JD JD.com, Inc. - American Depositary Shares
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About JD.com, Inc. - American Depositary Shares Company overview from Wikipedia
JD.com, Inc., also known as Jingdong Group (Chinese: 京东集团; pinyin: Jīngdōng Jítuán), formerly called 360buy, is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. The company headquartered in Beijing. With revenues more than US194 billion in 2025, JD.com is China's largest retailer by revenue, and ranks 47 on Fortune Global 500. It is one of the two massive B2C online retailers in China by transaction volume and revenue, and is a major competitor to Alibaba-run Tmall. JD.com's portfolio spans across retail, technology, logistics, health care, industrials, property management, private label, insurance, and international business.
The company was founded by Liu Qiangdong on 18 June 1998, and its retail platform went online in 2004. It originally sold magneto-optical products, but soon diversified, selling a wide range of electronics, including mobile phones, computers, and similar items among others. The company changed its domain name to 360buy.com in June 2007 and then to JD.com in 2013. At the same time, JD.com announced its new logo and mascot.
History
Early years
The company was founded in 1998 as Jingdong, which was named after Liu Qiangdong's then girlfriend Gong Xiaojing and himself.
In 2004, the company's B2C site went online as jdlaser.com. The company began using the domain name 360buy.com, and the name was changed to Jingdong Mall in 2007.
In 2007, JD.com established an in-house logistics department in order to provide more reliable and timely delivery service to consumers.
Since 2009, JD.com has set up a customer service center in Suqian, cumulatively investing over 30 billion RMB to build its self-operated customer service center. As a result, the company now operates the industry's largest customer service team.
On 10 December 2010, JD's founder Liu Qiangdong announced through his Weibo account that every book sold on JD.com would be priced at 20 percent cheaper than its competitors. On December 14, 2010, Dangdang also began to offer discounts to customers and stated that the company would invest 40 million Chinese yuan to give discounts to customers. As a result, JD.com launched the second promotion to sell books at a lower price than Dangdang and announced that it would give coupons instead of reducing prices to protect the benefits of publishers. In November 2011, JD.com provided its customers with a 10 percent discount on books, while Dangdang sent promotional messages to its users. The sudden increase of orders not only caused network errors but also postponed transits of books.
JD.com started the e-book selling business online on 20 February 2012, and provided customers with more than 80,000 electronic books. On 17 April 2013, most of the e-books on Dangdang's website were free for users to download. Consequently, Dangdang launched its flagship store on JD.com in 2023.
In 2013, the company's domain name was changed to JD.com.
Listing
In 2014, JD.com's Nasdaq IPO raised $1.8 billion USD, valuing the company at approximately $26 billion and making it the largest Chinese company to be listed only in the United States.
In 2015, JD.com launched its Russian site aimed to expand its business globally.
In November 2017, JD.com achieved a sales record of US$19.1 billion. In February 2018, it released its spin-off JD Finance, raising $2.1 billion in a capital raise.
In April 2020, the company confidentially filed for a second listing in Hong Kong and began trading on the Hong Kong Stock Exchange for HK$239 in June 2020.
In 2020, JD.com announced that would be investing $830 million in its JD Health unit, provided by private equity firm Hillhouse Capital. In December 2020, JD Health's $3.5 billion IPO was Hong Kong's largest initial public offering of the year.
In 2021, JD Logistics, the supply chain management and logistics delivery arm of JD.com, raised HK$24.6 billion ($3.2 billion USD) for its initial public offering, which was the second-largest IPO in 2021. Shares rose by 18% on its first day of trading.
Recent years
In October 2023, JD.com began a 4-hour delivery service in Hong Kong.
In September 2024, JD.com launched its global sales business in the United States, Japan, Singapore, and Malaysia.
In July 2025, JD.com agreed to acquire German electronics retailer Ceconomy, parent of MediaMarkt and Saturn, for US$2.5 billion (€2.2 billion). By November 2025, JD.com had successfully secured a majority stake of over 70% in the company.
On September 13, 2025, JD.com was in advanced talks to acquire British catalogue retailer Argos from Sainsbury's, but discussions ended a day later with Sainsbury's keeping Argos after JD.com communicated it would only engage on materially revised terms.
In early 2026, JD.com's aggressive European retail expansion faced mixed regulatory responses. While the German government allowed the Ceconomy takeover to proceed without intervention, France formally blocked JD.com's attempted acquisition of the French electronics chain Fnac Darty in January 2026 to prevent it from becoming a direct sales channel for Chinese goods. Furthermore, in March 2026, the Ceconomy acquisition encountered serious regulatory resistance in Austria under national investment control laws, prompting JD.com to resubmit its application with enhanced legal commitments regarding data protection and the preservation of local jobs.
In May 2026, JD.com were planning a bid to buy British online retailer The Very Group for £2 billion from The Carlyle Group.
Subsidiaries
JD Retail
JD Retail, the company's retail infrastructure provider, offers products and services in five major sectors: home appliances & furnishings, digital products, supermarket, life services, automotive products and services, fashion & luxury goods – along with independent divisions, such as local retailing and enterprise services.
JD Worldwide, its cross-border e-commerce platform, enables and supports international brands and merchants to sell directly to Chinese consumers without requiring an established presence in China.
JD.com opened its first chain of omnichannel supermarkets 7Fresh in January 2018.
In May 2024, JD NOW announced an on-demand rapid delivery time as fast as nine minutes for products from over 500,000 stores across 2,300 locations in China.
In August 2024, JD.com expanded its apparel branch, JD Fashion, with an investment of RMB 1 billion ($141 million USD). JD Fashion has partnered with Louis Vuitton, Dior, Bulgari, and Givenchy.
Joybuy
In March 2026, JD.com launched Joybuy, its European online retail business, in the United Kingdom, Germany, France, the Netherlands, Belgium and Luxembourg.
The launch formed part of JD.com’s expansion outside China and was described by news organisations as an attempt to compete with Amazon and other established ecommerce companies in Europe.
Joybuy started operating as a first-party retailer, purchasing and holding much of the inventory it sells. At launch, it sold products across categories including technology, appliances, beauty, homeware and groceries, including products from international brands.
In June 2026, it was reported that Joybuy was testing a marketplace service to sell products third-party products as stock, from both European and international brands.
