PDD Holdings Inc. (PDD) Balance Sheet

NASDAQ: PDDAssets, liabilities, debt and equity over 10 years.

PDD balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥630.45B assets = CN¥215.27B liabilities + CN¥415.17B equity

Both columns are drawn to the same scale: what PDD owns equals what it owes plus shareholders’ equity. Hover a block for its value.

PDD financial health

Current ratio2.45

Comfortable · current assets cover current liabilities 2.45×

Debt / equity0.01

Low leverage · CN¥0.01 of debt for each $1 of equity

Equity / assets65.9%

Equity-funded · of assets funded by shareholders

Cash / debt9,224.0%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

PDD balance sheet trends, 2016–2025

PDD Holdings Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥1.77B2016	CN¥630.45B2025	+92.1%/yr
Total liabilities	CN¥1.41B2016	CN¥215.27B2025	+74.8%/yr
Shareholders’ equity	CN¥356.5M2016	CN¥415.17B2025	+119.1%/yr
Cash & short-term investments	CN¥1.61B2016	CN¥496.46B2025	+89.0%/yr
Total debt	CN¥54.1M2016	CN¥5.38B2025	+66.7%/yr
Net cash (debt)	CN¥1.56B2016	CN¥491.07B2025	+CN¥489.5B
Working capital	CN¥339.2M2016	CN¥306.96B2025	+CN¥306.6B
Current ratio	1.242016	2.452025	+1.21
Debt / equity	0.152016	0.012025	−0.14
Shares outstanding	3.44B2016	1.48B2025	−8.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

PDD assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

PDD liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PDD debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

