PDD Holdings
PDD
78.53
+0.03
+0.04%
PDD Holdings
US · PDD
#187 by market cap
Listed 2018
78.53
+0.03
+0.04%
Live - 5344 symbols - heartbeat 219s ago
· 2026-10-08 10:10
Pre-market
77.86
-0.82%
After-hours
78.40
-0.13%
Overnight
77.50
-1.27%
- Market cap
- 111.78B
- P/E (TTM)i
- 8.46
- P/Bi
- 1.67
- EPSi
- 9.84
- Div yieldi
- 0.00%
- 52W posi
- 10%
Reader sentiment
Are you bullish or bearish on PDD?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Fair
- Altman Z-Score is 2.70, in the 1.8-3.0 "grey zone".
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +9.65% YoY
Margins
- Gross margin
- 56.28%
- Operating margin
- 21.56%
- Net margin
- 22.66%
Key ratios & quality
- PEG ratioi
- 0.18
- Altman Z-Scorei
- 2.70
PEG uses trailing P/E against the 3-year net income growth rate (45.85%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.12B | 30.14B | 59.49B | 93.95B | 130.56B | 247.64B | 393.84B | 431.85B |
| Gross profit | 10.21B | 23.80B | 40.21B | 62.23B | 99.10B | 155.92B | 239.94B | 243.04B |
| Selling & admin expenses | 19.90B | 28.47B | 42.70B | 46.34B | 58.31B | 86.26B | 118.85B | 133.45B |
| Research & development | 1.12B | 3.87B | 6.89B | 8.99B | 10.38B | 10.95B | 12.66B | 16.50B |
| Operating profit | -10.80B | -8.54B | -9.38B | 6.90B | 30.40B | 58.70B | 108.42B | 93.10B |
| Pretax profit | -10.22B | -7.00B | -7.26B | 9.46B | 36.42B | 71.88B | 132.68B | 119.45B |
| Tax | 0 | 0 | 0 | 1.93B | 4.73B | 11.85B | 20.27B | 21.73B |
| Net profit | -10.22B | -6.97B | -7.18B | 7.77B | 31.54B | 60.03B | 112.43B | 97.84B |
| Basic EPS | -14 | -6 | -6 | 6 | 25 | 44 | 81 | 70 |
| Diluted EPS | -13.88 | -6.04 | -6.04 | 5.44 | 21.92 | 41.16 | 76.00 | 66.00 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 95.67B | 103.99B | 108.28B | 123.91B | 106.23B | 112.36B |
| Gross profit | 54.73B | 58.13B | 61.44B | 68.76B | 59.34B | 64.34B |
| Selling & admin expenses | 35.06B | 28.74B | 32.08B | 37.56B | 35.35B | 32.01B |
| Research & development | 3.58B | 3.59B | 4.33B | 4.99B | 4.42B | 4.57B |
| Operating profit | 16.09B | 25.79B | 25.03B | 26.20B | 19.57B | 27.76B |
| Pretax profit | 19.33B | 35.54B | 33.28B | 31.31B | 16.76B | 33.31B |
| Tax | 4.48B | 4.82B | 3.99B | 8.45B | 4.12B | 6.09B |
| Net profit | 14.74B | 30.75B | 29.33B | 23.02B | 12.55B | 27.18B |
| Basic EPS | 11 | 22 | 21 | 17 | 9 | 19 |
| Diluted EPS | 9.96 | 20.76 | 19.72 | 16.52 | 8.48 | 18.44 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 40.39B | 73.00B | 149.52B | 160.91B | 216.62B | 294.75B | 415.65B | 518.98B |
| Cash & ST investments | 21.79B | 41.06B | 86.97B | 92.94B | 149.44B | 217.21B | 331.56B | 422.31B |
| Inventory | -- | 0 | 1.72B | -- | -- | -- | -- | -- |
| Total assets | 43.18B | 76.06B | 158.91B | 181.21B | 237.12B | 348.08B | 505.03B | 630.04B |
| Total current liabilities | 24.36B | 45.77B | 83.88B | 93.73B | 116.89B | 152.90B | 188.42B | 213.74B |
| Short-term debt | -- | 1.01B | 2.12B | 427.16M | 14.49B | 2.29B | 7.42B | 2.50B |
| Long-term debt | -- | 5.21B | 14.43B | 11.79B | 1.58B | 5.23B | -- | -- |
| Total liabilities | 24,359,469,000.00 | 51,410,470,000.00 | 98,732,726,000.00 | 106,095,171,000.00 | 119,349,042,000.00 | 160,836,513,000.00 | 191,721,192,000.00 | 216,659,171,000.00 |
| Total equity | 18.82B | 24.65B | 60.18B | 75.11B | 117.77B | 187.24B | 313.31B | 413.39B |
| Retained earnings | -11.33B | -18.30B | -25.48B | -17.71B | 15.19B | 75.12B | 187.42B | 284.16B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 447.77B | 476.04B | 516.36B | 518.98B | 536.56B | 556.78B |
| Cash & ST investments | 364.50B | 387.13B | 423.77B | 422.31B | 436.07B | 456.41B |
| Inventory | -- | -- | -- | -- | -- | -- |
| Total assets | 530.51B | 567.16B | 613.72B | 630.04B | 637.70B | 663.41B |
| Total current liabilities | 197.02B | 201.96B | 219.22B | 213.74B | 211.64B | 212.71B |
