PDD PDD Holdings

XNGS Down Alert

· How we analyze

About the company

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

Fact sheet (from the annual report) Miscellaneous business services · Dublin 2

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

What the methods say about PDD

Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze

Price performance at a glance

Last 30 trading days
  • Today +0.4%
  • 7 days −4.0%
  • 30 days +1.1%
  • 1 year −43.1%
Day range (last trading day)
−1.1%Price at 96% of the range+0.1%
52-week range
−8.2%Price at 10% of the range+77.8%
Distance from the all-time high
−63.1%

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.

Fundamental analysis

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.

Quality checks

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

Quality 6 of 6 met · 2 without data

  • met: Gross margin above 40% 56.3%
  • met: Operating margin above 15% 21.6%
  • met: Net margin above 10% 22.7%
  • met: Return on equity above 15% 23.7%
  • no data: Free cash flow margin above 10% not stated in the SEC filings
  • met: Profit in each of the last 5 fiscal years 5 of 5
  • no data: Free cash flow positive in each of the last 3 fiscal years not stated in the SEC filings
  • met: Equity ratio above 30% 65.6%
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.

Operating margin

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.

Net margin

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.

Return on equity

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.

Return on assets

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.

Equity ratio

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.

Growth 5 of 5 met · 2 without data

  • met: Over 3 years, revenue grew by more than 5% per year +49.0%
  • met: Over 5 years, revenue grew by more than 5% per year +48.7%
  • no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
  • met: Over 3 years, EPS grew by more than 5% per year +44.4%
  • no data: Over 5 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • met: Revenue rose in at least 4 of the last 5 fiscal years 5 of 5
  • met: Revenue rose in the last fiscal year +9.7%
Revenue growth 3 years

+49.0% per year

Rank 91 of 100: higher than 91% of 230 peers (All). strong.

Average growth per year over 3 fiscal years.

Revenue growth 5 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.

EPS growth 3 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.

Dividend no criteria with data · 7 without data

  • no data: Pays a dividend 20-F filer without dividend per share
  • no data: Payout ratio at most 60% of earnings 20-F filer without dividend per share
  • no data: Dividend paid in each of the last 5 fiscal years 20-F filer without dividend per share
  • no data: Dividend per share never lowered in the last 5 fiscal years 20-F filer without dividend per share
  • no data: Dividend per share higher than 5 years ago 20-F filer without dividend per share
  • no data: Free cash flow per share covers the dividend 20-F filer without dividend per share
  • no data: Dividends paid over the last 5 years covered by free cash flow 20-F filer without dividend per share

Financial strength 2 of 4 met · 2 without data

  • not met: Piotroski F-Score at least 7 of 9 4 of 8 · 1 without data
  • no data: Long-term debt no higher than equity no long-term debt reported
  • met: Current assets cover current liabilities 2.43
  • met: Positive equity 413.4B CNY
  • not met: In 5 years, share count up by at most 5% +24.4%
  • no data: Free cash flow positive in the last fiscal year capital expenditure or operating cash flow not reported
Piotroski F-Score

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.

Liquidity (current ratio)

2.43 at fiscal year end

Rank 77 of 100: higher than 77% of 215 peers (All). strong.

Current assets divided by current liabilities.

Change in share count

+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.

The 9 criteria of the Piotroski F-Score
  • met: Profit in the last fiscal year (positive return on assets)
  • met: Positive operating cash flow
  • not met: Return on assets higher than the prior year
  • met: Operating cash flow higher than net income
  • no data: Long-term debt relative to total assets fell
  • met: Liquidity (current assets / current liabilities) rose
  • not met: No additional shares (diluted share count did not rise)
  • not met: Gross margin higher than the prior year
  • not met: Revenue relative to total assets higher than the prior year

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.

In short

  • Light green: Revenue grew over 5 years (+48.7% per year).
  • Light green: Net margin 22.7%.
  • Light red: Profit in 5 of 10 fiscal years.

Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.

RevenueNet income Net margin (below) in CNY
  1. Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 504.9M CNY · Net income −292.0M CNY · Net margin −57.8%
  2. Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 1.7B CNY · Net income −525.1M CNY · Net margin −30.1%
  3. Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 13.1B CNY · Net income −10.2B CNY · Net margin −77.9%
  4. Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 30.1B CNY · Net income −7.0B CNY · Net margin −23.1%
  5. Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 59.5B CNY · Net income −7.2B CNY · Net margin −12.1%
  6. Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 93.9B CNY · Net income 7.8B CNY · Net margin 8.3%
  7. Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 130.6B CNY · Net income 31.5B CNY · Net margin 24.2%
  8. Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 247.6B CNY · Net income 60.0B CNY · Net margin 24.2%
  9. Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 393.8B CNY · Net income 112.4B CNY · Net margin 28.5%
  10. Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 431.8B CNY · Net income 97.8B CNY · Net margin 22.7%

Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 431.8B CNY · Net income 97.8B CNY · Net margin 22.7%

Figures over time

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.

Money flow in fiscal year 2025

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).

Money flow as a table
Fiscal year 2025, amounts in CNY, share of revenue
ItemAmountof revenue
Revenue431.8B CNY100.0%
Gross profit243.0B CNY56.3%
Cost of revenue188.8B CNY43.7%
Operating income93.1B CNY21.6%
Research & development16.5B CNY3.8%
Other operating expenses133.4B CNY30.9%
Net income97.8B CNY22.7%

Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.

Margins

The operating margin rose in 5 years from −15.8% to 21.6%.

Gross marginOperating marginNet margin
  1. Fiscal year 2016: Gross margin −14.5% · Operating margin −56.7% · Net margin −57.8%
  2. Fiscal year 2017: Gross margin 58.6% · Operating margin −34.2% · Net margin −30.1%
  3. Fiscal year 2018: Gross margin 77.9% · Operating margin −82.3% · Net margin −77.9%
  4. Fiscal year 2019: Gross margin 79.0% · Operating margin −28.3% · Net margin −23.1%
  5. Fiscal year 2020: Gross margin 67.6% · Operating margin −15.8% · Net margin −12.1%
  6. Fiscal year 2021: Gross margin 66.2% · Operating margin 7.3% · Net margin 8.3%
  7. Fiscal year 2022: Gross margin 75.9% · Operating margin 23.3% · Net margin 24.2%
  8. Fiscal year 2023: Gross margin 63.0% · Operating margin 23.7% · Net margin 24.2%
  9. Fiscal year 2024: Gross margin 60.9% · Operating margin 27.5% · Net margin 28.5%
  10. Fiscal year 2025: Gross margin 56.3% · Operating margin 21.6% · Net margin 22.7%

Returns

Return on equity rose in 5 years from −11.9% to 23.7%.

Return on equityReturn on assets
  1. Fiscal year 2016: Return on equity not available · Return on assets not available
  2. Fiscal year 2017: Return on equity not available · Return on assets −3.9%
  3. Fiscal year 2018: Return on equity −54.3% · Return on assets −23.7%
  4. Fiscal year 2019: Return on equity −28.3% · Return on assets −9.2%
  5. Fiscal year 2020: Return on equity −11.9% · Return on assets −4.5%
  6. Fiscal year 2021: Return on equity 10.3% · Return on assets 4.3%
  7. Fiscal year 2022: Return on equity 26.8% · Return on assets 13.3%
  8. Fiscal year 2023: Return on equity 32.1% · Return on assets 17.2%
  9. Fiscal year 2024: Return on equity 35.9% · Return on assets 22.3%
  10. Fiscal year 2025: Return on equity 23.7% · Return on assets 15.5%

