Company Valuation: PDD Holdings Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 306,092 1,422,460 464,164 711,175 1,378,369 1,206,187 1,206,187 -
Change - 364.72% -67.37% 53.22% 93.82% -12.49% 0% -
Enterprise Value (EV) 1 271,140 1,351,787 383,009 578,670 1,171,325 932,215 790,797 635,205
Change - 398.56% -71.67% 51.09% 102.42% -20.41% -15.17% -19.68%
P/E ratio -43.6x -193x 68.1x 25.6x 25.2x 11.2x 10.1x 8.44x
PBR 22.2x 91.9x 7.04x 6.88x 7.62x 3.96x 2.78x 2.04x
PEG - 582.86x -0x 0x 0.3x 0.1x 0.9x 0.4x
Capitalization / Revenue 10.2x 23.9x 4.94x 5.45x 5.57x 3.03x 2.42x 2.04x
EV / Revenue 9x 22.7x 4.08x 4.43x 4.73x 2.34x 1.59x 1.07x
EV / EBITDA -50.7x -264x 29.1x 14.3x 17.6x 7.91x 5.7x 3.68x
EV / EBIT -45.3x -234x 32.8x 15.2x 17.8x 7.9x 5.66x 3.57x
EV / FCF 18.3x 48x 15x 12.1x 12.5x 6.84x 5.25x 3.32x
FCF Yield 5.46% 2.08% 6.66% 8.27% 7.99% 14.6% 19.1% 30.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -6.04 -6.02 5.44 21.93 41.15 77.41 86.24 103
Distribution rate - - - - - - - -
Net sales 1 30,142 59,492 93,950 130,558 247,639 398,259 498,164 592,400
EBITDA 1 -5,343 -5,116 13,167 40,344 66,564 117,821 138,640 172,526
EBIT 1 -5,981 -5,767 11,671 38,120 65,778 118,035 139,824 177,895
Net income 1 -6,968 -7,180 7,769 31,538 60,027 111,643 127,259 155,787
Net Debt 1 -34,952 -70,673 -81,154 -132,504 -207,044 -273,972 -415,390 -570,982
Reference price 2 263.34 1,159.94 370.36 562.47 1,037.47 868.53 868.53 868.53
Nbr of stocks (in thousands) 1,162,357 1,226,326 1,253,289 1,264,386 1,328,587 1,388,771 1,388,771 -
Announcement Date 11/03/20 17/03/21 21/03/22 20/03/23 20/03/24 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

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P/E ratio (Y) EV / Sales (Y) EV / EBITDA (Y) Yield (Y) Capi.($)
11.22x2.34x7.91x-.--% 165B
16.95x1.63x8.3x0.85% 267B
107.14x13.67x74.49x-.--% 156B
24.88x2.13x14.58x-.--% 118B
60.69x4.78x32.13x-.--% 102B
37.89x11.21x27x - 56.87B
19.38x3.7x11.82x1.59% 32.54B
-134.21x13.35x70.97x-.--% 10.3B
7.67x0.28x2.86x2.88% 7.67B
17.96x5.22x9.28x3.1% 4.28B
Average 16.96x 5.83x 25.93x percentage-no-prefix 92.06B
Weighted average by Cap. 36.70x 5.02x 24.84x percentage-no-prefix
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation PDD Holdings Inc.