PDD - PDD Holdings Inc.
Price:
--
--
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CONSENSUS:
Hold
DETAILS
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PRICE TARGET:
$106.50
DETAILS
HIGH:
$136.00
LOW:
$80.00
MEDIAN:
$105.00
CONSENSUS:
$106.50
UPSIDE:
26.57%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||
| Revenue | 431,845.7 | 393,836.1 | 247,639.2 | 130,557.6 | 93,949.9 | 59,491.9 | 30,141.9 | 13,120.0 | 1,744.1 | 504.9 |
| Cost of Revenue | 188,801.8 | 153,900.4 | 91,723.6 | 31,462.3 | 31,718.1 | 19,278.6 | 6,338.8 | 2,905.2 | 722.8 | 577.9 |
| Gross Profit | 243,044.0 | 239,935.7 | 155,915.6 | 99,095.3 | 62,231.8 | 40,213.2 | 23,803.1 | 10,214.7 | 1,021.2 | (73.0) |
| Operating Expenses | ||||||||||
| R&D Expenses | 16,496.2 | 12,659.4 | 10,952.4 | 10,384.7 | 8,992.6 | 6,891.7 | 3,870.4 | 1,116.1 | 129.2 | 29.4 |
| SG&A Expenses | 133,445.7 | 118,853.5 | 86,264.5 | 58,308.7 | 46,342.5 | 42,701.9 | 28,471.0 | 19,898.4 | 1,477.8 | 183.8 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 0 |
| Operating Expenses | 149,941.8 | 131,512.9 | 97,216.9 | 68,693.4 | 55,335.1 | 49,593.5 | 32,341.3 | 21,014.5 | 1,617.0 | 213.2 |
| Operating Income | ||||||||||
| Operating Income | 93,102.1 | 108,422.9 | 58,698.8 | 30,401.9 | 6,896.8 | (9,380.3) | (8,538.2) | (10,799.7) | (595.7) | (286.2) |
| Interest Expense | 0 | 0 | 44.0 | 51.7 | 1,231.0 | 757.3 | 145.9 | 0 | 0 | 0 |
| Interest Income | 25,583.8 | 20,553.5 | 10,238.1 | 3,997.1 | 3,061.7 | 2,455.4 | 1,541.8 | 584.9 | 80.8 | 4.5 |
| Profitability | ||||||||||
| EBITDA | 122,446.7 | 133,410.1 | 72,706.7 | 38,539.6 | 12,428.6 | (8,728.8) | (7,900.4) | (4,349.0) | (583.5) | (285.5) |
| EBIT | 119,446.3 | 132,701.3 | 71,920.4 | 36,315.4 | 10,933.3 | (9,380.3) | (8,538.2) | (4,846.0) | (585.7) | (286.2) |
| Income Before Tax | 119,575.3 | 132,701.3 | 71,876.4 | 36,263.7 | 9,702.3 | (7,179.7) | (6,967.6) | (10,217.1) | (525.1) | (292.0) |
| Income Tax Expense | 21,732.8 | 20,266.8 | 11,849.9 | 4,725.7 | 1,933.6 | 0 | 0 | 0 | 0 | 0 |
| Net Income | 97,842.5 | 112,434.5 | 60,026.5 | 31,538.1 | 7,768.7 | (7,179.7) | (6,967.6) | (10,217.1) | (525.1) | (292.0) |
| Per Share Data | ||||||||||
| EPS (Basic) | 69.16 | 81.24 | 44.32 | 24.96 | 6.20 | -6.04 | -6.04 | -13.88 | -0.60 | -0.34 |
| EPS (Diluted) | 65.24 | 76.00 | 41.12 | 21.92 | 5.44 | -6.04 | -6.04 | -13.88 | -0.60 | -0.34 |
| Shares Outstanding | 1,397.7 | 1,384.0 | 1,354.0 | 1,264.4 | 1,253.2 | 1,188.7 | 1,153.6 | 741.9 | 860.6 | 860.6 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 182,847.8 | 57,768.1 | 59,794.5 | 34,326.2 | 6,426.7 | 22,421.2 | 5,768.2 | 14,160.3 | 3,058.2 | 1,319.8 |
