PDD Holdings (PDD) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PDD SEC filings page.
PDD Holdings Inc. (PDD) reported $61.8B in revenue for fiscal year 2025, up 14.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).
FY2025 shows a larger balance sheet, but slower growth and margin compression reduced how efficiently sales became cash.
Revenue increased14.5% while operating cash flow fell8.5% , a divergence showing the latest growth did not translate into more cash. Yet operating cash flow remained109.3% of net income, so the issue is weaker scale efficiency rather than profit being detached from cash.
Cost of revenue rose
Liabilities fell to 34.4% of assets from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of PDD Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
PDD Holdings Inc. has an operating margin of 21.6%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 81/100, reflecting efficient cost management and pricing power. This is down from 27.5% the prior year.
PDD Holdings Inc.'s revenue grew 14.5% year-over-year to $61.8B, a solid pace of expansion. This earns a growth score of 91/100.
With a current ratio of 2.43, PDD Holdings Inc. holds $2.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 69/100.
Not available for PDD Holdings Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
PDD Holdings Inc. earns a strong 23.7% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 85/100. This is down from 35.9% the prior year.
PDD Holdings Inc. scores 4.54, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $111.2B against total liabilities of $31.0B. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
PDD Holdings Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, PDD Holdings Inc. generates $1.09 in operating cash flow ($15.3B OCF vs $14.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
PDD Holdings Inc. generated $61.8B in revenue in fiscal year 2025. This represents an increase of 14.5% from the prior year.
PDD Holdings Inc.'s EBITDA was $13.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.4% from the prior year.
PDD Holdings Inc. reported $14.0B in net income in fiscal year 2025. This represents a decrease of 9.2% from the prior year.
PDD Holdings Inc. earned $2.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.4% from the prior year.
Cash & Balance Sheet
PDD Holdings Inc. held $15.6B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
PDD Holdings Inc.'s gross margin was 56.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.6 percentage points from the prior year.
PDD Holdings Inc.'s operating margin was 21.6% in fiscal year 2025, reflecting core business profitability. This is down 6.0 percentage points from the prior year.
PDD Holdings Inc.'s net profit margin was 22.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.9 percentage points from the prior year.
PDD Holdings Inc.'s ROE was 23.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.2 percentage points from the prior year.
Capital Allocation
PDD Holdings Inc. invested $2.4B in research and development in fiscal year 2025. This represents an increase of 36.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
PDD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $61.8B+14.5% | $54.0B+54.7% | $34.9B+84.3% | $18.9B+28.4% | $14.7B+61.7% | $9.1B+110.6% | $4.3B+126.9% | $1.9B+611.9% | $268.1M+268.6% | $72.7M |