| Short-term debt | 7.63B | 7.70B | 7.63B | 2.50B | 2.50B | 2.46B |
| Long-term debt | -- | -- | -- | -- | -- | -- |
| Total liabilities | 200,811,846,000.00 | 205,292,640,000.00 | 222,321,342,000.00 | 216,659,171,000.00 | 214,277,000,000.00 | 215,620,000,000.00 |
| Total equity | 329.70B | 361.86B | 391.40B | 413.39B | 423.43B | 447.79B |
| Retained earnings | 202.16B | 232.92B | 262.24B | 284.16B | 296.71B | 323.89B |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.77B | 14.82B | 28.20B | 28.78B | 48.51B | 94.16B | 121.93B | 106.94B |
| Depreciation & amortization | 497.00M | 711.04M | 800.47M | 1.84B | 2.74B | 1.89B | 2.64B | 3.00B |
| Free cash flow | 7.74B | 14.79B | 28.15B | 25.50B | 47.87B | 93.58B | 120.96B | 105.79B |
| Dividends paid | -- | -- | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | 11.52B | 7.99B | 37.87B | -- | -- | -- | -- | -- |
| Ending cash balance | 30.54B | 33.35B | 74.84B | 66.04B | 92.30B | 121.78B | 126.19B | 182.73B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 15.52B | 21.64B | 45.66B | 24.12B | 16.45B | 25.67B |
| Depreciation & amortization | -- | -- | -- | -- | -- | -- |
| Free cash flow | 15.52B | 21.64B | 45.66B | 22.97B | 16.45B | 25.67B |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- |
| Ending cash balance | 135.26B | 129.90B | 163.39B | 182.73B | 199.25B | 206.19B |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | -102.83 | -32.06 | -16.93 | 11.48 | 32.70 | 39.36 | 44.92 | 26.93 |
| ROA %i | -36.45 | -11.69 | -6.11 | 4.57 | 15.08 | 20.51 | 26.36 | 17.24 |
| ROIC %i | -108.68 | -29.47 | -16.37 | 7.65 | 25.25 | 31.02 | 36.46 | 20.71 |
| 5-year avg ROE %i | -- | -- | -- | -- | -24.06 | 6.91 | 22.31 | 31.08 |
| EBIT margin %i | -82.32 | -22.73 | -10.94 | 11.37 | 27.93 | 29.04 | 33.69 | 27.66 |
| FCF / sales %i | 59.00 | 49.08 | 47.32 | 27.14 | 36.67 | 37.79 | 30.71 | 24.50 |
| Current ratioi | 1.66 | 1.60 | 1.78 | 1.72 | 1.85 | 1.93 | 2.21 | 2.43 |
| Quick ratioi | 0.95 | 0.98 | 1.10 | 1.06 | 1.34 | 1.50 | 1.82 | 2.06 |
| Debt / assetsi | -- | 8.74 | 10.68 | 7.04 | 7.14 | 2.92 | 2.10 | 0.85 |
| LT debt / equityi | -- | 22.86 | 24.67 | 16.42 | 2.08 | 4.21 | 1.02 | 0.70 |
| Interest coveragei | -- | -46.97 | -8.59 | 8.68 | 706.04 | 1,635.15 | -- | -- |
| Revenue CAGR (3Y) %i | -- | 290.84 | 224.31 | 92.75 | 63.01 | 60.86 | 61.24 | 49.00 |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- | 143.70 | 45.85 |
| FCF CAGR (3Y) %i | -- | 156.42 | 42.76 | 48.79 | 47.91 | 49.24 | 68.03 | 30.25 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 36.17 | 31.80 | 30.53 | 26.93 | 25.40 | 22.74 |
| ROA %i | 21.84 | 19.59 | 18.93 | 17.24 | 16.38 | 14.96 |
| ROIC %i | 30.24 | 25.14 | 23.61 | 20.71 | 24.86 | 16.90 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 30.49 | 28.32 | 27.90 | 27.66 | 27.29 | 27.71 |
| FCF / sales %i | 28.66 | 22.77 | 26.62 | 24.50 | 24.12 | 24.57 |
| Current ratioi | 2.27 | 2.36 | 2.36 | 2.43 | 2.54 | 2.62 |
| Quick ratioi | 1.92 | 1.99 | 2.00 | 2.06 | 2.13 | 2.21 |
| Debt / assetsi | 2.12 | 1.93 | 1.74 | 0.85 | 0.80 | 0.73 |
| LT debt / equityi | 1.10 | 0.90 | 0.78 | 0.70 | 0.62 | 0.53 |
| Interest coveragei | -- | -- | -- | -- | -- | -- |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Lead segment, long tail
- Online marketing services and others is the largest reported line at 50.43% of revenue, across 2 reported segments.
- Transaction Services follows at 49.57%, so the top line still matters most but isn’t the whole story.
Revenue breakdown most recent period
Business
Online marketing services and others50.43%
Transaction Services49.57%
Region
People's Republic of China (PRC)100.00%
Quote time 2026-10-08 10:10:12 · For reference only, not investment advice and not tailored to your situation.