PDD Holdings Inc. (PDD) 10-Year Financial Performance & Capital Metrics

PDD •

Consumer CyclicalSpecialty RetailGeneral Online Marketplaces

AboutPDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace. It focuses on bringing businesses and people into the digital economy. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. The company was incorporated in 2015 and is based in Dublin, Ireland.Show more

Revenue $393.84B +59.0%
EBITDA $109.13B +83.5%
Net Income $112.43B +87.3%
EPS (Diluted) 76.00 +84.8%
Gross Margin 60.92% -3.2%
EBITDA Margin 27.71% +15.4%
Operating Margin 27.53% +16.1%
Net Margin 28.55% +17.8%
ROE 44.92% +14.1%
ROIC 40.28% +8.9%
Debt/Equity 0.03 -37.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 39.0%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 30.7% free cash flow margin
✓Strong 5Y sales CAGR of 67.2%
✓Healthy 5Y average net margin of 14.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y67.2%

3Y61.24%

TTM12.48%

Profit (Net Income) CAGR

10Y-

5Y-

3Y143.7%

TTM-5.54%

EPS CAGR

10Y-

5Y-

3Y140.85%

TTM-5.95%

ROCE

10Y Avg-22.19%

5Y Avg19.91%

3Y Avg36.29%

Latest42.37%

Peer Comparison

General Online Marketplaces

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CPNGCoupang, Inc.	3.01B	19.08	173.45	-72.84%	2.53%	0.93%	17.32%	0.18
SESea Limited	4.94B	108.45	148.56	28.75%	6.23%	12.35%	59.87%	0.49
HOURHour Loop, Inc.	67.18M	1.91	102.14	4.64%	0.59%	10.89%	0.41%	0.14
MELIMercadoLibre, Inc.	89.1B	1757.58	44.62	39.06%	6.91%	29.59%	12.09%	1.69
AMZNAmazon.com, Inc.	2.25T	210.00	29.29	12.38%	10.83%	18.89%	0.34%	0.37
EBAYeBay Inc.	40.8B	90.86	20.94	7.95%	18.3%	44.01%	3.64%	1.53
BABAAlibaba Group Holding Limited	2.66T	144.11	18.44	5.86%	12.19%	11.1%	0.43%	0.23
PDDPDD Holdings Inc.	577.63B	103.73	9.36	59.04%	24.43%	26.13%	3.05%	0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	504.86M	1.74B	13.12B	30.14B	59.49B	93.95B	130.56B	247.64B	393.84B
Revenue Growth %	-	245.45%	652.26%	129.74%	97.37%	57.92%	38.97%	89.68%	59.04%
Cost of Goods Sold+	577.87M	722.83M	2.91B	6.34B	19.28B	31.72B	31.46B	91.72B	153.9B
COGS % of Revenue	114.46%	41.44%	22.14%	21.03%	32.41%	33.76%	24.1%	37.04%	39.08%
Gross Profit+	-73.01M	1.02B	10.21B	23.8B	40.21B	62.23B	99.1B	155.92B	239.94B
Gross Margin %	-14.46%	58.56%	77.86%	78.97%	67.59%	66.24%	75.9%	62.96%	60.92%
Gross Profit Growth %	-	1498.85%	900.22%	133.03%	68.94%	54.75%	59.24%	57.34%	53.89%
Operating Expenses+	213.2M	1.62B	21.01B	32.34B	49.59B	55.34B	68.69B	97.22B	131.51B
OpEx % of Revenue	42.23%	92.71%	160.17%	107.3%	83.36%	58.9%	52.62%	39.26%	33.39%
Selling, General & Admin	183.78M	1.48B	19.9B	28.47B	42.7B	46.34B	58.31B	86.26B	118.85B
SG&A % of Revenue	36.4%	84.73%	151.66%	94.46%	71.78%	49.33%	44.66%	34.83%	30.18%
Research & Development	29.42M	129.18M	1.12B	3.87B	6.89B	8.99B	10.38B	10.95B	12.66B
