JD.COM, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 30.27 USD | -2.98% |
|
-14.18% | +4.78% |
| May. 24 | JD.com Completes Issuance of $2 Billion Convertible Bonds | MT |
| May. 23 | JD.com Closes $2 Billion Convertible Senior Notes Offering | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 358,120 | 888,928 | 683,720 | 606,067 | 322,632 | 334,740 | - | - |
| Enterprise Value (EV) 1 | 306,598 | 758,057 | 512,143 | 428,490 | 179,486 | 249,640 | 243,463 | 218,456 |
| P/E ratio | 29.9 x | 18.1 x | -194 x | 60.3 x | 13.5 x | 11.5 x | 10.1 x | 8.68 x |
| Yield | - | - | - | 1.1% | 2.67% | 2.59% | 2.57% | 2.97% |
| Capitalization / Revenue | 0.62 x | 1.19 x | 0.72 x | 0.58 x | 0.3 x | 0.29 x | 0.27 x | 0.25 x |
| EV / Revenue | 0.53 x | 1.02 x | 0.54 x | 0.41 x | 0.17 x | 0.21 x | 0.2 x | 0.17 x |
| EV / EBITDA | 22.2 x | 36.7 x | 27.4 x | 12.8 x | 4.23 x | 5.57 x | 4.86 x | 3.83 x |
| EV / FCF | 15.8 x | 21.7 x | 19.5 x | 10.7 x | 4.36 x | 6.31 x | 6.54 x | 5.59 x |
| FCF Yield | 6.34% | 4.61% | 5.12% | 9.37% | 22.9% | 15.9% | 15.3% | 17.9% |
| Price to Book | 4.38 x | 4.75 x | 3.31 x | 2.85 x | 1.39 x | 1.35 x | 1.2 x | 1.08 x |
| Nbr of stocks (in thousands) | 1,460,161 | 1,549,877 | 1,536,133 | 1,565,500 | 1,573,500 | 1,526,931 | - | - |
| Reference price 2 | 245.3 | 573.5 | 445.1 | 387.1 | 205.0 | 219.2 | 219.2 | 219.2 |
| Announcement Date | 3/2/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/6/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 576,888 | 745,802 | 951,592 | 1,046,236 | 1,084,662 | 1,162,507 | 1,238,993 | 1,314,930 |
| EBITDA 1 | 13,811 | 20,681 | 18,712 | 33,602 | 42,452 | 44,839 | 50,119 | 57,091 |
| EBIT 1 | 8,995 | 12,343 | 4,141 | 19,723 | 26,025 | 33,981 | 39,948 | 45,851 |
| Operating Margin | 1.56% | 1.65% | 0.44% | 1.89% | 2.4% | 2.92% | 3.22% | 3.49% |
| Earnings before Tax (EBT) 1 | 13,693 | 50,819 | -2,581 | 13,867 | 31,650 | 35,584 | 40,182 | 45,511 |
| Net income 1 | 12,184 | 49,405 | -3,560 | 10,380 | 24,167 | 28,853 | 32,369 | 36,637 |
| Net margin | 2.11% | 6.62% | -0.37% | 0.99% | 2.23% | 2.48% | 2.61% | 2.79% |
| EPS 2 | 8.210 | 31.68 | -2.290 | 6.420 | 15.23 | 19.00 | 21.74 | 25.24 |
| Free Cash Flow 1 | 19,453 | 34,922 | 26,228 | 40,152 | 41,143 | 39,591 | 37,228 | 39,089 |
| FCF margin | 3.37% | 4.68% | 2.76% | 3.84% | 3.79% | 3.41% | 3% | 2.97% |
| FCF Conversion (EBITDA) | 140.85% | 168.86% | 140.17% | 119.49% | 96.92% | 88.3% | 74.28% | 68.47% |
| FCF Conversion (Net income) | 159.66% | 70.69% | - | 386.82% | 170.24% | 137.22% | 115.01% | 106.69% |
| Dividend per Share 2 | - | - | - | 4.261 | 5.469 | 5.670 | 5.628 | 6.510 |
| Announcement Date | 3/2/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/6/24 | - | - | - |