| Short-Term Investments | 313,607.3 | 273,791.9 | 157,415.4 | 115,112.6 | 86,516.6 | 64,551.1 | 35,288.8 | 7,630.7 | 50 | 290 |
| Net Receivables | 15,324.0 | 12,152.6 | 7,430.3 | 3,351.6 | 3,477.0 | 3,907.1 | 2,956.8 | 1,266.5 | 530.8 | 10.3 |
| Inventory | 0 | 1,599.3 | (119.5) | 0 | 14.2 | 1,718.4 | 0 | 0 | 0 | 0 |
| Other Current Assets | 7,531.3 | 68,426.4 | 68,784.0 | 62,861.1 | 64,474.6 | 56,926.1 | 28,987.7 | 17,333.4 | 9,498.8 | 133.4 |
| Total Current Assets | 519,310.4 | 415,648.2 | 294,750.5 | 216,617.9 | 160,909.2 | 149,523.9 | 73,001.5 | 40,391.0 | 13,137.8 | 1,753.5 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 6,173.3 | 5,943.7 | 5,084.5 | 2,460.9 | 3,141.9 | 832.7 | 558.5 | 29.1 | 9.3 | 2.2 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 15.4 | 19.2 | 21.1 | 134.0 | 701.2 | 1,276.8 | 1,994.3 | 2,579.3 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 15 |
| Other Non-Current Assets | 104,774.4 | 83,407.2 | 47,951.3 | 16,862.1 | 16,426.0 | 7,275.3 | 503.1 | 182.7 | 162.4 | 0 |
| Total Non-Current Assets | 111,135.2 | 89,386.1 | 53,327.6 | 20,502.1 | 20,300.5 | 9,384.7 | 3,055.9 | 2,791.1 | 176.6 | 17.2 |
| Total Assets | 630,445.5 | 505,034.3 | 348,078.1 | 237,120.0 | 181,209.7 | 158,908.6 | 76,057.3 | 43,182.1 | 13,314.5 | 1,770.8 |
| Current Liabilities | ||||||||||
| Account Payables | 107,475.6 | 119,936.3 | 91,902.7 | 67,295.5 | 64,461.4 | 54,971.5 | 30,234.2 | 17,275.9 | 9,838.5 | 1,128.7 |
| Short-Term Debt | 2,500.2 | 5,309.6 | 648.6 | 13,885.8 | 0 | 1,866.3 | 898.7 | 0 | 0 | 0 |
| Deferred Revenue | 3,380.9 | 2,947.0 | 2,144.6 | 1,389.7 | 1,166.8 | 2,423.2 | 606.0 | 191.5 | 56.5 | 2.2 |
| Other Current Liabilities | 98,993.6 | 19,419.5 | 41,839.4 | 26,190.0 | 21,991.7 | 16,430.1 | 7,891.7 | 4,694.5 | 1,857.2 | 254.3 |
| Total Current Liabilities | 212,350.4 | 188,422.9 | 152,900.9 | 116,889.5 | 93,729.7 | 83,882.1 | 45,767.8 | 24,359.5 | 12,109.5 | 1,414.3 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 0 | 0 | 5,231.5 | 1,575.8 | 11,788.9 | 14,432.8 | 5,206.7 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 41.9 | 106.8 | 59.8 | 13.0 | 31.3 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1.0 | 2.9 | 7.4 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 2,923.9 | 3,298.3 | 7,935.6 | 2,459.6 | 12,365.5 | 14,850.6 | 5,642.7 | 0 | 0 | 0 |
