Last 35 quarters of trend data · Consumer Cyclical · Specialty Retail
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 7.98 | 1.04 | 1.72 | 1.68 | 1.26 | 2.97 | 1.31 | 1.99 | 1.54 | 1.53 | 2.31 | 2.31 | 1.92 | 3.41 | 3.13 | 2.14 | 2.48 | 5.45 | 3.14 | 19.54 | 18.90 |
| — | -65.1% | +31.1% | -15.9% | -18.1% | +93.8% | -43.3% | -13.9% | -19.9% | -55.1% | -26.2% | +8.2% | -22.4% | -37.4% | -0.5% | -89.1% | -86.9% | — | — | — | — | |
| P/S Ratio | 1.72 | 0.25 | 0.34 | 0.45 | 0.37 | 0.46 | 0.32 | 0.50 | 0.51 | 0.49 | 0.61 | 0.52 | 0.48 | 0.74 | 0.74 | 0.64 | 0.70 | 0.60 | 0.76 | 1.50 | 1.97 |
| — | -45.5% | +4.7% | -9.4% | -26.5% | -7.2% | -46.3% | -4.0% | +5.2% | -33.0% | -18.6% | -17.9% | -31.4% | +23.0% | -2.2% | -57.7% | -64.4% | -68.1% | -62.5% | -3.7% | -6.3% | |
| P/B Ratio | 1.86 | 0.25 | 0.41 | 0.50 | 0.43 | 0.53 | 0.46 | 0.72 | 0.78 | 0.78 | 1.15 | 0.89 | 0.69 | 0.88 | 1.01 | 0.84 | 0.97 | 0.74 | 1.10 | 1.90 | 2.80 |
| — | -52.9% | -11.5% | -29.7% | -44.7% | -32.2% | -60.1% | -19.4% | +11.8% | -10.5% | +14.3% | +5.2% | -28.6% | +17.9% | -8.8% | -55.6% | -65.3% | -72.2% | -69.2% | -39.2% | -19.6% | |
| P/FCF | 7.01 | 1.09 | 1.75 | 1.08 | 1.79 | 2.83 | 1.26 | 1.81 | 1.12 | 2.04 | 1.48 | 1.10 | 1.08 | 20.74 | 9.21 | 1.94 | 1.14 | — | 1.27 | 3.70 | 6.16 |
| — | -61.3% | +39.0% | -40.5% | +59.4% | +38.8% | -15.2% | +63.8% | +4.4% | -90.2% | -83.9% | -43.0% | -5.5% | — | +627.6% | -47.6% | -81.5% | — | -64.9% | +38.8% | +32.0% | |
| EV / EBITDA | 5.87 | -0.09 | -0.04 | 0.86 | 0.99 | 1.79 | 0.94 | 1.47 | 1.14 | 1.20 | 1.83 | 1.58 | 1.65 | 3.61 | 2.61 | 1.89 | 2.51 | 6.38 | 3.06 | 14.18 | 20.20 |
| — | -104.9% | -104.5% | -41.3% | -13.5% | +49.5% | -48.9% | -6.7% | -30.7% | -66.8% | -29.9% | -16.6% | -34.2% | -43.4% | -14.7% | -86.7% | -87.6% | — | — | — | — | |
| EV / EBIT | 6.06 | -0.09 | -0.04 | 0.86 | 0.72 | 1.52 | 0.74 | 1.23 | 0.99 | 0.95 | 1.54 | 1.42 | 1.35 | 2.79 | 2.40 | 1.68 | 2.18 | 5.08 | 2.79 | 11.69 | 16.11 |
| — | -105.8% | -105.7% | -30.1% | -26.8% | +59.8% | -51.8% | -13.3% | -26.6% | -65.9% | -35.8% | -15.4% | -38.1% | -45.2% | -13.9% | -85.6% | -86.5% | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.3% | 57.3% | 55.5% | 56.7% | 55.9% | 57.2% | 56.8% | 60.0% | 65.3% | 62.3% | 60.5% | 61.0% | 64.3% | 70.4% | 77.6% | 79.1% | 74.7% | 69.9% | 76.1% | 69.5% | 65.7% |
| — | +0.1% | -2.3% | -5.5% | -14.4% | -8.2% | -6.2% | -1.6% | +1.6% | -11.5% | -22.0% | -22.9% | -14.0% | +0.8% | +2.0% | +13.8% | +13.6% | +35.7% | +34.4% | -9.8% | -15.9% | |
| Operating Margin | 21.6% | 24.7% | 21.1% | 23.1% | 24.8% | 16.8% | 23.1% | 24.5% | 33.6% | 29.9% | 25.2% | 24.2% | 24.3% | 18.4% | 22.9% | 29.4% | 27.7% | 9.1% | 25.4% | 9.9% | 8.7% |
| — | +47.0% | -8.6% | -5.5% | -26.1% | -43.8% | -8.2% | +1.1% | +37.9% | +62.5% | +10.1% | -17.7% | -12.1% | +103.3% | -9.8% | +195.5% | +219.2% | +148.4% | +428.8% | +209.1% | +164.5% | |
| Net Margin | 22.7% | 24.2% | 18.6% | 27.1% | 29.6% | 15.4% | 24.8% | 25.1% | 33.0% | 32.3% | 26.2% | 22.6% | 25.1% | 21.5% | 23.7% | 29.8% | 28.3% | 10.9% | 24.3% | 7.6% | 10.5% |