| Cost of Revenue | $27.0B+28.0% | $21.1B+63.2% | $12.9B+183.2% | $4.6B-8.4% | $5.0B+68.5% | $3.0B+224.5% | $910.5M+115.5% | $422.6M+280.3% | $111.1M+33.5% | $83.2M |
| Gross Profit | $34.8B+5.7% | $32.9B+49.7% | $22.0B+52.8% | $14.4B+47.1% | $9.8B+58.5% | $6.2B+80.3% | $3.4B+130.1% | $1.5B+846.5% | $157.0Mn/m | -$10.5M |
| R&D Expenses | $2.4B+36.0% | $1.7B+12.4% | $1.5B+2.5% | $1.5B+6.7% | $1.4B+33.6% | $1.1B+90.0% | $555.9M+242.5% | $162.3M+717.6% | $19.9M+368.5% | $4.2M |
| SG&A Expenses | $19.1B+17.2% | $16.3B+34.0% | $12.2B+43.7% | $8.5B+16.3% | $7.3B+11.1% | $6.5B+60.0% | $4.1B+41.3% | $2.9B+1174.2% | $227.1M+758.1% | $26.5M |
| Operating Income | $13.3B-10.4% | $14.9B+79.7% | $8.3B+87.6% | $4.4B+307.3% | $1.1Bn/m | -$1.4Bn/m | -$1.2Bn/m | -$1.6Bn/m | -$91.6Mn/m | -$41.2M |
| EBITDA | $13.4B-10.4% | $15.0B+78.4% | $8.4B+77.1% | $4.7B+259.2% | $1.3Bn/m | -$1.3Bn/m | -$1.1Bn/m | -$1.5Bn/m | -$91.2Mn/m | -$41.1M |
| Interest Expense | N/A | N/A | $6.2M-17.3% | $7.5M-96.1% | $193.2M+66.4% | $116.1M+454.0% | $21.0M | N/A | N/A | N/A |
| Income Tax | $3.1B+11.9% | $2.8B+66.4% | $1.7B+143.6% | $685.2M+125.8% | $303.4Mn/m | $0n/m | $0n/m | $0 | N/A | N/A |
| Net Income | $14.0B-9.2% | $15.4B+82.2% | $8.5B+84.9% | $4.6B+275.1% | $1.2Bn/m | -$1.1Bn/m | -$1.0Bn/m | -$1.5Bn/m | -$80.7Mn/m | -$42.1M |
| EPS (Basic) | $2.50-10.1% | $2.78+78.3% | $1.56 | $0.90 | $0.24n/m | -$0.23n/m | -$0.22 | -$0.50 | -$0.04n/m | -$0.03 |
| EPS (Diluted) | $2.36-9.4% | $2.60+79.6% | $1.45 | $0.79 | $0.21n/m | -$0.23n/m | -$0.22 | -$0.50 | -$0.04n/m | -$0.03 |
| Diluted Shares (Avg) | 5.93B+0.2% | 5.92B+1.3% | 5.84B | 6M | 5.71B+19.8% | 4.77B+3.0% | 4.63B | 2.97B | 1.76B-2.8% | 1.82B |
PDD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $90.1B+30.2% | $69.2B+41.1% | $49.0B+42.6% | $34.4B+20.9% | $28.4B+16.8% | $24.4B+122.9% | $10.9B+73.9% | $6.3B+206.9% | $2.0B | N/A |
| Current Assets | $74.2B+30.3% | $56.9B+37.2% | $41.5B+32.2% | $31.4B+24.4% | $25.3B+10.2% | $22.9B+118.5% | $10.5B+78.5% | $5.9B+190.9% | $2.0B | N/A |
| Cash & Equivalents | $15.6B+96.8% | $7.9B-6.0% | $8.4B+69.2% | $5.0B+393.5% | $1.0B-70.7% | $3.4B+314.7% | $828.5M-59.8% | $2.1B+338.2% | $470.0M+147.3% | $190.1M |
| Short-Term Investments | $44.8B+19.5% | $37.5B+69.2% | $22.2B+32.8% | $16.7B+22.9% | $13.6B+37.2% | $9.9B+95.2% | $5.1B+356.7% | $1.1B+14341.9% | $7.7Mn/m | $0 |
| Inventory | N/A | N/A | N/A | N/A | $2.2M-99.2% | $263.4M | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Total Liabilities | $31.0B+18.0% | $26.3B+15.9% | $22.7B+30.9% | $17.3B+3.9% | $16.6B+10.0% | $15.1B+104.9% | $7.4B+108.4% | $3.5B+90.4% | $1.9B | N/A |
| Current Liabilities | $30.6B+18.4% | $25.8B+19.9% | $21.5B+27.1% | $16.9B+15.2% | $14.7B+14.4% | $12.9B+95.5% | $6.6B+85.6% | $3.5B+90.4% | $1.9B | N/A |
| Non-Current Liabilities | $417.8M-7.5% | $451.9M-59.6% | $1.1B+213.4% | $356.6M-81.6% | $1.9B-14.7% | $2.3B+180.8% | $810.5Mn/m | $0n/m | $0 | N/A |
| Long-Term Debt | N/A | N/A | $736.8M+222.5% | $228.5M-87.7% | $1.8B | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $59.1B+37.7% | $42.9B+62.8% | $26.4B+54.4% | $17.1B+44.9% | $11.8B+27.8% | $9.2B+160.5% | $3.5B+29.3% | $2.7Bn/m | -$152.5Mn/m | -$61.4M |
| Retained Earnings | $40.6B+58.3% | $25.7B+142.7% | $10.6B+380.3% | $2.2Bn/m | -$2.8Bn/m | -$3.9Bn/m | -$2.6Bn/m | -$1.6Bn/m | -$158.3M | N/A |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.
