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PDD Holdings Inc. PDD

Nasdaq · stock · Services-Business Services, NEC · website · IPO 2018-07-26 · LEI

PDD Holdings Inc. statistics & valuation

Profitability & efficiency

Net margin (%)
-30.10% -77.90% -23.10% -12.10% 8.30% 24.20% 24.20% 28.50% 22.70% 201720182019202020212022202320242025
Gross margin (%)
58.60% 77.90% 79.00% 67.60% 66.20% 75.90% 201720182019202020212022202320242025
Operating margin (%)
-34.20% -82.30% -28.30% -15.80% 7.30% 23.30% 23.70% 27.50% 21.60% 201720182019202020212022202320242025
Return on equity (%)
-54.30% -28.30% -11.90% 10.30% 26.80% 32.10% 35.90% 23.70% 201720182019202020212022202320242025
Shares outstanding
1.76B 4.46B 4.63B 4.77B 5.71B 5.28B 5.84B 5.92B 5.93B 201720182019202020212022202320242025
Net debt ($)
201720182019202020212022202320242025
Share buybacks ($)
201720182019202020212022202320242025
Return on assets (%)
-3.90% -23.70% -9.20% -4.50% 4.30% 13.30% 17.20% 22.30% 15.50% 201720182019202020212022202320242025
Free cash flow margin (%)
554.90% 59.00% 49.10% 47.30% 201720182019202020212022202320242025
Debt / equity (×)
201720182019202020212022202320242025
EPS ($)
-$0.28 -$0.50 -$0.22 -$0.23 $0.21 $0.79 $1.45 $2.60 $2.36 201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

PDD Holdings Inc. trades at about 37.7× earnings — below its 10-year norm (10-year range 42.8×–285×, median 87.5×).

37.7× 285×

Shaded band = 10-year range (42.8×–285×); dot = today's 37.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Gross margin———75.9%66.2%67.6%79.0%77.9%58.6%
Operating margin21.6%27.5%23.7%23.3%7.3%-15.8%-28.3%-82.3%-34.2%
Net margin22.7%28.5%24.2%24.2%8.3%-12.1%-23.1%-77.9%-30.1%
FCF margin—————47.3%49.1%59.0%554.9%
Return on assets15.5%22.3%17.2%13.3%4.3%-4.5%-9.2%-23.7%-3.9%
Return on equity23.7%35.9%32.1%26.8%10.3%-11.9%-28.3%-54.3%52.9%
Current ratio2.432.211.931.851.721.781.601.661.08

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.