10-Year Performance
Revenue, net income, margins and EPS trends
06
Revenue$431.85B2016-12-31 → 2025-12-31
EPS$16.502016-12-31 → 2025-12-31
Free Cash Flow·2018-12-31 → 2020-12-31
Net margin22.7%2018-12-31 → 2025-12-31
Valuation & Ratios07–12
Valuation
P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
PDD
5Y avg
Peer Median
Verdict
P/E
4.65Y avg ≈16.8
≈16.8
·
·
P/S
1.05Y avg ≈2.5
≈2.5
·
·
P/B
1.05Y avg ≈3.0
≈3.0
·
·
Price / Cash Flow
4.05Y avg ≈7.6
≈7.6
·
·
Price / Tangible Book
1.05Y avg ≈3.0
≈3.0
·
·
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
PDD
5Y avg
Peer Median
Verdict
Operating Margin
21.6%5Y avg ≈20.7%
≈20.7%
·
·
EBITDA Margin
21.6%5Y avg ≈20.7%
≈20.7%
·
·
Pretax Margin
27.7%5Y avg ≈25.7%
≈25.7%
·
·
Net Profit Margin
22.7%5Y avg ≈21.6%
≈21.6%
·
·
ROA
17.2%5Y avg ≈16.8%
≈16.8%
·
·
ROE
26.9%5Y avg ≈31.1%
≈31.1%
·
·
ROIC
18.4%5Y avg ≈20.7%
≈20.7%
·
·
Financial Health
Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
PDD
5Y avg
Peer Median
Verdict
Current Ratio
2.45Y avg ≈2.0
≈2.0
·
·
Quick Ratio
2.05Y avg ≈1.5
≈1.5
·
·
Growth
Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Per Share Metrics
EPS, book value per share, cash flow per share, dividend per share
Metric
5Y trend
PDD
5Y avg
Peer Median
Verdict
EPS (Diluted)
$16.505Y avg ≈$10.53
≈$10.53
·
·
Revenue / Share
$72.835Y avg ≈$13343.81
≈$13343.81
·
·
Cash Flow / Share
$18.035Y avg ≈$4131.13
≈$4131.13
·
·
Cash / Share
$19.135Y avg ≈$9.63
≈$9.63
·
·
Capital Efficiency
Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
PDD
5Y avg
Peer Median
Verdict
Asset Turnover
0.85Y avg ≈0.7
≈0.7
·
·
Revenue / Employee
≈$17.0M
·
·
·
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History
EPS actual vs estimate, surprise %, beat rate, next earnings date
14
Avg Surprise-4.2%
Period
Report
EPS Actual
EPS Est
Surprise
June 30, 2026
Aug 24, 2026
$19.33
$18.40
5.1%
March 31, 2026
May 27, 2026
$9.51
$16.80
-43.4%
Dec. 31, 2025
$17.69
$20.97
-15.6%
Sept. 30, 2025
$21.08
$17.01
23.9%
June 30, 2025
$22.07
$15.89
38.9%
March 31, 2025
$11.41
$18.70
-39.0%
Dec. 31, 2024
$20.15
$20.01
0.70%
Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
15
Income Statement18
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue
$431.85B
$393.84B
$247.64B
$130.56B
$93.95B
$59.49B
$30.14B
$13.12B
$1.74B
$505M
Cost of Revenue
$188.80B
$153.90B
$91.72B
$31.46B
$31.72B
$19.28B
$6.34B
$2.91B
$723M
$578M
Gross Profit
·
·
·
$99.10B
$62.23B
$40.21B
$23.80B
$10.21B
$1.02B
$-73M
R&D Expense
$16.50B
$12.66B
$10.95B
$10.38B
$8.99B
$6.89B
$3.87B
$1.12B
$129M
$29M
