PDD Holdings Inc. (PDD)

NASDAQ: PDD · USD

$77.5

-0.94 (-1.2%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-05-20

Our latest published analysis: PDD rated Strong Buy

PDD Holdings Inc.'s published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$265 / share

Potential value

$403 / share

Upside to FV

+172.6%

from $77.5

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$138.6B
Revenue (ttm)	66.4B
Net income (ttm)	13.6B
EPS (ttm)	$9.17
Shares out	1.4B
P/E (trailing)	8.5x
P/E (forward)	6.9x
Volume	5,434,786
Beta	-0.05

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 66.4B
Net income (ttm): 13.6B
EPS (ttm): $9.17
P/E (trailing): 8.5x
P/E (forward): 6.9x
Market cap: $138.6B

Item	P1	P2	P3	P4	Trend
Period	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$130.56B	$247.64B	$393.84B	$431.85B	+49.0%
Gross profit	$99.10B	$155.92B	$239.94B	$243.04B	+34.9%
Operating income	$36.47B	$71.93B	$132.68B	$119.45B	+48.5%
Net income	$31.54B	$60.03B	$112.43B	$97.84B	+45.8%
EPS (diluted)	$21.92	$41.16	$76.00	$66.00	+44.4%
EBITDA	$39.21B	$73.81B	$135.32B	$122.45B	+46.2%
R&D	$10.38B	$10.95B	$12.66B	$16.50B	+16.7%
SG&A	$58.31B	$86.26B	$118.85B	$133.45B	+31.8%

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ALNY	Alnylam Pharmaceuticals, Inc.	31.1B	41.4x	6.4x	96.6%	+47.5%	-52.1%	Zdecydowanie kupuj
ARGX	argenx SE	56.1B	31.5x	9.4x	57.0%	+63.3%	+7.5%	Zdecydowanie kupuj
AXON	Axon Enterprise Inc.	34.4B	176.1x	10.6x	1.2%	+31.9%	-43.4%	Sprzedaj
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Sprzedaj
AMZN	Amazon.com Inc.	2.7T	20.5x	3.5x	11.9%	+11.8%	+12.2%	Sprzedaj
APTV	Aptiv PLC	9.1B	42.8x	0.4x	7.8%	+5.5%	-49.2%	Kupuj

Base and Bull scenarios

Bull25%

Price target

$403.15

+314.2% from spot

Temu scales globally with minimal regulatory disruption, realizing massive network effects. The multiple expands toward global peers as existential fears fade, driving upside toward $403.15.

Temu avoids outright bans
Stable 21.5% operating margins
Multiple expansion to >20x P/E

Base50%

Price target

$265.33

+172.6% from spot

Geopolitical risks remain elevated but manageable. PDD sustains robust cash flows ($14.6B FCFF) and mid-teen growth, justifying a $265.33 midpoint utilizing a constrained 15x terminal P/E multiple.

Revenue growth deceleration to 6%
Terminal multiple capped at 15x
Constant operating margins at 21.55%

Sensitivity: Ke × terminal growth

The highlighted base cell is anchored to composite fair-value midpoint ($265.26). It is the reference value for this grid, not a separate standalone fair-value claim.

Ke ↓ / g →	2.5%	3.0%	3.5%	4.0%	4.5%
7.6%	$316	$350	$393	$447	$462
8.6%	$264	$288	$316	$350	$393
9.6%	$227	$244	$264	$288	$316
10.6%	$199	$212	$227	$244	$264
11.6%	$177	$188	$199	$212	$227