PDD balance sheet in Chinese yuan

PDD Holdings Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥496.46B	CN¥331.56B	CN¥217.21B	CN¥149.44B	CN¥92.94B	CN¥86.97B	CN¥41.06B	CN¥21.79B	CN¥3.11B	CN¥1.61B
Cash & equivalents	CN¥182.85B	CN¥57.77B	CN¥59.79B	CN¥34.33B	CN¥6.43B	CN¥22.42B	CN¥5.77B	CN¥14.16B	CN¥3.06B	CN¥1.32B
Short-term investments	CN¥313.61B	CN¥273.79B	CN¥157.42B	CN¥115.11B	CN¥86.52B	CN¥64.55B	CN¥35.29B	CN¥7.63B	CN¥50.0M	CN¥290.0M
Receivables	CN¥15.32B	CN¥11.25B	CN¥7.43B	CN¥3.35B	CN¥3.48B	CN¥3.91B	CN¥3.42B	CN¥1.27B	CN¥593.4M	CN¥112.5M
Inventory	CN¥0	CN¥2.50B	−CN¥119.5M	−CN¥6.91B	CN¥14.2M	CN¥1.72B	CN¥27.58B	CN¥16.38B	CN¥9.43B	CN¥27.8M
Other current assets	CN¥7.53B	CN¥70.34B	CN¥70.23B	CN¥70.73B	CN¥64.47B	CN¥56.93B	CN¥950.3M	CN¥954.0M	CN¥7.1M	CN¥3.4M
Total current assets	CN¥519.31B	CN¥415.65B	CN¥294.75B	CN¥216.62B	CN¥160.91B	CN¥149.52B	CN¥73.00B	CN¥40.39B	CN¥13.14B	CN¥1.75B
Property, plant & equipment (net)	CN¥6.17B	CN¥5.94B	CN¥5.08B	CN¥2.46B	CN¥3.14B	CN¥832.7M	CN¥558.5M	CN¥29.1M	CN¥9.3M	CN¥2.2M
Goodwill & intangible assets	CN¥15.4M	CN¥19.2M	CN¥21.1M	CN¥134.0M	CN¥701.2M	CN¥1.28B	CN¥1.99B	CN¥2.58B	CN¥0	CN¥0
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥5.0M	CN¥15.0M
Other non-current assets	CN¥104.95B	CN¥83.42B	CN¥48.22B	CN¥17.91B	CN¥16.46B	CN¥7.28B	CN¥503.1M	CN¥182.7M	CN¥162.4M	CN¥0
Total assets	CN¥630.45B	CN¥505.03B	CN¥348.08B	CN¥237.12B	CN¥181.21B	CN¥158.91B	CN¥76.06B	CN¥43.18B	CN¥13.31B	CN¥1.77B
Liabilities
Accounts payable	CN¥107.48B	CN¥92.46B	CN¥91.90B	CN¥67.30B	CN¥64.46B	CN¥54.97B	CN¥29.93B	CN¥17.28B	CN¥9.84B	CN¥1.13B
Short-term debt	CN¥2.50B	CN¥7.42B	CN¥2.29B	CN¥14.49B	CN¥427.2M	CN¥2.12B	CN¥1.01B	CN¥436.5M	CN¥433.4M	CN¥54.1M
Deferred revenue	CN¥3.38B	CN¥2.95B	CN¥2.14B	CN¥1.39B	CN¥1.17B	CN¥2.42B	CN¥606.0M	CN¥191.5M	CN¥56.5M	CN¥2.2M
Total current liabilities	CN¥212.35B	CN¥188.42B	CN¥152.90B	CN¥116.89B	CN¥93.73B	CN¥83.88B	CN¥45.77B	CN¥24.36B	CN¥12.11B	CN¥1.41B
Long-term debt	CN¥0	CN¥0	CN¥5.23B	CN¥1.58B	CN¥11.79B	CN¥14.43B	CN¥5.21B	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥5.38B	CN¥5.30B	CN¥4.29B	CN¥1.47B	CN¥971.4M	CN¥668.0M	CN¥544.3M	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥2.92B	CN¥3.30B	CN¥2.70B	CN¥883.8M	CN¥576.5M	CN¥417.9M	CN¥436.0M	CN¥0	CN¥0	CN¥0
Total liabilities	CN¥215.27B	CN¥191.72B	CN¥160.84B	CN¥119.35B	CN¥106.10B	CN¥98.73B	CN¥51.41B	CN¥24.36B	CN¥12.11B	CN¥1.41B
Shareholders' equity
Common stock & paid-in capital	CN¥182,115	CN¥180,000	CN¥177,000	CN¥170,000	CN¥161,000	CN¥159,000	CN¥148,000	CN¥142,000	CN¥104,000	CN¥56,000
Retained earnings (deficit)	CN¥285.87B	CN¥187.66B	CN¥75.12B	CN¥15.19B	−CN¥17.71B	−CN¥25.48B	−CN¥18.30B	−CN¥11.33B	−CN¥1.03B	−CN¥472.4M
Treasury stock	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	CN¥3.46B	CN¥7.82B	CN¥4.83B	CN¥3.33B	−CN¥2.52B	−CN¥1.05B	CN¥1.45B	CN¥1.04B	−CN¥23.1M	CN¥24.6M
Minority interest	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥415.17B	CN¥313.31B	CN¥187.24B	CN¥117.77B	CN¥75.11B	CN¥60.18B	CN¥24.65B	CN¥18.82B	CN¥1.20B	CN¥356.5M
Key figures
Total debt	CN¥5.38B	CN¥10.61B	CN¥10.17B	CN¥16.93B	CN¥12.76B	CN¥16.97B	CN¥6.65B	CN¥436.5M	CN¥433.4M	CN¥54.1M
Net cash (debt)	CN¥491.07B	CN¥320.95B	CN¥207.04B	CN¥132.50B	CN¥80.18B	CN¥70.01B	CN¥34.41B	CN¥21.35B	CN¥2.67B	CN¥1.56B
Working capital	CN¥306.96B	CN¥227.23B	CN¥141.85B	CN¥99.73B	CN¥67.18B	CN¥65.64B	CN¥27.23B	CN¥16.03B	CN¥1.03B	CN¥339.2M
Tangible book value	CN¥415.16B	CN¥313.29B	CN¥187.22B	CN¥117.64B	CN¥74.41B	CN¥58.90B	CN¥22.65B	CN¥16.24B	CN¥1.20B	CN¥356.5M
Shares outstanding	1.48B	1.48B	1.46B	1.44B	1.43B	1.19B	4.63B	2.97B	3.44B	3.44B
Current ratio	2.45	2.21	1.93	1.85	1.72	1.78	1.60	1.66	1.08	1.24
Quick ratio	2.41	1.82	1.47	1.31	1.03	1.08	0.97	0.95	0.31	1.22
Debt / equity	0.01	0.03	0.05	0.14	0.17	0.28	0.27	0.02	0.36	0.15
Equity / assets	65.9%	62.0%	53.8%	49.7%	41.5%	37.9%	32.4%	43.6%	9.1%	20.1%

