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Jd.com, Inc. key statistics and ratios

In fiscal 2025, Jd.com, Inc. had return on equity of 8.4%, an operating margin of 0.2%, debt equal to 22.1% of equity and a current ratio of 1.22. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025
Gross margin8.4%9.9%11.6%12.2%13.7%14.0%14.3%14.6%14.6%13.6%14.1%14.7%15.9%16.0%
Operating margin−4.7%−0.8%−5.0%−3.0%−0.5%−0.2%−0.6%1.6%1.7%0.4%1.9%2.4%3.3%0.2%
Net margin−4.2%−0.1%−4.3%−5.0%−1.5%−0.0%−0.5%2.1%6.6%−0.4%1.0%2.2%3.6%1.5%
Free-cash-flow margin3.1%4.1%0.2%0.1%2.7%6.5%2.9%3.8%5.3%3.9%5.0%5.1%4.6%0.9%
Return on equity−102.6%−2.7%−25.4%−26.9%−11.9%−0.3%−4.5%17.3%35.4%−1.8%4.9%10.7%17.6%8.4%
Return on assets—−0.2%−10.8%−12.2%−3.2%−0.1%−1.3%5.2%14.0%−0.8%1.9%3.9%6.2%2.8%
Asset turnover—2.632.492.422.152.092.392.472.122.071.901.751.751.87
Current ratio—1.341.721.191.020.970.870.991.351.351.321.161.291.22
Debt to equity0.0%0.0%0.0%9.9%5.5%0.4%5.4%8.4%6.9%6.6%19.9%20.3%16.4%22.1%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/m12.4x11.0x3.4x9.4x9.0x13.4x1.0x
Effective tax rate———————13.2%2.9%—30.1%26.5%13.3%8.6%
R&D as % of revenue—————1.8%2.6%2.5%2.2%1.7%1.6%1.5%1.5%1.7%
Capital spending as % of revenue0.3%1.1%0.9%0.9%0.5%0.9%1.6%0.5%0.5%0.6%0.5%0.4%0.5%0.6%
Free cash flow ÷ net income———————182.1%79.3%—504.1%229.6%127.5%56.9%
Dividends ÷ net income————————0.0%—126.1%27.9%20.0%52.9%
Dividends and buybacks ÷ free cash flow————77.6%—1.5%0.6%0.8%14.3%28.5%16.6%64.8%284.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · December 31, 2025
What it owns · $99.4bn
Short-term assets $53.5bnLonger-term assets $45.9bn
What it owes, and who funded it · $89.6bn
Short-term liabilities $43.8bnLonger-term liabilities $13.6bnShareholders' equity $32.2bn
  • Short-term assets cover short-term liabilities $53.5bn of assets due within a year against $43.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $53.5bn short-term assets against $13.6bn of longer-dated liabilities.
  • More cash than debt $19.7bn of cash against $6.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 20% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 7% to 20% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.6bn of operating cash flow against $6.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $386m against $390m of interest.

From Jd.com, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BABA vs JDJD vs PDDAMZN vs JD

More: Broadline Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Jd.com, Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Jd.com, Inc.