| Total Liabilities | 215,274.2 | 191,721.2 | 160,836.5 | 119,349.0 | 106,095.2 | 98,732.7 | 51,410.5 | 24,359.5 | 12,109.5 | 1,414.3 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
| Retained Earnings | 285,867.2 | 187,659.1 | 75,118.6 | 15,193.0 | (17,706.5) | (25,475.2) | (18,295.5) | (11,327.9) | (1,030.2) | (472.4) |
| Accumulated Other Comprehensive Income | 3,456.1 | 7,824.5 | 4,829.7 | 3,327.2 | (2,519.9) | (1,047.7) | 1,448.2 | 1,035.8 | (23.1) | 24.6 |
| Total Stockholders' Equity | 415,171.3 | 313,313.1 | 187,241.6 | 117,770.9 | 75,114.5 | 60,175.9 | 24,646.9 | 18,822.6 | 1,205.0 | 356.5 |
| Total Liabilities & Equity | 630,445.5 | 505,034.3 | 348,078.1 | 237,120.0 | 181,209.7 | 158,908.6 | 76,057.3 | 43,182.1 | 13,314.5 | 1,770.8 |
| Debt Metrics | ||||||||||
| Total Debt | 5,382.2 | 10,607.1 | 10,165.9 | 16,934.3 | 12,760.3 | 16,967.1 | 6,649.8 | 0 | 0 | 0 |
| Net Debt | (177,465.6) | (47,160.9) | (49,628.6) | (17,391.9) | 6,333.6 | (5,454.1) | 881.6 | (14,160.3) | (3,058.2) | (1,319.8) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 97,842.5 | 112,434.5 | 60,026.5 | 31,538.1 | 7,768.7 | (7,179.7) | (6,967.6) | (10,217.1) | (525.1) | (292.0) |
| Depreciation & Amortization | 3,000.4 | 2,640.9 | 1,888.2 | 2,735.1 | 1,844.2 | 800.5 | 637.8 | 497.0 | 2.3 | 0.8 |
| Stock-Based Compensation | 7,937.0 | 9,883.6 | 7,078.8 | 7,718.4 | 4,774.7 | 3,613.0 | 2,557.7 | 6,841.6 | 13.4 | 4.1 |
| Change in Working Capital | 7,367.1 | 6,663.4 | 26,456.3 | 7,423.4 | 13,561.7 | 31,049.7 | 18,605.7 | 10,724.7 | 817.5 | 1,158.3 |
| Other Non-Cash Items | (9,026.4) | (9,915.2) | (2,088.4) | (41,353.4) | 833.9 | 287.9 | 9.5 | (78.3) | (2.6) | 8.7 |
| Operating Cash Flow | 106,938.7 | 121,929.3 | 94,162.5 | 7,033.0 | 28,783.0 | 28,196.6 | 14,821.0 | 7,767.9 | 315.5 | 879.8 |
| Investing Activities | ||||||||||
| Capital Expenditure | (1,145.1) | (967.1) | (583.9) | (635.7) | (3,287.2) | (43.0) | (27.4) | (27.3) | (8.9) | (2.3) |
| Acquisitions | 0 | 0 | 0 | 0 | 0.4 | 0.1 | 0.5 | 0.0 | 0.4 | 0 |
| Purchases of Investments | (280,559.6) | (267,852.7) | (189,501.2) | (170,792.2) | (130,267.6) | (93,160.3) | (52,665.7) | (7,701.0) | (1,393) | (335) |
| Sales/Maturities of Investments | 238,481.2 | 150,428.1 | 134,523.6 | 149,066.2 | 97,547.0 | 55,083.4 | 24,797.6 | 55 | 1,633 | 30 |
| Other Investing Activities | (199.8) | 35.7 | 130.2 | 19,119.6 | 445.0 | (238) | (424.6) | 124.8 | (159.8) | 0 |
| Investing Cash Flow | (43,423.2) | (118,356.0) | (55,431.3) | (3,242.1) | (35,562.4) | (38,357.9) | (28,319.7) | (7,548.5) | 71.7 | (307.3) |
| Financing Activities | ||||||||||