Equity and long-term debt

The 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.
  1. Fiscal year 2016: Equity −426.3M CNY · Long-term debt not available
  2. Fiscal year 2017: Equity −992.0M CNY · Long-term debt not available
  3. Fiscal year 2018: Equity 18.8B CNY · Long-term debt not available
  4. Fiscal year 2019: Equity 24.6B CNY · Long-term debt not available
  5. Fiscal year 2020: Equity 60.2B CNY · Long-term debt not available
  6. Fiscal year 2021: Equity 75.1B CNY · Long-term debt 11.8B CNY
  7. Fiscal year 2022: Equity 117.8B CNY · Long-term debt not available
  8. Fiscal year 2023: Equity 187.2B CNY · Long-term debt 5.2B CNY
  9. Fiscal year 2024: Equity 313.3B CNY · Long-term debt not available
  10. Fiscal year 2025: Equity 413.4B CNY · Long-term debt not available

Liquidity (current ratio)

The current ratio rose in 5 years from 1.78 to 2.43.

Current ratio
  1. Fiscal year 2016: Current ratio not available
  2. Fiscal year 2017: Current ratio 1.08
  3. Fiscal year 2018: Current ratio 1.66
  4. Fiscal year 2019: Current ratio 1.60
  5. Fiscal year 2020: Current ratio 1.78
  6. Fiscal year 2021: Current ratio 1.72
  7. Fiscal year 2022: Current ratio 1.85
  8. Fiscal year 2023: Current ratio 1.93
  9. Fiscal year 2024: Current ratio 2.21
  10. Fiscal year 2025: Current ratio 2.43

Cash flow

Free cash flow rose in 4 years from 877.5M CNY to 28.2B CNY.

Operating cash flowCapital expenditureFree cash flow in CNY
  1. Fiscal year 2016: Operating cash flow 879.8M CNY · Capital expenditure 2.3M CNY · Free cash flow 877.5M CNY
  2. Fiscal year 2017: Operating cash flow 9.7B CNY · Capital expenditure 8.9M CNY · Free cash flow 9.7B CNY
  3. Fiscal year 2018: Operating cash flow 7.8B CNY · Capital expenditure 27.3M CNY · Free cash flow 7.7B CNY
  4. Fiscal year 2019: Operating cash flow 14.8B CNY · Capital expenditure 27.4M CNY · Free cash flow 14.8B CNY
  5. Fiscal year 2020: Operating cash flow 28.2B CNY · Capital expenditure 43.0M CNY · Free cash flow 28.2B CNY
  6. Fiscal year 2021: Operating cash flow 28.8B CNY · Capital expenditure not available · Free cash flow not available
  7. Fiscal year 2022: Operating cash flow 48.5B CNY · Capital expenditure not available · Free cash flow not available
  8. Fiscal year 2023: Operating cash flow 94.2B CNY · Capital expenditure not available · Free cash flow not available
  9. Fiscal year 2024: Operating cash flow 121.9B CNY · Capital expenditure not available · Free cash flow not available
  10. Fiscal year 2025: Operating cash flow 106.9B CNY · Capital expenditure not available · Free cash flow not available

Share count

The share count rose in 5 years by 24.4% – more new shares were issued than repurchased (dilution).

Average share count
  1. Fiscal year 2016: Average share count 1.8B
  2. Fiscal year 2017: Average share count 1.8B
  3. Fiscal year 2018: Average share count 3.0B
  4. Fiscal year 2019: Average share count 4.6B
  5. Fiscal year 2020: Average share count 4.8B
  6. Fiscal year 2021: Average share count 5.7B
  7. Fiscal year 2022: Average share count 5.8B
  8. Fiscal year 2023: Average share count 5.8B
  9. Fiscal year 2024: Average share count 5.9B
  10. Fiscal year 2025: Average share count 5.9B

From 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.

Dividends and share repurchases

How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.

