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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.

27.01 0.38 −1.39%
Market cap
$32.9B
P/E
17.3×
Fwd P/E
10.9×
Dividend yield
3.70%
F-score
5/9
Altman Z
2.61
Beneish M
−2.41
Dividend safety
48/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 10.94%

Capital & Financial Ratios $m

Market Cap 32,940.00
Revenue 192,738.00
Net Income 3,309.00
Free Cash Flow 7,499.00
Net Debt (26,339.00)
Current Ratio 1.14
Debt/Equity 0.20 (at or below 0.5: strong)
P/E ratio 17.31
Fwd P/E 10.90
P/S ratio 0.19
P/B ratio 0.89
Past 5Y EPS Growth (17.66%) (below 0%: weak)
This Y EPS Growth 20.32% (at or above 15%: strong)
Next Y EPS Growth 26.51% (at or above 15%: strong)
Next Y revenue growth 8.16%
Next 5Y EPS Growth 23.26% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.1×, against a ten-year median of 0.5×; over the ten years it ranged from 0.0× in 2026 to 1.4× in 2017.
P/E against its own 10 years 40.63%
10-year low 10-year high
P/S against its own 10 years 1.03%
10-year low 10-year high
P/B against its own 10 years 2.14%
10-year low 10-year high
EV/Sales against its own 10 years 0.88%
10-year low 10-year high

Dividends

Payout Ratio 0.69
Annual Dividend Rate 1.00
Annual Dividend Yield 3.70%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.00
1.00
2025 1.00
1.00
2024 0.76
0.76
2023 0.62
0.62
2022 0.00
1.26
2021 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 27,839 33,066 32,227 34,643
Receivables 2,859 3,507 3,909 4,231
Inventory 9,586 12,238 13,646 16,887
Other 686 1,702 1,143 1,017
43,354 52,977 53,541 59,631
2023 2024 2025 Q'26
Payables 23,404 26,422 26,938 33,745
ST’ Debt 709 1,039 1,146 521
Other 4,454 4,443 5,206 6,040
37,415 41,034 43,768 52,281

Compound Annual Growth %

10y 5y 3y
Sales 20.93% 10.37% 7.26%
Cash Flow 0.00% (16.07%) (31.32%)
Earnings 0.00% (18.00%) 23.04%
Book Value 24.03% 6.04% 1.94%

Revenue $m

Mar Jun Sep Dec Year
’26 45,766 51,053 — — —
’25 41,490 49,788 42,009 53,910 187,197
’24 36,016 40,098 37,105 45,539 158,758
’23 35,377 39,708 33,950 43,736 152,771
’22 37,805 39,952 34,236 39,697 151,690
’21 31,011 39,309 33,943 45,064 149,326
’20 20,648 28,457 25,659 39,535 114,299
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 80 5,561 — — —
’25 (2,517) 3,375 (1,123) 2,981 2,716
’24 (1,567) 6,992 (693) 3,227 7,959
’23 (3,146) 6,580 2,036 2,913 8,383
’22 (549) 5,055 1,023 2,854 8,383
’21 (1,146) 4,458 2,249 1,077 6,638
’20 (218) 3,767 1,949 1,022 6,520
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 80 5,561 — — —
’25 (2,517) 3,375 (1,123) 461 196
’24 (2,038) 6,992 (693) 755 5,487
’23 (3,146) 6,580 2,036 112 5,582
’22 (549) 5,055 1,023 (262) 5,267
’21 (1,146) 4,458 2,249 (2,395) 3,166
’20 (218) 3,767 1,949 1,003 6,502
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.51 0.74 — — —
’25 0.99 0.58 0.48 (0.29) 1.84
’24 0.63 1.13 1.10 0.89 3.68
’23 0.57 0.57 0.69 0.30 2.14
’22 (0.30) 0.41 0.50 0.28 0.93
’21 0.34 0.08 (0.28) (0.52) (0.36)
’20 0.10 1.48 0.69 2.33 4.86
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 19.51 25.59 19.21 20.18 32.70 61.65 33.17 24.01 20.82 28.21