R&D % of Revenue	5.83%	7.41%	8.51%	12.84%	11.58%	9.57%	7.95%	4.42%	3.21%
Other Operating Expenses	0	10M	0	0	0	0	0	0	0
Operating Income+	-286.21M	-595.72M	-10.8B	-8.54B	-9.38B	6.9B	30.4B	58.7B	108.42B
Operating Margin %	-56.69%	-34.16%	-82.32%	-28.33%	-15.77%	7.34%	23.29%	23.7%	27.53%
Operating Income Growth %	-	-108.14%	-1712.88%	20.94%	-9.86%	173.52%	340.81%	93.08%	84.71%
EBITDA+	-285.45M	-593.46M	-10.3B	-7.9B	-8.73B	8.39B	32.63B	59.48B	109.13B
EBITDA Margin %	-56.54%	-34.03%	-78.53%	-26.21%	-14.67%	8.93%	24.99%	24.02%	27.71%
EBITDA Growth %	-	-107.9%	-1636.05%	23.32%	-10.49%	196.14%	288.77%	82.32%	83.46%
D&A (Non-Cash Add-back)	756K	2.27M	497M	637.83M	651.52M	1.5B	2.22B	786.24M	708.76M
EBIT	-286.21M	-585.72M	-4.85B	-8.54B	-9.38B	6.9B	30.4B	58.7B	108.42B
Net Interest Income+	4.46M	80.78M	584.94M	1.4B	1.7B	1.83B	3.95B	10.19B	20.55B
Interest Income	4.46M	80.78M	584.94M	1.54B	2.46B	3.06B	4B	10.24B	20.55B
Interest Expense	0	0	0	145.86M	757.34M	1.23B	51.66M	43.99M	0
Other Income/Expense	-5.77M	70.61M	582.62M	1.57B	2.2B	2.81B	5.86B	13.18B	24.28B
Pretax Income+	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	9.7B	36.26B	71.88B	132.7B
Pretax Margin %	-57.83%	-30.11%	-77.87%	-23.12%	-12.07%	10.33%	27.78%	29.02%	33.69%
Income Tax+	0	0	0	0	0	1.93B	4.73B	11.85B	20.27B
Effective Tax Rate %	100%	100%	100%	100%	100%	80.07%	86.97%	83.51%	84.73%
Net Income+	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	7.77B	31.54B	60.03B	112.43B
Net Margin %	-57.83%	-30.11%	-77.87%	-23.12%	-12.07%	8.27%	24.16%	24.24%	28.55%
Net Income Growth %	-	-79.85%	-1845.69%	31.8%	-3.04%	208.2%	305.96%	90.33%	87.31%
Net Income (Continuing)	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	7.77B	31.54B	60.03B	112.43B
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.34	-0.60	-13.88	-6.04	-6.04	5.44	21.92	41.12	76.00
EPS Growth %	-	-76.47%	-2213.33%	56.48%	0%	190.07%	302.94%	87.59%	84.82%
EPS (Basic)	-0.34	-0.60	-13.88	-6.04	-6.04	6.20	24.96	44.32	81.24
Diluted Shares Outstanding	860.58M	860.58M	742.08M	1.16B	1.19B	1.43B	1.44B	1.46B	1.48B
Basic Shares Outstanding	860.58M	860.58M	741.9M	1.15B	1.19B	1.25B	1.26B	1.35B	1.38B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.75B	13.14B	40.39B	73B	149.52B	160.91B	216.62B	294.75B	415.65B
Cash & Short-Term Investments	1.61B	3.11B	21.79B	41.06B	86.97B	92.94B	149.44B	217.21B	331.56B
Cash Only	1.32B	3.06B	14.16B	5.77B	22.42B	6.43B	34.33B	59.79B	57.77B
Short-Term Investments	290M	50M	7.63B	35.29B	64.55B	86.52B	115.11B	157.42B	273.79B
Accounts Receivable	10.28M	530.84M	1.27B	2.96B	3.91B	3.48B	3.35B	7.43B	12.15B
Days Sales Outstanding	7.43	111.09	35.24	35.8	23.97	13.51	9.37	10.95	11.26
Inventory	0	0	0	0	1.72B	14.2M	0	-119.45M	1.6B
Days Inventory Outstanding	-	-	-	-	32.53	0.16	-	-	3.79
Other Current Assets	133.38M	9.5B	17.33B	28.99B	56.93B	64.47B	62.86B	68.78B	68.43B