JD.com developed its own European warehousing and last-mile delivery infrastructure to support Joybuy. At the time of its launch, its logistics network comprised more than 60 warehouses and depots across Europe, including a 90,000-square-metre fulfillment center in Oberhausen, Germany.
In the United Kingdom, its logistics infrastructure included warehouses in Milton Keynes and Luton.
In eligible metropolitan areas across its active markets, Joybuy offered same-day delivery for orders placed before 11 a.m. and next-day delivery for orders placed before 11 p.m.
In France, Les Échos reported that Joybuy’s French website received approximately 1.8 million visitors in March 2026 and 1.2 million in April, citing data from Médiamétrie.
JD Logistics
In 2016, JD.com started testing autonomous delivery services and building drone delivery airports, as well as operating driverless delivery by unveiling its first autonomous truck in 2017. In 2017, JD.com established JD Logistics (also known as JINGDONG Logistics) to provide smart supply chain and logistics services.
JD Logistics plans to double its overseas warehouse space by 2025. It currently operates nearly 100 bonded, direct mail, and overseas warehouses spanning 10 million square feet.
JD Health
JD Health provides digital health services and resources. It is the healthcare unit of JD.com.
In May 2019, JD.com announced the establishment of JD Health as a subsidiary for independent operations in the healthcare business.
JD Technology
In 2021, the company announced that it had sold JD Cloud, its cloud computing services, to its financial technology unit, JD Digits, for a combined valuation of 15.7 billion yuan ($2.4 billion USD).
In July 2023, JD.com unveiled its ChatRhino (or Yanxi, 言犀 in Chinese) large language model (LLM), tailored to serve various industries. By combining 70% generalized data with 30% native intelligent supply chain data, it offers targeted solutions for real industry challenges across sectors such as retail, logistics, finance, health, and city.
Ochama
In January 2022, JD.com launched its Europe-based omnichannel retail brand, Ochama in the Netherlands. It operates automated warehouses in the Netherlands, Poland, and France. Ochama allows shoppers to either collect online orders from any of its designated pick-up points or have them delivered directly to their homes. Its delivery service has expanded to 24 countries across the continent, and it has also introduced 1-hour express delivery in Amsterdam.
In August 2025, Ochama in the Netherlands was officially rebranded as Joybuy, as part of JD.com's broader European repositioning strategy.
JINGDONG Industrials
JINGDONG Industrials is an industrial supply chain technology and service provider under JD.com. The company initially filed for an initial public offering in Hong Kong in March 2023 and refiled its second IPO application in October 2024 after its first attempt failed due to lackluster market conditions.
JINGDONG Property
JINGDONG Property is the real estate development, leasing, management, and fund management subsidiary of JD.com.
Corporate affairs
The key trends for JD.com are (as of the financial year ending 31 December):
Collaborations and former partnerships
Tencent acquired a 15% stake in JD.com in 2014 by paying cash and handing over its e-commerce businesses Paipai & QQ Wanggou plus a stake in Yixun to JD.com, to build a stronger competitor to Alibaba Group Holding Ltd. After it opened in 2015 and offered competition to Alibaba's e-commerce sites, it jumped into foreign sales. Their competition was often touted as a 'cat and dog war', with Alibaba at 59% and JD at 23% B2C share. More recently, in 2026, the two were competing in food delivery services, with JD.com facing a Q4 loss, its first in nearly four years. In 2015, JD.com and Tencent announced the launch of the "Jingteng Plan" (Chinese: 京腾计划), a portmanteau of the two companies' names, which allows merchants to establish a brand and promote marketing effectiveness by linking JD.com consumption data with Tencent social data.
Walmart sold its Chinese e-Commerce business Yihaodian to JD.com in 2016 in exchange for a 5.9% equity stake valued at $1.5 billion. In October, Walmart filed 13G, revealing it nearly doubled its stake in JD.com to 10.9% In February 2017, Walmart increased investment in JD.com to 289.1 million shares, or 12.1%. In April, JD.com participated in the Salone del Mobile, featuring the installation Matrix, at the Università Statale of Milan. JD.com and Walmart launched the first annual JD-Walmart 8 August shopping festival in July. Walmart sold its approximate $3.7 billion stake in JD.com in August 2024; the companies have noted that they will continue commercial cooperation.
In January 2018, JD.com invested in Vietnam's online retail service tiki.vn for $50 million. In February, JD.com invested in France & the UK. Metcash partnered with JD.Com in May 2018 to sell groceries in China.
On 4 September 2018, JD.com signed a strategic agreement with Ruyi. Based on this partnership, JD and Ruyi will jointly establish fashion and lifestyle concept stores in core cities, such as Shanghai and Beijing.
In January 2022, JD.com partnered with Shopify to begin selling Shopify's brands via its cross-border e-commerce site in China.
In March 2024, JD.com partnered with Geopost to develop "comprehensive shipping solutions" between China and Europe. Additionally, its partnership with Evri allows European businesses to access JD.com's marketplace, connecting them with Chinese consumers.
ESG
In 2017, JD.com established an anti-corruption coalition with other Chinese internet companies which aims to blacklist individuals engaged in illicit behavior from seeking employment elsewhere in the internet sector.
In 2017, JD Logistics launched the "Green Stream Initiative," which aims at exploring carbon reduction in its supply chain. In 2020, the initiative partnered with over 200,000 merchants. It has reduced plastic waste by 50,000 tons and paper waste by 1.3 million tons.
In September 2017, JD.com committed to further develop China's parcel delivery efficiency, investing US$101 million to subsidize merchants on JD.com for warehousing and distribution costs, for the upcoming 2017 Singles' Day.
In 2022, JD Logistics launched the "Delivered with Original Package" (DWOP) certification, the industry's first standard for original direct packaging on the same day. JD Logistics partnered with brands to ensure that over 80% of packages sold via e-commerce channels are DWOP compliant by 2030.
JD.com launched its Green Impact Initiative in May 2022, a program which labels eco-friendly products and allows customers to collect "green credits" to use for redeeming products on JD's app.