SG&A Expense
$8.16B
$7.55B
$4.08B
$3.96B
$1.54B
$1.51B
$1.30B
$6.46B
$133M
$15M
Operating Expenses
$149.94B
$131.51B
$97.22B
$68.69B
$55.34B
$49.59B
$32.34B
$21.01B
$1.62B
$213M
Operating Income
$93.10B
$108.42B
$58.70B
$30.40B
$6.90B
$-9.38B
$-8.54B
$-10.80B
$-596M
$-286M
Interest Expense
·
·
$44M
$52M
$1.23B
$757M
$146M
·
·
·
Interest Income
$774M
$2.83B
$1.35B
$606M
$147M
$469M
$210M
$78M
$3M
·
Other Non-op
$2.73B
$3.12B
$2.95B
$2.22B
$656M
$194M
$83M
$-12M
$1M
$-2M
Pretax Income
$119.58B
$132.70B
$71.88B
$36.26B
$9.70B
$-7.18B
$-6.97B
$-10.22B
$-525M
$-292M
Income Tax
$21.73B
$20.27B
$11.85B
$4.73B
$1.93B
$0
$0
$0
·
·
Net Income
$97.84B
$112.43B
$60.03B
$31.54B
$7.77B
$-7.18B
$-6.97B
$-10.22B
$-525M
$-292M
EPS (Basic)
$17.50
$20.31
$11.08
$6.24
$1.55
$-1.51
$-1.51
$-3.47
$-0.28
$-0.18
EPS (Diluted)
$16.50
$19.00
$10.29
$5.48
$1.36
$-1.51
$-1.51
$-3.47
$-0.28
$-0.18
Shares (Basic)
5,590,930,000
5,536,049,000
5,416,106,000
5,057,540
5,012,651,334
4,768,343,300
4,627,278,394
2,968,319,549
1,764,799,346
1,815,200,000
Shares (Diluted)
5,929,576,000
5,916,592,000
5,839,630,000
5,761,291
5,713,764,297
4,768,343,300
4,627,278,394
2,968,319,549
1,764,799,346
1,815,200,000
EBITDA
$93.10B
$108.42B
$58.70B
$30.40B
$6.90B
$-9.38B
$-8.54B
$-10.80B
·
·
Balance Sheet26
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Cash & Equivalents
$108.90B
$57.77B
$59.79B
$34.33B
$6.43B
$22.42B
$5.77B
$14.16B
$3.06B
$1.32B
Short-term Investments
$313.41B
$273.79B
$157.42B
$115.11B
$86.52B
$64.55B
$35.29B
$7.63B
$50M
·
Inventory
·
·
·
·
$14M
$1.72B
·
·
·
·
Prepaid Expense
$7.53B
$4.41B
$4.21B
$2.30B
$3.42B
$5.16B
$950M
$954M
$128M
·
Other Current Assets
$1.49B
$1.60B
$1.53B
$799M
$885M
$190M
$44M
$7M
$7M
·
Current Assets
$518.98B
$415.65B
$294.75B
$216.62B
$160.91B
$149.52B
$73.00B
$40.39B
$13.14B
·
PP&E (Net)
$1.31B
$879M
$980M
$1.04B
$2.20B
$203M
$41M
$29M
$9M
·
PP&E (Gross)
$5.80B
$4.80B
$4.22B
$3.62B
$3.16B
$253M
$68M
$38M
$12M
·
Accum. Depreciation
$4.49B
$3.93B
$3.24B
$2.58B
$961M
$50M
$27M
$9M
$3M
·
Intangibles
$15M
$19M
$21M
$134M
$701M
$1.28B
$1.99B
$2.58B
·
·
Other Non-current Assets
$104.71B
$83.41B
$47.95B
$16.86B
$16.43B
$7.28B
$503M
$183M
$5M
·
Total Assets
$630.04B
$505.03B
$348.08B
$237.12B
$181.21B
$158.91B
$76.06B
$43.18B
$13.31B
·
Accounts Payable
$32.66B
$28.28B
$16.91B
$3.98B
$1.95B
$1.14B
$308M
$2.23B
$360M
·
Accrued Liabilities
·
·
·
·
·
·
$2.73B
$1.37B
$192M
·
Current Liabilities
$213.74B
$188.42B
$152.90B
$116.89B
$93.73B
$83.88B
$45.77B
$24.36B
$12.11B
·
Capital Leases
$2.88B
$3.19B
$2.64B
$871M
$544M
