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PDD Holdings Inc. Sponsored ADR

PDD Consumer Cyclical Internet Retail

PDD Holdings Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $61.8 billion, up 14.5% from fiscal 2024.

Revenue
+14.1%
EPS
−7.17%
Free cash flow
+25.4%

Quarter to June 2026, against a year earlier

83.81 1.66 +2.02%
Market cap
$119.5B
P/E
8.7×
Fwd P/E
8.0×
Dividend yield
—
F-score
5/9
Altman Z
5.46
Beneish M
−2.12
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.35
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — — — — — 1 — —
Insider Ownership 1.19%

Capital & Financial Ratios $m

Size
Market Cap 119,490.00
Revenue ttm 66,013.42
Net income ttm 13,991.30
Free cash flow ttm 16,311.89
Net debt Q (78,656.00)
Valuation
P/E 8.74
Forward P/E 8.00
Price / sales 1.79
Forward P/S Powerpack
Price / FCF 7.44
Price / book 1.79
Financial health
Current ratio Q 2.62 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 2,744.22
Growth
Revenue growth Q +14.08% (above 0%: growing)
Operating income growth Q +13.65% (above 0%: growing)
EPS, this year −5.31% (below 0%: weak)
EPS, next year A +20.03% (at or above 15%: strong)
Revenue, next year A +13.25% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +9.67%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.6×, against a ten-year median of 3.8×; over the ten years it ranged from 0.5× in 2026 to 23.8× in 2020.
P/E against its own 10 years 6.66%
10-year low 10-year high
P/S against its own 10 years 3.24%
10-year low 10-year high
P/B against its own 10 years 2.95%
10-year low 10-year high
EV/Sales against its own 10 years 3.19%
10-year low 10-year high
EV/FCF against its own 10 years 3.05%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 39,324 54,798 70,947 78,656
Receivables 1,598 1,541 2,190 2,139
Inventory — — — —
Other — — — —
41,515 56,944 74,213 82,060
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt 91 727 — —
Other 2,679 2,659 3,015 3,270
21,536 25,814 30,564 31,350

Compound Annual Growth %

10y 5y 3y
Sales — 46.61% 48.31%
Cash Flow — 28.76% 29.55%
Earnings — 0.00% 45.18%
Book Value — 45.00% 51.28%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 2.85 Actual 2.85