In late 2022, JD upgraded its "Housing Guarantee Fund" for employees with an investment of RMB 10 billion. Since 2023, 77% of the fund's applicants have been frontline workers; JD.com provides support to frontline employees, including social insurance, education, and housing funds.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | JD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 4.45Y avg ≈-6.5 | ≈-6.5 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | JD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | 0.21%5Y avg ≈1.7% | ≈1.7% | · | · | |
| EBITDA Margin | 0.96%5Y avg ≈2.4% | ≈2.4% | · | · | |
| Pretax Margin | 1.9%5Y avg ≈2.1% | ≈2.1% | · | · | |
| Net Profit Margin | 1.8%5Y avg ≈1.6% | ≈1.6% | · | · | |
| ROA | 3.3%5Y avg ≈2.9% | ≈2.9% | · | · | |
| ROE | 10.0%5Y avg ≈8.3% | ≈8.3% | · | · | |
| ROIC | 1.1%5Y avg ≈6.4% | ≈6.4% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | JD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.05Y avg ≈0.0 | ≈0.0 | · | · | |
| Current Ratio | 1.25Y avg ≈1.3 | ≈1.3 | · | · | |
| Quick Ratio | 0.85Y avg ≈0.8 | ≈0.8 | · | · | |
| Interest Coverage | 1.05Y avg ≈7.2 | ≈7.2 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | JD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.95Y avg ≈1.9 | ≈1.9 | · | · | |
| Inventory Turnover | 11.95Y avg ≈12.2 | ≈12.2 | · | · | |
| Receivables Turnover | 49.55Y avg ≈63.5 | ≈63.5 | · | · | |
| Revenue / Employee | ≈$1.5M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Apr 9, 2026 | $1.00 | USD | ≈3.5% |
| Apr 8, 2025 | $1.00 | USD | ≈3.0% |
| Apr 4, 2024 | $0.76 | USD | ≈2.9% |
| Apr 5, 2023 | $0.62 | USD | ≈1.5% |
| May 19, 2022 | $1.26 | USD | ≈2.4% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $3.14 | $3.57 | -12.0% | |
| March 31, 2026 | $2.56 | $2.95 | -13.2% | |
| Dec. 31, 2025 | $0.29 | $1.01 | -71.4% | |
| Sept. 30, 2025 | $1.87 | $2.10 | -10.7% | |
| June 30, 2025 | $2.48 | $3.59 | -30.9% | |
| March 31, 2025 | $0.29 | $1.01 | -71.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31T | $1.16T | $1.08T | $1.05T | $951.59B | $745.80B | $576.89B | $462.02B | $362.33B | $258.29B | $181.04B | $115.00B | |
| Cost of Revenue | $1.10T | $974.95B | $924.96B | $899.16B | $822.53B | $636.69B | $492.47B | $396.07B | $311.52B | $222.93B | $158.96B | $101.63B | |
| R&D Expense | $22.23B | $17.03B | $16.39B | $16.89B | $16.33B | $16.15B | $14.62B | $12.14B | $6.65B | · | · | · | |
| SG&A Expense | $11.98B | $8.89B | $9.71B | $11.05B | $11.56B | $6.41B | $5.49B | $5.16B | $4.21B | $3.44B | $2.19B | $5.26B | |
| Operating Expenses | · | · | · | · | · | · | · | $464.64B | $363.17B | $259.54B | $186.40B | $120.80B | |
| Operating Income | $2.77B | $38.74B | $26.02B | $19.72B | $4.14B | $12.34B | $8.99B | $-2.62B | $-835M | $-1.25B | $-5.36B | $-5.80B | |
| Interest Expense | $2.80B | $2.90B | $2.88B | $2.11B | $1.21B | $1.12B | $725M | $855M | $964M | $619M | $73M | $29M | |
| Interest Income | $9.06B | $9.35B | $9.58B | $5.74B | $4.21B | $2.75B | $1.79B | $2.12B | $2.53B | $1.23B | $673M | $638M | |
| Other Non-op | $17.33B | $13.37B | $7.50B | $-1.55B | $-590M | $35.31B | $7.16B | $95M | $1.32B | $1.54B | $-146M | $217M | |
| Pretax Income | $25.32B | $51.54B | $31.65B | $13.87B | $-2.58B | $50.82B | $13.69B | $-2.37B | $121M | $-1.88B | $-7.76B | $-4.98B | |
| Income Tax | $2.18B | $6.88B | $8.39B | $4.18B | $1.89B | $1.48B | $1.80B | $427M | $140M | $166M | $-15M | $19M | |
| Net Income | $23.14B | $44.66B | $23.26B | $9.69B | $-4.47B | $49.34B | $11.89B | $-2.80B | $-12M | $-3.41B | $-9.12B | $-5.00B | |
| EPS (Basic) | $6.89 | $13.83 | $7.69 | $3.32 | $-1.15 | $16.35 | $4.18 | $-0.87 | $-0.05 | $-1.36 | $-3.33 | $-5.35 | |
| EPS (Diluted) | $6.45 | $13.43 | $7.61 | $3.21 | $-1.15 | $15.84 | $4.11 | $-0.87 | $-0.05 | $-1.36 | $-3.33 | $-5.35 | |
| Shares (Basic) | 2,847,199,686 | 2,989,701,855 | 3,144,233,160 | 3,125,571,110 | 3,107,436,665 | 3,021,808,985 | 2,912,637,241 | 2,877,902,678 | 2,844,826,014 | 2,804,767,889 | 2,735,034,034 | 2,419,668,247 | |
| Shares (Diluted) | 2,978,037,127 | 3,076,061,616 | 3,170,542,396 | 3,180,886,136 | 3,107,436,665 | 3,109,024,030 | 2,967,321,803 | 2,877,902,678 | 2,911,461,817 | 2,804,767,889 | 2,735,034,034 | 2,419,668,247 | |
| EBITDA | $12.52B | $47.64B | $34.32B | $26.96B | $10.37B | $18.41B | $14.82B | $2.94B | $3.36B | $1.49B | $-3.84B | $-4.15B |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $137.49B | $108.35B | $71.89B | $78.86B | $70.77B | $86.08B | $36.97B | $34.26B | $25.69B | $15.57B | $13.98B | $16.91B | |
| Short-term Investments | $75.74B | $125.64B | $118.25B | $141.09B | $114.56B | $60.58B | $24.60B | $2.04B | $8.59B | $6.55B | $2.78B | $12.16B | |
| Receivables | $27.33B | $25.60B | $20.30B | $20.58B | $11.90B | $7.11B | $6.19B | $11.11B | $16.36B | $16.14B | $8.19B | $2.44B | |
| Inventory | $95.43B | $89.33B | $68.06B | $77.95B | $75.60B | $58.93B | $57.93B | $44.03B | $41.70B | $28.91B | $20.54B | $12.19B | |