| — | +57.0% | -25.1% | +7.7% | -10.3% | -52.2% | -5.3% | +11.4% | +31.5% | +49.8% | +10.3% | -24.3% | -11.4% | +97.0% | -2.3% | +291.1% | +170.1% | +183.4% | +568.9% | +238.1% | +242.0% |
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.9% | 6.3% | 5.7% | 7.8% | 8.9% | 4.6% | 9.3% | 9.4% | 13.5% | 13.8% | 13.3% | 10.1% | 9.6% | 6.6% | 8.4% | 10.7% | 10.6% | 3.4% | 9.2% | 2.5% | 3.8% |
| — | +37.4% | -38.5% | -17.0% | -34.3% | -66.8% | -30.4% | -7.2% | +40.4% | +108.0% | +58.6% | -5.5% | -9.2% | +93.6% | -9.1% | +333.6% | +179.8% | +172.2% | +397.5% | +191.0% | +208.0% | |
| ROA | 17.2% | 4.2% | 3.7% | 5.0% | 5.6% | 2.8% | 5.6% | 5.6% | 7.9% | 7.7% | 7.0% | 5.3% | 5.1% | 3.4% | 4.2% | 5.3% | 4.9% | 1.5% | 3.8% | 1.0% | 1.6% |
| — | +47.6% | -34.5% | -10.6% | -29.1% | -63.1% | -19.6% | +5.2% | +55.0% | +127.2% | +65.9% | +0.0% | +3.3% | +128.5% | +11.3% | +420.4% | +216.8% | +179.9% | +457.3% | +223.0% | +244.6% | |
| ROIC | 27.7% | 7.4% | 7.2% | 6.1% | 6.7% | 4.5% | 7.8% | 8.5% | 12.9% | 12.6% | 12.7% | 9.6% | 7.5% | 4.6% | 6.9% | 8.1% | 7.3% | 2.0% | 6.9% | 2.5% | 2.6% |
| — | +65.1% | -8.4% | -28.4% | -48.2% | -64.2% | -38.3% | -12.2% | +72.6% | +170.8% | +84.8% | +18.4% | +1.6% | +137.7% | +0.1% | +223.0% | +184.0% | +135.4% | +292.8% | +185.3% | +161.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.12 | 0.13 | 0.13 | 0.14 | 0.16 | 0.17 | 0.19 | 0.17 | 0.18 | 0.19 |
| — | -68.3% | -61.7% | -25.8% | -21.2% | -21.3% | -37.6% | -69.8% | -69.4% | -67.7% | -62.2% | -23.2% | -27.7% | -31.1% | -15.4% | -13.2% | -6.5% | -5.3% | -39.8% | -41.3% | -38.2% | |
| Debt / EBITDA | 0.06 | 0.15 | 0.10 | 0.32 | 0.42 | 0.69 | 0.41 | 0.42 | 0.30 | 0.36 | 0.45 | 1.15 | 1.38 | 2.27 | 1.75 | 1.57 | 1.74 | 5.90 | 1.75 | 5.41 | 5.59 |
| — | -79.0% | -75.1% | -23.4% | +41.6% | +91.0% | -8.5% | -63.6% | -78.3% | -84.0% | -74.3% | -27.1% | -21.1% | -61.6% | -0.1% | -70.9% | -68.8% | — | — | — | — | |
| Current Ratio | 2.45 | 2.62 | 2.45 | 2.36 | 2.36 | 2.27 | 2.21 | 2.15 | 2.11 | 2.09 | 1.93 | 1.83 | 1.91 | 1.94 | 1.85 | 2.27 | 2.05 | 1.89 | 1.72 | 1.82 | 1.84 |
| — | +15.2% | +10.9% | +9.6% | +11.9% | +8.7% | +14.4% | +17.2% | +10.0% | +7.5% | +4.0% | -19.1% | -6.5% | +3.1% | +7.9% | +24.5% | +11.1% | +6.9% | -3.7% | +31.4% | +19.3% | |
| Quick Ratio | 2.45 | 2.62 | 2.45 | 2.36 | 2.36 | 2.27 | 2.20 | 2.15 | 2.11 | 2.09 | 1.93 | 1.83 | 1.91 | 1.94 | 1.85 | 2.27 | 2.05 | 1.89 | 1.72 | 1.82 | 1.84 |
| — | +15.2% | +11.3% | +9.6% | +11.9% | +8.7% | +14.0% | +17.2% | +10.0% | +7.5% | +4.0% | -19.1% | -6.5% | +3.1% | +8.0% | +24.5% | +11.1% | +6.9% | -2.6% | +31.9% | +19.3% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | 3294.75 | 1561.50 | 1363.70 | 830.88 | 861.76 | 889.59 | 796.13 | 251.34 | 26.40 | 9.36 | 9.21 |
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Includes 30+ ratios · 35 years · Updated daily
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Quick answers to the most common questions about buying PDD stock.
PDD Holdings Inc.'s current P/E is 8.0x. The average P/E over the last 4 quarters is 1.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
PDD Holdings Inc.'s current operating margin is 21.6%. 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.