NASDAQ : PDD
PDD Holdings Inc. — Financial statements
Consumer Discretionary · Internet Retail · Ireland
Last price 78.61 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 111.89B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
PDD Holdings Inc. (PDD) reported revenue of 450.78B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 450.78B | 431.85B | 393.84B | 247.64B | 130.56B | 93.95B |
| Cost of Revenue | 196.91B | 188.80B | 153.90B | 91.72B | 31.46B | 31.72B |
| Gross Profit | 253.87B | 243.04B | 239.94B | 155.92B | 99.10B | 62.23B |
| Selling, General & Admin | 139.73B | 136.18B | 121.07B | 87.64B | 59.04B | 46.87B |
| Research & Development | 15.58B | 13.77B | 10.44B | 9.57B | 9.65B | 8.47B |
| Operating Expenses | 155.32B | 149.94B | 131.51B | 97.22B | 68.69B | 55.34B |
| Operating Income | 98.55B | 93.10B | 108.42B | 58.70B | 30.40B | 6.90B |
| Interest Expense | -43.99M | -51.66M | -1.23B | |||
| Interest & Investment Income | 27.81B | 25.58B | 20.55B | 10.24B | 4.00B | 3.06B |
| Earnings From Equity Investments | 63.01M | 129.00M | 17.23M | -4.71M | -155.28M | 246.83M |
| Currency Exchange Gain (Loss) | -1.63B | -1.97B | 587.87M | 35.72M | -149.71M | 71.75M |
| Other Non Operating Income (Expenses) | -10.08B | 2.73B | 3.12B | 2.95B | 2.22B | 656.25M |
| EBT Excluding Unusual Items | 114.72B | 119.58B | 132.70B | 71.88B | 36.26B | 9.70B |
| Pretax Income | 114.72B | 119.58B | 132.70B | 71.88B | 36.26B | 9.70B |
| Income Tax Expense | 22.64B | 21.73B | 20.27B | 11.85B | 4.73B | 1.93B |
| Net Income | 92.08B | 97.84B | 112.43B | 60.03B | 31.54B | 7.77B |
| Net Income to Common | 92.08B | 97.84B | 112.43B | 60.03B | 31.54B | 7.77B |
| Shares Outstanding (Basic) | 1.40B | 1.40B | 1.38B | 1.35B | 1.26B | 1.25B |
| Shares Outstanding (Diluted) | 1.48B | 1.48B | 1.48B | 1.46B | 1.44B | 1.43B |
| EPS (Basic) | 65.62 | 70.00 | 81.24 | 44.33 | 24.94 | 6.20 |
| EPS (Diluted) | 62.26 | 66.00 | 76.00 | 41.15 | 21.93 | 5.44 |
| Free Cash Flow | 110.75B | 105.79B | 120.96B | 93.58B | 47.87B | 25.50B |
| Free Cash Flow Per Share | 74.86 | 71.37 | 81.78 | 64.10 | 33.24 | 17.85 |
| Gross Margin | 56.32% | 56.28% | 60.92% | 62.96% | 75.90% | 66.24% |
| Operating Margin | 21.86% | 21.56% | 27.53% | 23.70% | 23.29% | 7.34% |
| Profit Margin | 20.43% | 22.66% | 28.55% | 24.24% | 24.16% | 8.27% |
| Free Cash Flow Margin | 24.57% | 24.50% | 30.71% | 37.79% | 36.67% | 27.14% |
| EBITDA | 99.10B | 93.70B | 109.13B | 59.48B | 32.63B | 8.39B |
| EBITDA Margin | 21.98% | 21.70% | 27.71% | 24.02% | 24.99% | 8.93% |
| D&A For EBITDA | 547.84M | 601.48M | 708.76M | 786.24M | 2.22B | 1.50B |
| EBIT | 98.55B | 93.10B | 108.42B | 58.70B | 30.40B | 6.90B |
| EBIT Margin | 21.86% | 21.56% | 27.53% | 23.70% | 23.29% | 7.34% |
| Effective Tax Rate | 19.74% | 18.18% | 15.27% | 16.49% | 13.03% | 19.93% |