Total Non-Current Assets+	17.25M	176.64M	2.79B	3.06B	9.38B	20.3B	20.5B	53.33B	89.39B
Property, Plant & Equipment	2.25M	9.28M	29.07M	558.46M	832.68M	3.14B	2.46B	5.08B	5.94B
Fixed Asset Turnover	224.58x	187.96x	451.25x	53.97x	71.45x	29.90x	53.05x	48.70x	66.26x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	2.58B	1.99B	1.28B	701.22M	134M	21.15M	19.17M
Long-Term Investments	15M	5M	0	0	0	0	0	0	0
Other Non-Current Assets	0	162.36M	182.67M	503.12M	7.28B	16.43B	16.86B	48.22B	83.41B
Total Assets+	1.77B	13.31B	43.18B	76.06B	158.91B	181.21B	237.12B	348.08B	505.03B
Asset Turnover	0.29x	0.13x	0.30x	0.40x	0.37x	0.52x	0.55x	0.71x	0.78x
Asset Growth %	-	651.91%	224.32%	76.13%	108.93%	14.03%	30.85%	46.79%	45.09%
Total Current Liabilities+	1.41B	12.11B	24.36B	45.77B	83.88B	93.73B	116.89B	152.9B	188.42B
Accounts Payable	1.13B	9.84B	17.28B	30.23B	54.97B	64.46B	67.3B	91.9B	119.94B
Days Payables Outstanding	712.93	4.97K	2.17K	1.74K	1.04K	741.8	780.71	365.71	284.45
Short-Term Debt	0	0	0	898.75M	1.87B	0	13.89B	648.57M	5.31B
Deferred Revenue (Current)	2.15M	56.45M	191.48M	605.97M	2.42B	1.17B	1.39B	2.14B	2.95B
Other Current Liabilities	254.28M	1.86B	4.69B	7.89B	16.43B	22.06B	26.19B	41.84B	19.42B
Current Ratio	1.24x	1.08x	1.66x	1.60x	1.78x	1.72x	1.85x	1.93x	2.21x
Quick Ratio	1.24x	1.08x	1.66x	1.60x	1.76x	1.72x	1.85x	1.93x	2.20x
Cash Conversion Cycle	-	-	-	-	-984.26	-728.13	-	-	-269.39
Total Non-Current Liabilities+	0	0	0	5.64B	14.85B	12.37B	2.46B	7.94B	3.3B
Long-Term Debt	0	0	0	5.21B	14.43B	11.79B	1.58B	5.23B	0
Capital Lease Obligations	0	0	0	428.59M	414.94M	544.26M	870.78M	2.64B	3.19B
Deferred Tax Liabilities	0	0	0	0	0	31.29M	13.03M	59.83M	106.77M
Other Non-Current Liabilities	0	0	0	7.39M	2.92M	996K	0	0	0
Total Liabilities	1.41B	12.11B	24.36B	51.41B	98.73B	106.1B	119.35B	160.84B	191.72B
Total Debt+	0	0	0	6.65B	16.97B	12.76B	16.93B	10.17B	10.61B
Net Debt	-1.32B	-3.06B	-14.16B	881.57M	-5.45B	6.33B	-17.39B	-49.63B	-47.16B
Debt / Equity	-	-	-	0.27x	0.28x	0.17x	0.14x	0.05x	0.03x
Debt / EBITDA	-	-	-	-	-	1.52x	0.52x	0.17x	0.10x
Net Debt / EBITDA	-	-	-	-	-	0.75x	-0.53x	-0.83x	-0.43x
Interest Coverage	-	-	-	-58.54x	-12.39x	5.60x	588.56x	1334.46x	-
Total Equity+	356.45M	1.2B	18.82B	24.65B	60.18B	75.11B	117.77B	187.24B	313.31B
Equity Growth %	-	238.04%	1462.09%	30.94%	144.15%	24.82%	56.79%	58.99%	67.33%
Book Value per Share	0.41	1.40	25.36	21.31	50.48	52.58	81.77	128.26	211.82
Total Shareholders' Equity	356.45M	1.2B	18.82B	24.65B	60.18B	75.11B	117.77B	187.24B	313.31B
Common Stock	56K	54K	142K	148K	159K	161K	170K	177K	180K
Retained Earnings	-472.44M	-1.03B	-11.33B	-18.3B	-25.48B	-17.71B	15.19B	75.12B	187.66B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	24.58M	-23.1M	1.04B	1.45B	-1.05B	-2.52B	3.33B	4.83B	7.82B
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	879.78M	315.48M	7.77B	14.82B	28.2B	28.78B	7.03B	94.16B	121.93B
