Saturday 17 October 2026 Export PDD’s income statement to Excel — free account

PDD Holdings Inc. Sponsored ADR

PDD Holdings Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $61.8 billion, up 14.5% from fiscal 2024. In the quarter to June 2026, revenue grew 14.1%, EPS fell 7.17% and free cash flow grew 25.4%, each against the same quarter a year earlier. Member of the Nasdaq 100; revenue growth for five consecutive years.

80.97 1.45 −1.76%

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Market cap: $117.3B
P/E: 8.4×
Fwd P/E: 9.1×
Dividend yield: —
F-score: 5/9
Altman Z: 5.46
Beneish M: −2.12
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.35

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	2	—	—	—	—	—	1	—

Insider Ownership 1.19%

Capital & Financial Ratios $m

Market Cap 117,320.00

Revenue 66,013.42

Net Income 13,991.30

Free Cash Flow 16,311.89

Net Debt (78,656.00)

Current Ratio 2.62

Debt/Equity 0.00

P/E ratio 8.44

Fwd P/E 9.09

P/S ratio 1.73

P/B ratio 1.73

Past 5Y EPS Growth —

This Y EPS Growth (5.49%)

Next Y EPS Growth 19.89%

Next Y revenue growth 12.64%

Next 5Y EPS Growth 9.61%

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

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 3.41%

10-year low 10-year high

P/S against its own 10 years 1.63%

10-year low 10-year high

P/B against its own 10 years 1.34%

10-year low 10-year high

EV/Sales against its own 10 years 1.58%

10-year low 10-year high

EV/FCF against its own 10 years 1.53%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack

predictions special payouts not included in total or ratios

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%

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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.23	2.72	—	—	—
’25	1.37	2.90	2.77	2.36	9.59
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	16.53	18.46	30.20	51.91	23.21	59.67	88.01	87.11	Analyst estimates 2026–2028 Powerpack
	High	—	—	30.48	45.25	182.68	212.60	93.16	150.66	164.69	139.41
People
People	Employees	—	1,159	3,683	5,828	7,986	9,762	12,992	17,403	23,465	25,474
	Revenue/emp, $m	0.00	0.24	0.52	0.74	1.14	1.51	1.46	2.00	2.30	2.42
Income, $m
Income, $m	Revenue	76	278	1,908	4,330	9,118	14,743	18,929	34,879	53,955	61,753
	Gross margin, %	(14.47)	58.55	77.86	78.97	67.59	66.24	75.90	62.96	60.92	56.28
	EBT	(44)	(84)	(1,486)	(1,005)	(1,113)	1,484	5,280	10,124	18,178	17,081
	EBT margin, %	(57.89)	(30.11)	(77.87)	(23.21)	(12.21)	10.06	27.89	29.03	33.69	27.66
	Net income	(44)	(84)	(1,486)	(1,001)	(1,100)	1,219	4,573	8,455	15,403	13,991
	Depreciation	0	0	72	92	100	289	397	266	362	429
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
	Earnings	(0.01)	(0.19)	(2.00)	(0.88)	(0.92)	0.97	3.62	6.24	11.13	10.17
	Cash flow	0.12	0.11	1.52	1.84	3.63	3.60	5.56	9.79	12.07	10.94
	Capex	0.00	0.00	(0.01)	0.00	(0.01)	(0.41)	(0.07)	(0.06)	(0.10)	(0.12)
	Free cash flow	0.12	0.11	1.52	1.84	3.62	3.19	5.49	9.73	11.97	10.82
	Book value	0.05	(0.36)	3.69	3.06	7.74	9.41	13.50	19.48	31.01	42.29
	Shares, m	1,108	441	742	1,157	1,192	1,253	1,264	1,354	1,384	1,398
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	60.10	23.22	23.60	8.60	11.37
	P/S	0.00	0.00	8.73	10.11	23.23	4.96	5.65	5.65	2.49	2.57
	P/B	0.00	0.00	6.08	12.36	22.97	6.20	6.26	7.48	3.13	2.68
	EV/Sales	0.00	0.00	5.82	8.03	21.16	3.46	4.18	4.55	1.50	1.44
	EV/FCF	0.00	0.00	9.83	16.41	44.81	12.79	12.32	12.63	5.09	6.01
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
	Capex	0	(1)	(4)	(4)	(7)	(516)	(92)	(82)	(132)	(164)
	Free cash flow	132	49	1,126	2,125	4,315	4,001	6,941	13,180	16,572	15,128
Balance, $m
Balance, $m	Working capital	48	164	2,332	3,912	10,060	10,542	14,459	19,979	31,130	43,649
	Total debt	—	—	—	894	2,536	1,917	2,242	828	727	—
	Net debt	(233)	(1,989)	(5,552)	(8,965)	(18,827)	(22,023)	(27,830)	(38,496)	(54,070)	(70,947)
	Shareholders’ equity	51	(158)	2,738	3,540	9,222	11,787	17,075	26,372	42,924	59,113
Returns, %
Returns, %	ROA	(4.26)	(6.69)	(35.65)	(11.63)	(6.24)	4.62	14.56	20.27	26.06	17.57
	ROIC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	ROE	46.01	72.56	(116.13)	(31.88)	(17.24)	11.60	31.69	38.92	44.46	27.42

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$276.5B	24.0×	21.0×	+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	$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%
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%	Compare
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
Median of peers	$55.0B	29.5×	26.3×	+14.73%	−2.49%	+25.47%	39.57%	5.11%

All 42 Internet Retail stocks →

PDD Holdings Inc. Sponsored ADR (PDD) key facts

Strength: PDD Holdings Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $61.8 billion, up 14.5% from fiscal 2024.
PDD Holdings Inc. Sponsored ADR (PDD) is an Internet Retail company in the Consumer Cyclical sector, listed on Nasdaq.
As of October 16, 2026, PDD traded at $80.97, a market capitalization of $117.3 billion.
Return on equity was 27.4% and debt-to-equity 0.00.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 5.46 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.