| Advertising Expenses | 74.93B | 68.47B | 56.42B | 18.92B | 41.46B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 128.92B | 108.90B | 57.77B | 59.79B | 34.33B | 6.43B |
| Short-Term Investments | 327.50B | 313.41B | 273.79B | 157.42B | 115.11B | 86.20B |
| Trading Asset Securities | 6.92M | 313.32M | ||||
| Cash & Short-Term Investments | 456.41B | 422.31B | 331.56B | 217.21B | 149.44B | 92.94B |
| Accounts Receivable | 14.51B | 8.94B | 7.11B | 10.63B | 3.35B | 3.48B |
| Other Receivables | 8.68B | 4.33B | 367.00M | 3.30B | 1.78B | |
| Receivables | 14.51B | 18.53B | 12.15B | 11.71B | 7.35B | 5.96B |
| Prepaid Expenses | 8.58B | 1.67B | 1.36B | 1.33B | 966.44M | |
| Restricted Cash | 77.27B | 73.83B | 68.43B | 61.99B | 57.97B | 59.62B |
| Other Current Assets | 2.64B | 2.15B | 2.52B | 885.95M | 2.39B | |
| Total Current Assets | 556.78B | 518.98B | 415.65B | 294.75B | 216.62B | 160.91B |
| Property, Plant & Equipment | 9.07B | 6.17B | 5.94B | 5.08B | 2.46B | 3.14B |
| Long-Term Investments | 104.32B | 82.97B | 47.52B | 16.67B | 16.27B | |
| Other Intangible Assets | 14.00M | 15.39M | 19.17M | 21.15M | 134.00M | 701.22M |
| Long-Term Deferred Tax Assets | 1.16B | 171.96M | 16.00M | 270.74M | 1.05B | 31.50M |
| Other Long-Term Assets | 96.38B | 391.06M | 433.23M | 426.91M | 196.74M | 158.01M |
| Total Assets | 663.41B | 630.04B | 505.03B | 348.08B | 237.12B | 181.21B |
| Accounts Payable | 111.19B | 168.79B | 143.54B | 93.14B | 68.97B | 66.42B |
| Accrued Expenses | 76.88B | 15.62B | 15.10B | 33.61B | 15.19B | 11.34B |
| Current Portion of Long-Term Debt | 5.31B | 648.57M | 13.89B | |||
| Current Portion of Leases | 2.46B | 2.50B | 2.11B | 1.64B | 602.04M | 427.16M |
| Current Unearned Revenue | 3.64B | 3.38B | 2.95B | 2.14B | 1.39B | 1.17B |
| Other Current Liabilities | 18.55B | 23.44B | 19.42B | 21.71B | 16.85B | 14.38B |
| Total Current Liabilities | 212.71B | 213.74B | 188.42B | 152.90B | 116.89B | 93.73B |
| Long-Term Debt | 5.23B | 1.58B | 11.79B | |||
| Long-Term Leases | 2.39B | 2.88B | 3.19B | 2.64B | 870.78M | 544.26M |
| Long-Term Deferred Tax Liabilities | 41.85M | 106.77M | 59.83M | 13.03M | 31.29M | |
| Other Long-Term Liabilities | 517.00M | 996.00K | ||||
| Total Liabilities | 215.62B | 216.66B | 191.72B | 160.84B | 119.35B | 106.10B |
| Common Stock | 182.00K | 180.00K | 177.00K | 170.00K | 161.00K | |
| Additional Paid-In Capital | 128.60B | 125.77B | 117.83B | 107.29B | 99.25B | 95.34B |
| Retained Earnings | 325.23B | 285.50B | 187.66B | 75.22B | 15.20B | -17.71B |
| Comprehensive Income & Other | -6.04B | 2.12B | 7.82B | 4.72B | 3.32B | -2.52B |
| Total Common Equity | 447.79B | 413.39B | 313.31B | 187.24B | 117.77B | 75.11B |
| Shareholders' Equity | 447.79B | 413.39B | 313.31B | 187.24B | 117.77B | 75.11B |
