PDD Holdings Inc.

PDD

Consumer CyclicalLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$122.2B

Current Price$76.26as of Jun 23, 2026

P/E Ratio1.25

P/B Ratio0.30

EV / EBITDA-2.41

EV / Sales-0.68

Profitability

Operating Margin21.6%

Net Profit Margin22.7%

EBITDA Margin28.4%

Returns

ROE23.7%

ROCE28.9%

ROIC %-

ROA15.5%

Solvency

Current Ratio2.43

Debt / Equity0.01

Debt / Assets0.01

CFO / Net Profit1.09

Price History▼ 25.20% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$431.8B▲ 9.7%

EBITDA$122.4B▼ 9.5%

Net Profit$97.8B▼ 13.0%

Cash from Ops (CFO)$106.9B▼ 12.3%

Free Cash Flow (FCF)$105.8B▼ 12.5%

Revenue CAGR 3Y49.0%

Revenue CAGR 5Y-

Net Profit CAGR 3Y45.8%

Net Profit CAGR 5Y-

Historical Growth

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	$431.8B	$122.4B	$97.8B	$105.8B	23.7%	9.7%	-13.0%
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%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	130,557.59	247,639.20	393,836.10	431,845.71
Operating Revenue	-	130,557.59	247,639.20	393,836.10	431,845.71
Cost Of Revenue	-	31,462.30	91,723.58	153,900.37	188,801.75
Gross Profit	-	99,095.29	155,915.63	239,935.72	243,043.96
Operating Expense	-	68,693.37	97,216.87	131,512.86	149,941.83
Research And Development	-	10,384.72	10,952.37	12,659.36	16,496.16
Selling General And Administration	-	58,308.65	86,264.49	118,853.50	133,445.66
Total Expenses	-	100,155.67	188,940.44	285,413.24	338,743.58
Operating Income	-	30,401.92	58,698.76	108,422.86	93,102.13
Total Operating Income As Reported	-	30,401.92	58,698.76	108,422.86	93,102.13
EBITDA	-	39,205.75	73,813.35	135,324.95	122,446.65
Normalized EBITDA	-	39,355.46	73,777.63	134,737.09	124,413.28
EBIT	-	36,470.67	71,925.14	132,684.07	119,446.29
Interest Income	-	3,997.10	10,238.08	20,553.49	25,583.85
Interest Expense	-	51.66	43.99	0	0
Net Interest Income	-	3,945.44	10,194.09	20,553.49	25,583.85
Other Non Operating Income Expenses	-	2,221.36	2,952.58	3,119.85	2,726.93
Other Income Expense	-	2,071.65	2,988.30	3,707.71	760.31
Interest Income Non Operating	-	3,997.10	10,238.08	20,553.49	25,583.85
Interest Expense Non Operating	-	51.66	43.99	0	0
Net Non Operating Interest Income Expense	-	3,945.44	10,194.09	20,553.49	25,583.85
Pretax Income	-	36,419.01	71,881.16	132,684.07	119,446.29
Tax Provision	-	4,725.67	11,849.90	20,266.78	21,732.76
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-19.46	5.89	89.94	-357.93
Net Income Continuous Operations	-	31,538.06	60,026.54	112,434.51	97,842.54
Net Income From Continuing And Discontinued Operation	-	31,538.06	60,026.54	112,434.51	97,842.54
Net Income From Continuing Operation Net Minority Interest	-	31,538.06	60,026.54	112,434.51	97,842.54
Net Income	-	31,538.06	60,026.54	112,434.51	97,842.54
Net Income Common Stockholders	-	31,538.06	60,026.54	112,434.51	97,842.54
Net Income Including Noncontrolling Interests	-	31,538.06	60,026.54	112,434.51	97,842.54
Normalized Income	-	31,668.31	59,996.72	111,936.59	99,451.24
Diluted NI Availto Com Stockholders	-	31,589.72	60,070.53	112,434.51	97,842.54
Basic Average Shares	-	1,264.38	1,354.03	1,384.01	1,397.73
Diluted Average Shares	-	1,440.32	1,459.91	1,479.15	1,482.39
Reconciled Depreciation	-	2,735.08	1,888.20	2,640.89	3,000.36
Reconciled Cost Of Revenue	-	31,462.30	91,723.58	153,900.37	188,801.75
Total Unusual Items	-	-149.71	35.72	587.87	-1,966.62
Total Unusual Items Excluding Goodwill	-	-149.71	35.72	587.87	-1,966.62
Earnings From Equity Interest Net Of Tax	-	-155.28	-4.71	17.23	129
Gain On Sale Of Security	-	-149.71	35.72	587.87	-1,966.62
General And Administrative Expense	-	3,964.94	4,075.62	7,552.97	8,157.73
Other Gand A	-	3,964.94	4,075.62	7,552.97	8,157.73
Selling And Marketing Expense	-	54,343.72	82,188.87	111,300.53	125,287.93
Average Dilution Earnings	-	51.66	43.99	0	0