Operating CF Margin %	174.26%	18.09%	59.21%	49.17%	47.4%	30.64%	5.39%	38.02%	30.96%
Operating CF Growth %	-	-64.14%	2362.26%	90.8%	90.25%	2.08%	-75.57%	1238.87%	29.49%
Net Income	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	7.77B	31.54B	60.03B	112.43B
Depreciation & Amortization	756K	2.27M	497M	637.83M	800.47M	1.84B	2.74B	1.89B	2.64B
Stock-Based Compensation	4.06M	13.38M	6.84B	2.56B	3.61B	4.77B	7.72B	7.08B	9.88B
Deferred Taxes	0	10.06M	13K	-22.1M	-374.65M	-213K	-1.03B	801.1M	222.18M
Other Non-Cash Items	8.67M	-2.57M	-78.27M	9.48M	287.85M	833.88M	-41.35B	-2.09B	-9.92B
Working Capital Changes	1.16B	817.46M	10.72B	18.61B	31.05B	13.56B	7.42B	26.46B	6.66B
Change in Receivables	-8.32M	-77.89M	-159.41M	-803.39M	321.43M	55.81M	86.04M	-3.33B	-92.3M
Change in Inventory	177.71M	1.49B	3.31B	6.93B	4.98B	6.08B	0	0	0
Change in Payables	1.09B	8.72B	7.44B	12.65B	23.93B	8.69B	749.37M	11.62B	16.89B
Cash from Investing+	-307.3M	71.65M	-7.55B	-28.32B	-38.36B	-35.56B	-3.24B	-55.43B	-118.36B
Capital Expenditures	-2.3M	-8.92M	-27.33M	-27.44M	-43.05M	-3.29B	-635.72M	-583.88M	-967.14M
CapEx % of Revenue	0.46%	0.51%	0.21%	0.09%	0.07%	3.5%	0.49%	0.24%	0.25%
Acquisitions	0	362K	39K	475K	51K	394K	0	0	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	-159.79M	124.79M	-424.63M	-238M	445.04M	19.12B	130.24M	35.69M
Cash from Financing+	486.54M	1.4B	17.34B	15.85B	51.8B	-1.88B	10.08M	-8.96B	1.16M
Debt Issued (Net)	0	0	0	7.86B	13.93B	-1.88B	0	-8.97B	-91K
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	0	0	0	0
Dividends Paid	-18.33M	0	0	0	0	0	0	0	0
Share Repurchases	0	-32.68M	0	0	0	0	0	0	0
Other Financing	-7.05M	-15.37M	0	0	-6K	318K	10.08M	8.19M	1.25M
Net Change in Cash	1.08B	1.74B	18.11B	2.81B	41.5B	-8.8B	3.81B	29.48B	4.41B
Free Cash Flow+	877.48M	306.56M	7.74B	14.79B	28.15B	25.5B	6.4B	93.58B	120.96B
FCF Margin %	173.8%	17.58%	59%	49.08%	47.32%	27.14%	4.9%	37.79%	30.71%
FCF Growth %	-	-65.06%	2425%	91.12%	90.31%	-9.44%	-74.91%	1362.79%	29.26%
FCF per Share	1.02	0.36	10.43	12.79	23.62	17.85	4.44	64.10	81.78
FCF Conversion (FCF/Net Income)	-3.01x	-0.60x	-0.76x	-2.13x	-3.93x	3.71x	0.22x	1.57x	1.08x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	4.88B	5.76B	17.49B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-81.91%	-67.26%	-102.03%	-32.06%	-16.93%	11.48%	32.7%	39.36%	44.92%
Return on Invested Capital (ROIC)	-	-	-576.69%	-42.42%	-17.53%	7.6%	25.08%	37%	40.28%
Gross Margin	-14.46%	58.56%	77.86%	78.97%	67.59%	66.24%	75.9%	62.96%	60.92%
Net Margin	-57.83%	-30.11%	-77.87%	-23.12%	-12.07%	8.27%	24.16%	24.24%	28.55%
Debt / Equity	-	-	-	0.27x	0.28x	0.17x	0.14x	0.05x	0.03x
Interest Coverage	-	-	-	-58.54x	-12.39x	5.60x	588.56x	1334.46x	-
FCF Conversion	-3.01x	-0.60x	-0.76x	-2.13x	-3.93x	3.71x	0.22x	1.57x	1.08x
Revenue Growth	-	245.45%	652.26%	129.74%	97.37%	57.92%	38.97%	89.68%	59.04%

