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Wednesday 4 November 2026
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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
82.36
2.19
+2.73%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
5 | 7 | 6 | 8 | 6 | 5 | 5 | 6 | — | — |
P/E ratio |
11.37 | 8.60 | 23.60 | 23.22 | 60.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/S ratio |
2.57 | 2.49 | 5.65 | 5.65 | 4.96 | 23.23 | 10.11 | 8.73 | 0.00 | 0.00 |
Altman Z-Score |
5.46 | 5.61 | 7.31 | 5.14 | 3.59 | 8.85 | 3.67 | 2.38 | — | — |
Altman Z″-Score (non-manufacturers) |
7.64 | 7.32 | 5.73 | 4.87 | 3.11 | 2.43 | 1.31 | 0.71 | (0.12) | (1.64) |
P/FCF ratio |
10.69 | 8.45 | 15.69 | 16.65 | 18.31 | 49.18 | 20.64 | 14.74 | 0.00 | 0.00 |
P/Operating CF |
43.32 | 37.92 | 36.43 | 27.08 | 28.16 | 89.37 | 31.29 | 17.54 | 262.63 | 262.63 |
Beneish M-Score |
(2.12) | (2.27) | (1.79) | (2.67) | (2.36) | (2.41) | (2.69) | 1.59 | (0.50) | — |
P/B ratio |
2.68 | 3.13 | 7.48 | 6.26 | 6.20 | 22.97 | 12.36 | 6.08 | 0.00 | 0.00 |
Price to Tangible BV |
2.68 | 3.13 | 7.48 | 6.27 | 6.26 | 23.46 | 13.45 | 7.05 | 0.00 | 0.00 |
EV/Sales |
1.44 | 1.50 | 4.55 | 4.18 | 3.46 | 21.16 | 8.03 | 5.82 | 0.00 | 0.00 |
EV/EBITDA |
6.69 | 5.45 | 19.20 | 17.93 | 47.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
5.82 | 4.84 | 11.97 | 11.24 | 11.30 | 44.66 | 16.34 | 9.83 | 0.00 | 0.00 |
EV/FCF |
6.01 | 5.09 | 12.63 | 12.32 | 12.79 | 44.81 | 16.41 | 9.83 | 0.00 | 0.00 |
Quick Ratio |
2.39 | 2.18 | 1.90 | 1.83 | 1.68 | 1.72 | 1.57 | 1.62 | 1.07 | 1.23 |
Current Ratio |
2.43 | 2.21 | 1.93 | 1.85 | 1.72 | 1.78 | 1.60 | 1.66 | 1.08 | 1.24 |
Net Debt/EBITDA |
(5.16) | (3.55) | (4.51) | (5.79) | (16.06) | 14.07 | 7.90 | 3.70 | 21.03 | 5.42 |
Debt/Assets |
0.00% | 1.05% | 1.69% | 6.52% | 6.74% | 10.41% | 8.18% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.02 | 0.03 | 0.13 | 0.16 | 0.28 | 0.25 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.78 | 0.91 | 0.84 | 0.60 | 0.56 | 0.52 | 0.50 | 0.45 | 0.23 | 0.07 |
Operating CF/Net income |
1.09 | 1.08 | 1.57 | 1.54 | 3.71 | (3.93) | (2.13) | (0.75) | (0.63) | (2.70) |
Capex/Depreciation |
(0.38) | (0.37) | (0.31) | (0.23) | (1.78) | (0.07) | (0.04) | (0.05) | (3.78) | 0.00 |
Interest Coverage |
— | — | 1,334.55 | 588.58 | 5.60 | (12.39) | (58.54) | (17.85) | (7.91) | (86.00) |
| 27.42% | 44.46% | 38.92% | 31.69% | 11.60% | (17.24%) | (31.88%) | (116.13%) | 72.56% | 46.01% | |
| 17.57% | 26.06% | 20.27% | 14.56% | 4.62% | (6.24%) | (11.63%) | (35.65%) | (6.69%) | (4.26%) | |
ROIC |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Return on Tangible Assets |
31.92% | 49.29% | 42.03% | 31.30% | 11.20% | (10.90%) | (25.55%) | (64.12%) | (48.06%) | (102.08%) |
Average Days of Receivables |
12.94 | 10.42 | 16.72 | 19.31 | 19.13 | 30.49 | 41.37 | 35.24 | 111.15 | 81.64 |
Research and Development Expense of Revenue |
3.82% | 3.21% | 4.42% | 7.95% | 9.57% | 11.58% | 12.84% | 8.51% | 7.41% | 5.26% |
Selling, General and Administrative Expense of Revenue |
30.90% | 30.18% | 34.83% | 44.66% | 49.33% | 71.78% | 94.46% | 151.66% | 84.73% | 36.84% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.03 | 0.06 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