$415M
$429M
·
·
·
Deferred Tax
$42M
$107M
$60M
$13M
$31M
·
·
·
·
·
Other Non-current Liabilities
·
·
·
·
$996.0K
$3M
$7M
·
·
·
Total Liabilities
$216.66B
$191.72B
$160.84B
$119.35B
$106.10B
$98.73B
$51.41B
$24.36B
$12.11B
·
Common Stock
$182.0K
$180.0K
$177.0K
$170.0K
·
·
·
·
·
·
Paid-in Capital
$125.77B
$117.83B
$107.29B
$99.25B
$95.34B
$86.70B
$41.49B
$29.11B
$61M
·
Retained Earnings
$284.16B
$187.42B
$75.12B
$15.19B
$-17.71B
$-25.48B
$-18.30B
$-11.33B
$-1.03B
·
AOCI
$2.12B
$7.82B
$4.72B
$3.32B
$-2.52B
$-1.05B
$1.45B
$1.04B
$-23M
·
Stockholders' Equity
$413.39B
$313.31B
$187.24B
$117.77B
$75.11B
$60.18B
$24.65B
$18.82B
$-992M
$-426M
Liabilities + Equity
$630.04B
$505.03B
$348.08B
$237.12B
$181.21B
$158.91B
$76.06B
$43.18B
$13.31B
·
Shares Outstanding
5,693,585,848
5,568,585,848
5,503,491,148
5,278,348,396
5,057,542,676
4,954,809,968
4,650,028,688
4,455,688,688
1,758,769,820
1,815,200,000
Cash Flow12
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
D&A
$601M
$709M
$786M
$2.22B
$1.50B
$652M
$638M
$497M
$2M
$756.0K
Stock-based Comp
$7.94B
$9.88B
$7.08B
$7.72B
$4.77B
$3.61B
$2.56B
$6.84B
$13M
$4M
Deferred Tax
$-182M
$222M
$801M
$-1.03B
$-213.0K
$0
$0
$0
$0
$0
Amort. of Intangibles
·
·
$114M
$609M
$583M
$624M
$620M
$491M
·
·
Operating Cash Flow
$106.94B
$121.93B
$94.16B
$48.51B
$28.78B
$28.20B
$14.82B
$7.77B
$9.69B
$880M
CapEx
·
·
·
·
·
$43M
$27M
$27M
$9M
$2M
Investing Cash Flow
$-43.42B
$-118.36B
$-55.43B
$-22.36B
$-35.56B
$-38.36B
$-28.32B
$-7.55B
$72M
$-307M
Stock Repurchased
·
·
·
·
·
·
·
·
$33M
·
Financing Cash Flow
$-5.23B
$1M
$-8.96B
$10M
$-1.88B
$51.80B
$15.85B
$17.34B
$1.40B
$487M
Net Change in Cash
$56.54B
$4.41B
$29.48B
$26.26B
$-8.80B
$41.50B
$2.81B
$18.11B
$11.11B
$1.08B
Free Cash Flow
·
·
·
·
·
$28.15B
$14.79B
$7.74B
·
·
Levered FCF
·
·
·
·
·
$27.40B
·
·
·
·
Profitability8
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Gross Margin
·
·
·
75.9%
66.2%
67.6%
79.0%
77.9%
·
·
Operating Margin
21.6%
27.5%
23.7%
23.3%
7.3%
-15.8%
-28.3%
-82.3%
·
·
Net Margin
22.7%
28.5%
24.2%
24.2%
8.3%
-12.1%
-23.1%
-77.9%
·
·
Pretax Margin
27.7%
33.7%
29.0%
27.8%
10.3%
-12.1%
-23.1%
-77.9%
·
·
EBITDA Margin
21.6%
27.5%
23.7%
23.3%
7.3%
-15.8%
-28.3%
-82.3%
·
·
ROA
17.2%
26.4%
20.5%
15.1%
4.6%
-6.1%
-11.7%
-36.2%
·
·
ROE
26.9%
44.9%
39.4%
32.7%
11.5%
-16.9%
-32.1%
-114.6%
·
·
ROIC
18.4%
29.3%
26.2%
22.4%
7.3%
-15.6%
·
·
·
·
Liquidity & Solvency3
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Current Ratio
2.4
2.2
1.9
1.9
1.7
1.8
1.6
1.7
·
·
Quick Ratio
2.0
1.8
1.4
1.3
1.0
1.0
0.9
0.9
·
·
