PDD Holdings Inc. PDD
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Market cap
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52-week range
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS2.36
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $61.75B | $53.96B | $34.88B | $18.93B | $14.74B | $9.12B | $4.33B | $1.91B | — | — |
| Cost of revenue | $27.00B | $21.08B | $12.92B | $4.56B | $4.98B | $2.95B | $910.5M | $422.6M | — | — |
| Gross profit | $34.75B | $32.87B | $21.96B | $14.37B | $9.77B | $6.16B | $3.42B | $1.49B | — | — |
| R&D | $2.36B | $1.73B | $1.54B | $1.51B | $1.41B | $1.06B | $555.9M | $162.3M | — | — |
| SG&A | $1.17B | $1.03B | $574.0M | $574.9M | $241.8M | $231.0M | $186.3M | $939.1M | — | — |
| Total operating expenses | $21.44B | $18.02B | $13.69B | $9.96B | $8.68B | $7.60B | $4.65B | $3.06B | — | — |
| Operating income | $13.31B | $14.85B | $8.27B | $4.41B | $1.08B | -$1.44B | -$1.23B | -$1.57B | — | — |
| Interest expense | — | — | $6.2M | $7.5M | $193.2M | $116.1M | $21.0M | $63.0M | — | — |
| Pre-tax income | $17.10B | $18.18B | $10.12B | $5.26B | $1.52B | -$1.10B | -$1.00B | -$1.49B | — | — |
| Income tax | $3.11B | $2.78B | $1.67B | $685.2M | $303.4M | $0 | — | — | — | — |
| Net income | $13.99B | $15.40B | $8.45B | $4.57B | $1.22B | -$1.10B | -$1.00B | -$1.49B | — | — |
| EPS, basic | 2.50 | 2.78 | 1.56 | 0.90 | 0.24 | -0.23 | -0.22 | -0.50 | — | — |
| EPS, diluted | 2.36 | 2.60 | 1.45 | 0.79 | 0.21 | -0.23 | -0.22 | -0.50 | — | — |
| Shares, diluted (wtd. avg.) | 5.93B | 5.92B | 5.84B | 5.8M | 5.71B | 4.77B | 4.63B | 2.97B | 1.76B | 1.82B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $15.57B | $18.05B | $16.68B | $13.00B | $9.58B | $11.74B | $5.11B | $4.39B | $1.81B | — |
| Short-term investments | $44.82B | $37.51B | $22.17B | $16.69B | $13.58B | $9.89B | $5.07B | $1.11B | — | — |
| Inventory | — | — | — | — | $2.2M | $263.4M | — | — | — | — |
| Total current assets | $74.21B | $56.94B | $41.51B | $31.41B | $25.25B | $22.92B | $10.49B | $5.87B | — | — |
| Property, plant and equipment | $186.8M | $120.5M | $138.0M | $151.5M | $345.7M | $31.1M | $5.9M | $4.2M | — | — |
| Other intangibles | $2.2M | $2.6M | $3.0M | $18.9M | $101.7M | $195.7M | $286.5M | $375.1M | — | — |
| Total assets | $90.10B | $69.19B | $49.03B | $34.38B | $28.44B | $24.35B | $10.92B | $6.28B | — | — |
| Accounts payable | $4.67B | $3.87B | $2.38B | $576.9M | $306.3M | $174.3M | $700.5M | $323.7M | — | — |
| Total current liabilities | $30.56B | $25.81B | $21.54B | $16.95B | $14.71B | $12.86B | $6.57B | $3.54B | — | — |
| Total liabilities | $30.98B | $26.27B | $22.65B | $17.30B | $16.65B | $15.13B | $7.38B | $3.54B | — | — |
| Retained earnings | $40.63B | $25.68B | $10.58B | $2.20B | -$2.78B | -$3.90B | -$2.63B | -$1.65B | — | — |
| Total equity | $59.11B | $42.92B | $26.37B | $17.08B | $11.79B | $9.22B | $3.54B | $2.74B | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $15.29B | $16.70B | $13.26B | $7.03B | $4.52B | $4.32B | $2.13B | $1.13B | — | — |
| Depreciation and amortisation | $85.5M | $96.6M | $94.7M | $234.2M | $143.1M | $4.3M | $2.6M | $863.0K | — | — |
| Stock-based compensation | $1.13B | $1.35B | $997.0M | $1.12B | $749.3M | $553.7M | $367.4M | $995.1M | — | — |
| Capital expenditure | — | — | — | — | — | $6.6M | $3.9M | $4.0M | — | — |
| Investing cash flow | -$6.21B | -$16.21B | -$7.81B | -$3.24B | -$5.58B | -$5.88B | -$4.07B | -$1.10B | — | — |
| Financing cash flow | -$747.5M | $159.0K | -$1.26B | $1.5M | -$294.3M | $7.94B | $2.28B | $2.52B | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050727.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $1.91B | $4.33B | $9.12B | $14.74B | $18.93B | $34.88B | $53.96B | $61.75B |
| Gross profit | — | — | $1.49B | $3.42B | $6.16B | $9.77B | $14.37B | $21.96B | $32.87B | $34.75B |
| Net income | — | — | -$1.49B | -$1.00B | -$1.10B | $1.22B | $4.57B | $8.45B | $15.40B | $13.99B |
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