Cash flow PDD Holdings Inc.

Equities

PDD

US7223041028

Internet Services

Market Closed - Nasdaq Other stock markets 21:00:00 16/01/2026 GMT			5-day change	1st Jan Change
106.76 ^USD	-0.65%		-10.08%	-5.85%

01-13	PDD Holdings slips 4.1%, Baidu falls 3.1%	RE
01-12	Pdd Holdings rises 1.3%, JD.com up 1.5%, Baidu up 3.1%	RE

469f39824710fc3276d.ssdv2FZsi_MQR-ysTAjiZdcVvT8WRDz70PeZnIdkYNU.i7Y-jgUN095XKoP-Oz-JKuAlzXwhK2mLnqDAzP5JNpPepiToAA3yonsY1A

Published financial data: PDD HOLDINGS INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	59.49B	93.95B	131B	248B	394B
Total Revenues	59.49B	93.95B	131B	248B	394B
Cost of Goods Sold, Total	19.28B	31.72B	31.46B	91.72B	154B
Gross Profit	40.21B	62.23B	99.1B	156B	240B
Selling General & Admin Expenses, Total	42.91B	46.87B	59.04B	87.64B	121B
R&D Expenses	6.68B	8.47B	9.65B	9.57B	10.44B
Other Operating Expenses, Total	49.59B	55.34B	68.69B	97.22B	132B
Operating Income	-9.38B	6.9B	30.4B	58.7B	108B
Interest Expense, Total	-757M	-1.23B	-51.66M	-43.99M	-
Interest And Investment Income	2.46B	3.06B	4B	10.24B	20.55B
Net Interest Expenses	1.7B	1.83B	3.95B	10.19B	20.55B
Income (Loss) On Equity Invest.	83.65M	247M	-155M	-4.71M	17.22M
Currency Exchange Gains (Loss)	225M	71.75M	-150M	35.72M	588M
Other Non Operating Income (Expenses)	194M	656M	2.22B	2.95B	3.12B
EBT, Excl. Unusual Items	-7.18B	9.7B	36.26B	71.88B	133B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
EBT, Incl. Unusual Items	-7.18B	9.7B	36.26B	71.88B	133B
Income Tax Expense	-	1.93B	4.73B	11.85B	20.27B
Earnings From Continuing Operations	-7.18B	7.77B	31.54B	60.03B	112B
Net Income to Company	-7.18B	7.77B	31.54B	60.03B	112B
Net Income - (IS)	-7.18B	7.77B	31.54B	60.03B	112B
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	-7.18B	7.77B	31.54B	60.03B	112B
Net Income to Common Excl. Extra Items	-7.18B	7.77B	31.54B	60.03B	112B
Per Share Items
Net EPS - Basic	-6.02	6.2	24.94	44.33	81.24
Basic EPS - Continuing Operations	-6.02	6.2	24.94	44.33	81.24
Basic Weighted Average Shares Outstanding	1.19B	1.25B	1.26B	1.35B	1.38B
Net EPS - Diluted	-6.04	5.44	21.92	41.15	76
Diluted EPS - Continuing Operations	-6.04	5.44	21.92	41.15	76
Diluted Weighted Average Shares Outstanding	1.19B	1.43B	1.44B	1.46B	1.48B
Normalized Basic EPS	-3.76	4.84	17.93	33.18	59.93
Normalized Diluted EPS	-3.76	4.25	15.74	30.77	56.07
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	-8.73B	8.39B	32.63B	59.48B	109B
EBITA	-8.76B	7.48B	31.01B	58.81B	108B
EBIT	-9.38B	6.9B	30.4B	58.7B	108B
EBITDAR	-8.52B	8.92B	33.36B	60.86B	111B
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	-	19.93	13.03	16.49	15.27
Total Current Taxes	-	1.93B	5.75B	11.05B	20.04B
Total Deferred Taxes	-	-213K	-1.03B	801M	222M
Normalized Net Income	-4.49B	6.06B	22.66B	44.92B	82.94B
Interest on Long-Term Debt	696M	1.22B	51.66M	43.99M	-
Supplemental Operating Expense Items
Advertising Expense	-	41.46B	49.97B	76.43B	68.47B