| Prepaid Expense | $17.90B | $15.95B | $15.64B | $15.16B | $11.46B | $7.08B | $4.08B | $3.85B | $2.26B | $1.97B | $1.49B | $1.73B | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | $123M | $104M | |
| Current Assets | $374.42B | $386.70B | $307.81B | $351.07B | $299.67B | $234.80B | $139.09B | $104.86B | $115.03B | $106.93B | $58.47B | $49.94B | |
| PP&E (Net) | $91.35B | $82.74B | $70.03B | $55.08B | $32.94B | $22.60B | $20.65B | $21.08B | $12.57B | $7.02B | $6.23B | $2.41B | |
| PP&E (Gross) | $123.78B | $108.69B | $89.87B | $69.37B | $50.22B | $39.70B | $33.63B | $30.03B | $18.21B | $10.45B | $8.22B | $3.43B | |
| Accum. Depreciation | · | · | · | $14.29B | $17.28B | $17.11B | $12.91B | $8.95B | $5.63B | $3.43B | $1.99B | $1.03B | |
| Goodwill | $26.29B | $25.71B | $19.98B | $23.12B | $12.43B | $10.90B | $6.64B | $6.64B | $6.65B | $6.53B | $14M | $2.61B | |
| Intangibles | $7.72B | $7.79B | $6.93B | $9.14B | $5.84B | $6.46B | $4.11B | $5.01B | $6.69B | $8.31B | $5.26B | $6.88B | |
| Other Non-current Assets | $11.85B | $9.09B | $14.52B | $16.02B | $21.80B | $13.32B | $6.81B | $5.28B | $2.23B | $2.22B | $2.11B | $625M | |
| Total Assets | $695.20B | $698.23B | $628.96B | $595.25B | $496.51B | $422.29B | $259.72B | $209.16B | $184.05B | $160.37B | $85.02B | $66.49B | |
| Accounts Payable | $188.38B | $192.86B | $166.17B | $160.61B | $140.48B | $106.82B | $90.43B | $79.99B | $74.34B | $46.04B | $29.82B | $16.36B | |
| Short-term Debt | $8.01B | $7.58B | $5.03B | $12.15B | $4.37B | · | $0 | $147M | $200M | $1.88B | $3.04B | · | |
| Current Liabilities | $306.07B | $299.52B | $265.65B | $266.56B | $221.64B | $174.02B | $140.02B | $120.86B | $118.25B | $104.74B | $48.98B | $29.00B | |
| Capital Leases | $23.71B | $18.11B | $13.68B | $14.98B | $13.72B | $10.25B | $5.52B | · | · | · | · | · | |
| Deferred Tax | $8.02B | $9.50B | $9.27B | $6.51B | $1.90B | $1.92B | $1.34B | · | $882M | $907M | $1M | · | |
| Other Non-current Liabilities | $1.15B | $1.34B | $1.05B | $1.74B | $1.79B | $332M | $226M | $308M | $337M | $441M | · | · | |
| Total Liabilities | $401.42B | $384.94B | $332.58B | $321.13B | $249.72B | $200.67B | $159.10B | $132.34B | $131.67B | $119.15B | $54.29B | $29.00B | |
| Long-term Debt | $41.67B | $31.70B | · | · | $9.49B | $12.97B | · | · | · | · | · | · | |
| Total Debt | $11.21B | $7.58B | $5.03B | $12.15B | $4.37B | · | $0 | $3.24B | $200M | $8.33B | · | · | |
| Common Stock | $0 | $0 | $0 | · | · | · | $381.0K | $380.0K | $377.0K | $377.0K | $358.0K | $358.0K | |
| Paid-in Capital | $141.51B | $182.40B | $184.20B | $184.04B | $182.58B | $153.36B | $90.68B | $82.83B | $76.25B | $59.26B | $48.39B | $47.13B | |
| Retained Earnings | $84.96B | $76.57B | $44.05B | $29.30B | $33.80B | $37.42B | $-11.91B | $-24.04B | $-22.23B | $-21.86B | $-18.42B | $-9.27B | |
| Treasury Stock | $7.87B | $27.74B | $3.41B | $2.49B | $2.97B | $1.22B | $2.53B | $3.78B | $4.46B | $5.18B | $3.0K | $4.0K | |
| AOCI | $-1.18B | $1.42B | $903M | $-959M | $-6.09B | $-3.55B | $4.16B | $3.36B | $1.84B | $1.54B | $555M | $-376M | |
| Stockholders' Equity | $225.04B | $239.35B | $231.86B | $213.37B | $208.91B | $187.54B | $81.86B | $59.77B | $52.04B | $33.89B | $30.58B | $37.50B | |
| Liabilities + Equity | $695.20B | $698.23B | $628.96B | $595.25B | $496.51B | $422.29B | $259.72B | $209.16B | $184.05B | $160.37B | $85.02B | $66.49B |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $9.75B | $8.90B | $8.29B | $7.24B | $6.23B | $6.07B | $5.83B | $5.56B | $4.19B | $3.42B | $2.51B | $1.65B | |
| Stock-based Comp | $4.73B | $3.00B | $4.80B | $7.55B | $9.13B | $4.16B | $3.69B | $3.66B | $2.78B | $2.06B | $1.08B | $4.25B | |
| Deferred Tax | $-4.74B | $-1.14B | $869M | $-549M | $-651M | $-719M | $533M | $-10M | $-221M | $-35M | $-43M | $-4M | |
| Amort. of Intangibles | $1.09B | $987M | $1.30B | $1.25B | $956M | $802M | $933M | $1.85B | $1.80B | $1.62B | $1.45B | $1.12B | |
| Other Non-cash | $-13.88B | $2.68B | $22.30B | $33.89B | $32.05B | $-16.30B | $2.84B | $14.47B | $18.08B | $6.63B | $3.80B | $115M | |
| Operating Cash Flow | $18.99B | $58.09B | $59.52B | $57.82B | $42.30B | $42.54B | $24.78B | $20.88B | $26.86B | $8.24B | $1.70B | $1.29B | |
| CapEx | $7.82B | $5.35B | $4.03B | $5.50B | $5.56B | $3.37B | $2.60B | · | · | · | · | · | |
| Investing Cash Flow | $41.83B | $-871M | $-59.54B | $-54.03B | $-74.25B | $-57.81B | $-25.35B | $-26.08B | $-39.82B | $-45.48B | $-5.79B | · | |
| Debt Issued | · | · | $13.16B | $14.10B | · | · | · | $2.89B | · | · | · | · | |
| Net Debt Issued | · | · | $1.96B | $10.47B | $-29M | $-123M | · | $2.89B | · | · | · | · | |
| Stock Issued | · | · | · | · | · | $31.34B | · | $3.53B | · | · | · | $17.45B | |
| Stock Repurchased | $21.43B | $25.91B | $2.50B | $1.82B | $5.25B | $312M | $131M | $206M | · | $5.34B | · | · | |
| Net Stock Activity | $-21.43B | $-25.91B | $-2.50B | $-1.82B | $-5.25B | $31.03B | $-131M | $3.33B | · | $-5.34B | · | $17.45B | |
| Dividends Paid | $10.38B | $8.26B | $6.74B | $13.09B | $0 | $0 | · | · | · | · | · | · | |
