PDD Holdings Inc. (Nasdaq: PDD), a multinational commerce group headquartered in Dublin, Ireland, with operations in Shanghai, China, operates Pinduoduo and Temu. Pinduoduo, a social e-commerce platform with over 900 million monthly active users as of Q4 2024, uses a team-buying model where users share links (e.g., via WeChat) to unlock discounts, targeting affordability in China’s smaller cities and rural areas. Its Duo Duo Agriculture initiative connects over 16 million farmers to consumers. Temu, launched in 2022, serves 70+ countries with low-cost goods from Chinese merchants.
The company reports 393.84 billion CNY ($53.96 billion USD) in revenue and 112.47 billion CNY ($15.40 billion USD) in net income for FY 2024, with a return on equity (ROE) of 44.92% and return on invested capital (ROIC) of 26.00%. Over the past four years, PDD has achieved a revenue CAGR of 60.4%, with a gross margin of 60.92% and net margin of 28.55%.
PDD trades at $90.50 per share, or 8.7x EPS of $10.34.
Product
Pinduoduo: Launched in 2015, this app lets users team up with friends to buy products at lower prices, offering items like food, clothes, and electronics. In 2023, it had 886.7 million annual active buyers and a gross merchandise value (GMV) of $472 billion.
Temu: Launched in September 2022, this app sells cheap goods from Chinese sellers to people in over 70 countries, covering clothes, gadgets, and home items. Its 2024 GMV was $50 billion.
Operating Metrics (FY 2024 unless noted)
Note: USD conversions use 7.21 CNY/USD exchange rate as of March 31, 2025.
Metric
Value
Revenue
393.84B CNY ($53.96B USD)
Net Income
112.47B CNY ($15.40B USD)
Earnings Per Share (EPS)
$10.34 USD
Free Cash Flow (FCF)
122.77B CNY ($16.81B USD)
FCF Per Share
$12.10 USD
Gross Margin
60.92%
Operating Margin
27.53%
Profit Margin
28.55%
Balance Sheet
Metric
Value
Cash & Equivalents
331.55B CNY ($45.42B USD)
Total Debt
10.59B CNY ($1.45B USD)
Debt-to-Equity Ratio
0.03
Valuation Metrics
Metric
Value
Market Capitalization
$164.36 billion USD
PE Ratio (Trailing)
8.75
PE Ratio (Forward)
7.49
PS Ratio (Trailing)
2.32
PEG Ratio
0.51
Historical Market Capitalization
Period
Market Cap (USD)
Market Cap Change
FY 2020
$217.881B
–
FY 2021
$73.067B
-66.47%
FY 2022
$103.111B
+41.12%
FY 2023
$194.386B
+88.52%
FY 2024
$134.697B
-30.71%
Current
$125.68B
–
Efficiency Ratios
Metric
Value
Return on Equity (ROE)
44.92%
Return on Assets (ROA)
15.89%
Return on Invested Capital (ROIC)
26.00%
Return on Capital Employed (ROCE)
34.24%
Revenue Per Employee (17,403)
22.63M CNY ($3.10M USD)
Profit Per Employee
6.46M CNY ($885,128 USD)
Share Statistics
Metric
Value
Last Close Price
$90.50 USD
52-Week Price Change
-24.39%
Shares Outstanding
1.39 billion
Float
747.77 million
Insider Ownership
32.05%
Institutional Ownership
29.61%
Short Interest
23.90 million (2.77%)
Short Ratio
2.60 days
Growth Metrics
Metric
Value
Revenue Growth (4Y CAGR, 2020-2024)
60.4%
Revenue Growth (5Y CAGR Forecast)
14.84%
EPS Growth (5Y CAGR Forecast)
12.16%
Price Target
$155.08 USD (+31.04%)
Analyst Rating
Buy (12 analysts)
DISCLOSURE: This information is for educational and informational purposes only. It is not investment advice. All investments entail the risk of loss.
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