Marketing Expenses	39.3B	-	-	-	35.84B
Selling and Marketing Expenses	41.19B	44.8B	54.34B	82.19B	111B
General and Administrative Expenses	1.51B	1.54B	3.96B	4.08B	7.55B
Research And Development Expense From Footnotes	6.89B	8.99B	10.38B	10.95B	12.66B
Net Rental Expense, Total	209M	527M	732M	1.38B	2.21B
Imputed Operating Lease Interest Expense	107M	349M	20.37M	35.8M	-
Imputed Operating Lease Depreciation	102M	178M	712M	1.34B	-
Stock-Based Comp., COGS (Total)	32.29M	26.62M	33.79M	132M	413M
Stock-Based Comp., R&D Exp. (Total)	1.52B	2.34B	2.52B	2.3B	2.51B
Stock-Based Comp., S&M Exp. (Total)	1.09B	1.61B	2.16B	2.35B	2.22B
Stock-Based Comp., G&A Exp. (Total)	967M	792M	3B	2.29B	4.74B
Total Stock-Based Compensation	3.61B	4.77B	7.72B	7.08B	9.88B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	22.42B	6.43B	34.33B	59.79B	57.77B
Short Term Investments	61.55B	86.2B	115B	140B	274B
Trading Asset Securities, Total	3B	313M	6.92M	17.15B	-
Total Cash And Short Term Investments	86.97B	92.94B	149B	217B	332B
Accounts Receivable, Total	3.91B	3.48B	3.35B	7.43B	7.11B
Other Receivables	1.05B	1.78B	3.3B	4.44B	3.64B
Notes Receivable	698M	698M	698M	711M	711M
Total Receivables	5.65B	5.96B	7.35B	12.58B	11.45B
Inventory	1.72B	14.2M	-	-	-
Prepaid Expenses	-	-	-	1.33B	1.36B
Restricted Cash	52.42B	59.62B	57.97B	61.99B	68.43B
Other Current Assets, Total	2.76B	2.38B	1.85B	1.65B	2.85B
Total Current Assets	150B	161B	217B	295B	416B
Gross Property Plant And Equipment	883M	4.1B	5.04B	8.32B	9.87B
Accumulated Depreciation	-50.31M	-961M	-2.58B	-3.24B	-3.93B
Net Property Plant And Equipment	833M	3.14B	2.46B	5.08B	5.94B
Long-term Investments	6.84B	16.27B	14.32B	33.08B	82.97B
Other Intangibles, Total	1.28B	701M	134M	21.15M	19.17M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	-	31.5M	1.05B	271M	16M
Other Long-Term Assets, Total	436M	158M	2.54B	14.87B	433M
Total Assets	159B	181B	237B	348B	505B
Liabilities
Accounts Payable, Total	54.97B	66.42B	68.97B	93.14B	121B
Accrued Expenses, Total	9.24B	11.34B	15.19B	33.61B	37.9B
Short-term Borrowings	1.87B	-	-	-	-
Current Portion of Long-Term Debt	-	-	13.89B	649M	5.31B
Current Portion of Leases	253M	427M	602M	1.64B	2.11B
Unearned Revenue Current, Total	2.42B	1.17B	1.39B	2.14B	2.95B
Other Current Liabilities	15.13B	14.38B	16.85B	21.71B	19.42B
Total Current Liabilities	83.88B	93.73B	117B	153B	188B
Long-Term Debt	14.43B	11.79B	1.58B	5.23B	-
Long-Term Leases	415M	544M	871M	2.64B	3.19B
Deferred Tax Liability Non Current	-	31.29M	13.02M	59.83M	107M
Other Non Current Liabilities	2.92M	996K	-	-	-
Total Liabilities	98.73B	106B	119B	161B	192B
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	159K	161K	170K	177K	180K
Additional Paid In Capital	86.7B	95.34B	99.25B	107B	118B
Retained Earnings	-25.48B	-17.71B	15.2B	75.22B	188B
Comprehensive Income and Other	-1.05B	-2.52B	3.32B	4.72B	7.82B
Total Common Equity	60.18B	75.11B	118B	187B	313B
Total Equity	60.18B	75.11B	118B	187B	313B
