What is Pinduoduo's earnings per share (EPS)?

Pinduoduo (PDD) reported diluted earnings per share of $2.60 for fiscal year 2024. This represents a 79.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Pinduoduo Financials

PDD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Pinduoduo (PDD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 81/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Pinduoduo has an operating margin of 27.5%, meaning the company retains $28 of operating profit per $100 of revenue. This strong profitability earns a score of 83/100, reflecting efficient cost management and pricing power. This is up from 23.7% the prior year.

Growth

100

Pinduoduo's revenue surged 54.7% year-over-year to $54.0B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Pinduoduo carries a low D/E ratio of 0.61, meaning only $0.61 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Pinduoduo's current ratio of 2.21 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Pinduoduo earns a strong 35.9% return on equity (ROE), meaning it generates $36 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 91/100. This is up from 32.1% the prior year.

Altman Z-Score Safe

5.82

Pinduoduo scores 5.82, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($143.2B) relative to total liabilities ($26.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Pinduoduo passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.08x

For every $1 of reported earnings, Pinduoduo generates $1.08 in operating cash flow ($16.7B OCF vs $15.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$54.0B

YoY+54.7%

5Y CAGR+65.6%

Pinduoduo generated $54.0B in revenue in fiscal year 2024. This represents an increase of 54.7% from the prior year.

EBITDA

$15.0B

YoY+78.4%

Pinduoduo's EBITDA was $15.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 78.4% from the prior year.

Net Income

$15.4B

YoY+82.2%

Pinduoduo reported $15.4B in net income in fiscal year 2024. This represents an increase of 82.2% from the prior year.

EPS (Diluted)

$2.60

YoY+79.3%

Pinduoduo earned $2.60 per diluted share (EPS) in fiscal year 2024. This represents an increase of 79.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$7.9B

YoY-6.0%

5Y CAGR+57.0%

Pinduoduo held $7.9B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

5.57B

YoY+1.2%

Pinduoduo had 5.57B shares outstanding in fiscal year 2024. This represents an increase of 1.2% from the prior year.

Margins & Returns

Gross Margin

60.9%

YoY-2.0pp

5Y CAGR-18.1pp

Pinduoduo's gross margin was 60.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.0 percentage points from the prior year.

Operating Margin

27.5%

YoY+3.8pp

5Y CAGR+55.9pp

Pinduoduo's operating margin was 27.5% in fiscal year 2024, reflecting core business profitability. This is up 3.8 percentage points from the prior year.

Net Margin

28.5%

YoY+4.3pp

5Y CAGR+51.7pp

Pinduoduo's net profit margin was 28.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.3 percentage points from the prior year.

Return on Equity

35.9%

YoY+3.8pp

5Y CAGR+64.2pp

Pinduoduo's ROE was 35.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.7B

YoY+12.4%

5Y CAGR+25.6%

Pinduoduo invested $1.7B in research and development in fiscal year 2024. This represents an increase of 12.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

PDD Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$54.0B+54.7%	$34.9B+84.3%	$18.9B+28.4%	$14.7B+61.7%	$9.1B+110.6%	$4.3B
Cost of Revenue	$21.1B+63.2%	$12.9B+183.2%	$4.6B-8.4%	$5.0B+68.5%	$3.0B+224.5%	$910.5M
Gross Profit	$32.9B+49.7%	$22.0B+52.8%	$14.4B+47.1%	$9.8B+58.5%	$6.2B+80.3%	$3.4B
R&D Expenses	$1.7B+12.4%	$1.5B+2.5%	$1.5B+6.7%	$1.4B+33.6%	$1.1B+90.0%	$555.9M
SG&A Expenses	$1.0B+80.3%	$574.0M-0.1%	$574.9M+137.8%	$241.8M+4.7%	$231.0M+24.0%	$186.3M
Operating Income	$14.9B+79.7%	$8.3B+87.6%	$4.4B+307.3%	$1.1B+175.3%	-$1.4B-17.2%	-$1.2B
Interest Expense	N/A	$6.2M-17.3%	$7.5M-96.1%	$193.2M+66.4%	$116.1M+454.0%	$21.0M
Income Tax	$2.8B+66.4%	$1.7B+143.6%	$685.2M+125.8%	$303.4M	$0	N/A
Net Income	$15.4B+82.2%	$8.5B+84.9%	$4.6B+275.1%	$1.2B+210.8%	-$1.1B-9.9%	-$1.0B
EPS (Diluted)	$2.60+79.3%	$1.45+83.5%	$0.79+276.2%	$0.21+191.3%	$-0.23-4.5%	$-0.22

