PDD Holdings Inc. (PDD) Financial Ratios
10 years of historical data (2016–2025) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↓
6.02
↑+38% vs avg
5yr avg: 4.35
30Y Low0.9·High10.7
P/FCF
↓
7.14
↑+34% vs avg
5yr avg: 5.34
30Y Low1.2·High18.4
P/B Ratio
↓
1.92
↑+134% vs avg
5yr avg: 0.82
30Y Low0.4·High3.5
ROE
↑
26.9%
-14% vs avg
5yr avg: 31.1%
30Y Low-102%·High45%
Debt/EBITDA
↓
0.06
↓-88% vs avg
5yr avg: 0.47
30Y Low0.1·High1.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PDD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
PDD Holdings Inc. trades at 8.2x earnings, 96% above its 5-year average of 4.2x, sitting at the 80th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a discount of 61%. On a free-cash-flow basis, the stock trades at 7.1x P/FCF, 34% above the 5-year average of 5.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $111.7B | $168.1B | $143.5B | $213.6B | $117.5B | $83.3B | $211.8B | $43.8B | $16.7B | — | — |
| Enterprise Value | $85.5B | $-9376897340 | $96.3B | $164.0B | $100.1B | $89.6B | $206.3B | $44.6B | $2.5B | — | — |
| P/E Ratio → | 8.25 | 1.74 | 1.28 | 3.56 | 3.72 | 10.72 | — | — | — | — | — |
| P/S Ratio | 1.75 | 0.39 | 0.36 | 0.86 | 0.90 | 0.89 | 3.56 | 1.45 | 1.27 | — | — |
| P/B Ratio | 1.92 | 0.40 | 0.46 | 1.14 | 1.00 | 1.11 | 3.52 | 1.78 | 0.88 | — | — |
| P/FCF | 7.14 | 1.59 | 1.19 | 2.28 | 18.36 | 3.27 | 7.52 | 2.96 | 2.15 | — | — |
| P/OCF | 7.07 | 1.57 | 1.18 | 2.27 | 16.70 | 2.89 | 7.51 | 2.95 | 2.14 | — | — |
P/E links to full P/E history page with 30-year chart
PDD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
PDD Holdings Inc.'s enterprise value stands at 6.0x EBITDA, 38% above its 5-year average of 4.3x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 51% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.02 | 0.24 | 0.66 | 0.77 | 0.95 | 3.47 | 1.48 | 0.19 | — | — |
| EV / EBITDA | 6.02 | -0.10 | 0.88 | 2.76 | 3.07 | 10.68 | — | — | — | — | — |
| EV / EBIT | 6.21 | -0.08 | 0.89 | 2.79 | 3.29 | 12.99 | — | — | — | — | — |
| EV / FCF | — | -0.09 | 0.80 | 1.75 | 15.64 | 3.51 | 7.33 | 3.02 | 0.32 | — | — |
PDD Profitability
Margins and return-on-capital ratios measuring operating efficiency
PDD Holdings Inc. earns an operating margin of 21.6%, significantly above the Consumer Cyclical sector average of 2.0%. Operating margins have compressed from 23.7% to 21.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 26.9% indicates solid capital efficiency, compared to the sector median of 5.3%. ROIC of 27.7% represents excellent returns on invested capital versus a sector median of 5.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.3% | 56.3% | 60.9% | 63.0% | 75.9% | 66.2% | 67.6% | 79.0% | 77.9% | 58.6% | -14.5% |
| Operating Margin | 21.6% | 21.6% | 27.5% | 23.7% | 23.3% | 7.3% | -15.8% | -28.3% | -82.3% | -34.2% | -56.7% |
| Net Profit Margin | 22.7% | 22.7% | 28.5% | 24.2% | 24.2% | 8.3% | -12.1% | -23.1% | -77.9% | -30.1% | -57.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.9% | 26.9% | 44.9% | 39.4% | 32.7% | 11.5% | -16.9% | -32.1% | -102.0% | -67.3% | -81.9% |
| ROA | 17.2% | 17.2% | 26.4% | 20.5% | 15.1% | 4.6% | -6.1% | -11.7% | -36.2% | -7.0% | -16.5% |
| ROIC | 27.7% | 27.7% | 40.3% | 37.0% | 25.1% | 7.6% | -17.5% | -42.4% | -576.7% | — | — |
| ROCE | 25.3% | 25.3% | 42.4% | 37.2% | 29.3% | 8.5% | -17.8% | -34.8% | -107.8% | -76.3% | -80.3% |
PDD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
PDD Holdings Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (99% below the sector average of 4.8x). The company holds a net cash position — cash of $182.8B exceeds total debt of $5.4B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.03 | 0.05 | 0.14 | 0.17 | 0.28 | 0.27 | — | — | — |