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E6.9

P25 n/aP50 n/aP75 n/a

Trailing P/E10

P25 n/aP50 n/aP75 n/a

ROE22.7

P25 n/aP50 n/aP75 n/a

ROIC14.9

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All PDD indicators

Market & fundamental data

Available fields

260

Groups with data

Currency

CNY

Showing 260 of 260 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001737806
Company name	PDD Holdings Inc.
Country	Ireland
Country code	US
CUSIP number	722304102
Earnings date	2026-11-17
Earnings time	bmo
Employees	25,474
Employees change	2,009
Employees growth	8.56%
Enterprise value	$43.8B
Exchange	NASDAQ
Financial currency	CNY
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2015
In index	NASDAQ100
Industry	Internet Retail
IPO date	2018-07-26
Is primary listing	Yes
Is SPAC	No
ISIN number	US7223041028
Last 10-K release date	2026-04-29
Last earnings date	2026-08-24
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$110.3B
Market cap category	Large-Cap
Next earnings date	2026-11-17
Options	Yes
Price	$77.46
Price currency	USD
Sector	Consumer Discretionary
SIC code	7389
Stock price date	2026-10-28
Symbol	PDD
Website	https://www.pddholdings.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	7.64x
Average P/E ratio (3Y)	13.16x
Average P/E ratio (5Y)	18.12x
Earnings yield	11.83%
EV/Earnings	3.17x
EV/EBIT	2.97x
EV/EBITDA	2.95x
EV/FCF	2.59x
EV/Sales	0.65x
FCF / EV yield	38.61%
FCF yield	15.17%
Forward EV/Sales	0.59x
Forward P/E	6.84x
Forward P/S	1.5x
Graham number	98.30158
Graham upside	27.78%
Industry forward P/E	22.47x
Industry P/E	20.51x
Lynch fair value	$229.13
Lynch upside	197.84%
P/(FCF - SBC) ratio	7.1x
P/(OCF - SBC) ratio	7.02x
P/B ratio	1.67x
P/E ratio	8.45x
P/FCF ratio	6.59x
P/OCF ratio	6.52x
P/S ratio	1.65x
PEG ratio	0.78x
Price / tangible book value	1.66x
Price/EBITDA ratio	7.51x
Sector forward P/E	24.43x
Sector P/E	30.53x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	21.86%
EBITDA margin	21.98%
Effective tax rate	19.74%
FCF margin	24.57%
Gross margin	56.32%
Operating margin	21.86%
Pretax margin	25.45%
Profit margin	20.43%
Profit per employee	$532,106
Profitable quarters	21
Profitable years	5
Revenue per employee	$2.6M
ROA	10.01%
ROA (5Y)	10.06%
ROCE	21.87%
ROE	22.74%
ROE (5Y)	31.08%
ROIC	14.92%
SBC / revenue	1.76%
Tax / revenue	5.02%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-5.84%
EPS growth (Q)	-11.18%
EPS growth (QoQ)	117.45%
EPS growth 3Y	30.04%
EPS growth years	0
FCF growth	18.75%
FCF growth (Q)	18.61%
FCF growth (QoQ)	56.1%
FCF growth 3Y	21.14%
FCF growth 5Y	32.74%
Gross profit growth	7.89%
Gross profit growth (Q)	10.69%
Gross profit growth 3Y	28.7%
Gross profit growth 5Y	37.03%
Net income growth	-5.97%
Net income growth (Q)	-11.61%
Net income growth (QoQ)	116.64%
Net income growth 3Y	30.69%
Net income growth years	0
OCF growth	18.75%
OCF growth (Q)	18.61%
OCF growth (QoQ)	56.1%
OCF growth 3Y	21.14%
OCF growth 5Y	32.97%
Operating income growth	7.4%
Operating income growth (Q)	7.64%
Operating income growth 3Y	35.98%
Revenue growth	10.05%
Revenue growth (Q)	8.05%
Revenue growth (QoQ)	5.77%
Revenue growth 3Y	39.73%
Revenue growth 5Y	39.29%
Revenue growth quarters	33
Revenue growth years	9

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-171.8M
Depreciation and amortization	$82.2M
EBIT	$14.5B
EBITDA	$14.6B
EPS	$9.17
FCF per share	$11.67
Financing cash flow	$-769.5M
Free cash flow	$16.6B
Free cash flow minus SBC	$15.4B
Gross profit	$37.4B
Income taxes	$3.3B
Investing cash flow	$-4.1B
Net borrowing	$-784.3M
Net cash flow	$11.2B
Net income	$13.6B
Operating cash flow minus SBC	$15.6B
Operating income	$14.5B
Revenue	$66.4B
Stock-based compensation	$1.2B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	5.53
Book value per share	$46.86
Debt / EBITDA	0.05
Debt / equity	0.01
Debt / FCF	0.04
Long-term assets	$14.1B
Long-term liabilities	$-165.9M
Net cash (debt)	$66.5B
Net cash / market cap	60.71%
Net cash growth	20.04%
Net debt / EBITDA	-4.56
Net debt / equity	-1.01
Net debt / FCF	-4
Piotroski F-Score	5
Property, plant and equipment	$1.4B
Shareholders' equity	$65.9B
Tangible book value	$65.9B
Tangible book value per share	$46.86
Total assets	$97.7B
Total cash	$67.2B
Total debt	$713.1M
Total liabilities	$31.7B
WACC	3.93%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.73
Current assets	$83.5B
Current liabilities	$31.9B
Current ratio	2.62
Net working capital	$-16.2B
Quick ratio	2.21
Working capital	$50.7B
Working capital turnover	0.21