Interest Coverage
·
·
1334.5
588.6
5.6
-12.4
-58.5
·
·
·
Efficiency2
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Asset Turnover
0.8
0.9
0.8
0.6
0.6
0.5
0.5
0.5
·
·
Inventory Turnover
·
·
·
·
36.6
22.4
·
·
·
·
Per Share5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Book Value / Share
$72.61
$56.26
$34.02
$22.31
$14.85
$12.14
$5.30
$4.22
·
·
Revenue / Share
$72.83
$66564.69
$42.41
$22.66
$16.44
$12.48
$6.51
$4.42
·
·
Cash Flow / Share
$18.03
$20608.03
$16.12
$8.42
$5.04
$5.91
$3.20
$2.62
·
·
Cash / Share
$19.13
$10.37
$10.86
$6.50
$1.27
$4.53
$1.24
$3.18
·
·
EPS (TTM)
$16.50
$19.00
$10.29
$5.48
$1.36
$-1.51
$-1.51
$-3.47
·
·
Valuation (TTM)10
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue TTM
$431.85B
$393.84B
$247.64B
$130.56B
$93.95B
$59.49B
$30.14B
$13.12B
·
·
Net Income TTM
$97.84B
$112.43B
$60.03B
$31.54B
$7.77B
$-7.18B
$-6.97B
$-10.22B
·
·
Market Cap
$645.60B
$540.10B
$805.22B
$430.45B
$294.85B
$880.32B
$175.86B
$99.99B
·
·
P/E
6.9
5.1
14.2
14.9
42.9
-117.7
-25.0
-6.5
·
·
P/S
1.5
1.4
3.3
3.3
3.1
14.8
5.8
7.6
·
·
P/B
1.6
1.7
4.3
3.7
3.9
14.6
7.1
5.3
·
·
P / Tangible Book
1.6
1.7
4.3
3.7
4.0
14.9
·
·
·
·
P / Cash Flow
6.0
4.4
8.6
8.9
10.2
31.2
11.9
12.9
·
·
P / FCF
·
·
·
·
·
31.3
11.9
12.9
·
·
Earnings Yield
14.5%
19.6%
7.0%
6.7%
2.3%
-0.85%
-4.0%
-15.5%
·
·
No quarterly filings for PDD
We don't have SEC filings for this ticker yet.
Most recent period on the left · null values shown as ·
Financial Statements
Income statement, balance sheet, cash flow — annual, last 5 years
16
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Revenue
$431.85B
$393.84B
$247.64B
$130.56B
$93.95B
Gross Margin %
·
·
·
75.9%
66.2%
Operating Margin %
21.6%
27.5%
23.7%
23.3%
7.3%
Net Income
$97.84B
$112.43B
$60.03B
$31.54B
$7.77B
Diluted EPS
$16.50
$19.00
$10.29
$5.48
$1.36
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Current Ratio
2.4
2.2
1.9
1.9
1.7
Quick Ratio
2.0
1.8
1.4
1.3
1.0
No data for this statement
Not enough fundamentals data to build this statement yet.
Institutional owners (13F)
618 filers
· $43.3B total
· As of Sept. 30, 2026
17
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.
Holders618
Value held$43.3B
New positions64
Exited positions109
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
64 (-28 vs prior Q)
109 (+39 vs prior Q)
173 (-68 vs prior Q)
265 (+42 vs prior Q)
+29.8M
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.
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.
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
5 insiders
· 2 officers · 4 directors