Total Liabilities And Equity	159B	181B	237B	348B	505B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.25B	1.26B	1.33B	1.39B	1.42B
ECS Total Common Shares Outstanding	1.24B	1.26B	1.32B	1.38B	1.39B
Book Value / Share	48.58	59.41	89.25	136.09	225.06
Tangible Book Value	58.9B	74.41B	118B	187B	313B
Tangible Book Value Per Share	47.55	58.85	89.15	136.07	225.04
Total Debt	16.97B	12.76B	16.93B	10.17B	10.61B
Net Debt	-70.01B	-80.18B	-133B	-207B	-321B
Debt Equivalent Oper. Leases	1.67B	4.22B	5.86B	11.03B	17.72B
Equity Method Investments, Total	1.14B	1.97B	2.05B	1.92B	1.81B
Account Code - Inventory Valuation	6	6	3	3	3
Machinery, Total	229M	3.14B	3.59B	4.15B	4.68B
Full Time Employees	7.99K	9.76K	12.99K	17.4K	23.46K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-7.18B	7.77B	31.54B	60.03B	112B
Depreciation & Amortization - CF	177M	1.26B	2.13B	1.77B	2.64B
Amortization of Goodwill and Intangible Assets - (CF)	624M	583M	609M	114M	-
Depreciation & Amortization, Total	800M	1.84B	2.74B	1.89B	2.64B
(Gain) Loss From Sale Of Asset	24K	-258K	10.7M	1.76M	3.86M
(Gain) Loss on Sale of Investments - (CF)	-104M	22.17M	242M	-1.01B	-6.82B
Provision for Credit Losses	43.43M	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-83.65M	-247M	155M	4.71M	-17.22M
Stock-Based Compensation (CF)	3.61B	4.77B	7.72B	7.08B	9.88B
Provision and Write-off of Bad Debts	-	49.3M	118M	265M	330M
Other Operating Activities, Total	57.46M	1.01B	-1.43B	-545M	-3.19B
Change In Accounts Receivable	321M	55.81M	86.04M	-3.33B	48.81M
Change In Accounts Payable	-	8.69B	749M	11.62B	16.89B
Change in Unearned Revenues	1.82B	-1.26B	223M	755M	802M
Change in Other Net Operating Assets	28.91B	6.08B	6.37B	17.4B	-11.07B
Cash from Operations	28.2B	28.78B	48.51B	94.16B	122B
Capital Expenditure	-43.05M	-3.29B	-636M	-584M	-967M
Sale of Property, Plant, and Equipment	51K	394K	40K	450K	540K
Investment in Marketable and Equity Securities, Total	-38.08B	-32.72B	-21.73B	-54.98B	-117B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-238M	445M	-	130M	35.15M
Cash from Investing	-38.36B	-35.56B	-22.36B	-55.43B	-118B
Short Term Debt Issued, Total	1.83B	-	-	-	-
Long-Term Debt Issued, Total	13.02B	-	-	-	-
Total Debt Issued	14.85B	-	-	-	-
Short Term Debt Repaid, Total	-923M	-1.88B	-	-	-
Long-Term Debt Repaid, Total	-	-	-	-8.97B	-91K
Total Debt Repaid	-923M	-1.88B	-	-8.97B	-91K
Issuance of Common Stock	37.87B	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	-6K	318K	10.08M	8.19M	1.26M
Cash from Financing	51.8B	-1.88B	10.08M	-8.96B	1.16M
Foreign Exchange Rate Adjustments	-140M	-145M	100M	-291M	840M
Net Change in Cash	41.5B	-8.8B	26.26B	29.48B	4.41B
Supplemental Items
Cash Income Tax Paid (Refund)	-	-	4.88B	5.76B	17.49B
Levered Free Cash Flow	4.44B	13B	38.67B	82.89B	103B
Unlevered Free Cash Flow	4.91B	13.77B	38.7B	82.92B	103B
Change In Net Working Capital	-6.4B	-6.13B	-9.89B	-37.85B	-23.85B
Net Debt Issued / Repaid	13.93B	-1.88B	-	-8.97B	-91K