1.84% | 2.51% | 2.86% | 5.91% | 5.08% | 6.07% | 8.49% | 52.15% | 0.77% | 0.00% |
Graham Net Nets |
0.27 | 0.23 | 0.10 | 0.13 | 0.12 | 0.04 | 0.07 | 0.14 | (0.05) | (0.05) |
Graham Number |
97.40 | 88.72 | 52.00 | 33.26 | 14.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
8.79% | 11.63% | 4.24% | 4.31% | 1.66% | (0.52%) | (2.22%) | (11.55%) | (7.64%) | (7.64%) |
Free Cash Flow Yield |
9.35% | 11.83% | 6.37% | 6.01% | 5.46% | 2.03% | 4.84% | 6.78% | 0.00% | 0.00% |
Revenue per Share |
44.18 | 38.98 | 25.76 | 14.97 | 11.76 | 7.65 | 3.74 | 2.57 | 0.63 | 0.07 |
Operating CF per Share |
10.94 | 12.07 | 9.79 | 5.56 | 3.60 | 3.63 | 1.84 | 1.52 | 0.11 | 0.12 |
Capex per Share |
(0.12) | (0.10) | (0.06) | (0.07) | (0.41) | (0.01) | 0.00 | (0.01) | 0.00 | 0.00 |
Free Cash Flow per Share |
10.82 | 11.97 | 9.73 | 5.49 | 3.19 | 3.62 | 1.84 | 1.52 | 0.11 | 0.12 |
Cash per Share |
50.76 | 39.59 | 29.04 | 23.78 | 19.10 | 17.92 | 8.52 | 7.48 | 4.51 | 0.21 |
Shareholders Equity per Share |
42.29 | 31.01 | 19.48 | 13.50 | 9.41 | 7.74 | 3.06 | 3.69 | (0.36) | 0.05 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
42.29 | 31.01 | 19.48 | 13.50 | 9.41 | 7.74 | 3.06 | 3.69 | (0.36) | 0.05 |
Free Cash Flow |
15,128.29 | 16,571.82 | 13,180.34 | 6,940.82 | 4,000.91 | 4,314.73 | 2,125.03 | 1,125.83 | 48.93 | 132.43 |
Working Capital |
43,649.12 | 31,129.75 | 19,979.09 | 14,459.26 | 10,541.92 | 10,060.05 | 3,911.87 | 2,331.69 | 163.94 | 48.00 |
Capital Expenditures |
(163.74) | (132.42) | (82.17) | (92.16) | (515.78) | (6.59) | (3.87) | (3.97) | (1.36) | (0.35) |
Net Current Asset Value |
43,231.28 | 30,677.87 | 18,861.38 | 14,102.66 | 8,601.51 | 7,784.09 | 3,101.35 | 2,331.69 | (186.30) | 48.00 |
EV/EBIT |
6.69 | 5.45 | 19.20 | 17.93 | 47.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
11.90 | 9.04 | 23.85 | 24.25 | 67.51 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
2.30 | 3.00 | 1.93 | 2.62 | 0.84 | 3.21 | 15.46 | 17.09 | 0.24 | 0.00 |
Cash ROIC |
11.63% | 16.83% | 19.81% | 14.05% | 10.63% | 13.03% | 14.87% | 13.58% | 2.67% | 46.63% |
Accounts Receivable Turnover |
33.10 | 34.38 | 26.84 | 21.34 | 19.22 | 14.56 | 12.83 | 14.19 | 5.47 | 1.39 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.48 | 0.55 | 0.47 | 0.27 | 0.21 | 0.14 | 0.10 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 37.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 679.66 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
1,865.47 | 1,569.28 | 1,299.43 | 887.01 | 767.15 | 626.19 | 337.49 | 134.45 | 50.83 | 54.50 |
Average Payables |
— | — | — | 9,458.00 | 9,020.00 | 6,264.00 | 3,406.00 | 2,013.50 | 836.50 | 836.50 |
Average Inventory |
— | — | — | — | 132.50 | — | — | — | — | — |
Average Assets |
79,642.28 | 59,107.60 | 41,702.47 | 31,407.46 | 26,394.79 | 17,639.38 | 8,602.76 | 4,201.61 | 1,188.82 | 1,150.00 |
Average Common Equity |
51,018.51 | 34,648.08 | 21,723.81 | 14,431.15 | 10,504.73 | 6,381.33 | 3,138.97 | 1,289.74 | (109.57) | (106.50) |
Columns are period end dates · fundamentals updated 26 Oct 2026