Coupang vs PDD Holdings
PDD Holdings is the larger business, with $60.09bn of revenue in fiscal 2025 against $34.53bn for Coupang (1.7 times as much). Coupang grew faster (14.1% against 9.8%). PDD Holdings kept more of each dollar of sales as profit: a net margin of 22.7% against 0.6%.
| Latest fiscal year | CoupangCPNG, 2025 | PDD HoldingsPDD, 2025 |
|---|---|---|
| Revenue | $34.53bn | $60.09bn |
| Revenue growth | 14.1% | 9.8% |
| Net income | $208m | $13.61bn |
| Operating margin | 1.4% | — |
| Net margin | 0.6% | 22.7% |
| Return on equity | 4.8% | 26.7% |
| Free cash flow | $522m | $14.88bn |
| Cash | $6.32bn | $15.57bn |
| Total debt | $1.61bn | $0 |
| Debt to equity | 34.8% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $243m | — |
| Employees | 108,000 | — |
| Market value | $27.39bn | $114.55bn |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | 29 (Weak) | — |
| Insider trades, 12 months | 3 buys, 6 sales | 0 buys, 3 sales |