Peer Comparison

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	$122.2B	1.25↓ discount	0.30	23.7%	-2.41
Booking Holdings Inc.	BKNG	$129.8B	24.02	-23.27	-96.9%	14.31
Lowe's Companies, Inc.	LOW	$116.4B	17.49	-11.73	-67.1%	12.84
Starbucks Corporation	SBUX	$107.3B	57.80	-13.25	-22.9%	27.10
Marriott International, Inc.	MAR	$101.6B

Learn while you research

Hand-picked academy chapters to deepen your understanding of PDD Holdings Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Value Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$431.8B

$122.4B

$97.8B

$105.8B

23.7%

9.7%

-13.0%

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%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

130,557.59

247,639.20

393,836.10

431,845.71

Operating Revenue

130,557.59

247,639.20

393,836.10

431,845.71

Cost Of Revenue

31,462.30

91,723.58

153,900.37

188,801.75

Gross Profit

99,095.29

155,915.63

239,935.72

243,043.96

Operating Expense

68,693.37

97,216.87

131,512.86

149,941.83

Research And Development

10,384.72

10,952.37

12,659.36

16,496.16

Selling General And Administration

58,308.65

86,264.49

118,853.50

133,445.66

Total Expenses

100,155.67

188,940.44

285,413.24

338,743.58

Operating Income

30,401.92

58,698.76

108,422.86

93,102.13

Total Operating Income As Reported

30,401.92

58,698.76

108,422.86

93,102.13

EBITDA

39,205.75

73,813.35

135,324.95

122,446.65

Normalized EBITDA

39,355.46

73,777.63

134,737.09

124,413.28

EBIT

36,470.67

71,925.14

132,684.07

119,446.29

Interest Income

3,997.10

10,238.08

20,553.49

25,583.85

Interest Expense

51.66

43.99

Net Interest Income

3,945.44

10,194.09

20,553.49

25,583.85

Other Non Operating Income Expenses

2,221.36

2,952.58

3,119.85

2,726.93

Other Income Expense

2,071.65

2,988.30

3,707.71

760.31

Interest Income Non Operating

3,997.10

10,238.08

20,553.49

25,583.85

Interest Expense Non Operating

51.66

43.99

Net Non Operating Interest Income Expense

3,945.44

10,194.09

20,553.49

25,583.85

Pretax Income

36,419.01

71,881.16

132,684.07

119,446.29

Tax Provision

4,725.67

11,849.90

20,266.78

21,732.76

Tax Rate For Calcs

Tax Effect Of Unusual Items

-19.46

5.89

89.94

-357.93

Net Income Continuous Operations

31,538.06

60,026.54

112,434.51

97,842.54

Net Income From Continuing And Discontinued Operation

31,538.06

60,026.54

112,434.51

97,842.54

Net Income From Continuing Operation Net Minority Interest

31,538.06

60,026.54

112,434.51

97,842.54

Net Income

31,538.06

60,026.54

112,434.51

97,842.54

Net Income Common Stockholders

31,538.06

60,026.54

112,434.51

97,842.54

Net Income Including Noncontrolling Interests

31,538.06

60,026.54

112,434.51

97,842.54

Normalized Income

31,668.31

59,996.72

111,936.59

99,451.24

Diluted NI Availto Com Stockholders

31,589.72

60,070.53

112,434.51

97,842.54

Basic Average Shares

1,264.38

1,354.03

1,384.01

1,397.73

Diluted Average Shares

1,440.32

1,459.91

1,479.15

1,482.39

Reconciled Depreciation

2,735.08

1,888.20

2,640.89

3,000.36

Reconciled Cost Of Revenue

31,462.30

91,723.58

153,900.37

188,801.75

Total Unusual Items

-149.71

35.72

587.87

-1,966.62

Total Unusual Items Excluding Goodwill

-149.71

35.72

587.87

-1,966.62

Earnings From Equity Interest Net Of Tax

-155.28

-4.71

17.23

129

Gain On Sale Of Security

-149.71

35.72

587.87

-1,966.62

General And Administrative Expense

3,964.94

4,075.62

7,552.97

8,157.73

Other Gand A

3,964.94

4,075.62

7,552.97

8,157.73

Selling And Marketing Expense

54,343.72

82,188.87

111,300.53

125,287.93

Average Dilution Earnings

51.66

43.99

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

PDD Holdings Inc.this co.

PDD

$122.2B

1.25↓ discount

0.30

23.7%

-2.41

Booking Holdings Inc.

BKNG

$129.8B

24.02

-23.27

-96.9%

14.31

Lowe's Companies, Inc.

LOW

$116.4B

17.49

-11.73

-67.1%

12.84

Starbucks Corporation

SBUX

$107.3B

57.80

-13.25

-22.9%

27.10

Marriott International, Inc.

MAR

$101.6B

PDD Holdings Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

PDD Holdings Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on