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-4.99	2.53	9.08	12.54	15.89
Return on Total Capital	-10.81	5.22	17.07	22.09	26
Return On Equity %	-16.93	11.48	32.7	39.36	44.92
Return on Common Equity	-16.93	11.48	32.7	39.36	44.92
Margin Analysis
Gross Profit Margin %	67.59	66.24	75.9	62.96	60.92
SG&A Margin	72.13	49.89	45.22	35.39	30.74
EBITDA Margin %	-14.67	8.93	24.99	24.02	27.71
EBITA Margin %	-14.72	7.96	23.75	23.75	27.53
EBIT Margin %	-15.77	7.34	23.29	23.7	27.53
Income From Continuing Operations Margin %	-12.07	8.27	24.16	24.24	28.55
Net Income Margin %	-12.07	8.27	24.16	24.24	28.55
Net Avail. For Common Margin %	-12.07	8.27	24.16	24.24	28.55
Normalized Net Income Margin	-7.54	6.45	17.36	18.14	21.06
Levered Free Cash Flow Margin	7.46	13.84	29.62	33.47	26.2
Unlevered Free Cash Flow Margin	8.25	14.65	29.65	33.48	26.2
Asset Turnover
Asset Turnover	0.51	0.55	0.62	0.85	0.92
Fixed Assets Turnover	85.53	47.28	46.6	65.64	71.42
Receivables Turnover (Average Receivables)	17.33	25.45	38.24	45.94	44.4
Inventory Turnover (Average Inventory)	-	36.61	-	-	-
Short Term Liquidity
Current Ratio	1.78	1.72	1.85	1.93	2.21
Quick Ratio	1.1	1.05	1.34	1.5	1.82
Operating Cash Flow to Current Liabilities	0.34	0.31	0.41	0.62	0.65
Days Sales Outstanding (Average Receivables)	21.11	14.34	9.55	7.95	8.24
Days Outstanding Inventory (Average Inventory)	-	9.97	-	-	-
Average Days Payable Outstanding	-	758.74	785.38	322.55	254.32
Cash Conversion Cycle (Average Days)	-	-734.43	-	-	-
Long Term Solvency
Total Debt/Equity	28.2	16.99	14.38	5.43	3.39
Total Debt / Total Capital	21.99	14.52	12.57	5.15	3.27
LT Debt/Equity	24.67	16.42	2.08	4.21	1.02
Long-Term Debt / Total Capital	19.25	14.03	1.82	3.99	0.99
Total Liabilities / Total Assets	62.13	58.55	50.33	46.21	37.96
EBIT / Interest Expense	-12.39	5.6	588.56	1.33K	-
EBITDA / Interest Expense	-11.25	7.25	645.78	1.38K	-
(EBITDA - Capex) / Interest Expense	-11.31	4.57	633.48	1.37K	-
Total Debt / EBITDA	-1.99	1.43	0.51	0.17	0.1
Net Debt / EBITDA	8.22	-8.99	-3.97	-3.4	-2.88
Total Debt / (EBITDA - Capex)	-1.98	2.27	0.52	0.17	0.1
Net Debt / (EBITDA - Capex)	8.18	-14.24	-4.05	-3.43	-2.91
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	97.37	57.92	38.96	89.68	59.04
Gross Profit, 1 Yr. Growth %	68.94	54.75	59.24	57.34	53.89
EBITDA, 1 Yr. Growth %	10.49	-196.14	288.77	82.32	83.46
EBITA, 1 Yr. Growth %	10.59	-185.42	314.57	89.65	84.71
EBIT, 1 Yr. Growth %	9.86	-173.52	340.81	93.08	84.71
Earnings From Cont. Operations, 1 Yr. Growth %	3.04	-208.2	305.96	90.33	87.31
Net Income, 1 Yr. Growth %	3.04	-208.2	305.96	90.33	87.31
Normalized Net Income, 1 Yr. Growth %	3.04	-235.13	273.77	98.2	84.62
Diluted EPS Before Extra, 1 Yr. Growth %	0	-190.07	302.94	87.61	84.7
Accounts Receivable, 1 Yr. Growth %	32.14	-11.01	-3.61	121.69	-33.15
Inventory, 1 Yr. Growth %	-	-99.17	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	49.1	277.32	-21.67	106.61	16.9
Total Assets, 1 Yr. Growth %	108.93	14.03	30.85	46.79	45.09
Tangible Book Value, 1 Yr. Growth %	160.01	26.34	58.09	59.15	67.34
Common Equity, 1 Yr. Growth %	144.15	24.82	56.79	58.99	67.33
Cash From Operations, 1 Yr. Growth %	90.25	2.08	68.53	94.12	29.49
Capital Expenditures, 1 Yr. Growth %	56.9	7.54K	-80.66	-8.15	65.64
Levered Free Cash Flow, 1 Yr. Growth %	-8.77	192.98	197.52	114.34	24.47
Unlevered Free Cash Flow, 1 Yr. Growth %	-0.89	180.4	181.13	114.23	24.43
