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PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses. It operates Pinduoduo platform which provides various product categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverages, consumer electronics, electronic appliances, furniture and household goods, cosmetics and other personal care items, sports and fitness, and auto accessories; and Temu, an online platform, which enables merchants to streamline their manufacturing and commercial operations. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. PDD Holdings Inc. was incorporated in 2015 and is based in Dublin, Ireland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | - | - | - | - | - | 0.0% | 0.0% |
| 2024 | $393.8B | $135.3B | $112.4B | $121.0B | 35.9% | 59.0% | 87.3% |
| 2023 | $247.6B | $73.8B | $60.0B | $93.6B | 32.1% | 89.7% | 90.3% |
| 2022 | $130.6B | $39.2B | $31.5B | $47.9B | 26.8% | 39.0% | 306.0% |
| 2021 | $93.9B |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | 93,949.94 | 130,558 | 247,639 | 393,836 | - |
| Cost Of Revenue | 31,718.09 | 31,462.30 | 91,723.58 | 153,900 | - |
| Gross Profit | 62,231.85 | 99,095.29 | 155,916 | 239,936 | - |
| Operating Expense | 55,335.08 | 68,693.37 | 97,216.87 | 131,513 | - |
| Operating Income | 6,896.76 | 30,401.92 | 58,698.76 | 108,423 | - |
| EBITDA | 12,530.67 | 39,205.75 | 73,813.35 | 135,325 | - |
| EBIT | 10,686.43 | 36,470.67 | 71,925.14 | 132,684 | - |
| Pretax Income | 9,455.43 | 36,419.01 | 71,881.16 | 132,684 | - |
| Tax Provision | 1,933.58 | 4,725.67 | 11,849.90 | 20,266.78 | - |
| Net Income | 7,768.67 | 31,538.06 | 60,026.54 | 112,435 | - |
| Net Income Common Stockholders | 7,768.67 | 31,538.06 | 60,026.54 | 112,435 | - |
| Total Expenses | 87,053.18 | 100,156 | 188,940 | 285,413 | - |
| Interest Expense | 1,231 | 51.66 | 43.99 | 0 | - |
| Interest Income | 3,061.66 | 3,997.10 | 10,238.08 | 20,553.49 | - |
| Research And Development | 8,992.59 | 10,384.72 | 10,952.37 | 12,659.36 | - |
| Selling General And Administration | 46,342.49 | 58,308.65 | 86,264.49 | 118,854 | - |
| Normalized EBITDA | 12,458.92 | 39,355.46 | 73,777.63 | 134,737 | - |
| Normalized Income | 7,711.20 | 31,668.31 | 59,996.72 | 111,937 | - |
| Market Cap | 139,168 | 139,168 | 139,168 | 139,168 | 139,168 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PDD Holdings Inc.this co. | PDD | - | - | - | - | - |
| Genuine Parts Company | GPC | $15.3B | 229.41 | 3.42 | 1.5% | 28.11 |
| Aptiv PLC | APTV | $12.8B | 91.48 | 1.64 | 1.8% | 9.40 |
| Best Buy Co., Inc. | BBY | $12.8B | 11.85 | 4.27 | 36.1% | 6.60 |
| Avery Dennison Corporation | AVY | $12.7B | 18.50 | 5.68 |
| $12.5B |
| $7.8B |
| $25.5B |
| 10.3% |
| - |
| - |
| 30.7% |
| 11.71 |
| Amcor plc | AMCR | $12.4B | 35.22 | 1.53 | 4.4% | 18.20 |
| Domino's Pizza, Inc. | DPZ | $12.4B | 20.56 | -3.17 | -15.4% | 16.39 |
| Wynn Resorts, Limited | WYNN | $10.9B | 33.66 | -40.00 | -118.8% | 12.35 |
| Booking Holdings Inc. | BKNG | $5.8B | 25.96 | -25.15 | -96.9% | 15.44 |
| Peer Median | - | 29.81 | 1.59 | 1.6% | 13.90 | |