Stock PDD PDD HOLDINGS INC.
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Financials PDD Holdings Inc.

Equities

PDD

US7223041028

Internet Services

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-06-07 pm EDT 		5-day change 1st Jan Change
143.9 USD +0.05% Intraday chart for PDD Holdings Inc. -3.93% -1.65%
Jun. 06 Analysis-No-tariff shipments popular with Shein, Temu hit US customs speedbump RE
Jun. 06 No-tariff shipments popular with Shein, Temu hit US customs speedbump RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 306,039 1,421,676 464,127 711,175 1,379,613 1,448,190 - -
Enterprise Value (EV) 1 271,087 1,351,003 382,973 578,670 1,379,613 1,193,037 1,026,986 826,352
P/E ratio -43.6 x -193 x 68.1 x 25.6 x 25.2 x 13.3 x 10.2 x 8.46 x
Yield - - - - - - - -
Capitalization / Revenue 10.2 x 23.9 x 4.94 x 5.45 x 5.57 x 3.5 x 2.74 x 2.26 x
EV / Revenue 8.99 x 22.7 x 4.08 x 4.43 x 5.57 x 2.88 x 1.94 x 1.29 x
EV / EBITDA -50.7 x -264 x 29.1 x 14.3 x - 9.09 x 5.96 x 3.73 x
EV / FCF 18.3 x 48 x 15 x 12.1 x - 7.37 x 5.64 x 3.55 x
FCF Yield 5.46% 2.08% 6.66% 8.27% - 13.6% 17.7% 28.2%
Price to Book 22.2 x 91.9 x 7.04 x 6.88 x - 4.74 x 3.26 x 2.29 x
Nbr of stocks (in thousands) 1,162,357 1,226,326 1,253,289 1,264,386 1,328,587 1,388,771 - -
Reference price 2 263.3 1,159 370.3 562.5 1,038 1,043 1,043 1,043
Announcement Date 3/11/20 3/17/21 3/21/22 3/20/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 30,142 59,492 93,950 130,558 247,639 414,229 528,065 640,443
EBITDA 1 -5,343 -5,116 13,167 40,344 - 131,245 172,177 221,548
EBIT 1 -5,981 -5,767 11,671 38,120 65,778 131,139 171,514 227,244
Operating Margin -19.84% -9.69% 12.42% 29.2% 26.56% 31.66% 32.48% 35.48%
Earnings before Tax (EBT) 1 -6,996 -7,263 9,455 36,419 71,881 136,375 175,614 226,470
Net income 1 -6,968 -7,180 7,769 31,538 60,027 111,277 142,099 187,576
Net margin -23.12% -12.07% 8.27% 24.16% 24.24% 26.86% 26.91% 29.29%
EPS 2 -6.040 -6.020 5.440 21.93 41.15 78.23 101.9 123.3
Free Cash Flow 1 14,794 28,154 25,496 47,872 - 161,969 181,929 232,962
FCF margin 49.08% 47.32% 27.14% 36.67% - 39.1% 34.45% 36.38%
FCF Conversion (EBITDA) - - 193.64% 118.66% - 123.41% 105.66% 105.15%
FCF Conversion (Net income) - - 328.19% 151.79% - 145.55% 128.03% 124.2%
Dividend per Share 2 - - - - - - - -
Announcement Date 3/11/20 3/17/21 3/21/22 3/20/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 21,506 27,231 23,794 31,440 35,504 39,820 37,637 52,281 68,840 88,881 86,812 100,401 109,137 131,266 119,813
EBITDA 1 2,302 7,070 2,528 9,071 10,810 17,935 - - - - 17,378 - - - -
EBIT 1 3,261 8,400 3,677 10,542 12,301 11,600 8,462 14,609 18,126 24,580 28,552 31,592 33,221 41,227 -
Operating Margin 15.16% 30.85% 15.45% 33.53% 34.65% 29.13% 22.48% 27.94% 26.33% 27.65% 32.89% 31.47% 30.44% 31.41% -
Earnings before Tax (EBT) 1 2,410 7,682 3,198 10,508 12,115 10,598 9,592 16,257 19,156 26,876 33,118 33,450 35,930 43,941 -
Net income 1 1,640 6,620 2,599 8,896 10,589 9,454 8,101 13,108 15,537 23,280 27,998 27,572 29,478 36,231 -
Net margin 7.63% 24.31% 10.92% 28.3% 29.82% 23.74% 21.52% 25.07% 22.57% 26.19% 32.25% 27.46% 27.01% 27.6% -
EPS 2 1.150 4.660 1.840 6.220 7.340 6.520 5.550 9.000 10.60 15.83 18.96 19.12 20.54 25.41 -
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 11/26/21 3/21/22 5/27/22 8/29/22 11/28/22 3/20/23 5/26/23 8/29/23 11/28/23 3/20/24 5/22/24 - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 34,952 70,673 81,154 132,504 - 255,153 421,204 621,838
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 14,794 28,154 25,496 47,872 - 161,969 181,929 232,962
ROE (net income / shareholders' equity) -32.1% -16.9% 20.4% 41% - 44.9% 37% 32.7%
ROA (Net income/ Total Assets) -11.7% -6.11% 4.57% 15.1% - 23.8% 21.9% 20.3%
Assets 1 59,620 117,483 170,060 209,165 - 467,290 649,963 921,851
Book Value Per Share 2 11.90 12.60 52.60 81.80 - 220.0 320.0 454.0
Cash Flow per Share 2 3.200 5.910 5.040 33.70 - 88.60 100.0 121.0
Capex 1 27.4 43 3,287 636 - 3,022 3,762 4,196
Capex / Sales 0.09% 0.07% 3.5% 0.49% - 0.73% 0.71% 0.66%
Announcement Date 3/11/20 3/17/21 3/21/22 3/20/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PDD Holdings Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
43
Last Close Price
1,043 CNY
Average target price
1,488 CNY
Spread / Average Target
+42.74%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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E-commerce & Auction Services
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