Dividend per share
none pays no dividend
Share count over 5 years
+24.4% more shares – dilution

What goes back to shareholders

Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in CNY
  1. Fiscal year 2016: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 877.5M CNY
  2. Fiscal year 2017: Dividends paid not available · Share repurchases 32.7M CNY · New shares issued (including employee plans) not available · Free cash flow 9.7B CNY
  3. Fiscal year 2018: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 7.7B CNY
  4. Fiscal year 2019: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 14.8B CNY
  5. Fiscal year 2020: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 28.2B CNY
  6. Fiscal year 2021: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow not available
  7. Fiscal year 2022: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow not available
  8. Fiscal year 2023: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow not available
  9. Fiscal year 2024: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow not available
  10. Fiscal year 2025: Dividends paid not available · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow not available

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.

Valuation over time

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.

Key figures with traffic lights

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.

Revenue growth

Light green: growing

+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.

Net income (total)

Light gray: not computable

– 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.

Net margin

Light green: Gain

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.

Debt / equity

Light gray: not available

– 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.

Payout ratio

Light gray: none found

– 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.

Profitable years

Light red: 5 loss years

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).

Last fiscal year and 13F

Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
431.8B CNY
Revenue vs. prior year
+9.7%
Net income (FY)
97.8B CNY
Net income vs. prior year
−13.0%
EPS (FY)
16.50 CNY
13F funds with a position
–
Funds vs. prior quarter
–
Shares held vs. prior quarter
–
Fiscal year to Dec 31, 2025 · 20-F filed Apr 29, 2026 · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term). 13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in CNY, per share in CNY)
YearEndRevenueNet income MarginEarnings per shareDividend per sharePayout
2025Dec 31, 2025 431.8B97.8B 22.7% 16.50 – –
2024Dec 31, 2024 393.8B112.4B 28.5% 19.00 – –
2023Dec 31, 2023 247.6B60.0B 24.2% 10.29 – –
2022Dec 31, 2022 130.6B31.5B 24.2% 5.48 – –
2021Dec 31, 2021 93.9B7.8B 8.3% 1.36 – –
2020Dec 31, 2020 59.5B−7.2B −12.1% −1.51 – –
2019Dec 31, 2019 30.1B−7.0B −23.1% −1.51 – –
2018Dec 31, 2018 13.1B−10.2B −77.9% −3.47 – –
2017Dec 31, 2017 1.7B−525.1M −30.1% −0.28 – –
2016Dec 31, 2016 504.9M−292.0M −57.8% −0.18 – –
Quarters (amounts in CNY, per share in CNY)
QuarterEndRevenueNet income MarginEarnings per shareDividend per sharePayout
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 over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.

Insiders

All insider transactions
Insider purchases and sales on the market over 3, 6 and 12 months
PeriodPurchasesSalesNet
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

Latest transactions

  • Sep 3, 2026 Kam Anthony Ping Leung Director Open-market sale 1,705 shares · $140.2K · SEC
  • Mar 30, 2026 Rietjens Ivonne MCM Director Open-market sale 560 shares · $55.8K · SEC
  • Mar 30, 2026 Kam Anthony Ping Leung Director Open-market sale 1,533 shares · $152.4K · SEC

Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.

Trend score -55

Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200-20
ADX (trend strength)+0
Highs and lows+10
Relative strength-15

Volatility and trend strength

ADX 14 (trend strength)17.8
Rel. strength 60 d−13.9%

ATR and moving averages as price values only when logged in.

More stocks from Other stocks

All symbols in this sector

News

No recent news found. News is loaded automatically three times a day for trend stocks, symbols with a current Elliott setup and favorites.

Posts

No posts on PDD yet – log in to join the discussion.

Posts are opinions of users and only visible after logging in. Community rules

Set alert: PDD

Alerts with a free account: we send you an email as soon as the price moves above or below your level.

Checked after every data update: crypto hourly (buy zones every 4 hours), stocks twice a day, precious metals every 4 hours on trading days, extended universe weekly – not in real time.

↑ ↓ select · Enter open · Esc close