PDD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.3B-8.5% | $16.7B+26.0% | $13.3B+88.6% | $7.0B+55.7% | $4.5B+4.5% | $4.3B+103.0% | $2.1B+88.4% | $1.1B-24.1% | $1.5B+1074.9% | $126.7M |
| Depreciation & Amortization | $86.0M-11.4% | $97.1M-12.3% | $110.7M-65.7% | $322.5M+37.4% | $234.7M+135.0% | $99.9M+9.0% | $91.6M+26.7% | $72.3M+20664.5% | $348K+219.7% | $109K |
| Stock-Based Compensation | $1.1B-16.2% | $1.4B+35.8% | $997.0M-10.9% | $1.1B+49.4% | $749.3M+35.3% | $553.7M+50.7% | $367.4M-63.1% | $995.1M+48287.1% | $2.1M+251.3% | $585K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $6.6M+67.4% | $3.9M-0.9% | $4.0M+189.9% | $1.4M+313.7% | $331K |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | $4.3B+103.0% | $2.1B+88.7% | $1.1B-24.3% | $1.5B+1076.9% | $126.4M |
| Investing Cash Flow | -$6.2Bn/m | -$16.2Bn/m | -$7.8Bn/m | -$3.2Bn/m | -$5.6Bn/m | -$5.9Bn/m | -$4.1Bn/m | -$1.1B-10069.4% | $11.0Mn/m | -$44.3M |
| Financing Cash Flow | -$747.5M-468849.0% | $159Kn/m | -$1.3B-86465.7% | $1.5Mn/m | -$294.3M-103.7% | $7.9B+248.6% | $2.3B-9.7% | $2.5B+1073.3% | $215.0M+206.8% | $70.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5.0M | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
PDD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.3%-4.6pp | 60.9%-2.0pp | 63.0%-12.9pp | 75.9%+9.7pp | 66.2%-1.3pp | 67.6%-11.4pp | 79.0%+1.1pp | 77.9%+19.3pp | 58.6%+73.0pp | -14.5% |
| Operating Margin | 21.6%-6.0pp | 27.5%+3.8pp | 23.7%+0.4pp | 23.3%+15.9pp | 7.3%+23.1pp | -15.8%+12.6pp | -28.3%+54.0pp | -82.3%-48.2pp | -34.2%+22.5pp | -56.7% |
| Net Margin | 22.7%-5.9pp | 28.5%+4.3pp | 24.2%+0.1pp | 24.2%+15.9pp | 8.3%+20.3pp | -12.1%+11.0pp | -23.1%+54.8pp | -77.9%-47.8pp | -30.1%+27.7pp | -57.8% |
| Return on Equity | 23.7%-12.2pp | 35.9%+3.8pp | 32.1%+5.3pp | 26.8%+16.4pp | 10.3%+22.3pp | -11.9%+16.3pp | -28.3%+26.0pp | -54.3% | N/A | N/A |
| Return on Assets | 15.5%-6.7pp | 22.3%+5.0pp | 17.3%+3.9pp | 13.3%+9.0pp | 4.3%+8.8pp | -4.5%+4.6pp | -9.2%+14.5pp | -23.7%-19.7pp | -3.9% | N/A |
| Current Ratio | 2.43+0.2x | 2.21+0.3x | 1.93+0.1x | 1.85+0.1x | 1.72-0.1x | 1.78+0.2x | 1.59-0.1x | 1.66+0.6x | 1.08 | N/A |
| Debt-to-Equity | N/A | N/A | 0.030.0x | 0.01-0.1x | 0.16 | N/A | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 0.52-0.1x | 0.61-0.2x | 0.86-0.2x | 1.01-0.4x | 1.41-0.2x | 1.64-0.4x | 2.09+0.8x | 1.29 | N/A | N/A |
| Asset Turnover | 0.69-0.1x | 0.78+0.1x | 0.71+0.2x | 0.550.0x | 0.52+0.1x | 0.370.0x | 0.40+0.1x | 0.30+0.2x | 0.13 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | 47.3%-1.8pp | 49.1%-9.9pp | 59.0% | 554.9% | 173.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| PDD Holdings Inc. PDD | FY2025 | $61.8B | $14.0B | 22.7% | $111.2B | 77/100 |
| Sea Limited SE | FY2025 | $22.9B | $1.6B | 6.9% | $45.3B | 57/100 |
| Mercado Libre, Inc MELI | FY2025 | $28.9B | $2.0B | 6.9% | $84.6B | 74/100 |
| DoorDash, Inc. DASH | FY2025 | $13.7B | $935.0M | 6.8% | $73.0B | 61/100 |
| JD.com, Inc. JD | FY2025 | $187.2B | $2.8B | 1.5% | $34.1B | 53/100 |
| eBay Inc EBAY | FY2025 | $11.1B | $2.0B | 18.3% | $52.8B | 59/100 |
Where PDD Holdings Inc. Ranks
Frequently Asked Questions
What is PDD Holdings Inc.'s annual revenue?
