Company Valuation: JD.com, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 889,419 683,774 606,067 322,341 366,810 280,284 280,284 -
Change - -23.12% -11.36% -46.81% 13.8% -23.59% 0% -
Enterprise Value (EV) 1 758,547 512,197 428,490 179,195 196,871 168,862 166,219 145,060
Change - -32.48% -16.34% -58.18% 9.86% -14.23% -1.56% -12.73%
P/E ratio 18.1x -194x 60.3x 13.5x 9.42x 13.4x 10.6x 7.16x
PBR 4.75x 3.31x 2.85x 1.39x 1.53x 1.18x 1.09x 0.98x
PEG - 2x -0x 0x 0.1x -0.3x 0.4x 0.1x
Capitalization / Revenue 1.19x 0.72x 0.58x 0.3x 0.32x 0.21x 0.2x 0.19x
EV / Revenue 1.02x 0.54x 0.41x 0.17x 0.17x 0.13x 0.12x 0.1x
EV / EBITDA 36.7x 27.4x 12.8x 4.22x 3.79x 8.32x 5.47x 2.84x
EV / EBIT 61.5x 124x 21.7x 6.89x 5.08x 31x 8.18x 4.13x
EV / FCF 21.7x 19.5x 10.7x 4.36x 4.49x 4.24x 3.96x 2.64x
FCF Yield 4.6% 5.12% 9.37% 23% 22.3% 23.6% 25.2% 37.9%
Dividend per Share 2 - - 4.261 5.469 7.251 6.419 6.296 7.116
Rate of return - - 1.1% 2.67% 2.87% 3.25% 3.19% 3.6%
EPS 2 31.68 -2.29 6.42 15.23 26.86 14.72 18.58 27.57
Distribution rate - - 66.4% 35.9% 27% 43.6% 33.9% 25.8%
Net sales 1 745,802 951,592 1,046,236 1,084,662 1,158,819 1,311,586 1,379,050 1,464,464
EBITDA 1 20,681 18,712 33,602 42,452 51,923 20,306 30,411 51,098
EBIT 1 12,343 4,141 19,723 26,025 38,736 5,448 20,312 35,123
Net income 1 49,405 -3,560 10,380 24,167 41,359 22,325 27,321 38,258
Net Debt 1 -130,871 -171,577 -177,577 -143,146 -169,939 -111,422 -114,064 -135,224
Reference price 2 573.86 445.13 387.14 204.86 253.06 197.52 197.52 197.52
Nbr of stocks (in thousands) 1,549,877 1,536,133 1,565,500 1,573,500 1,449,500 1,419,000 1,419,000 -
Announcement Date 3/11/21 3/10/22 3/9/23 3/6/24 3/6/25 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.42x0.13x8.36x3.25% 40.27B
32.68x3.37x14.36x-.--% 2,469B
121.79x0.92x27.2x-.--% 37.41B
-71.2x1.24x21.49x0.01% 14.06B
21.07x2.82x9.98x-.--% 8.72B
339.44x7.04x97.76x-.--% 7.62B
34.96x3.27x20.69x1.4% 7.1B
43.23x2.54x10.1x-.--% 5.82B
4.23x2.51x19.83x-.--% 3B
Average 59.96x 2.65x 25.53x 0.52% 288.16B
Weighted average by Cap. 33.97x 3.28x 14.73x 0.05%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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