US Stock Screener

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PDD Holdings Inc. (PDD) 10-Year Financial Performance & Capital Metrics

PDD •

Consumer CyclicalSpecialty RetailGeneral Online Marketplaces

Revenue $393.84B +59.0%
EBITDA $109.13B +83.5%
Net Income $112.43B +87.3%
EPS (Diluted) 76.00 +84.8%
Gross Margin 60.92% -3.2%
EBITDA Margin 27.71% +15.4%
Operating Margin 27.53% +16.1%
Net Margin 28.55% +17.8%
ROE 44.92% +14.1%
ROIC 40.28% +8.9%
Debt/Equity 0.03 -37.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 39.0%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 30.7% free cash flow margin
✓Strong 5Y sales CAGR of 67.2%
✓Healthy 5Y average net margin of 14.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y67.2%

3Y61.24%

TTM12.48%

Profit (Net Income) CAGR

10Y-

5Y-

3Y143.7%

TTM-5.54%

EPS CAGR

10Y-

5Y-

3Y140.85%

TTM-5.95%

ROCE

10Y Avg-22.19%

5Y Avg19.91%

3Y Avg36.29%

Latest42.37%

Peer Comparison

General Online Marketplaces

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CPNGCoupang, Inc.	3.01B	19.08	173.45	-72.84%	2.53%	0.93%	17.32%	0.18
SESea Limited	4.94B	108.45	148.56	28.75%	6.23%	12.35%	59.87%	0.49
HOURHour Loop, Inc.	67.18M	1.91	102.14	4.64%	0.59%	10.89%	0.41%	0.14
MELIMercadoLibre, Inc.	89.1B	1757.58	44.62	39.06%	6.91%	29.59%	12.09%	1.69
AMZNAmazon.com, Inc.	2.25T	210.00	29.29	12.38%	10.83%	18.89%	0.34%	0.37
EBAYeBay Inc.	40.8B	90.86	20.94	7.95%	18.3%	44.01%	3.64%	1.53
BABAAlibaba Group Holding Limited	2.66T	144.11	18.44	5.86%	12.19%	11.1%	0.43%	0.23
PDDPDD Holdings Inc.	577.63B	103.73	9.36	59.04%	24.43%	26.13%	3.05%	0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	504.86M	1.74B	13.12B	30.14B	59.49B	93.95B	130.56B	247.64B	393.84B
Revenue Growth %	-	245.45%	652.26%	129.74%	97.37%	57.92%	38.97%	89.68%	59.04%
Cost of Goods Sold+	577.87M	722.83M	2.91B	6.34B	19.28B	31.72B	31.46B	91.72B	153.9B
COGS % of Revenue	114.46%	41.44%	22.14%	21.03%	32.41%	33.76%	24.1%	37.04%	39.08%
Gross Profit+	-73.01M	1.02B	10.21B	23.8B	40.21B	62.23B	99.1B	155.92B	239.94B
Gross Margin %	-14.46%	58.56%	77.86%	78.97%	67.59%	66.24%	75.9%	62.96%	60.92%
Gross Profit Growth %	-	1498.85%	900.22%	133.03%	68.94%	54.75%	59.24%	57.34%	53.89%
Operating Expenses+	213.2M	1.62B	21.01B	32.34B	49.59B	55.34B	68.69B	97.22B	131.51B
OpEx % of Revenue	42.23%	92.71%	160.17%	107.3%	83.36%	58.9%	52.62%	39.26%	33.39%
Selling, General & Admin	183.78M	1.48B	19.9B	28.47B	42.7B	46.34B	58.31B	86.26B	118.85B
SG&A % of Revenue	36.4%	84.73%	151.66%	94.46%	71.78%	49.33%	44.66%	34.83%	30.18%
Research & Development	29.42M	129.18M	1.12B	3.87B	6.89B	8.99B	10.38B	10.95B	12.66B
R&D % of Revenue	5.83%	7.41%	8.51%	12.84%	11.58%	9.57%	7.95%	4.42%	3.21%
Other Operating Expenses	0	10M	0	0	0	0	0	0	0
Operating Income+	-286.21M	-595.72M	-10.8B	-8.54B	-9.38B	6.9B	30.4B	58.7B	108.42B
Operating Margin %	-56.69%	-34.16%	-82.32%	-28.33%	-15.77%	7.34%	23.29%	23.7%	27.53%
