JD.com, Inc.
JD Consumer Cyclical Internet Retail
JD.com, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $187.2 billion, up 17.9% from fiscal 2024. In the quarter to June 2026, revenue grew 2.54%, EPS grew 27.9%, free cash flow grew 64.8% and total debt fell 12.8%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for ten.
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JD.com, Inc. (JD) Altman Z-score
JD.com, Inc.'s Altman Z-score for fiscal 2025 is 2.61, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.61 | (0.12) |
| FY2024 | 2.74 | 0.11 |
| FY2023 | 2.62 | (0.61) |
| FY2022 | 3.23 | (0.65) |
| FY2021 | 3.89 | (0.66) |
| FY2020 | 4.55 | 1.06 |
| FY2019 | 3.49 | 0.74 |
| FY2018 | 2.75 | (0.76) |
| FY2017 | 3.51 | 0.93 |
| FY2016 | 2.58 | (2.23) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | 0.12 | — | 0.17 | |
| EBIT / total assets | 0.00 | — | 0.01 | |
| Market value of equity / total liabilities | 0.71 | — | 0.43 | |
| Sales / total assets | 1.88 | — | 1.88 | |
| Altman Z-score | Grey zone | 2.61 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.84 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DASH DoorDash, Inc. compare | 6.7× |
| CART Maplebear Inc. compare | 6.2× |
| EBAY eBay Inc. compare | 6.1× |
| PDD PDD Holdings Inc. Sponsored ADR compare | 5.5× |
| SE Sea Limited Sponsored ADR compare | 3.8× |
| CPNG Coupang, Inc. compare | 3.7× |
| MELI MercadoLibre, Inc. compare | 3.0× |
| W Wayfair Inc. compare | 2.9× |
| JD JD.com, Inc. | 2.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets