JD.com, Inc.

NASDAQ · E-commerce & Online Marketplaces

$29.11

At close - Nov 6, 4:00 PM EST - USD

Market Cap$40.87B

P/E18.5x

52W High$34.30

Volume9.7M

VCP Research Verdict2026Q2

Price War Strategy Fails to Deliver Sustainable Profitability

JD.com's aggressive 'Low Price' strategy has failed to sustain top-line momentum, with revenue growth decelerating to -3.2% in 2026Q2, while its 1P retail model structurally constrains gross margins to 17.0%, preventing meaningful operating leverage.

GrowthMixed

ProfitabilityStrained

ValuationAttractive

TechnicalsNeutral

Explore valuation models

MARKET ACTION

JD price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth has decelerated sharply to -3.2% in 2026Q2, while a gross margin of 17.0% remains structurally capped by the 1P model, preventing operating leverage as SG&A consumes nearly all gross profit.

Analyst Consensus+21.5% target

Buy(46 analysts)

32 Buy13 Hold1 Sell

The Bull Case

Upside Catalysts

Undervaluation and strong fundamentals

Despite recent stock depreciation, JD's strong fundamentals and undervaluation support the bullish thesis.

Strategic shift to high-margin electronics

JD's focus on high-margin electronics is expected to drive profitability and growth.

Government rebate tailwinds

Authorities' rebate programs are providing tailwinds for JD's business performance.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

JD+1.96%

S&P 500 (^GSPC)+7.63%

1-Year Return

JD-5.76%

S&P 500 (^GSPC)+9.69%

3-Year Return

JD+17.56%

S&P 500 (^GSPC)+70.99%

5-Year Return

JD-56.43%

S&P 500 (^GSPC)+58.51%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

18.5x

Forward P/EExpansion

1.4x

EV/EBITDA100th %ile

20.4x

FCF YieldCash Flow

11.5%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

18.5x

2.2x

100th· High

EV/EBITDA

20.4x

1.2x

100th· High

Price/FCF

8.7x

2.5x

80th· High

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$1309.09B+13.0% YoY

Net income FY25

$19.63B-52.5% YoY

Free cash flow FY25

$4.81B-89.1% YoY

Operating margin FY25

0.2%-3.1 pts YoY

ROIC (FY25)0.8%

Avg ROIC 5Y5.1%

ROE (TTM)5.1%

Piotroski Score4 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate12/12 (100%)

Revenue Beat Rate9/12 (82%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Aug 13, 2026	$0.93+8.1% vs $0.86	$51.0B+1.2% vs $50.4B
Q2 2026 May 12, 2026	$0.74+29.8% vs $0.57	$45.8B+1.3% vs $45.2B
Q2 2026 Mar 5, 2026	$0.08+14.3% vs $0.07	$50.4B+0.2% vs $50.3B
Q4 2025 Nov 13, 2025	$0.52+13.0% vs $0.46	$42.0B-15.5% vs $49.7B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·1d ago

JD.com: Improving Margins, Narrowing Losses, And A Depressed Valuation

JD.com is rated buy, trading at a 47.75% discount to sector P/E despite rising retail margins and shrinking food-delivery losses. Q2 FY2026 marked a turning point: non-GAAP net income rose 20.8% YoY to RMB8.9B, driven by retail margin expansion and lower New Businesses losses. Advertising and commission revenues are growing faster than product sales, boosting JD Retail's gross margin for the 17th consecutive quarter.

GlobeNewsWire·3d ago

JD.com to Report Third Quarter 2026 Financial Results on November 17, 2026

BEIJING, Nov. 04, 2026 (GLOBE NEWSWIRE) -- JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited third quarter 2026 financial results on Tuesday, November 17, 2026, before the U.S. market opens.

Zacks Investment Research·Oct 27, 2026

JD.com, Inc. (JD) Rises Higher Than Market: Key Facts

In the latest trading session, JD.com, Inc. (JD) closed at $25.57, marking a +1.31% move from the previous day.

Zacks Investment Research·Oct 21, 2026

JD.com, Inc. (JD) Stock Falls Amid Market Uptick: What Investors Need to Know

JD.com, Inc. (JD) closed at $25.79 in the latest trading session, marking a -3.62% move from the prior day.

Filtered for JD.com, Inc.More Headlines

Compare before deciding

Benchmark JD against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for JD.com, Inc. (JD)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
JDJD.com, Inc.Current	$29.11	$40.87B	18.55	12.97%	1.12%	5.08%	3.59%
BABAAlibaba Group Holding Limited	$109.45	$255.42B	23.99	2.74%	7.04%	6.6%	1.92%
PDDPDD Holdings Inc.	$83.03	$118.18B	8.86	9.65%	20.43%	21.97%	—
VIPSVipshop Holdings Limited	$13.86	$6.82B	4.38	-2.31%	9.81%	22.77%	—
BZUNBaozun Inc.	$3.46	$201.12M	-10.03	5.55%	-1.3%	-2.47%	—
AMZNAmazon.com, Inc.	$259.30	$2.79T	21.03	12.38%	16.9%	26.71%	—

Compare JD vs Peers

JD.com, Inc. (JD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BABA

Most directly comparable listed peer for JD.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare JD against a more recognizable public peer.

Peer Set

Compare Top 5

vs BABA, PDD, VIPS, BZUN

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JD Frequently Asked Questions

JD.com, Inc. (JD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is JD.com, Inc.'s revenue?

JD.com, Inc. (JD) reported $1.31T in revenue in fiscal year 2025, which is also its trailing twelve months. That is 6096% more than the $21.13B of fiscal year 2011.

How fast is JD.com, Inc. growing?

JD.com, Inc. (JD) grew revenue by 3.6% over the trailing twelve months, compared with the twelve months before.

Is JD profitable?

Yes. JD.com, Inc. (JD) earned $14.74B in net income over the trailing twelve months (a 1.1% net margin).

Dividend & Returns

Does JD pay dividends?

Yes. JD.com, Inc. (JD) pays a dividend that yields 3.59% at the current price, a moderate yield.

What is JD's return on equity?

JD.com, Inc. (JD) had a return on equity (ROE) of 5.1% over the trailing twelve months. That is below the market's typical 10-15%.

What is JD.com, Inc.'s free cash flow?

JD.com, Inc. (JD) generated $31.32B in free cash flow over the trailing twelve months.

What if you invested $1,000 in JD back in 2011?

Total return calculator · dividends reinvested · 15+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Aug 13, 2026

$0.93+8.1%

vs $0.86

$51.0B+1.2%

vs $50.4B

Q2 2026

May 12, 2026

$0.74+29.8%

vs $0.57

$45.8B+1.3%

vs $45.2B

Q2 2026

Mar 5, 2026

$0.08+14.3%

vs $0.07

$50.4B+0.2%

vs $50.3B

Q4 2025

Nov 13, 2025

$0.52+13.0%

vs $0.46

$42.0B-15.5%

vs $49.7B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

JDJD.com, Inc.Current

$29.11

$40.87B

18.55

12.97%

1.12%

5.08%

3.59%

BABAAlibaba Group Holding Limited

$109.45

$255.42B

23.99

2.74%

7.04%

6.6%

1.92%

PDDPDD Holdings Inc.

$83.03

$118.18B

8.86

9.65%

20.43%

21.97%

—

VIPSVipshop Holdings Limited

$13.86

$6.82B

4.38

-2.31%

9.81%

22.77%

—

BZUNBaozun Inc.

$3.46

$201.12M

-10.03

5.55%

-1.3%

-2.47%

—

AMZNAmazon.com, Inc.

$259.30

$2.79T

21.03

12.38%

16.9%

26.71%

—