Operating Income Growth %	-	-108.14%	-1712.88%	20.94%	-9.86%	173.52%	340.81%	93.08%	84.71%
EBITDA+	-285.45M	-593.46M	-10.3B	-7.9B	-8.73B	8.39B	32.63B	59.48B	109.13B
EBITDA Margin %	-56.54%	-34.03%	-78.53%	-26.21%	-14.67%	8.93%	24.99%	24.02%	27.71%
EBITDA Growth %	-	-107.9%	-1636.05%	23.32%	-10.49%	196.14%	288.77%	82.32%	83.46%
D&A (Non-Cash Add-back)	756K	2.27M	497M	637.83M	651.52M	1.5B	2.22B	786.24M	708.76M
EBIT	-286.21M	-585.72M	-4.85B	-8.54B	-9.38B	6.9B	30.4B	58.7B	108.42B
Net Interest Income+	4.46M	80.78M	584.94M	1.4B	1.7B	1.83B	3.95B	10.19B	20.55B
Interest Income	4.46M	80.78M	584.94M	1.54B	2.46B	3.06B	4B	10.24B	20.55B
Interest Expense	0	0	0	145.86M	757.34M	1.23B	51.66M	43.99M	0
Other Income/Expense	-5.77M	70.61M	582.62M	1.57B	2.2B	2.81B	5.86B	13.18B	24.28B
Pretax Income+	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	9.7B	36.26B	71.88B	132.7B
Pretax Margin %	-57.83%	-30.11%	-77.87%	-23.12%	-12.07%	10.33%	27.78%	29.02%	33.69%
Income Tax+	0	0	0	0	0	1.93B	4.73B	11.85B	20.27B
Effective Tax Rate %	100%	100%	100%	100%	100%	80.07%	86.97%	83.51%	84.73%
Net Income+	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	7.77B	31.54B	60.03B	112.43B
Net Margin %	-57.83%	-30.11%	-77.87%	-23.12%	-12.07%	8.27%	24.16%	24.24%	28.55%
Net Income Growth %	-	-79.85%	-1845.69%	31.8%	-3.04%	208.2%	305.96%	90.33%	87.31%
Net Income (Continuing)	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	7.77B	31.54B	60.03B	112.43B
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.34	-0.60	-13.88	-6.04	-6.04	5.44	21.92	41.12	76.00
EPS Growth %	-	-76.47%	-2213.33%	56.48%	0%	190.07%	302.94%	87.59%	84.82%
EPS (Basic)	-0.34	-0.60	-13.88	-6.04	-6.04	6.20	24.96	44.32	81.24
Diluted Shares Outstanding	860.58M	860.58M	742.08M	1.16B	1.19B	1.43B	1.44B	1.46B	1.48B
Basic Shares Outstanding	860.58M	860.58M	741.9M	1.15B	1.19B	1.25B	1.26B	1.35B	1.38B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.75B	13.14B	40.39B	73B	149.52B	160.91B	216.62B	294.75B	415.65B
Cash & Short-Term Investments	1.61B	3.11B	21.79B	41.06B	86.97B	92.94B	149.44B	217.21B	331.56B
Cash Only	1.32B	3.06B	14.16B	5.77B	22.42B	6.43B	34.33B	59.79B	57.77B
Short-Term Investments	290M	50M	7.63B	35.29B	64.55B	86.52B	115.11B	157.42B	273.79B
Accounts Receivable	10.28M	530.84M	1.27B	2.96B	3.91B	3.48B	3.35B	7.43B	12.15B
Days Sales Outstanding	7.43	111.09	35.24	35.8	23.97	13.51	9.37	10.95	11.26
Inventory	0	0	0	0	1.72B	14.2M	0	-119.45M	1.6B
Days Inventory Outstanding	-	-	-	-	32.53	0.16	-	-	3.79
Other Current Assets	133.38M	9.5B	17.33B	28.99B	56.93B	64.47B	62.86B	68.78B	68.43B
Total Non-Current Assets+	17.25M	176.64M	2.79B	3.06B	9.38B	20.3B	20.5B	53.33B	89.39B
Property, Plant & Equipment	2.25M	9.28M	29.07M	558.46M	832.68M	3.14B	2.46B	5.08B	5.94B
Fixed Asset Turnover	224.58x	187.96x	451.25x	53.97x	71.45x	29.90x	53.05x	48.70x	66.26x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	2.58B	1.99B	1.28B	701.22M	134M	21.15M	19.17M
