PDD Holdings Inc.: stock overview

PDDNASDAQConsumer cyclical · Services-Business Services, NEC

Price

$78.97

November 13, 2026Market cap $112B

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  • The full history: 10 fiscal years, from 2016
  • The estimated fair value, with its range and its certainty
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  • Excel with every year
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In short

PDD had revenue of $61.8B in the fiscal year to December 31, 2025 and net income of $14.0B, a net margin of 22.7%. Revenue grew by 48.7% a year on average over the last 5 years. At $78.97 the shares trade at a P/E of 8.0, against a median of 25.2 over the last 5 fiscal years. It holds more cash than debt, by $60.4B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$112B
1.42B shares
P/E
8.0
Today8.0
Median25.2
Revenue, fiscal year
$61.8B
+48.7% a year over 5 years
Net margin
22.7%
above 90% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+32.1% a year over 2 years

  • 202520-F
    Revenue$61.8B
  • 202420-F
    Revenue$54.0B
  • 202320-F
    Revenue$34.9B

Fiscal years in figures

PDD's revenue, profit, cash flow and dividend with each year-end price, from 2016 to 2022, 7 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $161B
$112B
Enterprise value 
$52.0B
P/E 3-year median: 12.0
8.0
EV / EBIT 
3.9
EV / Revenue 
0.8
P/B 3-year median: 3.1
1.9
FCF yield 
13.6%
Earnings yield 3-year median: 8.3%
12.5%

Profitability

Gross margin 
56.3%
Operating margin 
21.6%
Net margin 3-year median: 24.2%
22.7%
ROIC 
17.8%
ROIC, 5-year average 
18.6%
ROE, fiscal year 
23.7%

Growth

Revenue, yearly change 
+9.7%
EPS, yearly change 
-13.2%
FCF, yearly change 
+90.3%
Revenue, average a year 
+48.7%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$60.4B
Total debt 
$769M
Of which operating leases 
$769M
Net cash 
$60.4B
Net debt / EBITDA 
-4.5x
Interest cover 
–
Current ratio 
–

Balance sheet of December 31, 2025.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
–
Total returned 
0.00%
Shares, yearly change 
+2.2%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 73).

Operating margin

21.6%

Above 87% of the 462 companies in its industry, and 85% of all.

Net margin

22.7%

Above 90% of the 473 companies in its industry, and 85% of all.

ROE

23.7%

Above 83% of the 398 companies in its industry, and 88% of all.

ROA

15.5%

Above 91% of the 462 companies in its industry, and 95% of all.

Revenue growth

14.5%

Above 65% of the 461 companies in its industry, and 72% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
PDD Holdings Inc.
CIK
1737806
Exchange
NASDAQ
Industry (SIC)
7389 · Services-Business Services, NEC
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
CNY
Shares
1.42B

Other companies: Consumer cyclical

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The full analysis

What do PDD's filings show?

These are PDD's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about PDD

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What is PDD's market cap?

PDD Holdings Inc.'s market cap is $112B, at a price of $78.97 on November 13, 2026 and 1.42B shares.

What is PDD's P/E?

PDD's P/E is 8.0, on earnings per share of $9.44 in the fiscal year to December 31, 2025. The median over the last 5 fiscal years was 25.2.

How much revenue does PDD have?

PDD had revenue of $61.8B in the fiscal year to December 31, 2025. Over the last 5 years it changed by +48.7% a year on average.

Does PDD pay a dividend?

No. PDD paid no regular dividend over the last 12 months.

Where do the figures come from?

From PDD Holdings Inc.'s SEC filings (its annual report on 20-F) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.