| Total Liabilities & Equity | 663.41B | 630.04B | 505.03B | 348.08B | 237.12B | 181.21B |
| Total Debt | 4.84B | 5.38B | 10.61B | 10.17B | 16.93B | 12.76B |
| Net Cash (Debt) | 451.57B | 416.93B | 320.95B | 207.04B | 132.50B | 80.18B |
| Net Cash Per Share | 305.21 | 281.25 | 216.98 | 141.82 | 92.00 | 56.13 |
| Filing Date Shares Outstanding | 1.41B | 1.42B | 1.42B | 1.39B | 1.33B | 1.26B |
| Total Common Shares Outstanding | 1.41B | 1.42B | 1.39B | 1.38B | 1.32B | 1.26B |
| Working Capital | 344.07B | 305.24B | 227.23B | 141.85B | 99.73B | 67.18B |
| Book Value Per Share | 318.31 | 290.42 | 225.06 | 136.09 | 89.25 | 59.41 |
| Tangible Book Value | 447.77B | 413.37B | 313.29B | 187.22B | 117.64B | 74.41B |
| Tangible Book Value Per Share | 318.30 | 290.41 | 225.04 | 136.07 | 89.15 | 58.85 |
| Machinery | 5.60B | 4.68B | 4.15B | 3.59B | 3.14B | |
| Leasehold Improvements | 200.68M | 128.74M | 69.69M | 30.25M | 28.77M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 92.08B | 97.84B | 112.43B | 60.03B | 31.54B | 7.77B |
| Depreciation & Amortization | 3.00B | 3.00B | 2.64B | 1.89B | 2.74B | 1.84B |
| Loss (Gain) From Sale of Assets | 3.06M | 3.06M | 3.86M | 1.75M | 10.70M | -258.00K |
| Loss (Gain) From Sale of Investments | -10.41B | -10.41B | -6.82B | -1.01B | 242.24M | 22.17M |
| Loss (Gain) on Equity Investments | -129.00M | -129.00M | -17.23M | 4.71M | 155.28M | -246.83M |
| Stock-Based Compensation | 7.94B | 7.94B | 9.88B | 7.08B | 7.72B | 4.77B |
| Provision & Write-off of Bad Debts | 313.08M | 313.08M | 329.90M | 265.16M | 118.38M | 49.30M |
| Other Operating Activities | 11.73B | 1.01B | -3.19B | -545.42M | -1.43B | 1.01B |
| Change in Accounts Receivable | -1.52B | -1.52B | 48.81M | -3.33B | 86.04M | 55.81M |
| Change in Accounts Payable | 15.33B | 15.33B | 16.89B | 11.62B | 749.37M | 8.69B |
| Change in Unearned Revenue | 431.75M | 431.75M | 802.43M | 754.96M | 222.89M | -1.26B |
| Change in Other Net Operating Assets | -6.87B | -6.87B | -11.07B | 17.40B | 6.37B | 6.08B |
| Operating Cash Flow | 111.89B | 106.94B | 121.93B | 94.16B | 48.51B | 28.78B |
| Capital Expenditures | -1.15B | -1.15B | -967.14M | -583.88M | -635.72M | -3.29B |
| Sale of Property, Plant & Equipment | 40.00K | 394.00K | ||||
| Investment in Securities | -42.08B | -42.08B | -117.42B | -54.98B | -21.73B | -32.72B |
| Other Investing Activities | 15.31B | -199.75M | 35.69M | 130.24M | 445.04M | |
| Investing Cash Flow | -27.91B | -43.42B | -118.36B | -55.43B | -22.36B | -35.56B |
| Short-Term Debt Repaid | -1.88B | |||||
| Long-Term Debt Repaid | -5.23B | -91.00K | -8.97B | |||
| Total Debt Repaid | -5.23B | -5.23B | -91.00K | -8.97B | -1.88B | |
| Net Debt Issued (Repaid) | -5.23B | -5.23B | -91.00K | -8.97B | -1.88B | |
| Other Financing Activities | 1.36M | 1.36M | 1.25M | 8.19M | 10.08M | 318.00K |
