Last 34 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, up 31.1% year-over-year — indicating the stock has re-rated higher or earnings have softened.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 8.25 | 1.72 | 1.68 | 1.26 | 2.97 | 1.31 | 1.99 | 1.54 | 1.53 | 2.31 | 2.31 | 1.92 | 3.41 |
| — | +31.1% | -15.9% | -18.1% | +93.8% | -43.3% | -13.9% | -19.9% | -55.1% | -26.2% | +8.2% | -22.4% | -37.4% | |
| P/S Ratio | 1.75 | 0.34 | 0.45 | 0.37 | 0.46 | 0.32 | 0.50 | 0.51 | 0.49 | 0.61 | 0.52 | 0.48 | 0.74 |
| — | +4.7% | -9.4% | -26.5% | -7.2% | -46.3% | -4.0% | +5.2% | -33.0% | -18.6% | -17.9% | -31.4% | +23.0% | |
| P/B Ratio | 1.92 | 0.41 | 0.50 | 0.43 | 0.53 | 0.46 | 0.72 | 0.78 | 0.78 | 1.15 | 0.89 | 0.69 | 0.88 |
| — | -11.5% | -29.7% | -44.7% | -32.2% | -60.1% | -19.4% | +11.8% | -10.5% | +14.3% | +5.2% | -28.6% | +17.9% | |
| P/FCF | 7.14 | 1.75 | 1.08 | 1.79 | 2.83 | 1.26 | 1.81 | 1.12 | 2.04 | 1.48 | 1.10 | 1.08 | 20.74 |
| — | +39.0% | -40.5% | +59.4% | +38.8% | -15.2% | +63.8% | +4.4% | -90.2% | -83.9% | -43.0% | -5.5% | — | |
| EV / EBITDA | 6.02 | -0.04 | 1.15 | 0.99 | 1.79 | 0.94 | 1.47 | 1.14 | 1.20 | 1.83 | 1.58 | 1.65 | 3.61 |
| — | -104.5% | -21.9% | -13.5% | +49.5% | -48.9% | -6.7% | -30.7% | -66.8% | -29.9% | -16.6% | -34.2% | -43.4% | |
| EV / EBIT | 6.21 | -0.04 | 1.15 | 0.72 | 1.81 | 0.94 | 1.48 | 1.15 | 1.21 | 1.85 | 1.63 | 1.72 | 3.90 |
| — | -104.5% | -22.5% | -37.2% | +50.0% | -49.0% | -9.0% | -33.2% | -69.0% | -33.3% | -16.8% | -34.1% | -47.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
PDD Holdings Inc.'s operating margin was 21.1% in Q4 2025, down 2.0 pp QoQ and down 2.0 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.3% | 55.5% | 56.7% | 55.9% | 57.2% | 56.8% | 60.0% | 65.3% | 62.3% | 60.5% | 61.0% | 64.3% | 70.4% |
| — | -2.3% | -5.5% | -14.4% | -8.2% | -6.2% | -1.6% | +1.6% | -11.5% | -22.0% | -22.9% | -14.0% | +0.8% | |
| Operating Margin | 21.6% | 21.1% | 23.1% | 24.8% | 16.8% | 23.1% | 24.5% | 33.6% | 29.9% | 25.2% | 24.2% | 24.3% | 18.4% |
| — | -8.6% | -5.5% | -26.1% | -43.8% | -8.2% | +1.1% | +37.9% | +62.5% | +10.1% | -17.7% | -12.1% | +103.3% | |
| Net Margin | 22.7% | 18.6% | 27.1% | 29.6% | 15.4% | 24.8% | 25.1% | 33.0% | 32.3% | 26.2% | 22.6% | 25.1% | 21.5% |
| — | -25.1% | +7.7% | -10.3% | -52.2% | -5.3% | +11.4% | +31.5% | +49.8% | +10.3% | -24.3% | -11.4% | +97.0% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.9% | 5.7% | 7.8% | 8.9% | 4.6% | 9.3% | 9.4% | 13.5% | 13.8% | 13.3% | 10.1% | 9.6% | 6.6% |
| — | -38.5% | -17.0% | -34.3% | -66.8% | -30.4% | -7.2% | +40.4% | +108.0% | +58.6% | -5.5% | -9.2% | +93.6% | |
| ROA | 17.2% | 3.7% | 5.0% | 5.6% | 2.8% | 5.6% | 5.6% | 7.9% | 7.7% | 7.0% | 5.3% | 5.1% | 3.4% |
| — | -34.5% | -10.6% | -29.1% | -63.1% | -19.6% | +5.2% | +55.0% | +127.2% | +65.9% | +0.0% | +3.3% | +128.5% | |
| ROIC | 27.7% | 7.2% | 6.1% | 6.7% | 4.5% | 7.8% | 8.5% | 12.9% | 12.6% | 12.7% | 9.6% | 7.5% | 4.6% |
| — | -8.4% | -28.4% | -48.2% | -64.2% | -38.3% | -12.2% | +72.6% | +170.8% | +84.8% | +18.4% | +1.6% | +137.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
PDD Holdings Inc.'s Debt/EBITDA ratio is 0.1x, down from 0.4x last quarter — comfortably within a safe range. The current ratio has improved 10.9% YoY to 2.45x, strengthening the short-term liquidity position. Debt/Equity has declined for 4 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 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 |
| — | -61.7% | -25.8% | -21.2% | -21.3% | -37.6% | -69.8% | -69.4% | -67.7% | -62.2% | -23.2% | -27.7% | -31.1% | |
| Debt / EBITDA | 0.06 | 0.10 | 0.43 | 0.42 | 0.69 | 0.41 | 0.42 | 0.30 | 0.36 | 0.45 | 1.15 | 1.38 | 2.27 |
| — | -75.1% | +2.0% | +41.6% | +91.0% | -8.5% | -63.6% | -78.3% | -84.0% | -74.3% | -27.1% | -21.1% | -61.6% | |
| Current Ratio | 2.45 | 2.45 | 2.36 | 2.36 | 2.27 | 2.21 | 2.15 | 2.11 | 2.09 | 1.93 | 1.83 | 1.91 | 1.94 |
| — | +10.9% | +9.6% | +11.9% | +8.7% | +14.4% | +17.2% | +10.0% | +7.5% | +4.0% | -19.1% | -6.5% | +3.1% | |
| Quick Ratio | 2.45 | 2.45 | 2.36 | 2.36 | 2.27 | 2.20 | 2.15 | 2.11 | 2.09 | 1.93 | 1.83 | 1.91 | 1.94 |
| — | +11.3% | +9.6% | +11.9% | +8.7% | +14.0% | +17.2% | +10.0% | +7.5% | +4.0% | -19.1% | -6.5% | +3.1% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | 2746.16 | 1364.35 | 1065.49 | 592.88 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 34 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 8.2x. The average P/E over the last 4 quarters is 1.9x. 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 expanding 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.