1CNY in Million2CNY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 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 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 275,907 | 239,655 | 267,600 | 243,535 | 295,446 | 242,956 | 287,931 | 247,698 | 306,077 | 260,049 | 301,211 | 269,905 | 323,098 | 281,216 | 324,369 |
| EBITDA 1 | 4,162 | 6,066 | 7,175 | 11,463 | 8,898 | 9,499 | 10,403 | 12,889 | 9,661 | 10,787 | 11,399 | 13,633 | 11,254 | 12,623 | 11,079 |
| EBIT 1 | -392 | 2,409 | 3,758 | 8,728 | 4,828 | 6,427 | 8,270 | 9,303 | 2,025 | 7,700 | 8,560 | 10,511 | 7,826 | - | - |
| Operating Margin | -0.14% | 1.01% | 1.4% | 3.58% | 1.63% | 2.65% | 2.87% | 3.76% | 0.66% | 2.96% | 2.84% | 3.89% | 2.42% | - | - |
| Earnings before Tax (EBT) 1 | -5,133 | -2,915 | 5,256 | 7,710 | 3,816 | 7,808 | 9,734 | 10,802 | 3,306 | 9,065 | 9,449 | 11,084 | 8,933 | - | - |
| Net income 1 | -5,165 | -2,991 | 4,376 | 5,963 | 3,032 | 6,261 | 6,581 | 7,936 | 3,389 | 7,130 | 7,334 | 8,891 | 7,330 | - | - |
| Net margin | -1.87% | -1.25% | 1.64% | 2.45% | 1.03% | 2.58% | 2.29% | 3.2% | 1.11% | 2.74% | 2.43% | 3.29% | 2.27% | - | - |
| EPS 2 | -3.320 | -1.920 | 2.740 | 3.570 | 1.910 | 3.930 | 4.150 | 5.000 | 2.130 | 4.530 | 4.465 | 5.755 | 4.568 | - | - |
| Dividend per Share 2 | - | - | - | - | 4.261 | - | - | - | 5.469 | - | 0.6878 | 0.6878 | 3.598 | 0.6809 | 0.6809 |
| Announcement Date | 3/10/22 | 5/17/22 | 8/23/22 | 11/18/22 | 3/9/23 | 5/11/23 | 8/16/23 | 11/15/23 | 3/6/24 | 5/16/24 | - | - | - | - | - |
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 | 51,522 | 130,871 | 171,577 | 177,577 | 143,146 | 85,101 | 91,277 | 116,284 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 19,453 | 34,922 | 26,228 | 40,152 | 41,143 | 39,591 | 37,228 | 39,089 |
| ROE (net income / shareholders' equity) | 15.2% | 12.5% | 8.68% | 13.4% | 10.9% | 12.7% | 13.1% | 13.2% |
| ROA (Net income/ Total Assets) | 4.59% | 4.93% | 3.75% | 5.17% | 3.95% | 4.86% | 5.17% | 5.36% |
| Assets 1 | 265,722 | 1,001,180 | -95,033 | 200,787 | 612,102 | 593,143 | 626,387 | 683,323 |
| Book Value Per Share 2 | 56.00 | 121.0 | 134.0 | 136.0 | 148.0 | 163.0 | 183.0 | 202.0 |
| Cash Flow per Share 2 | 17.00 | 28.20 | 27.20 | 36.40 | 37.50 | 32.50 | 37.50 | 40.00 |
| Capex 1 | 1,094 | 7,670 | 18,566 | 17,667 | 18,378 | 18,122 | 18,929 | 18,871 |
| Capex / Sales | 0.19% | 1.03% | 1.95% | 1.69% | 1.69% | 1.56% | 1.53% | 1.44% |
| Announcement Date | 3/2/20 | 3/11/21 | 3/10/22 | 3/9/23 | 3/6/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
38
Last Close Price
219.2
CNY
Average target price
298.4
CNY
Spread / Average Target
+36.13%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.78% | 46.22B | |
| +18.96% | 1,881B | |
| +38.05% | 39.96B | |
| +20.03% | 10.76B | |
| -0.84% | 7.46B | |
| -25.21% | 7.09B | |
| +14.74% | 6.89B | |
| -3.36% | 5.78B | |
| +4.06% | 5.07B | |
| -50.71% | 3.91B |
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