| Financing Cash Flow | -5.23B | -5.23B | 1.16M | -8.96B | 10.08M | -1.88B |
| Foreign Exchange Rate Adjustments | -2.47B | -1.75B | 840.10M | -291.14M | 100.18M | -145.16M |
| Net Cash Flow | 76.29B | 56.54B | 4.41B | 29.48B | 26.26B | -8.80B |
| Free Cash Flow | 110.75B | 105.79B | 120.96B | 93.58B | 47.87B | 25.50B |
| Free Cash Flow Margin | 24.57% | 24.50% | 30.71% | 37.79% | 36.67% | 27.14% |
| Free Cash Flow Per Share | 74.86 | 71.37 | 81.78 | 64.10 | 33.24 | 17.85 |
| Levered Free Cash Flow | 74.64B | 85.63B | 103.17B | 82.89B | 38.67B | 13.00B |
| Unlevered Free Cash Flow | 74.64B | 85.63B | 103.17B | 82.92B | 38.70B | 13.77B |
| Cash Income Tax Paid | 21.60B | 21.60B | 17.49B | 5.76B | 4.88B | |
| Change in Working Capital | 7.37B | 7.37B | 6.66B | 26.46B | 7.42B | 13.56B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 117.83B | 160.97B | 134.70B | 194.39B | 103.11B | 73.07B |
| Enterprise Value | 51.35B | 102.95B | 92.18B | 169.29B | 86.13B | 59.81B |
| Last Close Price | 78.61 | 113.39 | 96.99 | 146.31 | 81.55 | 58.30 |
| PE Ratio | 9.03 | 11.51 | 8.74 | 22.96 | 22.55 | 59.75 |
| Forward PE | 6.84 | 9.54 | 8.57 | 22.91 | 21.23 | 48.08 |
| PS Ratio | 1.69 | 2.61 | 2.50 | 5.57 | 5.45 | 4.94 |
| PB Ratio | 1.68 | 2.72 | 3.14 | 7.36 | 6.04 | 6.18 |
| P/TBV Ratio | 1.70 | 2.72 | 3.14 | 7.36 | 6.05 | 6.24 |
| P/FCF Ratio | 6.72 | 10.64 | 8.13 | 14.73 | 14.86 | 18.21 |
| P/OCF Ratio | 6.65 | 10.53 | 8.06 | 14.64 | 14.66 | 16.13 |
| PEG Ratio | 0.79 | 2.35 | 0.40 | 1.00 | 0.50 | 1.20 |
| EV/Sales Ratio | 0.68 | 1.67 | 1.71 | 4.85 | 4.55 | 4.04 |
| EV/EBITDA Ratio | 3.11 | 7.68 | 6.17 | 20.18 | 18.21 | 45.27 |
| EV/EBIT Ratio | 3.13 | 7.73 | 6.21 | 20.45 | 19.54 | 55.09 |
| EV/FCF Ratio | 2.73 | 6.81 | 5.56 | 12.83 | 12.41 | 14.90 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.03 | 0.05 | 0.14 | 0.17 |
| Debt / EBITDA Ratio | 0.05 | 0.06 | 0.10 | 0.17 | 0.51 | 1.43 |
| Debt / FCF Ratio | 0.04 | 0.05 | 0.09 | 0.11 | 0.35 | 0.50 |
| Net Debt / Equity Ratio | -1.01 | -1.01 | -1.02 | -1.11 | -1.12 | -1.07 |
| Net Debt / EBITDA Ratio | -4.56 | -4.45 | -2.94 | -3.48 | -4.06 | -9.55 |
| Net Debt / FCF Ratio | -4.08 | -3.94 | -2.65 | -2.21 | -2.77 | -3.15 |
| Asset Turnover | 0.73 | 0.76 | 0.92 | 0.85 | 0.62 | 0.55 |
| Quick Ratio | 2.21 | 2.06 | 1.82 | 1.49 | 1.33 | 1.05 |
| Current Ratio | 2.62 | 2.43 | 2.21 | 1.93 | 1.85 | 1.72 |
| Return on Equity (ROE) | 22.74% | 26.93% | 44.92% | 39.36% | 32.70% | 11.48% |
| Return on Assets (ROA) | 10.01% | 10.25% | 15.89% | 12.54% | 9.08% | 2.54% |
| Return on Capital Employed (ROCE) | 21.90% | 22.40% | 34.20% | 30.10% | 25.30% | 7.90% |
| Earnings Yield | 11.07% | 8.69% | 11.44% | 4.35% | 4.44% | 1.67% |
| FCF Yield | 14.88% | 9.40% | 12.30% | 6.79% | 6.73% | 5.49% |
| Buyback Yield / Dilution | 0.09% | -0.22% | -1.32% | -1.36% | -0.83% | -19.83% |