| Financing Cash Flow | $-26.73B | $-21.00B | $-5.81B | $1.18B | $19.50B | $71.07B | $2.57B | $11.22B | $19.23B | $40.70B | $4.70B | · | |
| Net Change in Cash | $33.91B | $36.32B | $-5.71B | $8.46B | $-13.94B | $50.72B | $2.41B | $7.70B | $5.63B | $4.18B | $949M | $6.10B | |
| Free Cash Flow | $11.17B | $52.74B | $55.50B | $52.32B | $36.74B | · | · | · | · | · | · | · | |
| Levered FCF | $8.61B | $50.23B | $53.38B | $50.85B | $34.64B | · | · | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 0.21% | 3.3% | 2.4% | 1.9% | 0.44% | 1.7% | 1.6% | -0.57% | -0.23% | -0.82% | -3.6% | -5.1% | |
| Net Margin | 1.8% | 3.9% | 2.1% | 0.93% | -0.47% | 6.6% | 2.1% | -0.61% | 0.00% | -1.5% | -5.2% | -4.3% | |
| Pretax Margin | 1.9% | 4.5% | 2.9% | 1.3% | -0.27% | 6.8% | 2.4% | -0.51% | 0.03% | -1.2% | -5.2% | -4.3% | |
| EBITDA Margin | 0.96% | 4.1% | 3.2% | 2.6% | 1.1% | 2.5% | 2.6% | 0.64% | 0.93% | 0.57% | -2.1% | -3.6% | |
| ROA | 3.3% | 6.7% | 3.8% | 1.8% | -0.97% | 14.5% | 5.1% | -1.4% | -0.01% | -3.1% | -12.4% | -10.8% | |
| ROE | 10.0% | 19.0% | 10.4% | 4.6% | -2.2% | 36.6% | 16.8% | -5.0% | -0.03% | -11.8% | -27.6% | -25.3% | |
| ROIC | 1.1% | 13.6% | 8.1% | 6.1% | 3.4% | 6.4% | 9.5% | -4.9% | 0.25% | -5.4% | -21.1% | -15.5% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 1.3 | 1.2 | 1.3 | 1.4 | 1.3 | 1.0 | 0.9 | 1.0 | 1.0 | 1.2 | 1.7 | |
| Quick Ratio | 0.8 | 0.9 | 0.8 | 0.9 | 0.9 | 0.9 | 0.5 | 0.4 | 0.4 | 0.4 | 0.6 | 1.1 | |
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | · | 0.0 | 0.1 | 0.0 | 0.2 | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | · | 0.1 | · | · | · | · | |
| Interest Coverage | 1.0 | 13.4 | 9.0 | 9.4 | 3.4 | 11.0 | 12.4 | -3.1 | -0.9 | -8.3 | -78.3 | -201.3 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.9 | 1.7 | 1.8 | 1.9 | 2.1 | 2.2 | 2.5 | 2.3 | 2.1 | 2.1 | 2.4 | 2.5 | |
| Inventory Turnover | 11.9 | 12.4 | 12.7 | 11.7 | 12.2 | 10.9 | 9.7 | 9.2 | 8.8 | 8.9 | 9.6 | 10.9 | |
| Receivables Turnover | 49.5 | 50.5 | 53.1 | 64.4 | 100.1 | 112.1 | 66.7 | 33.6 | 22.3 | 20.3 | 30.4 | 78.3 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $439.58 | $376.72 | $342.11 | $328.91 | $306.23 | $239.88 | $194.41 | $160.54 | $124.45 | $92.74 | $66.28 | $47.53 | |
| Cash Flow / Share | $6.38 | $18.89 | $18.77 | $18.18 | $13.61 | $13.68 | $8.35 | $7.26 | $8.53 | $3.13 | $-0.66 | $0.42 | |
| EPS (TTM) | $6.45 | $13.43 | $7.61 | $3.21 | $-1.15 | $15.84 | $4.11 | $-0.87 | $-0.05 | $-1.36 | $-3.33 | $-5.35 |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.31T | $1.16T | $1.08T | $1.05T | $951.59B | $745.80B | $576.89B | $462.02B | $362.33B | $258.29B | $181.04B | $115.00B | |
| Net Income TTM | $23.14B | $44.66B | $23.26B | $9.69B | $-4.47B | $49.34B | $11.89B | $-2.80B | $-12M | $-3.41B | $-9.12B | $-5.00B | |
| P/E | 4.4 | 2.6 | 3.8 | 17.5 | -60.9 | 5.5 | 8.6 | -24.1 | -828.4 | -18.7 | -9.7 | -4.3 | |
| Earnings Yield | 22.5% | 38.7% | 26.3% | 5.7% | -1.6% | 18.0% | 11.7% | -4.2% | -0.12% | -5.3% | -10.3% | -23.1% | |
| Payout Ratio | 44.9% | 18.5% | 29.0% | 135.0% | · | · | · | · | · | · | · | · | |
| Annual Payout | $10.38B | $8.26B | $6.74B | $13.09B | $0 | $0 | · | · | · | · | · | · |
Per Share
| Metric | Trend | Q4 2022 | Q4 2019 | Q4 2018 | Q4 2017 |
|---|---|---|---|---|---|
| EPS (TTM) | $3.21 | $4.11 | $-0.87 | $-0.05 |
Valuation (TTM)
| Metric | Trend | Q4 2022 | Q4 2019 | Q4 2018 | Q4 2017 |
|---|---|---|---|---|---|
| Revenue TTM | $1.05T | $576.89B | $462.02B | $362.33B | |
| Net Income TTM | $9.69B | $11.89B | $-2.80B | $-12M | |
| P/E | 17.5 | 8.6 | -24.1 | -828.4 | |
| Earnings Yield | 5.7% | 11.7% | -4.2% | -0.12% | |
| Annual Payout | $13.09B | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $1.31T | $1.16T | $1.08T | $1.05T | $951.59B |
| Operating Margin % | 0.21% | 3.3% | 2.4% | 1.9% | 0.44% |
| Net Income | $23.14B | $44.66B | $23.26B | $9.69B | $-4.47B |
| Diluted EPS | $6.45 | $13.43 | $7.61 | $3.21 | $-1.15 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 |
| Current Ratio | 1.2 | 1.3 | 1.2 | 1.3 | 1.4 |
| Quick Ratio | 0.8 | 0.9 | 0.8 | 0.9 | 0.9 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $11.17B | $52.74B | $55.50B | $52.32B | $36.74B |
Institutional owners (13F) 522 filers · $7.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 89 (+29 vs prior Q) | 55 (-15 vs prior Q) | 153 (-2 vs prior Q) | 159 (-10 vs prior Q) | +28.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| FIL Ltd | $349,763,960 | 13,727,000 | 4.96% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $343,544,292 | 13,482,900 | 4.87% | Call option |
| Dodge & Cox | $310,719,631 | 12,194,648 | 4.41% | Shares |
| Newlands Management Operations LLC | $297,952,673 | 11,693,590 | 4.23% | Shares |
| FRANKLIN RESOURCES INC | $275,938,037 | 10,829,593 | 3.91% | Shares |
| Robeco Institutional Asset Management B.V. | $206,934,698 | 8,121,456 | 2.93% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $189,634,900 | 7,442,500 | 2.69% | Put option |
| UBS Group AG | $189,342,390 | 7,431,020 | 2.69% | Call option |
