Company Valuation: PDD Holdings Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 1,422,460 464,164 711,175 1,378,369 983,166 970,968 970,968 -
Change - -67.37% 53.22% 93.82% -28.67% -1.24% 0% -
Enterprise Value (EV) 1 1,351,787 383,009 578,670 1,171,325 662,213 703,606 538,335 388,929
Change - -71.67% 51.09% 102.42% -43.46% 6.25% -13.23% -27.75%
P/E ratio -193x 68.1x 25.6x 25.2x 9.31x 11.8x 8.77x 7.62x
PBR 91.9x 7.04x 6.88x 7.62x 3.13x 2.83x 1.8x 1.43x
PEG - -0x 0x 0.3x 0.1x -1x 0.88x 0.5x
Capitalization / Revenue 23.9x 4.94x 5.45x 5.57x 2.5x 2.61x 1.96x 1.74x
EV / Revenue 22.7x 4.08x 4.43x 4.73x 1.68x 1.63x 1.09x 0.7x
EV / EBITDA -264x 29.1x 14.3x 17.6x 5.56x 6.04x 4.39x 2.59x
EV / EBIT -234x 32.8x 15.2x 17.8x 5.6x 6.86x 4.48x 2.63x
EV / FCF 48x 15x 12.1x 12.5x 5.47x 5.28x 4.51x 2.47x
FCF Yield 2.08% 6.66% 8.27% 7.99% 18.3% 18.9% 22.2% 40.5%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -6.02 5.44 21.93 41.15 76.01 67.03 77.98 89.75
Distribution rate - - - - - - - -
Net sales 1 59,492 93,950 130,558 247,639 393,836 431,846 495,195 558,292
EBITDA 1 -5,116 13,167 40,344 66,564 119,015 102,673 122,507 150,254
EBIT 1 -5,767 11,671 38,120 65,778 118,306 102,561 120,036 147,640
Net income 1 -7,180 7,769 31,538 60,027 112,435 99,364 112,949 133,622
Net Debt 1 -70,673 -81,154 -132,504 -207,044 -320,953 -422,308 -432,634 -582,040
Reference price 2 1,159.94 370.36 562.47 1,037.47 707.94 683.95 683.95 683.95
Nbr of stocks (in thousands) 1,226,326 1,253,289 1,264,386 1,328,587 1,388,771 1,419,646 1,419,646 -
Announcement Date 17/03/21 21/03/22 20/03/23 20/03/24 20/03/25 25/03/26 - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.65x1.44x6.04x-.--% 142B
22.52x1.71x14.1x0.83% 285B
74.23x9.32x50.15x-.--% 144B
34.84x2.19x17.26x-.--% 89.93B
-20.47x0.99x-28.61x-.--% 69.06B
20.83x3.88x12.42x1.31% 42.74B
20.9x5.69x13.83x - 31.56B
7.47x0.22x2.4x3.25% 7.22B
20.19x6.35x11.04x2.98% 5.17B
26.65x3.4x15.3x-.--% 5.08B
Average 21.68x 3.52x 11.39x 0.93% 82.26B
Weighted average by Cap. 26.84x 3.28x 15.59x 0.42%

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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  4. Valuation PDD Holdings Inc.