield0.0%0.6%0.3%0.3%0.0%0.0%0.1%
FCF Yield 3Y Avg61.0%2.2%3.5%3.0%84.8%1.6%3.3%
D/E2.30.00.00.00.60.00.0
Net D/E-0.8-0.0-0.0-0.0-0.5-0.0-0.0

Returns

BIDUMSFTGOOGLMETABABAZMedian
NameBaidu MicrosoftAlphabet Meta Pla.Alibaba Zillow  
1M Rtn-14.3%1.2%-0.3%-4.1%1.0%-4.5%-2.2%
3M Rtn25.7%3.1%32.4%2.8%35.3%-4.0%14.4%
6M Rtn33.7%39.5%62.4%41.2%41.8%20.4%40.3%
12M Rtn27.2%22.7%53.1%26.4%67.9%27.5%27.4%
3Y Rtn28.3%120.3%150.6%467.6%141.9%164.2%146.3%
1M Excs Rtn-7.4%1.6%-0.6%-3.5%1.1%-3.0%-1.8%
3M Excs Rtn23.3%-3.2%25.8%-2.6%31.6%-9.0%10.4%
6M Excs Rtn9.1%14.9%37.7%16.6%17.1%-4.3%15.7%
12M Excs Rtn9.8%11.2%40.5%13.4%50.4%7.2%12.3%
3Y Excs Rtn-67.3%42.4%71.4%368.4%45.3%86.2%58.3%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Baidu Core103,46595,43195,16378,68479,711
iQIYI31,87328,99830,55429,70728,994
Eliminations and adjustments-740-754-1,224-1,317-1,292
Total134,598123,675124,493107,074107,413


Operating Income by Segment
$ Mil20242023202220212020
Baidu Core18,82514,53415,14220,53815,261
iQIYI2,9891,312-4,479-6,041-9,258
Eliminations and adjustments4265-145-157304
Total21,85615,91110,51814,3406,307


Net Income by Segment
$ Mil20242023202220212020
Baidu Core19,4017,55113,55726,5247,580
iQIYI1,925-136-6,170-7,038-10,323
Eliminations and adjustments-1,0111442,8392,9864,800
Total20,3157,55910,22622,4722,057


Price Behavior

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity8,494,113
Short Interest: % Change Since 915202515.0%
Average Daily Volume8,766,398
Days-to-Cover Short Interest1
Basic Shares Quantity340,000,000
Short % of Basic Shares2.5%

SEC Filings

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Report DateFiling DateFiling
630202582020256-K 6/30/2025
331202552120256-K 3/31/2025
12312024328202520-F 12/31/2024
9302024112120246-K 9/30/2024
630202482220246-K 6/30/2024
331202451620246-K 3/31/2024
12312023315202420-F 12/31/2023
9302023112120236-K 9/30/2023
630202382220236-K 6/30/2023
331202351620236-K 3/31/2023
12312022322202320-F 12/31/2022
9302022112320226-K 9/30/2022
630202283120226-K 6/30/2022
331202252720226-K 3/31/2022
12312021328202220-F 12/31/2021
9302021111820216-K 9/30/2021

Insider Activity

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