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 2.21 2.96 Beat by 0.75
Dec 2025 3.41 2.53 Miss by 0.88
Mar 2026 2.23 1.38 Miss by 0.85
Jun 2026 2.85 2.85 Met by 0.00
Sep 2026 2.77 — Reports 17 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.23 2.72 — — —
’25 1.37 2.90 2.77 2.36 9.44
’24 2.63 2.97 2.41 2.54 10.41
’23 0.81 1.24 1.45 2.23 5.80
’22 0.29 0.93 1.03 0.95 3.18
’21 (0.36) 0.27 0.18 0.73 0.85
’20 (0.50) (0.11) (0.10) (0.22) (0.92)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 15,400 16,560 — — —
’25 13,184 14,516 15,210 18,844 61,753
’24 12,023 13,356 14,158 14,418 53,955
’23 5,480 7,210 9,435 12,754 34,879
’22 3,753 4,694 4,991 5,491 18,929
’21 3,383 3,569 3,338 4,452 14,743
’20 924 1,726 2,093 4,375 9,118
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,384 3,823 — — —
’25 2,138 3,049 6,446 3,658 15,292
’24 2,918 6,007 4,239 3,540 16,704
’23 195 3,216 4,439 5,413 13,263
’22 (1,430) 2,969 1,548 3,946 7,033
’21 (568) 1,133 1,357 2,595 4,517
’20 (80) 778 1,254 2,370 4,321
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,384 3,823 — — —
’25 2,138 3,049 6,446 3,495 15,128
’24 2,918 6,007 4,239 3,407 16,572
’23 195 3,216 4,439 5,331 13,180
’22 (1,430) 2,969 1,548 3,854 6,941
’21 (568) 1,133 1,357 2,079 4,001
’20 (80) 778 1,251 2,366 4,315
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 76 278 1,908 4,330 9,118 14,743 18,929 34,879 53,955 61,753 66,013 +110.5% 69,933 77,604 84,877 +11.2%
Gross margin, % (14.47) 58.55 77.86 78.97 67.59 66.24 75.90 62.96 60.92 56.28 56.33 +70.8 pt
EBT (44) (84) (1,486) (1,005) (1,113) 1,484 5,280 10,124 18,178 17,081 16,797 n/m
EBT margin, % (57.89) (30.11) (77.87) (23.21) (12.21) 10.06 27.89 29.03 33.69 27.66 25.44 +85.6 pt
Net income (44) (84) (1,486) (1,001) (1,100) 1,219 4,573 8,455 15,403 13,991 13,991 n/m
Per share, $
Per share, $ Revenue 0.07 0.63 2.57 3.74 7.65 11.76 14.97 25.76 38.98 44.18 46.93 +105.2%
Earnings (0.01) (0.19) (2.00) (0.88) (0.92) 0.97 3.62 6.24 11.13 10.01 9.59 n/m
Cash flow 0.12 0.11 1.52 1.84 3.63 3.60 5.56 9.79 12.07 10.94 11.60 +65.2%
Capex 0.00 0.00 (0.01) 0.00 (0.01) (0.41) (0.07) (0.06) (0.10) (0.12) 0.00 n/m
Free cash flow 0.12 0.11 1.52 1.84 3.62 3.19 5.49 9.73 11.97 10.82 11.60 +65.0%
Book value 0.05 (0.36) 3.69 3.06 7.74 9.41 13.50 19.48 31.01 42.29 46.91 +113.4%
Shares, m 1,108 441 742 1,157 1,192 1,253 1,264 1,354 1,384 1,398 1,402 +2.6%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 60.10 23.22 23.60 8.60 11.37 8.74 12.7
P/S 0.00 0.00 8.73 10.11 23.23 4.96 5.65 5.65 2.49 2.57 1.79 6.3
P/B 0.00 0.00 6.08 12.36 22.97 6.20 6.26 7.48 3.13 2.68 1.79 6.7
EV/Sales 0.00 0.00 5.82 8.03 21.16 3.46 4.18 4.55 1.50 1.44 0.62 5.0
EV/FCF 0.00 0.00 9.83 16.41 44.81 12.79 12.32 12.63 5.09 6.01 2.57 12.0
Cash, $m
Cash, $m Operating cash flow 132 50 1,130 2,129 4,321 4,517 7,033 13,263 16,704 15,292 16,312 +69.5%
Capex 0 (1) (4) (4) (7) (516) (92) (82) (132) (164) (471) +98.2%
Free cash flow 132 49 1,126 2,125 4,315 4,001 6,941 13,180 16,572 15,128 16,312 +69.3%
Balance, $m
Balance, $m Working capital 48 164 2,332 3,912 10,060 10,542 14,459 19,979 31,130 43,649 50,710 +113.2%
Net debt (233) (1,989) (5,552) (8,965) (18,827) (22,023) (27,830) (38,496) (54,070) (70,947) (78,656) +88.8%
Shareholders’ equity 51 (158) 2,738 3,540 9,222 11,787 17,075 26,372 42,924 59,113 65,996 +119.0%
Returns, %
Returns, % ROA (4.26) (6.69) (35.65) (11.63) (6.24) 4.62 14.56 20.27 26.06 17.57 15.25 +21.8 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 46.01 72.56 (116.13) (31.88) (17.24) 11.60 31.69 38.92 44.46 27.42 23.16 (18.6) pt
People
People Employees — 1,159 3,683 5,828 7,986 9,762 12,992 17,403 23,465 25,474 — +47.1%
Revenue/emp, $m 0.00 0.24 0.52 0.74 1.14 1.51 1.46 2.00 2.30 2.42 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

PDD Holdings Inc. Sponsored ADR 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
BABA Alibaba Group Holding Limited $268.9B 23.8× 18.4× +14.66% (above 0%: growing) −74.13% (below 0%: shrinking) +17.19% (above 0%: growing) 38.24% 7.29% Compare
PDD PDD Holdings Inc. Sponsored ADR $119.5B 8.7× 8.0× +14.08% (above 0%: growing) −7.17% (below 0%: shrinking) +25.39% (above 0%: growing) 57.26% 24.71%
DASH DoorDash, Inc. $78.5B 74.2× 64.3× +33.95% (above 0%: growing) +87.72% (above 0%: growing) +8.85% (above 0%: growing) 52.97% 9.58% Compare
MELI MercadoLibre, Inc. $77.6B 40.8× 42.6× +45.09% (above 0%: growing) +6.13% (above 0%: growing) −5.96% (below 0%: shrinking) 40.78% 6.29% Compare
EBAY eBay Inc. $54.2B 26.4× 27.7× +13.69% (above 0%: growing) −19.47% (below 0%: shrinking) −2.09% (below 0%: shrinking) 72.33% 19.21% Compare
SE Sea Limited Sponsored ADR $42.9B 27.9× 25.2× +48.07% (above 0%: growing) +5.88% (above 0%: growing) −6.79% (below 0%: shrinking) 45.58% 8.35% Compare
JD JD.com, Inc. $34.4B 17.6× 9.8× +2.54% (above 0%: growing) +27.87% (above 0%: growing) +64.77% (above 0%: growing) 17.12% 1.31% Compare
CPNG Coupang, Inc. $29.4B — (loss-making) — (loss-making) +7.50% (above 0%: growing) n/m −116.29% (below 0%: shrinking) 25.71% (4.52%) Compare
W Wayfair Inc. $15.5B — (loss-making) — (loss-making) +9.72% (above 0%: growing) n/m +31.25% (above 0%: growing) 29.59% 3.10% Compare
Median of peers $48.5B 27.2× 26.5× +14.18% +6.01% +3.38% 39.51% 6.79%

All 42 Internet Retail stocks →

PDD Holdings Inc. Sponsored ADR (PDD) Latest News

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PDD metrics, ten years each

stockrow.com/PDD · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com