Growth & profitability
- Revenue has grown 46.6% per year over the past 5 years.
- Operating margin has expanded, at 21.6% in the latest year.
- Free cash flow has grown 95.8% per year over the past 5 years.
PDD Financials PDD Holdings
8 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $61.8B | $14.0B | 56.3% | 21.6% | — | — | $15.6B |
| 2024 | $54.0B | $15.4B | 60.9% | 27.5% | — | — | $7.9B |
| 2023 | $34.9B | $8.5B | 63.0% | 23.7% | — | — | $8.4B |
| 2022 | $18.9B | $4.6B | 75.9% | 23.3% | — | — | $5.0B |
| 2021 | $14.7B | $1.2B | 66.2% | 7.3% | — | — | $1.0B |
| 2020 | $9.1B | -$1.1B | 67.6% | -15.8% | $4.3B | — | $3.4B |
| 2019 | $4.3B | -$1.0B | 79.0% | -28.3% | $2.1B | — | $829M |
| 2018 | $1.9B | -$1.5B | 77.9% | -82.3% | $1.1B | — | $2.1B |
Valuation over time
How the market has priced PDD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 98.7× (Mar '23) to 31.1× (Jun '26).
- The price-to-sales ratio has fallen from 23.8× (Mar '23) to 7.0× (Jun '26).
P/E
P/S
Frequently asked questions
Is PDD growing its revenue and profit?
Over the past 5 years, PDD Holdings's revenue has grown 46.6% per year. These are computed facts, not advice.
How much debt does PDD have?
As of FY2025, PDD Holdings reported — of total debt against $15.6B of cash.
What is PDD's profit margin?
In FY2025, gross margin was 56.3%, operating margin 21.6%, and net margin 22.7%.
What is PDD's P/E ratio?
As of Jun '26, PDD Holdings traded at a price-to-earnings ratio of about 31.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.