| North of South Capital LLP | $169,743,811 | 6,661,845 | 2.41% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $158,553,275 | 6,222,656 | 2.25% | Shares |
| MORGAN STANLEY | $154,416,101 | 6,060,284 | 2.19% | Shares |
| Discerene Group LP | $151,805,789 | 5,957,841 | 2.15% | Shares |
| SUSQUEHANNA ADVISORS GROUP, INC. | $141,554,140 | 5,555,500 | 2.01% | Shares |
| SUSQUEHANNA ADVISORS GROUP, INC. | $141,554,140 | 5,555,500 | 2.01% | Put option |
| CoreView Capital Management Ltd | $141,198,821 | 5,541,555 | 2.00% | Shares |
| Invesco Ltd. | $123,818,786 | 4,859,450 | 1.76% | Shares |
| UBS Group AG | $121,238,885 | 4,758,198 | 1.72% | Shares |
| CITADEL ADVISORS LLC | $115,067,680 | 4,516,000 | 1.63% | Call option |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $102,157,142 | 4,009,307 | 1.45% | Shares |
| AXA Investment Managers S.A. | $93,203,504 | 867,324 | 1.32% | Shares |
| JANE STREET GROUP, LLC | $90,864,228 | 3,566,100 | 1.29% | Put option |
| PeakShares LLC | $89,180,000 | 3,500 | 1.26% | Shares |
| BlackRock, Inc. | $87,506,040 | 3,434,303 | 1.24% | Shares |
| GOLDMAN SACHS GROUP INC | $86,701,793 | 3,402,739 | 1.23% | Shares |
| FEDERATED HERMES, INC. | $86,649,430 | 3,400,684 | 1.23% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $79,235,691 | 3,109,721 | 1.12% | Shares |
| Centiva Capital, LP | $77,240,072 | 3,031,400 | 1.10% | Put option |
| JANE STREET GROUP, LLC | $76,735,568 | 3,011,600 | 1.09% | Call option |
| Brevan Howard Capital Management LP | $69,429,528 | 2,735,600 | 0.98% | Call option |
| BANK OF AMERICA CORP /DE/ | $68,613,279 | 2,692,829 | 0.97% | Shares |
| Maple Rock Capital Partners Inc. | $68,045,410 | 2,670,542 | 0.96% | Shares |
| Point72 Asset Management, L.P. | $65,824,395 | 2,583,375 | 0.93% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $61,119,360 | 2,398,719 | 0.87% | Shares |
| GQG Partners LLC | $58,706,506 | 2,304,023 | 0.83% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $58,433,590 | 2,293,312 | 0.83% | Shares |
| Fisher Asset Management, LLC | $58,175,750 | 2,283,192 | 0.82% | Shares |
| CITADEL ADVISORS LLC | $56,247,100 | 2,207,500 | 0.80% | Put option |
| Legal & General Group Plc | $48,034,507 | 1,885,085 | 0.68% | Shares |
| BARCLAYS PLC | $47,659,574 | 1,870,470 | 0.68% | Shares |
| SIH Partners, LLLP | $42,241,865 | 1,657,844 | 0.60% | Shares |
| FMR LLC | $41,949,508 | 1,646,370 | 0.59% | Shares |
| Walleye Trading LLC | $40,355,224 | 1,583,800 | 0.57% | Put option |
| D. E. Shaw & Co., Inc. | $40,159,028 | 1,576,100 | 0.57% | Put option |
| Man Group plc | $39,428,644 | 1,547,435 | 0.56% | Shares |
| MACKENZIE FINANCIAL CORP | $39,267,789 | 1,541,122 | 0.56% | Shares |
| Ruffer LLP | $39,124,582 | 1,537,181 | 0.55% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $37,726,020 | 1,480,613 | 0.53% | Shares |
| MARTIN CURRIE LTD | $36,526,847 | 1,119,082 | 0.52% | Shares |
| HighTower Advisors, LLC | $35,917,601 | 1,409,639 | 0.51% | Shares |
| Patient Capital Management, LLC | $35,104,299 | 1,377,719 | 0.50% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| JD.com, Inc., JD.com Investment Limited ×25 filings | Dec. 5, 2025 | 23.30% | Amendment | · | SEC |
| HUANG RIVER INVESTMENT LIMITED, TENCENT HOLDINGS LIMITED ×6 filings | March 30, 2022 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 11 insiders · 3 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ran Xu | Chief Executive Officer | July 1, 2026 M | 228,896 | 0 | 0 | $0 |
| Su Shan | Chief Financial Officer | July 1, 2026 M | 40,916 | 0 | 0 | $0 |
| Pang Zhang | Chief Human Resources Officer | April 1, 2026 A | 122,693 | 0 | 0 | $0 |
| Carol Yun Yau Li | Director | Sept. 23, 2026 M | 27,413 | 0 | 0 | $0 |
| Caroline Scheufele | Director | June 8, 2026 M | 28,850 | 0 | 0 | $0 |
| Dingbo Xu | Director | May 22, 2026 M | 37,945 | 0 | 0 | $0 |
| Louis Hsieh | Director | May 22, 2026 M | 56,564 | 0 | 0 | $0 |
| Ming Huang | Director | May 15, 2026 A | · | 0 | 0 | $0 |
| Qiangdong Liu | Director | May 15, 2026 M | 1,000,000 | 0 | 0 | $0 |
| Jennifer Ngar-Wing Yu | · | Aug. 14, 2026 M | 11,108 | 0 | 0 | $0 |
| Kun Ding | · | Aug. 14, 2026 M | 11,108 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 17 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PGJ · Invesco Exchange-Traded Fund Trust | 8.02% | 255,396 SH | Oct. 1, 2026 | Daily |
| EBIZ · Global X Funds | 4.42% | 38,075 NS | July 31, 2026 | N-PORT |
| THNQ · EXCHANGE TRADED CONCEPTS TRUST | 2.30% | 290,487 NS | July 31, 2026 | N-PORT |
| IDVZ · Elevation Series Trust | 1.71% | 101,751 NS | July 31, 2026 | N-PORT |
| PXH · Invesco Exchange-Traded Fund Trust … | 1.60% | 1,234,295 SH | Oct. 1, 2026 | Daily |
| QQQJ · Invesco Exchange-Traded Fund Trust … | 0.64% | 282,542 SH | Oct. 1, 2026 | Daily |
| DINT · Davis Fundamental ETF Trust | 0.61% | 53,331 NS | July 31, 2026 | N-PORT |
| SPWO · SP Funds Trust | 0.52% | 31,671 NS | July 31, 2026 | N-PORT |
| IQDY · FlexShares Trust | 0.34% | 11,544 NS | July 31, 2026 | N-PORT |