PDD Holdings Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥456.41B	CN¥510.37B	CN¥496.46B	CN¥423.77B	CN¥387.13B	CN¥364.50B	CN¥331.56B	CN¥308.46B	CN¥284.93B	CN¥217.21B	CN¥242.13B	CN¥202.85B
Cash & equivalents	CN¥128.92B	CN¥198.51B	CN¥182.85B	CN¥92.39B	CN¥63.22B	CN¥70.13B	CN¥57.77B	CN¥65.30B	CN¥56.76B	CN¥59.79B	CN¥55.59B	CN¥54.94B
Short-term investments	CN¥327.50B	CN¥311.86B	CN¥313.61B	CN¥331.38B	CN¥323.91B	CN¥294.37B	CN¥273.79B	CN¥243.17B	CN¥228.17B	CN¥157.42B	CN¥186.54B	CN¥147.91B
Receivables	CN¥6.08B	CN¥15.47B	CN¥15.32B	CN¥15.15B	CN¥6.01B	CN¥12.89B	CN¥11.25B	CN¥13.92B	CN¥11.48B	CN¥7.43B	CN¥11.74B	CN¥8.69B
Inventory	CN¥100.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥1.60B	CN¥1.60B	CN¥0	CN¥0	CN¥1	CN¥59.11B	CN¥56.41B
Other current assets	CN¥94.19B	CN¥8.71B	CN¥7.53B	CN¥77.44B	CN¥82.90B	CN¥68.79B	CN¥71.24B	CN¥64.45B	CN¥63.32B	CN¥70.11B	CN¥3.48B	CN¥3.63B
Total current assets	CN¥556.78B	CN¥534.55B	CN¥519.31B	CN¥516.36B	CN¥476.04B	CN¥447.77B	CN¥415.65B	CN¥386.83B	CN¥359.73B	CN¥294.75B	CN¥316.47B	CN¥271.58B
Property, plant & equipment (net)	CN¥9.07B	CN¥5.73B	CN¥6.17B	CN¥6.21B	CN¥843.2M	CN¥6.43B	CN¥5.94B	CN¥5.70B	CN¥5.10B	CN¥5.08B	CN¥4.83B	CN¥4.73B
Goodwill & intangible assets	CN¥14.0M	CN¥14.9M	CN¥15.4M	CN¥16.3M	CN¥17.3M	CN¥18.2M	CN¥19.2M	CN¥20.1M	CN¥21.1M	CN¥21.1M	CN¥22.0M	CN¥21.9M
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥97.55B	CN¥95.02B	CN¥104.95B	CN¥91.14B	CN¥90.25B	CN¥76.29B	CN¥83.42B	CN¥74.25B	CN¥67.90B	CN¥48.22B	CN¥56.50B	CN¥37.93B
Total assets	CN¥663.41B	CN¥635.32B	CN¥630.45B	CN¥613.72B	CN¥567.16B	CN¥530.51B	CN¥505.03B	CN¥466.79B	CN¥432.74B	CN¥348.08B	CN¥377.83B	CN¥314.25B
Liabilities
Accounts payable	CN¥16.20B	CN¥108.74B	CN¥107.48B	CN¥100.58B	CN¥95.52B	CN¥92.52B	CN¥92.46B	CN¥82.78B	CN¥79.86B	CN¥91.90B	CN¥75.86B	CN¥70.13B
Short-term debt	CN¥2.46B	CN¥2.49B	CN¥2.50B	CN¥7.63B	CN¥7.70B	CN¥7.63B	CN¥7.42B	CN¥2.02B	CN¥1.87B	CN¥2.29B	CN¥1.80B	CN¥15.73B
Deferred revenue	CN¥3.64B	CN¥3.51B	CN¥3.38B	CN¥3.33B	CN¥3.60B	CN¥2.95B	—	CN¥2.95B	—	CN¥2.14B	CN¥2.28B	CN¥2.04B
Total current liabilities	CN¥212.71B	CN¥210.85B	CN¥212.35B	CN¥219.22B	CN¥201.96B	CN¥197.02B	CN¥188.42B	CN¥180.00B	CN¥170.83B	CN¥152.90B	CN¥151.40B	CN¥148.12B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥5.18B	CN¥5.26B	CN¥5.24B	CN¥5.23B	CN¥1.62B
Lease obligations	CN¥4.84B	CN¥5.12B	CN¥5.38B	CN¥5.43B	CN¥5.68B	CN¥5.95B	CN¥5.30B	CN¥5.06B	CN¥4.50B	CN¥4.17B	CN¥4.29B	CN¥3.78B
Other long-term liabilities	CN¥2.91B	CN¥2.63B	CN¥2.92B	CN¥3.10B	CN¥3.33B	CN¥3.79B	CN¥3.30B	CN¥3.12B	CN¥2.67B	CN¥2.70B	CN¥2.49B	CN¥2.45B
Total liabilities	CN¥215.62B	CN¥213.48B	CN¥215.27B	CN¥222.32B	CN¥205.29B	CN¥200.81B	CN¥191.72B	CN¥188.29B	CN¥178.77B	CN¥160.84B	CN¥159.12B	CN¥152.20B
Shareholders' equity
Common stock & paid-in capital	—	CN¥182,115	CN¥182,115	CN¥181,000	CN¥181,000	CN¥180,000	CN¥180,000	CN¥179,000	CN¥179,000	CN¥177,000	CN¥178,000	CN¥177,000
Retained earnings (deficit)	CN¥323.89B	CN¥295.60B	CN¥285.87B	CN¥262.24B	CN¥232.92B	CN¥202.16B	CN¥187.66B	CN¥160.11B	CN¥135.23B	CN¥75.12B	CN¥103.12B	CN¥51.94B
Accumulated other comprehensive income	−CN¥6.04B	−CN¥572.9M	CN¥3.46B	CN¥5.14B	CN¥6.75B	CN¥7.53B	CN¥7.82B	CN¥2.97B	CN¥5.91B	CN¥4.83B	CN¥5.14B	CN¥5.96B
Total shareholders' equity	CN¥447.79B	CN¥421.85B	CN¥415.17B	CN¥391.40B	CN¥361.86B	CN¥329.70B	CN¥313.31B	CN¥278.50B	CN¥253.98B	CN¥187.24B	CN¥218.71B	CN¥162.05B
Key figures
Total debt	CN¥4.84B	CN¥5.10B	CN¥5.38B	CN¥10.67B	CN¥10.96B	CN¥11.25B	CN¥10.61B	CN¥10.24B	CN¥9.77B	CN¥10.17B	CN¥9.48B	CN¥19.75B
Net cash (debt)	CN¥451.57B	CN¥505.27B	CN¥491.07B	CN¥413.10B	CN¥376.17B	CN¥353.25B	CN¥320.95B	CN¥298.22B	CN¥275.16B	CN¥207.04B	CN¥232.65B	CN¥183.09B
Working capital	CN¥344.07B	CN¥323.70B	CN¥306.96B	CN¥297.14B	CN¥274.08B	CN¥250.75B	CN¥227.23B	CN¥206.83B	CN¥188.89B	CN¥141.85B	CN¥165.07B	CN¥123.45B
Tangible book value	CN¥447.77B	CN¥421.83B	CN¥415.16B	CN¥391.39B	CN¥361.85B	CN¥329.68B	CN¥313.29B	CN¥278.48B	CN¥253.96B	CN¥187.22B	CN¥218.68B	CN¥162.03B
Shares outstanding	1.47B	1.48B	1.49B	1.49B	1.48B	1.48B	1.48B	1.18B	1.19B	1.18B	1.18B	1.17B
Current ratio	2.62	2.54	2.45	2.36	2.36	2.27	2.21	2.15	2.11	1.93	2.09	1.83
Quick ratio	2.17	2.49	2.41	2.00	1.95	1.92	1.82	1.79	1.74	1.47	1.68	1.43
Debt / equity	0.01	0.01	0.01	0.03	0.03	0.03	0.03	0.04	0.04	0.05	0.04	0.12
Equity / assets	67.5%	66.4%	65.9%	63.8%	63.8%	62.1%	62.0%	59.7%	58.7%	53.8%	57.9%	51.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 29, 2026); data from EODHD.