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PDD Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$69.2B+41.1%	$49.0B+42.6%	$34.4B+20.9%	$28.4B+16.8%	$24.4B+122.9%	$10.9B
Current Assets	$56.9B+37.2%	$41.5B+32.2%	$31.4B+24.4%	$25.3B+10.2%	$22.9B+118.5%	$10.5B
Cash & Equivalents	$7.9B-6.0%	$8.4B+69.2%	$5.0B+393.5%	$1.0B-70.7%	$3.4B+314.7%	$828.5M
Inventory	N/A	N/A	N/A	$2.2M-99.2%	$263.4M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$26.3B+15.9%	$22.7B+30.9%	$17.3B+3.9%	$16.6B+10.0%	$15.1B+104.9%	$7.4B
Current Liabilities	$25.8B+19.9%	$21.5B+27.1%	$16.9B+15.2%	$14.7B+14.4%	$12.9B+95.5%	$6.6B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$42.9B+62.8%	$26.4B+54.4%	$17.1B+44.9%	$11.8B+27.8%	$9.2B+160.5%	$3.5B
Retained Earnings	$25.7B+142.7%	$10.6B+380.3%	$2.2B+179.3%	-$2.8B+28.8%	-$3.9B-48.6%	-$2.6B

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19	Q4'18
Total Assets	$69.2B+41.1%	$49.0B+42.6%	$34.4B+20.9%	$28.4B+16.8%	$24.4B+66.3%	$14.6B+34.0%	$10.9B+73.9%	$6.3B
Current Assets	$56.9B+37.2%	$41.5B+32.2%	$31.4B+24.4%	$25.3B+10.2%	$22.9B+72.5%	$13.3B+26.7%	$10.5B+78.5%	$5.9B
Cash & Equivalents	$7.9B-6.0%	$8.4B+69.2%	$5.0B+393.5%	$1.0B-70.7%	$3.4B+308.2%	$841.8M+1.6%	$828.5M-59.8%	$2.1B
Inventory	N/A	N/A	N/A	$2.2M-99.2%	$263.4M+417.8%	$50.9M	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$26.3B+15.9%	$22.7B+30.9%	$17.3B+3.9%	$16.6B+10.0%	$15.1B+44.7%	$10.5B+41.6%	$7.4B+108.4%	$3.5B
Current Liabilities	$25.8B+19.9%	$21.5B+27.1%	$16.9B+15.2%	$14.7B+14.4%	$12.9B+34.1%	$9.6B+45.8%	$6.6B+85.6%	$3.5B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$42.9B+62.8%	$26.4B+54.4%	$17.1B+44.9%	$11.8B+27.8%	$9.2B+120.5%	$4.2B+18.2%	$3.5B+29.3%	$2.7B
Retained Earnings	$25.7B+142.7%	$10.6B+380.3%	$2.2B+179.3%	-$2.8B+28.8%	-$3.9B-10.0%	-$3.5B-35.1%	-$2.6B-59.5%	-$1.6B

