PDD Holdings Inc. (PDD) financials

NASDAQ · Consumer Cyclical · Specialty Retail · 25,474 employees · CEO Lei Chen

Price: $78.61 -0.85%
Market cap: $112B
Enterprise value: CN¥619B
Last report: Q2 '26 filed 2026-08-25
Next report: 2026-11-18

Revenue (TTM)CN¥451B+10.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)21.9%-0.5 pp vs a year agoOperating income CN¥98.6B

Net income (TTM)CN¥92.1B-6.0% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)CN¥112B+20.0% vs a year agoCapex CN¥0

Diluted EPS (TTM)CN¥63.04-4.7% vs a year agoSum of the last 4 quarters

Net cashCN¥452B+20.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $112B
Revenue: CN¥451B
Revenue growth: +9%
Profit margin: 20.4%
P/E: 7.8×
P/S: 1.6×
EV / EBITDA: 4.5×
Free cash flow: CN¥112B
Net income: CN¥92.1B
Revenue estimate: CN¥469B
Earnings: 2026-11-18
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth slowing: 8.1% year on yearQ2 '26 revenue CN¥112B, against an average of 9.8% over the four quarters before.
Operating margin 21.9% (TTM), -0.5 pp on a year agoOperating income grew 7.4% while revenue grew 10.0%.
14.2% of pre-tax profit is non-operatingPre-tax income CN¥115B vs operating income CN¥98.6B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 0.0% of revenue (a year ago 0.2%)CN¥0 invested in the last 4 quarters (-100.0% on a year earlier). Free cash flow CN¥112B = 121.5% of net income.
Diluted share count down 0.6% in a year1.47B diluted shares in Q2 '26, 1.48B a year earlier.
Net cash CN¥452BCash + short-term investments CN¥456B, debt incl. leases CN¥4.84B; a year ago net cash CN¥376B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	CN¥112B	CN¥104B	+8.1%
Gross margin	57.3%	55.9%	+1.4 pp
Operating income	CN¥27.8B	CN¥25.8B	+7.6%
Operating margin	24.7%	24.8%	-0.1 pp
Net income	CN¥27.2B	CN¥30.8B	-11.6%
Diluted EPS	CN¥18.40	CN¥20.76	-11.4%
Operating cash flow	CN¥25.7B	CN¥21.6B	+18.6%
Capex	CN¥0	CN¥0	–
Free cash flow	CN¥25.7B	CN¥21.6B	+18.6%
R&D	CN¥4.57B	CN¥3.59B	+27.2%
Stock-based compensation	CN¥1.31B	CN¥1.95B	-33.1%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '20	y/y	Share	TTM	TTM y/y	12 quarters
Online Marketing Services And Others	CN¥18.5B	–	89.1%	–	–
Transaction Services	CN¥2.27B	–	10.9%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: CN¥112B
Capex: CN¥0
Buybacks: CN¥0
Dividends: CN¥0
Acquisitions: CN¥0
Net debt issued: CN¥0
Stock-based compensation: CN¥5.11B
Free cash flow: CN¥112B
Returned to shareholders / FCF: -0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	7.8×	25.2×	8.7× – 59.7×
EV / EBITDA	4.5×	17.5×	6.9× – 36.8×
EV / Sales	1.4×	4.1×	2.2× – 5.5×
Price / FCF	6.6×	32.6×	8.1× – 111.2×
Price / Book	1.6×	5.1×	2.7× – 7.5×
FCF yield	15.0%	7.0%	0.9% – 12.3%
Return on invested capital	17.5%	19.4%	6.3% – 28.4%
Return on equity	22.0%	25.7%	10.3% – 35.9%

Analysts

Consensus target $99.13 (+26.1%)
range $80.00 – $129.00 · rating Hold

Strong buy0

Buy13

Hold14

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	CN¥469B	+8.7%	CN¥68.84	+5.5%	–	17
FY2027	CN¥519B	+10.6%	CN¥82.63	+20.0%	–	17
FY2028	CN¥568B	+9.4%	CN¥95.90	+16.1%	–	16
FY2029	CN¥571B	+0.5%	CN¥84.74	-11.6%	–	13

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in CNY as reported; price and market cap in USD.