Analyst estimates 2026–2028

Powerpack
High 30.66 48.99 50.68 36.80 92.77 108.29 81.24 67.10 47.82 46.45
People
People Employees 120,622 157,831 178,927 227,730 242,452 298,717 362,171 425,469 465,626 642,940
Revenue/emp, $m 0.31 0.35 0.38 0.36 0.47 0.50 0.42 0.36 0.34 0.29
Income, $m
Income, $m Revenue 37,465 55,689 67,198 82,865 114,299 149,326 151,690 152,771 158,758 187,197
Gross margin, % 15.16 14.02 14.28 14.63 14.63 13.56 14.06 14.72 15.87 16.04
EBT (466) 19 (345) 1,967 7,788 (405) 2,012 4,457 7,061 3,621
EBT margin, % (1.24) 0.03 (0.51) 2.37 6.81 (0.27) 1.33 2.92 4.45 1.93
Net income (492) (3) (407) 1,708 7,561 (701) 1,407 3,275 6,118 3,309
Depreciation 523 644 809 837 930 978 1,049 1,168 1,220 1,394
Per share, $
Per share, $ Revenue 26.72 39.15 46.70 56.90 75.65 96.11 97.06 97.18 106.20 131.50
Earnings (0.40) (0.02) (0.25) 1.20 5.01 (0.36) 0.96 2.17 3.79 1.97
Cash flow 0.90 2.68 2.11 2.44 4.32 4.27 5.36 5.33 5.32 1.91
Capex (0.32) (0.87) (2.16) (0.11) (0.01) (2.23) (1.99) (1.78) (1.65) (1.77)
Free cash flow 0.58 1.81 (0.05) 2.34 4.30 2.04 3.37 3.55 3.67 0.14
Book value 3.51 5.66 6.15 8.35 20.74 24.80 25.38 26.50 28.67 29.51
Shares, m 1,402 1,422 1,439 1,456 1,511 1,554 1,563 1,572 1,495 1,424
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 28.64 18.35 0.00 61.32 12.65 8.98 15.19
P/S 0.97 1.11 0.45 0.62 1.16 0.73 0.59 0.28 0.33 0.22
P/B 7.36 7.65 3.40 4.22 4.24 2.83 2.27 1.03 1.21 0.97
EV/Sales 0.91 1.07 0.39 0.53 0.99 0.54 0.42 0.14 0.17 0.10
EV/FCF 47.28 13.00 (11.30) (46.37) 34.90 27.09 50.44 (21.03) (30.56) (3.37)
Cash, $m
Cash, $m Operating cash flow 1,263 3,815 3,037 3,560 6,520 6,638 8,383 8,383 7,959 2,716
Capex (447) (1,243) (3,108) (157) (19) (3,472) (3,116) (2,801) (2,472) (2,520)
Free cash flow 816 2,572 (71) 3,402 6,502 3,166 5,267 5,582 5,487 196
Balance, $m
Balance, $m Working capital 316 (495) (2,328) (133) 9,316 12,245 12,253 5,939 11,943 9,773
Total debt 4,124 3,659 2,097 1,960 3,304 2,158 6,144 6,619 8,776 10,079
Net debt (2,045) (2,241) (3,653) (7,307) (19,853) (27,855) (26,654) (21,220) (24,290) (22,148)
Shareholders’ equity 4,920 8,052 8,853 12,161 31,339 38,535 39,659 41,658 42,856 42,010
Returns, %
Returns, % ROA (2.99) (0.09) (1.23) 5.17 14.84 (0.78) 1.84 3.89 6.15 2.88
ROIC (6.71) (1.38) (4.58) 16.64 10.29 3.80 13.74 11.21 17.87 1.25
ROE (11.19) (0.36) (4.29) 16.66 34.81 (1.60) 3.85 8.37 13.41 6.62
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 2 Oct 2026

Charts ten years each

JD.com, Inc. vs peers in Internet Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PDD PDD Holdings Inc. Sponsored ADR $117.3B 8.4× 9.1× +14.08% (above 0%: growing) −7.17% (below 0%: shrinking) +25.39% (above 0%: growing) 57.26% 24.71% Compare
MELI MercadoLibre, Inc. $94.1B 49.9× 39.6× +49.76% (above 0%: growing) −10.86% (below 0%: shrinking) +22.47% (above 0%: growing) 40.90% 6.72% Compare
DASH DoorDash, Inc. $83.7B 97.5× 61.1× +35.63% (above 0%: growing) −31.34% (below 0%: shrinking) +109.01% (above 0%: growing) 52.69% 3.50% Compare
SE Sea Limited Sponsored ADR $55.3B 34.6× 28.5× +48.07% (above 0%: growing) +5.88% (above 0%: growing) −6.79% (below 0%: shrinking) 45.58% 8.35% Compare
EBAY eBay Inc. $54.7B 24.3× 24.0× +14.80% (above 0%: growing) +55.00% (above 0%: growing) +168.03% (above 0%: growing) 73.45% 21.57% Compare
JD JD.com, Inc. $32.9B 17.3× 10.9× +2.54% (above 0%: growing) +27.87% (above 0%: growing) +64.77% (above 0%: growing) 17.12% 1.31%
CPNG Coupang, Inc. $26.6B — (loss-making) — (loss-making) +3.89% (above 0%: growing) n/m −79.35% (below 0%: shrinking) 28.16% (6.28%) Compare
W Wayfair Inc. $15.3B — (loss-making) — (loss-making) +7.52% (above 0%: growing) n/m +28.46% (above 0%: growing) 29.95% 2.96% Compare
CART Maplebear Inc. $11.8B 26.2× 17.0× +14.11% (above 0%: growing) +6.98% (above 0%: growing) +157.22% (above 0%: growing) 72.00% 13.81% Compare
Median of peers $55.0B 30.4× 26.3× +14.46% −0.65% +26.93% 49.14% 7.54%

All 42 Internet Retail stocks →

JD.com, Inc. (JD) key facts

  • Strength: JD.com, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $187.2 billion, up 17.9% from fiscal 2024.
  • JD.com, Inc. (JD) is an Internet Retail company in the Consumer Cyclical sector, traded in the US as an ADR.
  • As of October 16, 2026, JD traded at $27.01, a market capitalization of $32.9 billion.
  • JD.com, Inc. pays an annual dividend of $1.00 per share, a yield of 3.70%, with a payout ratio of 69.4%.
  • Return on equity was 6.62% and debt-to-equity 0.20.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.61 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 2, 2026.

JD.com, Inc. (JD) Latest News

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stockrow.com/JD · Data as of Oct 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com