Last 33 quarters of trend data · Consumer Cyclical · Specialty Retail
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
PDD Holdings Inc.'s quarterly P/E stands at 1.7x, down 15.9% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 21.9% YoY to 1.1x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 9.18 | 1.68 | 1.26 | 2.97 | 1.31 | 1.99 | 1.54 | 1.53 | 2.31 | 2.31 | 1.92 | 3.41 | 3.13 |
| — | -15.9% | -18.1% | +93.8% | -43.3% | -13.9% | -19.9% | -55.1% | -26.2% | +8.2% | -22.4% | -37.4% | -0.5% | |
| P/S Ratio | 2.62 | 0.45 | 0.37 | 0.46 | 0.32 | 0.50 | 0.51 | 0.49 | 0.61 | 0.52 | 0.48 | 0.74 | 0.74 |
| — | -9.4% | -26.5% | -7.2% | -46.3% | -4.0% | +5.2% | -33.0% | -18.6% | -17.9% | -31.4% | +23.0% | -2.2% | |
| P/B Ratio | 3.29 | 0.50 | 0.43 | 0.53 | 0.46 | 0.72 | 0.78 | 0.78 | 1.15 | 0.89 | 0.69 | 0.88 | 1.01 |
| — | -29.7% | -44.7% | -32.2% | -60.1% | -19.4% | +11.8% | -10.5% | +14.3% | +5.2% | -28.6% | +17.9% | -8.8% | |
| P/FCF | 8.53 | 1.08 | 1.79 | 2.83 | 1.26 | 1.81 | 1.12 | 2.04 | 1.48 | 1.10 | 1.08 | 20.74 | 9.21 |
| — | -40.5% | +59.4% | +38.8% | -15.2% | +63.8% | +4.4% | -90.2% | -83.9% | -43.0% | -5.5% | — | +627.6% | |
| EV / EBITDA | 9.02 | 1.15 | 0.99 | 1.79 | 0.94 | 1.47 | 1.14 | 1.20 | 1.83 | 1.58 | 1.65 | 3.61 | 2.61 |
| — | -21.9% | -13.5% | +49.5% | -48.9% | -6.7% | -30.7% | -66.8% | -29.9% | -16.6% | -34.2% | -43.4% | -14.7% | |
| EV / EBIT | 9.08 | 1.15 | 0.72 | 1.81 | 0.94 | 1.48 | 1.15 | 1.21 | 1.85 | 1.63 | 1.72 | 3.90 | 2.77 |
| — | -22.5% | -37.2% | +50.0% | -49.0% | -9.0% | -33.2% | -69.0% | -33.3% | -16.8% | -34.1% | -47.9% | -14.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
PDD Holdings Inc.'s operating margin was 23.1% in Q3 2025, down 1.7 pp QoQ and down 1.3 pp YoY. The trailing four-quarter average of 22.0% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 5.5% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 56.7% | 55.9% | 57.2% | 56.8% | 60.0% | 65.3% | 62.3% | 60.5% | 61.0% | 64.3% | 70.4% | 77.6% |
| — | -5.5% | -14.4% | -8.2% | -6.2% | -1.6% | +1.6% | -11.5% | -22.0% | -22.9% | -14.0% | +0.8% | +2.0% | |
| Operating Margin | 27.5% | 23.1% | 24.8% | 16.8% | 23.1% | 24.5% | 33.6% | 29.9% | 25.2% | 24.2% | 24.3% | 18.4% | 22.9% |
| — | -5.5% | -26.1% | -43.8% | -8.2% | +1.1% | +37.9% | +62.5% | +10.1% | -17.7% | -12.1% | +103.3% | -9.8% | |
| Net Margin | 28.5% | 27.1% | 29.6% | 15.4% | 24.8% | 25.1% | 33.0% | 32.3% | 26.2% | 22.6% | 25.1% | 21.5% | 23.7% |
| — | +7.7% | -10.3% | -52.2% | -5.3% | +11.4% | +31.5% | +49.8% | +10.3% | -24.3% | -11.4% | +97.0% | -2.3% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 44.9% | 7.8% | 8.9% | 4.6% | 9.3% | 9.4% | 13.5% | 13.8% | 13.3% | 10.1% | 9.6% | 6.6% | 8.4% |
| — | -17.0% | -34.3% | -66.8% | -30.4% | -7.2% | +40.4% | +108.0% | +58.6% | -5.5% | -9.2% | +93.6% | -9.1% | |
| ROA | 26.4% | 5.0% | 5.6% | 2.8% | 5.6% | 5.6% | 7.9% | 7.7% | 7.0% | 5.3% | 5.1% | 3.4% | 4.2% |
| — | -10.6% | -29.1% | -63.1% | -19.6% | +5.2% | +55.0% | +127.2% | +65.9% | +0.0% | +3.3% | +128.5% | +11.3% | |
| ROIC | 40.3% | 6.1% | 6.7% | 4.5% | 7.8% | 8.5% | 12.9% | 12.6% | 12.7% | 9.6% | 7.5% | 4.6% | 6.9% |
| — | -28.4% | -48.2% | -64.2% | -38.3% | -12.2% | +72.6% | +170.8% | +84.8% | +18.4% | +1.6% | +137.7% | +0.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
PDD Holdings Inc.'s Debt/EBITDA ratio is 0.4x — comfortably within a safe range. The current ratio has improved 9.6% YoY to 2.36x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.12 | 0.13 | 0.13 | 0.14 |
| — | -25.8% | -21.2% | -21.3% | -37.6% | -69.8% | -69.4% | -67.7% | -62.2% | -23.2% | -27.7% | -31.1% | -15.4% | |
| Debt / EBITDA | 0.10 | 0.43 | 0.42 | 0.69 | 0.41 | 0.42 | 0.30 | 0.36 | 0.45 | 1.15 | 1.38 | 2.27 | 1.75 |
| — | +2.0% | +41.6% | +91.0% | -8.5% | -63.6% | -78.3% | -84.0% | -74.3% | -27.1% | -21.1% | -61.6% | -0.1% | |
| Current Ratio | 2.21 | 2.36 | 2.36 | 2.27 | 2.21 | 2.15 | 2.11 | 2.09 | 1.93 | 1.83 | 1.91 | 1.94 | 1.85 |
| — | +9.6% | +11.9% | +8.7% | +14.4% | +17.2% | +10.0% | +7.5% | +4.0% | -19.1% | -6.5% | +3.1% | +7.9% | |
| Quick Ratio | 2.20 | 2.36 | 2.36 | 2.27 | 2.20 | 2.15 | 2.11 | 2.09 | 1.93 | 1.83 | 1.91 | 1.94 | 1.85 |
| — | +9.6% | +11.9% | +8.7% | +14.0% | +17.2% | +10.0% | +7.5% | +4.0% | -19.1% | -6.5% | +3.1% | +8.0% | |
| Interest Coverage | — | — | — | — | — | — | — | — | 2746.16 | 1364.35 | 1065.49 | 592.88 | 745.74 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 33 years · Updated daily
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PDD Holdings Inc.'s current P/E is 9.2x. The average P/E over the last 4 quarters is 1.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
PDD Holdings Inc.'s current operating margin is 27.5%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking PDD Holdings Inc.'s business trajectory between earnings reports.