PDD financial position

At the end of fiscal 2025 (December 31, 2025), PDD Holdings had total assets of CN¥630.4 billion (up 24.8% from a year earlier), total liabilities of CN¥215.3 billion and shareholders' equity of CN¥415.2 billion. It held CN¥496.5 billion in cash and short-term investments against CN¥5.4 billion of debt, a net cash position of CN¥491.1 billion. Its current ratio was 2.45. In the latest quarter (ended June 30, 2026) total assets were CN¥663.4 billion and equity CN¥447.8 billion.

Related: PDD income statement, PDD cash flow statement, PDD key metrics. See the PDD stock overview for the latest quote and news.

PDD balance sheet FAQ

What are PDD Holdings's total assets?

PDD Holdings reported total assets of CN¥630.4 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥505.0 billion a year earlier.

How much debt does PDD Holdings have?

PDD Holdings had CN¥5.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.

How much cash does PDD Holdings have?

PDD Holdings held CN¥496.5 billion in cash and short-term investments at the end of fiscal 2025; with CN¥5.4 billion of debt that is net cash of CN¥491.1 billion.

What is PDD Holdings's book value?

PDD Holdings's shareholders' equity (book value) was CN¥415.2 billion at the end of fiscal 2025.

What is PDD Holdings's current ratio?

PDD Holdings had current assets of CN¥519.3 billion and current liabilities of CN¥212.4 billion, a current ratio of 2.45 (it can cover its short-term obligations).

How much goodwill does PDD Holdings have?

PDD Holdings carried CN¥15.4 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.