Meituan vs Kuaishou Technology stock: side by side (October 2026)
How do Meituan and Kuaishou Technology compare?
| Meituan 3690.HK | Kuaishou Technology 1024.HK | |
|---|---|---|
| Revenue growth | 8.1%2025 | 12.5%2025 |
| Operating margin | -6.9%2025 | 14.5%2025 |
| Free cash flow | -31,701.735RMB millions · 2025 | 7,324RMB millions · 2025 |
| Free cash flow yield | -8.0%Today (Oct 15, 2026) | 7.5%Today (Oct 22, 2026) |
| Dividend yield | 0.0%Today (Oct 15, 2026) | 2.6%Today (Oct 22, 2026) |
| P/E, next 12 months | 16.9xToday (Oct 15, 2026) | 13.7xToday (Oct 22, 2026) |
| Weighted price forecast, about 1 year | 86.09 (+14 %)October 2027 | 49.19 (+86 %)October 2027 |
| Weighted price forecast, about 3 years | 106.34 (+41 %)October 2029 | 71.54 (+173 %)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | Kuaishou Technology | The higher figure |
| Operating margin | Kuaishou Technology | The higher figure |
| Free cash flow | Kuaishou Technology | The higher figure |
| Free cash flow yield | Kuaishou Technology | The higher figure |
| Dividend yield | Kuaishou Technology | The higher figure |
| P/E, next 12 months | Kuaishou Technology | The lower figure |
| Weighted price forecast, about 1 year | Kuaishou Technology | The higher weighted return |
| Weighted price forecast, about 3 years | Kuaishou Technology | The higher weighted return |
What does each company do?
Meituan connects consumers with nearby restaurants, shops and local services.
Meituan (3690.HK), from our memo of October 15, 2026 · Meituan stock forecast
Kuaishou Technology runs a Chinese video and social platform where advertisers reach viewers, merchants find buyers and viewers support streamers—people who broadcast live video.
Kuaishou Technology (1024.HK), from our memo of October 22, 2026 · Kuaishou Technology stock forecast
How big are Meituan and Kuaishou Technology?
Meituan reported revenue of RMB 104,643.044 million in the reported period to June 2026, and Kuaishou Technology reported RMB 35,535 million in the reported period to June 2026.
How fast are Meituan and Kuaishou Technology growing, and what did their latest results show?
Revenue at Meituan grew 8.1% in 2025, and revenue at Kuaishou Technology grew 12.5% in 2025.
The eight-quarter sequence gives the result its proper scale. Revenue growth first slowed sharply, then recovered, while operating losses narrowed before the June profit. The latest gross margin nevertheless remained below the level reached in September 2024.
Meituan (3690.HK), from our memo of October 15, 2026 · Meituan earnings
Second-quarter revenue barely grew, while operating income, net income and diluted EPS all fell. The first-half results showed the same direction: modest sales growth alongside a much steeper decline in operating profit. This was not merely a change in the tax line.
Kuaishou Technology (1024.HK), from our memo of October 22, 2026 · Kuaishou Technology earnings
How much cash do Meituan and Kuaishou Technology generate, and where does it go?
At Meituan, free cash flow came to −RMB 31,701.735 million in 2025; at Kuaishou Technology, it came to RMB 7,324 million in 2025. The dividend yield stood at 0.0% on October 15, 2026 for Meituan and 2.6% on October 22, 2026 for Kuaishou Technology.
The larger pressure came from investment. Capital spending rose sharply as Kuaishou paid for property, equipment and intangible assets. Servers and other computing capacity require cash immediately, while accounting spreads their cost through future depreciation. After capital spending, lease payments and interest, free cash flow fell sharply and represented a much smaller share of revenue.
Kuaishou Technology (1024.HK), from our memo of October 22, 2026 · Kuaishou Technology dividend
What does an investor pay for Meituan and Kuaishou Technology today?
Meituan traded at 16.9x the next 12 months’ earnings on October 15, 2026; Kuaishou Technology traded at 13.7x the next 12 months’ earnings on October 22, 2026. At Meituan, the free cash flow yield was -8.0% on October 15, 2026; at Kuaishou Technology, it was 7.5% on October 22, 2026.
Cash is the harder test. Meituan’s free-cash-flow yields are negative despite the positive earnings forecast. Inventory purchases, lending growth and working-capital movements can absorb cash, while merchant balances and customer advances may provide temporary funding. Cash awaiting payment to a restaurant also carries an obligation, so operating cash flow must be reconciled with the balance sheet.
Meituan (3690.HK), from our memo of October 15, 2026 · Meituan stock forecast