Long-Term Investments	15M	5M	0	0	0	0	0	0	0
Other Non-Current Assets	0	162.36M	182.67M	503.12M	7.28B	16.43B	16.86B	48.22B	83.41B
Total Assets+	1.77B	13.31B	43.18B	76.06B	158.91B	181.21B	237.12B	348.08B	505.03B
Asset Turnover	0.29x	0.13x	0.30x	0.40x	0.37x	0.52x	0.55x	0.71x	0.78x
Asset Growth %	-	651.91%	224.32%	76.13%	108.93%	14.03%	30.85%	46.79%	45.09%
Total Current Liabilities+	1.41B	12.11B	24.36B	45.77B	83.88B	93.73B	116.89B	152.9B	188.42B
Accounts Payable	1.13B	9.84B	17.28B	30.23B	54.97B	64.46B	67.3B	91.9B	119.94B
Days Payables Outstanding	712.93	4.97K	2.17K	1.74K	1.04K	741.8	780.71	365.71	284.45
Short-Term Debt	0	0	0	898.75M	1.87B	0	13.89B	648.57M	5.31B
Deferred Revenue (Current)	2.15M	56.45M	191.48M	605.97M	2.42B	1.17B	1.39B	2.14B	2.95B
Other Current Liabilities	254.28M	1.86B	4.69B	7.89B	16.43B	22.06B	26.19B	41.84B	19.42B
Current Ratio	1.24x	1.08x	1.66x	1.60x	1.78x	1.72x	1.85x	1.93x	2.21x
Quick Ratio	1.24x	1.08x	1.66x	1.60x	1.76x	1.72x	1.85x	1.93x	2.20x
Cash Conversion Cycle	-	-	-	-	-984.26	-728.13	-	-	-269.39
Total Non-Current Liabilities+	0	0	0	5.64B	14.85B	12.37B	2.46B	7.94B	3.3B
Long-Term Debt	0	0	0	5.21B	14.43B	11.79B	1.58B	5.23B	0
Capital Lease Obligations	0	0	0	428.59M	414.94M	544.26M	870.78M	2.64B	3.19B
Deferred Tax Liabilities	0	0	0	0	0	31.29M	13.03M	59.83M	106.77M
Other Non-Current Liabilities	0	0	0	7.39M	2.92M	996K	0	0	0
Total Liabilities	1.41B	12.11B	24.36B	51.41B	98.73B	106.1B	119.35B	160.84B	191.72B
Total Debt+	0	0	0	6.65B	16.97B	12.76B	16.93B	10.17B	10.61B
Net Debt	-1.32B	-3.06B	-14.16B	881.57M	-5.45B	6.33B	-17.39B	-49.63B	-47.16B
Debt / Equity	-	-	-	0.27x	0.28x	0.17x	0.14x	0.05x	0.03x
Debt / EBITDA	-	-	-	-	-	1.52x	0.52x	0.17x	0.10x
Net Debt / EBITDA	-	-	-	-	-	0.75x	-0.53x	-0.83x	-0.43x
Interest Coverage	-	-	-	-58.54x	-12.39x	5.60x	588.56x	1334.46x	-
Total Equity+	356.45M	1.2B	18.82B	24.65B	60.18B	75.11B	117.77B	187.24B	313.31B
Equity Growth %	-	238.04%	1462.09%	30.94%	144.15%	24.82%	56.79%	58.99%	67.33%
Book Value per Share	0.41	1.40	25.36	21.31	50.48	52.58	81.77	128.26	211.82
Total Shareholders' Equity	356.45M	1.2B	18.82B	24.65B	60.18B	75.11B	117.77B	187.24B	313.31B
Common Stock	56K	54K	142K	148K	159K	161K	170K	177K	180K
Retained Earnings	-472.44M	-1.03B	-11.33B	-18.3B	-25.48B	-17.71B	15.19B	75.12B	187.66B
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	24.58M	-23.1M	1.04B	1.45B	-1.05B	-2.52B	3.33B	4.83B	7.82B
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	879.78M	315.48M	7.77B	14.82B	28.2B	28.78B	7.03B	94.16B	121.93B
Operating CF Margin %	174.26%	18.09%	59.21%	49.17%	47.4%	30.64%	5.39%	38.02%	30.96%
Operating CF Growth %	-	-64.14%	2362.26%	90.8%	90.25%	2.08%	-75.57%	1238.87%	29.49%
Net Income	-291.98M	-525.12M	-10.22B	-6.97B	-7.18B	7.77B	31.54B	60.03B	112.43B
Depreciation & Amortization	756K	2.27M	497M	637.83M	800.47M	1.84B	2.74B	1.89B	2.64B
