A Business at a Glance
0 of 5 daily views used (5 remaining). Sign up free for 10 daily views, or try AAPL for a full preview.
Not applicable. Item 2. Offer Statistics and Expected Timetable Not applicable. Item 3. Key Information Our Company PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses. We aim to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from increased productivity and new opportunities. Our Pinduoduo platform provides buyers with a comprehensive selection of value-for-money merchandise and fun and interactive shopping experiences. The platform pioneered an innovative “team purchase” model. Buyers are encouraged to share product information on social networks, and invite their friends, family and social contacts to form shopping teams to enjoy the more attractive prices available under the “team purchase” option.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 54.8B | 54.8B | 35.0B | 19.4B | 14.6B | 8.6B |
| Net Income | 15.6B | 15.6B | 8.5B | 4.7B | 1.2B | -1.0B |
| EPS | $11.02 | $11.02 | $6.07 | $3.39 | $0.88 | $-0.91 |
| Free Cash Flow | 17.0B | 17.0B | 13.3B | 7.2B | 4.4B | 4.1B |
| ROIC | 35.9% | 36.7% | 26.2% | 22.5% | 7.4% | -9.6% |
| Gross Margin | 60.9% | 60.9% | 63.0% | 75.9% | 66.2% | 67.6% |
| Debt/Equity | 0.00 | 0.61 | 0.03 | 0.01 | 0.16 | 0.27 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 15.1B | 15.1B | 8.3B | 4.5B | 1.1B | -1.4B |
| Operating Margin | 27.5% | 27.5% | 23.7% | 23.3% | 7.3% | -15.8% |
| ROE | 35.9% | 44.9% | 32.1% | 26.8% | 10.3% | -11.9% |
| Shares Outstanding | 1,419M | 1,419M | 1,399M | 1,380M | 1,370M | 1,140M |
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | TTM | ||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 259M | 2.0B | 4.4B | 8.6B | 14.6B | 19.4B | 35.0B | 54.8B | 54.8B |
| Gross Margin | 58.6% | 77.9% | 79.0% | 67.6% | 66.2% | 75.9% | 63.0% | 60.9% | 60.9% |
| R&D | 19M | 168M | 561M | 999M | 1.4B | 1.5B | 1.5B | 1.8B | 1.8B |
| SG&A | 20M | 975M | 188M | 219M | 239M | 588M | 576M | 1.1B | 1.1B |
| EBIT | -88M | -1.6B | -1.2B | -1.4B | 1.1B | 4.5B | 8.3B | 15.1B | 15.1B |
| Op. Margin | -34.2% | -82.3% | -28.3% | -15.8% | 7.3% | 23.3% | 23.7% | 27.5% | 27.5% |
| Net Income | -74M | -1.6B | -1.0B | -1.0B | 1.2B | 4.7B | 8.5B | 15.6B | 15.6B |
| Net Margin | -28.6% | -78.5% | -23.1% | -12.1% | 8.3% | 24.2% | 24.2% | 28.5% | 28.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | -3.5% | -54.7% | -23.3% | -9.6% | 7.4% | 22.5% | 26.2% | 36.7% | 35.9% |
| ROE | N/A | -54.7% | -28.3% | -11.9% | 10.3% | 26.8% | 32.1% | 44.9% | 35.9% |
| ROA | -3.7% | -23.8% | -9.2% | -4.5% | 4.3% | 13.3% | 17.2% | 26.4% | 22.3% |
| Cash Flow | |||||||||
| Op. Cash Flow | 1.4B | 1.2B | 2.1B | 4.1B | 4.5B | 7.2B | 13.3B | 17.0B | 17.0B |
| Free Cash Flow | 1.4B | 1.2B | 2.1B | 4.1B | 4.4B | 7.2B | 13.3B | 17.0B | 17.0B |
| Owner Earnings | 1.4B | 65M | 1.7B | 3.5B | 3.5B | 5.7B | 12.2B | 15.5B | 15.5B |
| CapEx | 1.3M | 4.1M | 4.0M | 24M | 30M | 20M | 36M | 6.1M | 6.1M |
| Maint. CapEx | 336K | 75M | 92M | 94M | 232M | 330M | 111M | 99M | 99M |
| Growth CapEx | 987K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 336K | 75M | 92M | 94M | 232M | 330M | 111M | 99M | 99M |
| CapEx/OCF | N/A | 0.4% | 0.2% | 0.6% | 0.7% | 0.3% | 0.3% | 0.0% | 0.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 4.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.0M | 1.0B | 371M | 524M | 741M | 1.1B | 1.0B | 1.4B | 1.4B |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | N/A | -5.1B | -10.2B | -12.6B | -21.9B | -30.0B | N/A | -8.0B |
| Cash & Equiv. | 454M | 2.1B | 836M | 3.3B | 997M | 5.1B | 8.5B | 8.0B | 8.0B |
| Long-Term Debt | N/A | N/A | 755M | 2.1B | 1.8B | 234M | 740M | N/A | N/A |
| Debt/Equity | -12.21 | 1.29 | 0.25 | 0.27 | 0.16 | 0.01 | 0.03 | 0.61 | 0.00 |
| Interest Coverage | N/A | N/A | -58.5 | -12.4 | 5.6 | 588.6 | 1334.5 | N/A | N/A |
| Equity | -147M | 2.8B | 3.6B | 8.7B | 11.7B | 17.5B | 26.5B | 43.6B | 43.6B |
