Gross margin
56.3% Fiscal year 2025
Rank 60 of 100: higher than 60% of 153 peers (All). medium.
Share of revenue left after the direct cost of the products sold.
PDD Holdings runs the online marketplace Pinduoduo in China, where shoppers often get lower prices by ordering together, and the international platform Temu. The group is based in Ireland; the business started in Shanghai. Traded here as a US depositary receipt. As of Oct 16, 2026
The internationally active commerce group PDD operates several online platforms. Its customers are third-party merchants that offer their goods through these platforms. Revenue comes from fees for completed transactions and from advertising services, for example paid placements in search results. The Pinduoduo platform, founded in 2015, offers affordable goods and lower prices for users who team up. Temu was founded in Boston in September 2022 and serves consumers in the United States, Japan and Germany, among other countries. According to the report, its main operating company is the consolidated affiliated entity Shanghai Xunmeng, which provides the platform to merchants and holds Chinese licenses for value-added telecommunications services.
Automatically summarized from SEC annual report (20-F, filed Apr 29, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026
Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
PDD Holdings · amounts in CNY
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Apr 29, 2026.
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
56.3% Fiscal year 2025
Rank 60 of 100: higher than 60% of 153 peers (All). medium.
Share of revenue left after the direct cost of the products sold.
21.6% Fiscal year 2025
Rank 63 of 100: higher than 63% of 192 peers (All). medium.
Operating income divided by revenue: what the core business earns before interest and taxes.
22.7% Fiscal year 2025
Rank 72 of 100: higher than 72% of 237 peers (All). strong.
Profit after all costs, interest and taxes divided by revenue.
23.7% Fiscal year 2025
Rank 64 of 100: higher than 64% of 218 peers (All). medium.
Net income divided by equity at fiscal year end.
15.5% Fiscal year 2025 (total assets at year end)
Rank 85 of 100: higher than 85% of 238 peers (All). strong.
Net income divided by total assets at fiscal year end.
65.6% Fiscal year 2025
Rank 87 of 100: higher than 87% of 239 peers (All). strong.
Equity as a share of total assets. Usually low for banks.
+49.0% per year
Rank 91 of 100: higher than 91% of 230 peers (All). strong.
Average growth per year over 3 fiscal years.
+48.7% per year
Rank 92 of 100: higher than 92% of 217 peers (All). strong.
Average growth per year over 5 fiscal years.
+44.4% per year
Rank 91 of 100: higher than 91% of 157 peers (All). strong.
Growth of earnings per share per year, adjusted for stock splits.
4 of 8 Fiscal year 2025
No rank: not all 9 criteria have data.
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
2.43 at fiscal year end
Rank 77 of 100: higher than 77% of 215 peers (All). strong.
Current assets divided by current liabilities.
+24.4% in 5 years
Rank 20 of 100: lower than 20% of 199 peers (All). weak.
Change in diluted share count. Negative = share buybacks, positive = new shares.
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
20-F filer (foreign company): amounts in the reporting currency, no price-based criteria.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
No reported values for “Earnings per share” in this interval.
No reported values for “Dividend per share” in this interval.
No reported values for “Dividend per share” in this interval.
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 431.8B CNY · Net income 97.8B CNY · Net margin 22.7%
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Of 100 CNY of revenue, 56.3 CNY gross profit, 21.6 CNY operating income and 22.7 CNY net income remained.
Net income is above operating income (e.g. a tax benefit, gains on investments or securities).
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 431.8B CNY | 100.0% |
| Gross profit | 243.0B CNY | 56.3% |
| Cost of revenue | 188.8B CNY | 43.7% |
| Operating income | 93.1B CNY | 21.6% |
| Research & development | 16.5B CNY | 3.8% |
| Other operating expenses | 133.4B CNY | 30.9% |
| Net income | 97.8B CNY | 22.7% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
The operating margin rose in 5 years from −15.8% to 21.6%.
Gross marginOperating marginNet marginReturn on equity rose in 5 years from −11.9% to 23.7%.
Return on equityReturn on assetsThe equity ratio rose in 5 years from 37.9% to 65.6%.
EquityLong-term debt in CNY Long-term debt, depending on the filing, includes the current portion or leases.The current ratio rose in 5 years from 1.78 to 2.43.
Current ratioFree cash flow rose in 4 years from 877.5M CNY to 28.2B CNY.
Operating cash flowCapital expenditureFree cash flow in CNYThe share count rose in 5 years by 24.4% – more new shares were issued than repurchased (dilution).
Average share countFrom annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
20-F filer or other currency: earnings per share and share count do not reliably match the price of the US listing (ADR) – so there is no price-based valuation here.
Each light follows a simple, disclosed rule. This symbol has no sector assignment – lights with a sector comparison stay gray or use only the basic rule.
+48.7% per year, last 5 years
What does this mean? Revenue: over 5 years it grew by 48.7% per year on average. Comparable values for a sector comparison are missing.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
– per year, last 5 years
per share: not computable (loss in the first or last year)
What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
22.7% last fiscal year
What does this mean? Of every 100 CNY in revenue, 22.66 CNY remained as profit. Comparable values for a sector comparison are missing.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
– latest balance sheet
What does this mean? No usable figure: reported financial debt or positive equity for the same balance sheet date is missing.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
– Dividend / earnings per share
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
5 of 10 fiscal years with a profit
What does this mean? In 5 of the last 10 fiscal years the bottom line showed a profit. 5 years ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 431.8B | 97.8B | 22.7% | 16.50 | – | – |
| 2024 | Dec 31, 2024 | 393.8B | 112.4B | 28.5% | 19.00 | – | – |
| 2023 | Dec 31, 2023 | 247.6B | 60.0B | 24.2% | 10.29 | – | – |
| 2022 | Dec 31, 2022 | 130.6B | 31.5B | 24.2% | 5.48 | – | – |
| 2021 | Dec 31, 2021 | 93.9B | 7.8B | 8.3% | 1.36 | – | – |
| 2020 | Dec 31, 2020 | 59.5B | −7.2B | −12.1% | −1.51 | – | – |
| 2019 | Dec 31, 2019 | 30.1B | −7.0B | −23.1% | −1.51 | – | – |
| 2018 | Dec 31, 2018 | 13.1B | −10.2B | −77.9% | −3.47 | – | – |
| 2017 | Dec 31, 2017 | 1.7B | −525.1M | −30.1% | −0.28 | – | – |
| 2016 | Dec 31, 2016 | 504.9M | −292.0M | −57.8% | −0.18 | – | – |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q4/20* | Dec 31, 2020 | 26.5B | −1.4B | −5.2% | – | – | – |
| Q4/19* | Dec 31, 2019 | 10.8B | −1.8B | −16.2% | – | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $140.2K1 person | −$140.2K |
| 6 months | $00 people | $140.2K1 person | −$140.2K |
| 12 months | $00 people | $348.3K2 people | −$348.3K |
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
No recent news found. News is loaded automatically three times a day for trend stocks, symbols with a current Elliott setup and favorites.
No posts on PDD yet – log in to join the discussion.
Posts are opinions of users and only visible after logging in. Community rules