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	0.09%
Dividend yield	0%
Shareholder yield	0.09%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
150-day SMA	$87.36
1D price change	-1.2%
1M price change	-0.08%
1M total return	-0.08%
1W price change	-5.05%
1W total return	-5.05%
1Y price change	-43.74%
1Y return CAGR	-43.76%
1Y total return	-43.74%
20-day SMA	$79.40
200-day SMA	$91.37
3M price change	-8.65%
3M total return	-8.65%
3Y price change	-28.42%
3Y return CAGR	-10.54%
3Y total return	-28.42%
50-day SMA	$80.73
50-day SMA vs 200-day SMA	50under200
52-week high	$139.41
52-week high date	2025-10-29
52-week low	$71.94
52-week low date	2026-06-26
5Y price change	-16.01%
5Y return CAGR	-3.43%
5Y total return	-16.01%
6M price change	-21.29%
6M total return	-21.29%
After-hours change	0%
After-hours close	$77.46
After-hours price	$77.46
All-time high	$212.60
All-time high date	2021-02-16
All-time low	$16.53
All-time low date	2018-11-14
Average true range (ATR)	$1.91
Average volume	5.2M
Beta (1Y)	0.96
Beta (2Y)	0.83
Beta (5Y)	-0.05
Change from 52-week high	-44.44%
Change from 52-week low	7.67%
Change from all-time high	-63.54%
Change from all-time low	368.91%
Change from open	-0.9%
Day's gap	-0.31%
Dollar volume	$421M
High price	$78.16
Low price	$76.68
Monthly RSI	40.23
Open price	$78.16
Position in 52-week range	52.7%
Premarket change	-0.05%
Premarket close	$78.40
Premarket price	$78.36
Premarket volume	42.1K
Previous close	$78.40
Price vs 150-day SMA	-11.27%
Price vs 20-day SMA	-2.38%
Price vs 200-day SMA	-15.17%
Price vs 50-day SMA	-3.99%
Relative volume	1.05
RSI	40.95
Sharpe ratio	-1.69
Sharpe ratio (3Y)	-0.08
Sharpe ratio (5Y)	0.18
Sortino ratio	-2.04
Sortino ratio (3Y)	0.02
Sortino ratio (5Y)	0.38
Volume	5.4M
Weekly RSI	39.35
YTD price change	-31.64%
YTD total return	-31.64%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	762.9M
Float percentage	53.6%
Shares change (QoQ)	-0.44%
Shares change (YoY)	-0.09%
Shares held by insiders	31.97%
Shares held by institutions	30.21%
Shares outstanding	1.4B
Short % of shares	3.43%
Short ratio	4.5 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	160

Deeper analysis on PDD

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this PDD report

What is the latest published PDD stock rating?

PDD Holdings Inc. is shown with Strong Buy in the latest published report, analyzed 2026-05-20. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full PDD analysis?

The full latest published report, analyzed 2026-05-20, lives at /stocks/PDD/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for PDD?

The latest published report analyzed 2026-05-20 gives PDD a fair value of USD 265 and a potential value of USD 403. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the PDD page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-05-20). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyPDD · Fair value $265+172.6%

Read full analysis →

PDD Holdings Inc. (PDD)

Our latest published analysis: PDD rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · PDD

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All PDD indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on PDD

Frequently asked questions

Historia rekomendacji

Category	Score	Reading
Valuation	9.5
Management	6.9
Balance Sheet	8.5
Profitability	7.5
Revenue Growth	6.0
Risk Assessment	9.0
Competitive Moat	6.5
Earnings Quality	4.5
Capital Efficiency	7.5