| Total Assets | 2.0B | 6.5B | 11.0B | 23.0B | 28.1B | 35.2B | 49.2B | 70.3B | 70.3B |
| Total Liabilities | 1.8B | 3.7B | 7.5B | 14.3B | 16.5B | 17.7B | 22.7B | 26.7B | 26.7B |
| Intangibles | N/A | 779M | 578M | 370M | 218M | 40M | 6.0M | 5.3M | 5.3M |
| Retained Earnings | -153M | -1.7B | -2.7B | -3.7B | -2.7B | 2.3B | 10.6B | 26.1B | 26.1B |
| Working Capital | 152M | 2.4B | 3.9B | 9.5B | 10.4B | 14.8B | 20.1B | 31.6B | 31.6B |
| Current Assets | 1.9B | 6.1B | 10.6B | 21.7B | 25.0B | 32.1B | 41.7B | 57.8B | 57.8B |
| Current Liabilities | 1.8B | 3.7B | 6.6B | 12.2B | 14.5B | 17.3B | 21.6B | 26.2B | 26.2B |
| Per Share Data | |||||||||
| EPS | -0.17 | -2.18 | -0.91 | -0.91 | 0.88 | 3.39 | 6.07 | 11.02 | 11.02 |
| Owner EPS | 1.34 | 0.09 | 1.52 | 3.04 | 2.55 | 4.15 | 8.72 | 10.92 | 10.92 |
| Book Value | -0.14 | 3.99 | 3.23 | 7.65 | 8.51 | 12.66 | 18.92 | 30.72 | 30.72 |
| Cash Flow/Share | 1.34 | 1.65 | 1.94 | 3.59 | 3.26 | 5.21 | 9.51 | 11.95 | 11.09 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 1.1B | 711.7M | 1.1B | 1.1B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 63.7 | 24.0 | 24.0 | 8.8 | 9.3 |
| P/FCF | N/A | 13.4 | 20.2 | 40.3 | 17.3 | 15.7 | 15.3 | 8.2 | 8.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | 60.0 | 20.1 | 20.9 | N/A | 9.1 |
| Price/Book | N/A | 5.5 | 12.2 | 18.8 | 6.6 | 6.4 | 7.7 | 3.2 | 3.3 |
| Price/Sales | N/A | 7.6 | 7.1 | 9.8 | 11.2 | 4.0 | 3.7 | 3.3 | 2.6 |
| FCF Yield | N/A | 7.4% | 4.9% | 2.5% | 5.8% | 6.4% | 6.5% | 12.3% | 11.7% |
| Market Cap | N/A | 15.7B | 43.4B | 164.0B | 76.8B | 112.4B | 203.3B | 138.3B | 144.9B |
| Avg. Price | N/A | 21.28 | 28.05 | 74.38 | 119.58 | 56.37 | 91.39 | 126.65 | 102.10 |
| Year-End Price | N/A | 22.06 | 39.24 | 143.80 | 56.04 | 81.42 | 145.35 | 97.45 | 102.10 |
PDD Holdings Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
PDD Holdings Inc. trades at 9.3x trailing earnings, compared to its 15-year median P/E of 24.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.5x vs a median of 15.7x. The company's 5-year average ROIC is 16.6% with a gross margin of 66.7%. At current prices, the estimated annualized return to fair value is +36.3%.
PDD Holdings Inc. (PDD) has a current P/E ratio of 9.3, compared to its historical median P/E of 24.0. The stock is currently considered Fair based on its historical valuation range.
PDD Holdings Inc. (PDD) has a 5-year average return on invested capital (ROIC) of 16.6%. This indicates strong capital allocation and a potential competitive advantage.
PDD Holdings Inc. (PDD) has a market capitalization of $144.9B. It is classified as a large-cap stock.
PDD Holdings Inc. (PDD) does not currently pay a regular dividend.
Based on historical P/E analysis, PDD Holdings Inc. (PDD) appears fair. The current P/E of 9.3 is 61% below its historical median of 24.0. The estimated fair value CAGR (P/E method) is 102.0%.
PDD Holdings Inc. (PDD) operates in the Services-Business Services, Nec industry, within the Industrials sector.
PDD Holdings Inc. (PDD) reported annual revenue of $54.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
PDD Holdings Inc. (PDD) has a net profit margin of 28.5%. This is a strong margin indicating high profitability.
PDD Holdings Inc. (PDD) generated $17.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PDD Holdings Inc. (PDD) has a debt-to-equity ratio of 0.61. This indicates moderate leverage.
PDD Holdings Inc. (PDD) reported earnings per share (EPS) of $11.02 in its most recent fiscal year.
PDD Holdings Inc. (PDD) has a return on equity (ROE) of 44.9%. This indicates the company generates strong returns for shareholders.
PDD Holdings Inc. (PDD) has a 5-year average gross margin of 66.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for PDD Holdings Inc. (PDD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PDD Holdings Inc. (PDD) has a book value per share of $30.72, based on its most recent annual SEC filing.