PDD Holdings Inc. (PDD) reported $61.8B in total revenue for fiscal year 2025. This represents a 14.5% 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 PDD Holdings Inc.'s revenue growing?
PDD Holdings Inc. (PDD) revenue grew by 14.5% year-over-year, from $54.0B to $61.8B in fiscal year 2025.
Is PDD Holdings Inc. profitable?
Yes, PDD Holdings Inc. (PDD) reported a net income of $14.0B in fiscal year 2025, with a net profit margin of 22.7%.
What is PDD Holdings Inc.'s EBITDA?
PDD Holdings Inc. (PDD) had EBITDA of $13.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is PDD Holdings Inc.'s gross margin?
PDD Holdings Inc. (PDD) had a gross margin of 56.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is PDD Holdings Inc.'s operating margin?
PDD Holdings Inc. (PDD) had an operating margin of 21.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is PDD Holdings Inc.'s net profit margin?
PDD Holdings Inc. (PDD) had a net profit margin of 22.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is PDD Holdings Inc.'s return on equity (ROE)?
PDD Holdings Inc. (PDD) has a return on equity of 23.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is PDD Holdings Inc.'s operating cash flow?
PDD Holdings Inc. (PDD) generated $15.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are PDD Holdings Inc.'s total assets?
PDD Holdings Inc. (PDD) had $90.1B in total assets as of fiscal year 2025, including both current and long-term assets.
How much does PDD Holdings Inc. spend on research and development?
PDD Holdings Inc. (PDD) invested $2.4B in research and development during fiscal year 2025.
What is PDD Holdings Inc.'s current ratio?
PDD Holdings Inc. (PDD) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.
What is PDD Holdings Inc.'s liabilities-to-equity ratio?
PDD Holdings Inc. (PDD) had a liabilities-to-equity ratio of 0.52 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is PDD Holdings Inc.'s return on assets (ROA)?
PDD Holdings Inc. (PDD) had a return on assets of 15.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is PDD Holdings Inc.'s P/E ratio?
PDD Holdings Inc. (PDD) trades at 7.9x earnings, its market capitalization divided by $14.0B net income, FY2025. The market capitalization is $111.2B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is PDD Holdings Inc.'s price-to-sales ratio?
PDD Holdings Inc. (PDD) trades at 1.8x sales, its market capitalization divided by $61.8B revenue, FY2025. The market capitalization is $111.2B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is PDD Holdings Inc.'s Altman Z-Score?
PDD Holdings Inc. (PDD) has an Altman Z-Score of 4.54, 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 PDD Holdings Inc.'s Piotroski F-Score?
PDD Holdings Inc. (PDD) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are PDD Holdings Inc.'s earnings high quality?
PDD Holdings Inc. (PDD) has an earnings quality ratio of 1.09x, 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 PDD Holdings Inc.?
PDD Holdings Inc. (PDD) scores 77 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For PDD Holdings Inc. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.