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PDD Holdings Inc.

PDD

$84.00 ▲ +1.87 (+2.28%) at close

10 Visible periods

29 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Excellent

Bullish

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Analytical Summary

PDD Holdings Inc. shows strong fundamentals with top-quartile Return on Common Equity (%) and Profit Margin (%). The company's metrics support a bullish outlook for growth-oriented investors.

Market Cap $469.6B

Dividend Yield —

Revenue Growth 14.5% ↘

Op. Margin 21.6% ↘

ROIC 18.4% ↘

FCF / Share $2.74

Trailing P/E 33.6x

Price / Book 8.1x

FCF Yield 3.3%

Debt / Equity —

info Valuation on last close. End-of-day price, Nov 5, 2026.

10-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$61.75B

↑ +14.5% —

Net Income Profit after all expenses

$13.99B

↓ -9.2% —

Operating Margin Operating profit as % of sales

21.6%

↓ -21.7% 77th

FCF / Share Free cash flow per share

$2.74

↑ +11.7% —

trending_up

Bullish Indicators

Operating Margin (%)Operating Margin (%) is in the top quartile
Profit Margin (%)Profit Margin (%) is in the top quartile
Return on Common Equity (%)Return on Common Equity (%) is in the top quartile

warning

Bearish Risks

No bearish risks detected.

Health Breakdown

Profitability ↑

Returns ↑

Cash Quality ↓

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗
Revenue Growth YoY (%)	14.5% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+189%)	54.7% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+994%)	84.3% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1585%)	28.4% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+468%)	61.7% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1134%)	110.6% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+2112%)	126.9% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+2438%)	—	—	—
EPS Growth YoY (%)	-10.1% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	78.2% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	73.3% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	275.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	-4.5% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	56.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—	—
Net Income Growth YoY (%)	-9.2% Weak ↓ Weak Declining Year-over-year change in net income	82.2% Excellent ↓ Excellent Declining Year-over-year change in net income	84.9% Excellent ↓ Excellent Declining Year-over-year change in net income	275.1% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	-9.9% Weak Weak Year-over-year change in net income	32.7% Excellent Excellent Year-over-year change in net income	—	—	—
FCF Growth YoY (%)	—	—	76.1% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	54.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-0.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	97.0% Excellent Excellent Year-over-year change in free cash flow	21.1% Good Good Year-over-year change in free cash flow	—	—	—
Revenue CAGR 3Y (%)	48.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	54.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	56.4% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	63.5% Excellent Excellent Compound annual revenue growth over 3 years	97.7% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—	—
Revenue CAGR 5Y (%)	46.6% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	65.6% Excellent Excellent Compound annual revenue growth over 5 years	78.8% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—	—
EPS CAGR 3Y (%)	40.6% Excellent Excellent Compound annual EPS growth over 3 years	126.3% Excellent Excellent Compound annual EPS growth over 3 years	—	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗
Operating Margin (%) (%)	21.6% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+80%)	27.5% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+129%)	23.7% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+98%)	23.3% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+94%)	7.3% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-39%)	-15.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-231%)	-28.3% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-336%)	-82.3% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-786%)	—	—
Effective Tax Rate (%) (%)	18.2% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	15.3% Good ↓ Good Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	16.5% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.0% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.9% Good Good Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—
Profit Margin (%) (%)	22.7% Excellent ↓ Excellent Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+183%)	28.5% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+257%)	24.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+203%)	24.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+202%)	8.3% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	-12.1% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-251%)	-23.1% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-389%)	-77.9% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1073%)	—	—
FCF Margin (%) (%)	24.8% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	31.0% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	38.0% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	37.2% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	30.6% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	47.3% Excellent ↓ Excellent Declining Free cash flow as a percentage of revenue Optimal: > 10%	49.1% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	59.0% Excellent Excellent Free cash flow as a percentage of revenue Optimal: > 10%	—	—
FCF / Net Income (x)	1.09x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.08x Fair ↓ Fair Declining Free cash flow relative to reported net income Optimal: > 1x	1.57x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.54x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	3.71x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	-3.92x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	-2.12x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	-0.76x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗
Return on Invested Capital (%)	18.4% Excellent ↓ Excellent Declining Return earned on debt + equity capital invested Optimal: > 10%	29.3% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	26.2% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	22.5% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	7.4% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	-15.6% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-27.4% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	-45.3% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	14.8% Good ↓ Good Declining Operating profit relative to total assets Optimal: > 10%	21.5% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	16.9% Excellent ↑ Excellent Improving Operating profit relative to total assets Optimal: > 10%	12.8% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	3.8% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-5.9% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-11.2% Weak Weak Operating profit relative to total assets Optimal: > 10%	-25.0% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	23.7% Excellent ↓ Excellent Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+58%)	35.9% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+139%)	32.1% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+114%)	26.8% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+79%)	10.3% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-31%)	-11.9% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-180%)	-28.3% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-288%)	-54.3% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-462%)	—	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗
Interest Coverage (x)	—	—	1334.55x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	588.58x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	5.60x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	-12.39x Weak Weak Operating income divided by interest expense Optimal: > 5x	-58.54x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—
Net Debt (USD)	$-15.57B	$-7.91B	$-8.42B	$-4.98B	$-1.01B	$-3.44B	$-828.55M	$-2.06B	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗
Revenue per Share (USD)	$11.05	$9.75K	$6.44	$3.74	$2.94	$1.91	$0.94	$0.64	—	—
Basic EPS, GAAP (USD)	$2.50	$2.78	$1.56	$0.90	$0.24	$-0.23	$-0.22	$-0.50	—	—
Free Cash Flow per Share (USD)	$2.74	—	$2.45	$1.39	$0.90	$0.90	$0.46	$0.38	—	—
Book Value per Share (USD)	$10.38	$7.71	$4.79	$3.38	$2.35	$1.93	$0.77	$0.92	—	—
Tangible Book Value per Share (USD)	$10.38	$7.71	$4.79	$3.37	$2.33	$1.89	$0.70	$0.80	—	—
Basic Weighted Avg Shares (shares)	5.59B	5.54M	5.42B	5.06B	5.01B	4.77B	4.63B	2.97B	1.76B	1.82B

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗
Working Capital (USD)	$43.65B	$31.13B	$19.98B	$14.46B	$10.54B	$10.06B	$3.91B	$2.33B	—	—
Total Equity (USD)	$59.11B	$42.92B	$26.37B	$17.08B	$11.79B	$9.22B	$3.54B	$2.74B	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗
Sales/Revenue/Turnover (USD)	$61.75B	$53.96B	$34.88B	$18.93B	$14.74B	$9.12B	$4.33B	$1.91B	—	—
Depreciation Expense (USD)	$85.47M	$96.59M	$94.65M	$234.23M	$143.11M	$4.29M	$2.60M	$863.00K	—	—
Net Income, GAAP (USD)	$13.99B	$15.40B	$8.45B	$4.57B	$1.22B	$-1.10B	$-1.00B	$-1.49B	—	—
Operating Cash Flow (USD)	$15.29B	$16.70B	$13.26B	$7.03B	$4.52B	$4.32B	$2.13B	$1.13B	—	—

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Synced 4 days ago 10 years · 10 quarters

PDD Holdings Inc.

Analytical Summary

10-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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