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 1,067,628 1,067,628 -
Change - -67.37% 53.22% 93.82% -28.67% 8.59% 0% -
Enterprise Value (EV) 1 1,351,787 383,009 578,670 1,171,325 662,213 717,524 574,189 410,407
Change - -71.67% 51.09% 102.42% -43.46% 8.35% -19.98% -28.52%
P/E ratio -193x 68.1x 25.6x 25.2x 9.31x 10.6x 9.36x 8.04x
PBR 91.9x 7.04x 6.88x 7.62x 3.13x 2.49x 1.94x 1.52x
PEG - -0x 0x 0.3x 0.1x -1.59x 0.7x 0.5x
Capitalization / Revenue 23.9x 4.94x 5.45x 5.57x 2.5x 2.47x 2.17x 1.94x
EV / Revenue 22.7x 4.08x 4.43x 4.73x 1.68x 1.66x 1.16x 0.75x
EV / EBITDA -264x 29.1x 14.3x 17.6x 5.56x 6.99x 4.71x 2.78x
EV / EBIT -234x 32.8x 15.2x 17.8x 5.6x 6.98x 4.54x 2.65x
EV / FCF 48x 15x 12.1x 12.5x 5.47x 6.11x 4.15x 2.49x
FCF Yield 2.08% 6.66% 8.27% 7.99% 18.3% 16.4% 24.1% 40.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -6.02 5.44 21.93 41.15 76.01 70.93 80.34 93.53
Distribution rate - - - - - - - -
Net sales 1 59,492 93,950 130,558 247,639 393,836 432,425 493,047 549,516
EBITDA 1 -5,116 13,167 40,344 66,564 119,015 102,648 121,895 147,654
EBIT 1 -5,767 11,671 38,120 65,778 118,306 102,861 126,570 154,607
Net income 1 -7,180 7,769 31,538 60,027 112,435 102,928 117,829 138,335
Net Debt 1 -70,673 -81,154 -132,504 -207,044 -320,953 -350,104 -493,439 -657,221
Reference price 2 1,159.94 370.36 562.47 1,037.47 707.94 752.04 752.04 752.04
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 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.6x1.66x6.99x-.--% 153B
24.81x2.37x16.83x0.62% 380B
194.4x17.32x102.12x-.--% 205B
52.51x3.57x25.43x-.--% 107B
-24x1.21x-37.55x-.--% 79.51B
22.69x4.22x13.61x1.22% 42.68B
24.12x6.94x16.4x - 38.71B
9.32x0.35x3.83x2.6% 9.1B
113.2x6.38x31.35x-.--% 6.68B
20.05x6.22x10.91x2.99% 5.13B
Average 44.77x 5.02x 18.99x 0.83% 102.64B
Weighted average by Cap. 55.97x 5.56x 28.88x 0.33%
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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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  4. Valuation PDD Holdings Inc.