| PNQI · Invesco Exchange-Traded Fund Trust | 0.34% | 67,804 SH | Oct. 1, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 14, 2026 | Daily |
JD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
35 analysts · 2026-09-27Mean target $39.44 +53.0%
Latest News Recent headlines mentioning this company
JD AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
JD.com is a deeply undervalued logistics giant, but its razor-thin margins and high debt levels keep the panel divided on whether it is a bargain or a value trap. Claude and Gemini expressed deep concern over the company's leverage, while Grok argued the valuation is too cheap to ignore. The panel converged on the view that the upcoming earnings report is the critical catalyst, with most analysts maintaining a hold rating as they wait for signs of margin stability in a competitive market.
Round 1 — Opening Takes
JD.com looks like a bargain-basement e-commerce play if China's consumer spending snaps back in 2026. The trailing P/E of 8 means investors pay just $8 for every dollar of profit, a steal for a company with JD's scale and logistics dominance that screams undervaluation. P/S at 0.2 underscores how cheaply the market values its massive revenue base compared to global peers. Even with ROE at 13.8%, down but still healthy, it signals efficient equity use ready to compound if growth reignites.
JD risks a profitability trap as competition and China slowdowns squeeze margins further into 2026Q2. Net margin has fallen to 2.47%, highlighting razor-thin profits vulnerable to price wars with PDD and Alibaba. Debt-to-equity up at 34.74 shows rising leverage that amplifies risks in a high-interest environment. Recent price action confirms weakness, with shares dropping from 35 to 31 amid heavy volume, signaling eroding investor confidence.
JD trades at a valuation that assumes the company is broken — but the fundamentals don't support that narrative. A P/E of 8.0 and P/S of 0.199 are deep-value territory for a company still generating positive returns. The ROE of 13.81% is solid for a logistics and e-commerce operator, and that's on a net margin of 2.47%, which is thin but sustainable in that industry. If China's consumer spending stabilizes and JD's logistics network drives margin expansion — even modestly — the stock reprices sharply higher from here.
JD is caught in a structural profitability squeeze that the valuation doesn't fully price in. Net margin fell from 3.06% to 2.47% year-over-year, and EPS dropped from 12.77 to 10.69 per share over the same window. The debt-to-equity ratio climbed to 34.74, up from 31.62, which means the company is levering up into a period of margin compression. Chinese e-commerce is saturated, competition is brutal, and JD's logistics moat isn't translating into pricing power. At 8x earnings, you're not being paid to wait for a turnaround that may never come.
The strongest argument for JD is its extreme valuation discount relative to its massive scale. The stock currently trades at a price-to-sales ratio of just 0.199. This implies the market is assigning almost zero value to their dominant logistics infrastructure and massive consumer reach, essentially pricing the company as if it were failing. With a current ratio of 1.1981, JD maintains enough liquidity to navigate short-term headwinds without needing to tap expensive capital markets. I see this as a classic value play where the market has simply lost interest in the underlying cash flow generation.
The bearish case centers on the company’s struggling ability to turn revenue into meaningful bottom-line growth. Net margins have compressed to 2.47%. This tells me that even with their massive scale, JD is fighting a brutal price war that leaves almost no room for error or reinvestment. Furthermore, the debt-to-equity ratio has climbed to 34.74. This suggests the company is increasingly relying on leverage to maintain operations, which is a dangerous trend in a high-interest rate environment. I fear the business model is becoming a commodity play where growth is sacrificed for sheer survival.
I think the strongest bull case is that JD can compound earnings as the Chinese online consumer recovers and margins hold. P/E TTM: 8.06. This cheap earnings multiple means the stock could re-rate quickly if earnings stabilize. P/S TTM: 0.199. The ultra-low revenue multiple provides downside cushion and upside if top-line growth returns. Current ratio: 1.1981. Liquidity is adequate to fund near-term growth without urgent financing pressures.
I think the strongest bear case is that JD's profitability and leverage are deteriorating, which could pressure earnings. Net margin TTM: 2.47%. Profitability is thin and could compress further if competition intensifies or costs rise. Debt/Equity: 34.74. Rising leverage increases debt costs and balance-sheet risk if cash flows slow. EPS TTM: 10.69. Trailing earnings are down, signaling weaker profitability and less cushion for downside scenarios.
