Financials PDD Holdings Inc.

Equities

PDD

US7223041028

Internet Services

Market Closed - Nasdaq 04:00:00 2024-04-12 pm EDT 5-day change 1st Jan Change
115.5 USD -4.65% Intraday chart for PDD Holdings Inc. -2.01% -21.06%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 170,914 306,039 1,421,676 464,127 711,175 1,110,730 1,110,730 -
Enterprise Value (EV) 1 156,753 271,087 1,351,003 382,973 578,670 1,379,613 873,919 747,863
P/E ratio -11.1 x -43.6 x -193 x 68.1 x 25.6 x 25.2 x 14.5 x 11.2 x
Yield - - - - - - - -
Capitalization / Revenue 13 x 10.2 x 23.9 x 4.94 x 5.45 x 5.57 x 2.99 x 2.39 x
EV / Revenue 11.9 x 8.99 x 22.7 x 4.08 x 4.43 x 5.57 x 2.35 x 1.61 x
EV / EBITDA -45.3 x -50.7 x -264 x 29.1 x 14.3 x 16.1 x 8.88 x 5.76 x
EV / FCF - 18.3 x 48 x 15 x 12.1 x 11.3 x 7.1 x 4.98 x
FCF Yield - 5.46% 2.08% 6.66% 8.27% 8.84% 14.1% 20.1%
Price to Book 4.25 x 22.2 x 91.9 x 7.04 x 6.88 x 6.51 x 4.2 x 3.05 x
Nbr of stocks (in thousands) 1,107,786 1,162,357 1,226,326 1,253,289 1,264,386 1,328,587 1,328,587 -
Reference price 2 154.3 263.3 1,159 370.3 562.5 836.0 836.0 836.0
Announcement Date 3/13/19 3/11/20 3/17/21 3/21/22 3/20/23 3/20/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 13,120 30,142 59,492 93,950 130,558 247,639 371,872 465,488
EBITDA 1 -3,461 -5,343 -5,116 13,167 40,344 59,291 98,376 129,937
EBIT 1 -3,958 -5,981 -5,767 11,671 38,120 65,778 93,370 127,921
Operating Margin -30.17% -19.84% -9.69% 12.42% 29.2% 26.56% 25.11% 27.48%
Earnings before Tax (EBT) 1 -10,217 -6,996 -7,263 9,455 36,419 71,881 96,113 127,921
Net income 1 -10,217 -6,968 -7,180 7,769 31,538 60,027 78,808 106,901
Net margin -77.87% -23.12% -12.07% 8.27% 24.16% 24.24% 21.19% 22.97%
EPS 2 -13.88 -6.040 -6.020 5.440 21.93 41.15 57.77 74.67
Free Cash Flow 1 - 14,794 28,154 25,496 47,872 84,187 123,066 150,072
FCF margin - 49.08% 47.32% 27.14% 36.67% 35.62% 33.09% 32.24%
FCF Conversion (EBITDA) - - - 193.64% 118.66% 141.99% 125.1% 115.5%
FCF Conversion (Net income) - - - 328.19% 151.79% 163.74% 156.16% 140.38%
Dividend per Share 2 - - - - - - - -
Announcement Date 3/13/19 3/11/20 3/17/21 3/21/22 3/20/23 3/20/24 - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 23,046 21,506 27,231 23,794 31,440 35,504 39,820 37,637 52,281 68,840 88,881 132,246 76,281 90,911 100,379 120,897
EBITDA 1 2,160 2,302 7,070 2,528 9,071 10,810 17,935 - - - 18,764 - 17,378 25,417 25,602 31,373
EBIT 1 3,185 3,261 8,400 3,677 10,542 12,301 11,600 8,462 14,609 18,126 24,580 - 15,277 23,972 27,439 33,524
Operating Margin 13.82% 15.16% 30.85% 15.45% 33.53% 34.65% 29.13% 22.48% 27.94% 26.33% 27.65% - 20.03% 26.37% 27.34% 27.73%
Earnings before Tax (EBT) 1 2,416 2,410 7,682 3,198 10,508 12,115 10,598 9,592 16,257 19,156 26,876 33,219 16,603 23,570 27,781 34,472
Net income 1 2,415 1,640 6,620 2,599 8,896 10,589 9,454 8,101 13,108 15,537 23,280 28,952 13,445 19,197 22,400 27,802
Net margin 10.48% 7.63% 24.31% 10.92% 28.3% 29.82% 23.74% 21.52% 25.07% 22.57% 26.19% 21.89% 17.63% 21.12% 22.32% 23%
EPS 2 1.690 1.150 4.660 1.840 6.220 7.340 6.520 5.550 9.000 10.60 15.83 - 10.41 14.31 15.70 18.22
Dividend per Share 2 - - - - - - - - - - - - - - - -
Announcement Date 8/24/21 11/26/21 3/21/22 5/27/22 8/29/22 11/28/22 3/20/23 5/26/23 8/29/23 11/28/23 3/20/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - - -
Net Cash position 1 14,160 34,952 70,673 81,154 132,504 158,432 236,811 362,867
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - 14,794 28,154 25,496 47,872 84,187 123,066 150,072
ROE (net income / shareholders' equity) -38.8% -32.1% -16.9% 20.4% 41% 37.1% 35.3% 32.3%
ROA (Net income/ Total Assets) -12.2% -11.7% -6.11% 4.57% 15.1% 17.6% 18.8% 18.1%
Assets 1 83,511 59,620 117,483 170,060 209,165 291,318 420,122 589,236
Book Value Per Share 2 36.30 11.90 12.60 52.60 81.80 128.0 199.0 274.0
Cash Flow per Share 2 2.620 3.200 5.910 5.040 33.70 50.20 64.60 88.70
Capex 1 27.3 27.4 43 3,287 636 1,726 2,967 3,448
Capex / Sales 0.21% 0.09% 0.07% 3.5% 0.49% 0.73% 0.8% 0.74%
Announcement Date 3/13/19 3/11/20 3/17/21 3/21/22 3/20/23 3/20/24 - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
43
Last Close Price
836 CNY
Average target price
1,301 CNY
Spread / Average Target
+55.66%
Consensus
  1. Stock Market
  2. Equities
  3. PDD Stock
  4. Financials PDD Holdings Inc.