| Net Debt Issuance | (5,228.7) | (0.1) | (8,968.8) | 0 | (1,875.5) | 13,930.2 | 7,860.9 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (32.7) | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (18.3) |
| Other Financing Activities | 1.4 | 1.3 | 8.2 | 10.1 | 0.3 | (0.0) | 0 | 0 | (15.4) | (7.0) |
| Financing Cash Flow | (5,227.4) | 1.2 | (8,960.6) | 10.1 | (1,875.2) | 51,799.0 | 15,854.7 | 17,344.4 | 1,398.9 | 486.5 |
| Cash Position | ||||||||||
| Net Change in Cash | 56,537.0 | 4,414.5 | 29,479.5 | 3,806.8 | (8,799.7) | 41,497.8 | 2,806.2 | 18,110.7 | 1,738.3 | 1,079.4 |
| Cash at Beginning | 126,194.4 | 121,779.9 | 92,300.4 | 9,575.5 | 74,843.6 | 33,345.9 | 30,539.7 | 12,429.0 | 1,319.8 | 240.4 |
| Cash at End | 182,731.4 | 126,194.4 | 121,779.9 | 13,382.3 | 66,044.0 | 74,843.6 | 33,345.9 | 30,539.7 | 3,058.2 | 1,319.8 |
| Free Cash Flow | 105,793.6 | 120,962.2 | 93,578.7 | 6,397.3 | 25,495.8 | 28,153.6 | 14,793.5 | 7,740.6 | 306.6 | 877.5 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 431,845.7 | 393,836.1 | 247,639.2 | 130,557.6 | 93,949.9 | 59,491.9 | 30,141.9 | 13,120.0 | 1,744.1 | 504.9 |
| Gross Profit | 243,044.0 | 239,935.7 | 155,915.6 | 99,095.3 | 62,231.8 | 40,213.2 | 23,803.1 | 10,214.7 | 1,021.2 | (73.0) |
| Operating Income | 93,102.1 | 108,422.9 | 58,698.8 | 30,401.9 | 6,896.8 | (9,380.3) | (8,538.2) | (10,799.7) | (595.7) | (286.2) |
| Net Income | 97,842.5 | 112,434.5 | 60,026.5 | 31,538.1 | 7,768.7 | (7,179.7) | (6,967.6) | (10,217.1) | (525.1) | (292.0) |
| EPS (Diluted) | 65.24 | 76.00 | 41.12 | 21.92 | 5.44 | -6.04 | -6.04 | -13.88 | -0.60 | -0.34 |
| Balance Sheet | ||||||||||
| Cash & Equivalents | 182,847.8 | 57,768.1 | 59,794.5 | 34,326.2 | 6,426.7 | 22,421.2 | 5,768.2 | 14,160.3 | 3,058.2 | 1,319.8 |
| Total Assets | 630,445.5 | 505,034.3 | 348,078.1 | 237,120.0 | 181,209.7 | 158,908.6 | 76,057.3 | 43,182.1 | 13,314.5 | 1,770.8 |
| Total Debt | 5,382.2 | 10,607.1 | 10,165.9 | 16,934.3 | 12,760.3 | 16,967.1 | 6,649.8 | 0 | 0 | 0 |
| Stockholders' Equity | 415,171.3 | 313,313.1 | 187,241.6 | 117,770.9 | 75,114.5 | 60,175.9 | 24,646.9 | 18,822.6 | 1,205.0 | 356.5 |
| Cash Flow | ||||||||||
| Operating Cash Flow | 106,938.7 | 121,929.3 | 94,162.5 | 7,033.0 | 28,783.0 | 28,196.6 | 14,821.0 | 7,767.9 | 315.5 | 879.8 |
| Capital Expenditure | (1,145.1) | (967.1) | (583.9) | (635.7) | (3,287.2) | (43.0) | (27.4) | (27.3) | (8.9) | (2.3) |
| Free Cash Flow | 105,793.6 | 120,962.2 | 93,578.7 | 6,397.3 | 25,495.8 | 28,153.6 | 14,793.5 | 7,740.6 | 306.6 | 877.5 |