| Debt / EBITDA | 0.06 | 0.06 | 0.10 | 0.17 | 0.52 | 1.52 | — | — | — | — | — |
| Net Debt / Equity | — | -0.43 | -0.15 | -0.27 | -0.15 | 0.08 | -0.09 | 0.04 | -0.75 | -2.54 | -3.70 |
| Net Debt / EBITDA | -1.85 | -1.85 | -0.43 | -0.83 | -0.53 | 0.75 | — | — | — | — | — |
| Debt / FCF | — | -1.68 | -0.39 | -0.53 | -2.72 | 0.25 | -0.19 | 0.06 | -1.83 | -9.98 | -1.50 |
| Interest Coverage | — | — | — | 1334.46 | 588.56 | 5.60 | -12.39 | -58.54 | — | — | — |
Net cash position: cash ($182.8B) exceeds total debt ($5.4B)
PDD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
PDD Holdings Inc.'s current ratio of 2.45x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.93x to 2.45x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.45 | 2.45 | 2.21 | 1.93 | 1.85 | 1.72 | 1.78 | 1.60 | 1.66 | 1.08 | 1.24 |
| Quick Ratio | 2.45 | 2.45 | 2.20 | 1.93 | 1.85 | 1.72 | 1.76 | 1.60 | 1.66 | 1.08 | 1.24 |
| Cash Ratio | 2.34 | 2.34 | 1.76 | 1.42 | 1.28 | 0.99 | 1.04 | 0.90 | 0.89 | 0.26 | 1.14 |
| Asset Turnover | — | 0.68 | 0.78 | 0.71 | 0.55 | 0.52 | 0.37 | 0.40 | 0.30 | 0.13 | 0.29 |
| Inventory Turnover | — | — | 96.23 | — | — | 2234.30 | 11.22 | — | — | — | — |
| Days Sales Outstanding | — | 12.95 | 11.26 | 10.95 | 9.37 | 13.51 | 23.97 | 35.80 | 35.24 | 111.09 | 7.43 |
PDD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
PDD Holdings Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 12.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.1% | 57.5% | 78.4% | 28.1% | 26.9% | 9.3% | — | — | — | — | — |
| FCF Yield | 14.0% | 62.9% | 84.3% | 43.8% | 5.4% | 30.6% | 13.3% | 33.8% | 46.5% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $1.5B | $1.5B | $1.5B | $1.4B | $1.4B | $1.2B | $1.2B | $742M | $861M | $861M |
Peer Comparison
Compare PDD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PDDYou | $112B | 8.2 | 6.0 | 7.1 | 56.3% | 21.6% | 26.9% | 27.7% | 0.1 |
 BABA | $250B | 16.5 | 16.6 | — | 39.8% | 5.8% | 9.4% | 3.8% | 2.4 |
 JD | $38B | 14.5 | 18.6 | 53.2 | 9.3% | 0.2% | 6.5% | 0.8% | 9.3 |
 VIPS | $7B | 6.4 | 2.8 | — | 23.1% | 7.7% | 16.8% | 27.0% | 0.7 |
 SE | $56B | 36.2 | 28.4 | 12.4 | 44.7% | 8.1% | 14.9% | 14.1% | 1.8 |
 MELI | $83B | 41.5 | 24.0 | 7.7 | 44.5% | 11.1% | 36.0% | 20.8% | 3.0 |
 CPNG | $32B | 163.6 | 44.8 | 61.9 | 29.4% | 1.4% | 4.8% | 14.5% | 6.8 |
 AMZN | $2.6T | 34.1 | 18.5 | 341.6 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 EBAY | $49B | 24.9 | 21.3 | 29.8 | 71.5% | 20.5% | 41.6% | 16.8% | 2.9 |
 ETSY | $7B | 53.2 | 13.5 | 11.0 | 71.6% | 12.8% | — | — | 1.6 |
 BIDU | $38B | 64.3 | 39.3 | — | 43.9% | -4.5% | 1.9% | -1.2% | 11.6 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 10 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into PDD consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
PDD — Frequently Asked Questions
Quick answers to the most common questions about buying PDD stock.
What is PDD Holdings Inc.'s P/E ratio?
PDD Holdings Inc.'s current P/E ratio is 8.2x. The historical average is 4.2x. This places it at the 80th percentile of its historical range.
What is PDD Holdings Inc.'s EV/EBITDA?
PDD Holdings Inc.'s current EV/EBITDA is 6.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.3x.
What is PDD Holdings Inc.'s ROE?
PDD Holdings Inc.'s return on equity (ROE) is 26.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -14.5%.
Is PDD stock overvalued?
Based on historical data, PDD Holdings Inc. is trading at a P/E of 8.2x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are PDD Holdings Inc.'s profit margins?
PDD Holdings Inc. has 56.3% gross margin and 21.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does PDD Holdings Inc. have?
PDD Holdings Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.