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	112.94	76.55	48.14	62.35	73.68
Gross Profit, 2 Yr. CAGR %	98.41	61.69	56.98	58.28	55.6
EBITDA, 2 Yr. CAGR %	41.67	3.07	93.33	166.24	82.89
EBITA, 2 Yr. CAGR %	41.8	-2.81	88.18	180.4	88.85
EBIT, 2 Yr. CAGR %	39.13	-10.12	80.03	191.74	88.85
Earnings From Cont. Operations, 2 Yr. CAGR %	-16.17	5.59	109.59	177.97	88.81
Net Income, 2 Yr. CAGR %	-16.17	5.59	109.59	177.97	88.81
Normalized Net Income, 2 Yr. CAGR %	29.77	18	124.74	172.18	91.29
Diluted EPS Before Extra, 2 Yr. CAGR %	-34.03	-5.1	90.5	175.02	86.15
Accounts Receivable, 2 Yr. CAGR %	75.64	8.44	-7.38	46.18	45.62
Net Property, Plant and Equip., 2 Yr. CAGR %	435.15	137.19	71.91	27.21	55.41
Total Assets, 2 Yr. CAGR %	91.83	54.35	22.15	38.6	45.94
Tangible Book Value, 2 Yr. CAGR %	90.42	81.25	41.32	58.62	63.19
Common Equity, 2 Yr. CAGR %	78.8	74.57	39.9	57.88	63.11
Cash From Operations, 2 Yr. CAGR %	90.52	39.36	31.16	80.87	58.54
Capital Expenditures, 2 Yr. CAGR %	25.5	994.6	284.3	-57.86	23.34
Levered Free Cash Flow, 2 Yr. CAGR %	-25.35	63.49	195.24	152.53	63.33
Unlevered Free Cash Flow, 2 Yr. CAGR %	-21.47	66.7	180.76	145.41	63.27
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	224.31	92.75	63.01	60.86	61.24
Gross Profit, 3 Yr. CAGR %	240.21	82.64	60.87	57.1	56.81
EBITDA, 3 Yr. CAGR %	146.4	24.5	60.44	89.59	135.16
EBITA, 3 Yr. CAGR %	146.35	19.76	57.62	88.67	143.82
EBIT, 3 Yr. CAGR %	152.06	12.48	52.7	84.28	150.51
Earnings From Cont. Operations, 3 Yr. CAGR %	139.12	-8.73	65.42	102.96	143.7
Net Income, 3 Yr. CAGR %	139.12	-8.73	65.42	102.96	143.7
Normalized Net Income, 3 Yr. CAGR %	140.66	31.53	73.3	115.52	139.15
Diluted EPS Before Extra, 3 Yr. CAGR %	74.83	-26.82	53.67	89.57	140.85
Accounts Receivable, 3 Yr. CAGR %	94.52	40.02	4.27	23.89	26.91
Net Property, Plant and Equip., 3 Yr. CAGR %	347.71	376.31	63.95	82.78	23.68
Total Assets, 3 Yr. CAGR %	128.53	61.3	46.09	29.87	40.73
Tangible Book Value, 3 Yr. CAGR %	290.13	66.08	73.17	47.03	61.47
Common Equity, 3 Yr. CAGR %	292.93	58.62	68.43	45.99	60.97
Cash From Operations, 3 Yr. CAGR %	42.78	54.74	48.47	49.47	61.8
Capital Expenditures, 3 Yr. CAGR %	68.98	393.62	185.09	138.49	-33.49
Levered Free Cash Flow, 3 Yr. CAGR %	100.2	17.75	99.6	165.35	99.47
Unlevered Free Cash Flow, 3 Yr. CAGR %	107.08	20.03	98.42	156.56	95.69
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	184.41	137.05	79.96	67.2
Gross Profit, 5 Yr. CAGR %	-	285.59	149.68	72.48	58.74
EBITDA, 5 Yr. CAGR %	-	96.64	123.62	68.73	69.07
EBITA, 5 Yr. CAGR %	-	92.06	121.19	68.31	68.77
EBIT, 5 Yr. CAGR %	-	88.97	120.31	64.68	66.25
Earnings From Cont. Operations, 5 Yr. CAGR %	-	92.75	126.84	42.5	74.41
Net Income, 5 Yr. CAGR %	-	92.75	126.84	42.5	74.41
Normalized Net Income, 5 Yr. CAGR %	-	101.51	134.16	75.94	80.28
Diluted EPS Before Extra, 5 Yr. CAGR %	-	49.85	80.94	24.28	65.94
Accounts Receivable, 5 Yr. CAGR %	-	220.5	44.56	42.45	19.17
Net Property, Plant and Equip., 5 Yr. CAGR %	-	325.68	205.29	180.9	60.48
Total Assets, 5 Yr. CAGR %	-	152.35	77.88	51.8	46.03
Tangible Book Value, 5 Yr. CAGR %	-	180.8	159.9	63.06	69.11
Common Equity, 5 Yr. CAGR %	-	181.32	159.96	58.32	66.28
Cash From Operations, 5 Yr. CAGR %	-	100.89	38.02	64.71	52.42
Capital Expenditures, 5 Yr. CAGR %	-	327.55	134.73	84.47	103.91
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	133.85	59.77	84.22
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	133.89	59.78	83.53