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What has to happen in All others

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This page changes All others inside the complete BABA model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

BABA forward model
Horizon
Consolidated fair value $173.67 all other verticals held in this portfolio case
Final-quarter revenue $5.44B 8% of company revenue
Explicit segment contribution −$1.39B EBITDA less segment capex, before corporate items

Cloud is the company and the rest is ballast. External revenue growth accelerated to 45%, the fastest in twenty-two quarters; AI-related product revenue reached RMB12,376 million in a twelfth consecutive triple-digit quarter, at an annualised run rate above RMB49.5 billion that management expects to approach US$10 billion next quarter; MaaS ARR passed RMB16 billion in August against a RMB30 billion year-end target; segment adjusted EBITA rose 133%; Omdia ranks Alibaba Cloud first in China's AI cloud market; and AliExpress reached operating profit. On this path the compute business re-rates the whole group and the market pays 2.4x revenue for it.

All others

Basis quarter$4.25B
Final quarter$5.44B
Implied CAGR+5%
Final revenue mix8%

Alibaba Health, the Hujing Digital Media and Entertainment Group, Amap, Lingxi Games and other technology businesses. Revenue was flat at +1% and the line swung from a RMB687 million adjusted-EBITA profit a year ago to a RMB3,343 million loss, alongside a RMB4,458 million goodwill impairment the release attributes to businesses in this bucket.

Last four quarters
2026 Q2 $4.25B Reported
Alibaba HealthHujing Digital Media and Entertainment GroupAmapLingxi GamesOther technology businesses
Sequential growth +0.1%/qtr decaying toward +0.8% 0.15% a quarter is the 0.6% year-over-year this bucket printed; the release rounds it to 1%.
All others

Latest: $5.44B (2031Q2E)

Period Value
2026Q2 $4.25B
2026Q3E $4.29B
2026Q4E $4.33B
2027Q1E $4.37B
2027Q2E $4.42B
2027Q3E $4.47B
2027Q4E $4.52B
2028Q1E $4.58B
2028Q2E $4.63B
2028Q3E $4.69B
2028Q4E $4.75B
2029Q1E $4.81B
2029Q2E $4.87B
2029Q3E $4.94B
2029Q4E $5.01B
2030Q1E $5.07B
2030Q2E $5.14B
2030Q3E $5.22B
2030Q4E $5.29B
2031Q1E $5.36B
2031Q2E $5.44B

Assumptions & reasoning

  • The RMB4,458 million goodwill impairment relates to businesses in this segment but sits BELOW adjusted EBITA, so it does not touch the -11.6% segment margin the release reports or the -9.6% EBITDA margin used here.
  • The composition of this bucket changed with the June 2026 recut, because AI Labs and Applications was carved out of it. The pre-recut All others series is not comparable and is not used anywhere in this model.
  • The return to a 4% terminal EBITDA margin is an assumption with no disclosed path behind it. Management has said nothing about when technology-business investment in this bucket normalises.
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