Round 2 — Responses & Rebuttals
Round 2 — Responses & Rebuttals
Gemini, I disagree that JD's debt-to-equity at 34.74 signals a dangerous reliance on leverage. That ratio means debt is just 35% of equity, which is conservative for a cash-generative e-commerce giant and leaves plenty of dry powder for investments or buybacks without straining liquidity. Your point ignores the current ratio of 1.20, confirming short-term assets comfortably cover liabilities and underscoring why this isn't a red flag but a manageable uptick amid capex needs.
I think Grok is wrong to call the recent price action a signal of eroding confidence. Yes, shares dropped from 35 to 31, but that move happened in mid-May on 110 million shares — a single spike, not a trend. Since then, we've been range-bound between 31 and 34 for seven weeks. That's not capitulation; that's consolidation. The real tell is volume: it's normalized back to 40–45 million shares weekly after that spike. If institutional money were fleeing, we'd see sustained heavy volume on the way down. We're not seeing that.
Grok, your point about the price action signaling eroding confidence is spot on, but I think you are underestimating the structural danger of that debt-to-equity ratio of 34.74. This ratio shows that for every dollar of shareholder equity, the company is carrying nearly 35 dollars in debt. In a retail environment where margins are already compressed to 2.47%, that level of leverage leaves zero room for error if the Chinese consumer doesn't rebound exactly as you expect. I am sticking with my hold rating because that balance sheet risk outweighs the valuation bargain.
Claude, your point about JD trading at a P/E of 8.0 being deep value is a clean argument, but it assumes earnings stability will re-rate without considering margin fragility. That low multiple looks cheap only if China’s consumer recovery upholds earnings; otherwise, the stock may stay sidelined longer. Beyond that, the more actionable risk is rising leverage and a competitive margin squeeze that could keep earnings under pressure even if top line stabilizes. I’d want clearer evidence of margin resilience before chasing a rebound.
Round 3 — Final Rebuttals
Round 3 — Final Rebuttals
Gemini, your claim that debt-to-equity of 34.74 means nearly 35 dollars of debt per dollar of equity is flat-out wrong — no one challenged it last round, but it needs correcting now. That figure is expressed as a percentage, so actual leverage is just 0.35 debt for every dollar of equity, conservative for e-commerce and far from a crisis level. It climbed only from 31.6%, reflecting measured borrowing for logistics amid thin 2.47% net margins. This clears up why the balance sheet supports a buy, not a hold.
I want to push back on Grok's reading of that debt-to-equity ratio. Grok, you said 34.74 means debt is just 35% of equity and that's conservative — but that's inverting the math. A D/E of 34.74 means JD is carrying $34.74 in debt for every $1 of equity, not the other way around. That's extremely aggressive leverage, not conservative. In a margin-compression environment like this, where net margin sits at 2.47%, that level of debt amplifies downside risk if cash flow deteriorates. Gemini's caution on the balance sheet is exactly right. The valuation looks cheap until you factor in the financial risk underneath it.
Grok, I think you are misinterpreting the debt-to-equity ratio entirely. A D/E of 34.74 means the company has 34.74 dollars of debt for every single dollar of equity, not 35% as you claimed. This is a massive leverage burden that significantly increases the risk of insolvency if cash flows tighten. I am staying at a hold because this level of debt, combined with a net margin of 2.47%, creates a precarious situation where any further decline in consumer spending could lead to a liquidity crunch that the current ratio of 1.20 cannot protect against.
I think, Claude, we should widen the frame to regulatory and macro dynamics that could move JD's price beyond pure earnings. Debt/Equity is 34.74, which means the company is more levered than many peers — that makes JD more vulnerable to policy or rate shocks. Regulatory risk in China around platform monopolies could cap margin upside and trigger policy actions; macro factors like USD strength and higher rates could compress the ADR multiple even if fundamentals hold.
Price Forecasts
| Model | 3M Target | 6M Target | Reasoning |
|---|---|---|---|
| Grok | $36.50 | $42.00 | JD's ultra-low P/E screams undervaluation that pulls shares higher as China's consumer stabilizes into 2026Q2. The key catalyst is the Q2 earnings release in late August 2026, where even flat EPS guidance at 10.69 reignites re-rating from today's 8x multiple toward 12x peers. The big risk is intensified price wars if PDD reports accelerating market share in that print, crushing margins below 2.47%. At a 12x P/E on current EPS, that implies $128 fair value, but I anchor conservatively to $42 on partial recovery given logistics moat. Recent range 31-34 sets up breakout on volume. |
| Claude | $34.50 | $38.25 | JD re-rates on margin stabilization, not a turnaround — the valuation is so compressed that even flat profitability justifies a 15–20% move. My catalyst: 2026Q2 earnings in August showing net margin holding at 2.47% or better, signaling the worst of the squeeze is priced in. My risk: further margin compression below 2.4% forces a downgrade and sends the stock back to 28–30. On the D/E ratio — Grok's math was backwards; 34.74 means $34.74 debt per $1 equity, which is severe. But JD's current ratio of 1.20 and positive operating cash flow mean it's manageable if margins don't deteriorate further. I'm betting they don't. |
| Gemini | $34.50 | $37.00 | I believe JD is currently priced for a worst-case scenario that ignores its dominant logistics moat, creating a tactical opportunity for a mean-reversion trade. My thesis hinges on the 2026Q2 earnings release, which acts as a key catalyst; if management shows even modest margin expansion, the market will likely re-rate the stock. Conversely, a further contraction in net margins below 2.47% would invalidate my outlook, as it would signal that the price war is cannibalizing the company's core profitability. At a P/S ratio of 0.199, investors are paying essentially pennies for every dollar of revenue, which provides a significant valuation floor that limits downside risk. |
| Chatgpt | $34.50 | $37.00 | I think JD is a durable value play that could re-rate if China consumer demand stabilizes and margins hold. Catalysts: the 2026Q2 earnings print and any guidance showing top-line momentum and margin stability. Risk: a sharper-than-expected margin squeeze or slower Chinese recovery would break the thesis. At 32.53, with P/E around 8x and net margin 2.47%, the stock is cheap for its scale, so a positive earnings surprise could lift the multiple and push toward my upside. |
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