PDD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$16.7B+26.0%	$13.3B+88.6%	$7.0B+55.7%	$4.5B+4.5%	$4.3B+103.0%	$2.1B
Capital Expenditures	N/A	N/A	N/A	N/A	$6.6M+67.4%	$3.9M
Free Cash Flow	N/A	N/A	N/A	N/A	$4.3B+103.0%	$2.1B
Investing Cash Flow	-$16.2B-107.7%	-$7.8B-140.8%	-$3.2B+41.9%	-$5.6B+5.1%	-$5.9B-44.5%	-$4.1B
Financing Cash Flow	$159K+100.0%	-$1.3B-86484.5%	$1.5M+100.5%	-$294.3M-103.7%	$7.9B+248.6%	$2.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	$2.4B	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	$3.9M	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	$2.4B	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	-$4.2B	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	$6.5B	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PDD Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	60.9%-2.0pp	63.0%-12.9pp	75.9%+9.7pp	66.2%-1.3pp	67.6%-11.4pp	79.0%
Operating Margin	27.5%+3.8pp	23.7%+0.4pp	23.3%+15.9pp	7.3%+23.1pp	-15.8%+12.6pp	-28.3%
Net Margin	28.5%+4.3pp	24.2%+0.1pp	24.2%+15.9pp	8.3%+20.3pp	-12.1%+11.0pp	-23.1%
Return on Equity	35.9%+3.8pp	32.1%+5.3pp	26.8%+16.4pp	10.3%+22.3pp	-11.9%+16.3pp	-28.3%
Return on Assets	22.3%+5.0pp	17.3%+3.9pp	13.3%+9.0pp	4.3%+8.8pp	-4.5%+4.6pp	-9.2%
Current Ratio	2.21+0.3	1.93+0.1	1.85+0.1	1.72-0.1	1.78+0.2	1.59
Debt-to-Equity	0.61-0.2	0.86-0.2	1.01-0.4	1.41-0.2	1.64-0.4	2.09
FCF Margin	N/A	N/A	N/A	N/A	47.3%-1.8pp	49.1%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.21+0.3	1.93+0.1	1.85+0.1	1.72-0.1	1.78+0.4	1.39-0.2	1.59-0.1	1.66
Debt-to-Equity	0.61-0.2	0.86-0.2	1.01-0.4	1.41-0.2	1.64-0.9	2.50+0.4	2.09+0.8	1.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Pinduoduo's annual revenue?

Pinduoduo (PDD) reported $54.0B in total revenue for fiscal year 2024. This represents a 54.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pinduoduo's revenue growing?

Pinduoduo (PDD) revenue grew by 54.7% year-over-year, from $34.9B to $54.0B in fiscal year 2024.

Is Pinduoduo profitable?

Yes, Pinduoduo (PDD) reported a net income of $15.4B in fiscal year 2024, with a net profit margin of 28.5%.

What is Pinduoduo's EBITDA?

Pinduoduo (PDD) had EBITDA of $15.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pinduoduo's gross margin?

Pinduoduo (PDD) had a gross margin of 60.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pinduoduo's operating margin?

Pinduoduo (PDD) had an operating margin of 27.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Pinduoduo's net profit margin?

Pinduoduo (PDD) had a net profit margin of 28.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Pinduoduo's return on equity (ROE)?

Pinduoduo (PDD) has a return on equity of 35.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Pinduoduo's operating cash flow?

Pinduoduo (PDD) generated $16.7B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Pinduoduo's total assets?

Pinduoduo (PDD) had $69.2B in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Pinduoduo spend on research and development?

Pinduoduo (PDD) invested $1.7B in research and development during fiscal year 2024.

How many shares does Pinduoduo have outstanding?

Pinduoduo (PDD) had 5.57B shares outstanding as of fiscal year 2024.

What is Pinduoduo's current ratio?

Pinduoduo (PDD) had a current ratio of 2.21 as of fiscal year 2024, which is generally considered healthy.

What is Pinduoduo's debt-to-equity ratio?

Pinduoduo (PDD) had a debt-to-equity ratio of 0.61 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pinduoduo's return on assets (ROA)?

Pinduoduo (PDD) had a return on assets of 22.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Pinduoduo's Altman Z-Score?

Pinduoduo (PDD) has an Altman Z-Score of 5.82, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Pinduoduo's Piotroski F-Score?

Pinduoduo (PDD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pinduoduo's earnings high quality?

Pinduoduo (PDD) has an earnings quality ratio of 1.08x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pinduoduo?

Pinduoduo (PDD) scores 81 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.