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PDD Holdings Inc. key statistics and ratios

In fiscal 2025, PDD Holdings Inc. had return on equity of 26.7% and a net margin of 22.7%. 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 year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025
Net margin−57.8%−30.1%−77.9%−23.1%−12.1%8.3%24.2%24.2%28.5%22.7%
Return on equity——−119.8%−32.1%−16.3%11.5%32.5%39.0%45.1%26.7%
Return on assets—−3.8%−37.2%−11.7%−5.9%4.6%15.0%20.3%26.4%17.1%
Effective tax rate—————19.9%13.0%16.5%15.3%18.2%
R&D as % of revenue5.8%7.4%8.5%12.8%11.6%9.6%8.0%4.4%3.2%3.8%

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

2 of 2 checks passed · December 31, 2025
What it owns · $90.1bn
Short-term assets $74.2bnLonger-term assets $15.9bn
What it owes, and who funded it · $90.1bn
Short-term liabilities $30.6bnLonger-term liabilities $418mShareholders' equity $59.1bn
  • Short-term assets cover short-term liabilities $74.2bn of assets due within a year against $30.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $74.2bn short-term assets against $418m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From PDD Holdings 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: CPNG vs PDDBABA vs PDDM vs PDDJD vs PDD

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

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