Stock-Based Compensation	4.06M	13.38M	6.84B	2.56B	3.61B	4.77B	7.72B	7.08B	9.88B
Deferred Taxes	0	10.06M	13K	-22.1M	-374.65M	-213K	-1.03B	801.1M	222.18M
Other Non-Cash Items	8.67M	-2.57M	-78.27M	9.48M	287.85M	833.88M	-41.35B	-2.09B	-9.92B
Working Capital Changes	1.16B	817.46M	10.72B	18.61B	31.05B	13.56B	7.42B	26.46B	6.66B
Change in Receivables	-8.32M	-77.89M	-159.41M	-803.39M	321.43M	55.81M	86.04M	-3.33B	-92.3M
Change in Inventory	177.71M	1.49B	3.31B	6.93B	4.98B	6.08B	0	0	0
Change in Payables	1.09B	8.72B	7.44B	12.65B	23.93B	8.69B	749.37M	11.62B	16.89B
Cash from Investing+	-307.3M	71.65M	-7.55B	-28.32B	-38.36B	-35.56B	-3.24B	-55.43B	-118.36B
Capital Expenditures	-2.3M	-8.92M	-27.33M	-27.44M	-43.05M	-3.29B	-635.72M	-583.88M	-967.14M
CapEx % of Revenue	0.46%	0.51%	0.21%	0.09%	0.07%	3.5%	0.49%	0.24%	0.25%
Acquisitions	0	362K	39K	475K	51K	394K	0	0	0
Investments	-	-	-	-	-	-	-	-	-
Other Investing	0	-159.79M	124.79M	-424.63M	-238M	445.04M	19.12B	130.24M	35.69M
Cash from Financing+	486.54M	1.4B	17.34B	15.85B	51.8B	-1.88B	10.08M	-8.96B	1.16M
Debt Issued (Net)	0	0	0	7.86B	13.93B	-1.88B	0	-8.97B	-91K
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	0	0	0	0
Dividends Paid	-18.33M	0	0	0	0	0	0	0	0
Share Repurchases	0	-32.68M	0	0	0	0	0	0	0
Other Financing	-7.05M	-15.37M	0	0	-6K	318K	10.08M	8.19M	1.25M
Net Change in Cash	1.08B	1.74B	18.11B	2.81B	41.5B	-8.8B	3.81B	29.48B	4.41B
Free Cash Flow+	877.48M	306.56M	7.74B	14.79B	28.15B	25.5B	6.4B	93.58B	120.96B
FCF Margin %	173.8%	17.58%	59%	49.08%	47.32%	27.14%	4.9%	37.79%	30.71%
FCF Growth %	-	-65.06%	2425%	91.12%	90.31%	-9.44%	-74.91%	1362.79%	29.26%
FCF per Share	1.02	0.36	10.43	12.79	23.62	17.85	4.44	64.10	81.78
FCF Conversion (FCF/Net Income)	-3.01x	-0.60x	-0.76x	-2.13x	-3.93x	3.71x	0.22x	1.57x	1.08x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	4.88B	5.76B	17.49B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-81.91%	-67.26%	-102.03%	-32.06%	-16.93%	11.48%	32.7%	39.36%	44.92%
Return on Invested Capital (ROIC)	-	-	-576.69%	-42.42%	-17.53%	7.6%	25.08%	37%	40.28%
Gross Margin	-14.46%	58.56%	77.86%	78.97%	67.59%	66.24%	75.9%	62.96%	60.92%
Net Margin	-57.83%	-30.11%	-77.87%	-23.12%	-12.07%	8.27%	24.16%	24.24%	28.55%
Debt / Equity	-	-	-	0.27x	0.28x	0.17x	0.14x	0.05x	0.03x
Interest Coverage	-	-	-	-58.54x	-12.39x	5.60x	588.56x	1334.46x	-
FCF Conversion	-3.01x	-0.60x	-0.76x	-2.13x	-3.93x	3.71x	0.22x	1.57x	1.08x
Revenue Growth	-	245.45%	652.26%	129.74%	97.37%	57.92%	38.97%	89.68%	59.04%

PDD Holdings Inc. (PDD) 10-Year Financial Performance & Capital Metrics

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PDD Holdings Inc. (PDD) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare PDD vs Peers

vs BABA

vs AMZN

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Deep Dive Analysis

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