PDD Holdings Inc. (PDD) Key Metrics
PDD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanPDD returns How much profit the business earns on the capital it uses.
Return on equity−18.1 pts
26.9%
2025 · hover or tap a bar for each year
20162025
Return on assets−9.1 pts
17.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−6.2 pts
24.5%
2025 · hover or tap a bar for each year
20162025
Cash conversion (OCF / net income)+0.8%
1.09
2025 · hover or tap a bar for each year
20162025
Asset turnover−17.6%
0.76
2025 · hover or tap a bar for each year
20162025
PDD financial health Debt, liquidity and how easily interest is covered.
Debt / equity−61.7%
0.01
2025 · hover or tap a bar for each year
20162025
Net debt−CN¥170.1B
−CN¥491.07B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA−1.07
−4.01
2025 · hover or tap a bar for each year
20162025
Current ratio+10.9%
2.45
2025 · hover or tap a bar for each year
20162025
Debt / assets−59.4%
0.01
2025 · hover or tap a bar for each year
20162025
PDD efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+3 days
11 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−25 days
193 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+25 days
-182 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue0.0 pts
0.3%
2025 · hover or tap a bar for each year
20162025
PDD returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PDD debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PDD cash returned to shareholders
DividendsBuybacksFree cash flow
PDD key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 26.9% | 44.9% | 39.4% | 32.7% | 11.5% | −16.9% | −32.1% | −102.0% | −67.3% | −81.9% |
| Return on assets (ROA) | 17.2% | 26.4% | 20.5% | 15.1% | 4.6% | −6.1% | −11.7% | −36.2% | −7.0% | −16.5% |
| Return on tangible assets | 15.5% | 22.3% | 17.2% | 13.3% | 4.3% | −4.6% | −9.4% | −25.2% | −3.9% | −16.5% |
| Free cash flow margin | 24.5% | 30.7% | 37.8% | 4.9% | 27.1% | 47.3% | 49.1% | 59.0% | 17.6% | 173.8% |
| Income quality (OCF / net income) | 1.09 | 1.08 | 1.57 | 0.22 | 3.71 | — | — | — | — | — |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 0.01 | 0.03 | 0.05 | 0.14 | 0.17 | 0.28 | 0.27 | 0.02 | 0.36 | 0.15 |
| Debt / assets | 0.01 | 0.02 | 0.03 | 0.07 | 0.07 | 0.11 | 0.09 | 0.01 | 0.03 | 0.03 |
| Net debt / EBITDA | −4.01 | −2.94 | −2.81 | −3.39 | −6.28 | — | — | — | — | — |
| Current ratio | 2.45 | 2.21 | 1.93 | 1.85 | 1.72 | 1.78 | 1.60 | 1.66 | 1.08 | 1.24 |
| Quick ratio | 2.45 | 2.19 | 1.93 | 1.91 | 1.72 | 1.76 | 0.99 | 0.99 | 0.31 | 1.22 |
| Interest coverage | — | — | — | 588.6 | 5.6 | -12.4 | -58.5 | — | — | — |
| 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 |
| Invested capital | −CN¥75.90B | −CN¥7.64B | −CN¥19.80B | −CN¥14.73B | −CN¥5.07B | −CN¥9.83B | −CN¥9.76B | −CN¥2.53B | −CN¥1.47B | −CN¥1.20B |
| Tangible asset 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 |
| Net current asset value | CN¥304.04B | CN¥223.93B | CN¥133.91B | CN¥97.27B | CN¥54.81B | CN¥50.79B | CN¥21.59B | CN¥16.03B | CN¥1.03B | CN¥339.2M |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥18.3M |
| Share buybacks (net) | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥32.7M | CN¥0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | 0.0% | 0.0% | 10.7% | 2.1% |
| Capex / revenue | 0.3% | 0.2% | 0.2% | 0.5% | 3.5% | 0.1% | 0.1% | 0.2% | 0.5% | 0.5% |
| Capex / operating cash flow | 1.1% | 0.8% | 0.6% | 9.0% | 11.4% | 0.2% | 0.2% | 0.4% | 2.8% | 0.3% |
| Capex / depreciation | 0.38 | 0.37 | 0.31 | 0.23 | 1.78 | 0.05 | 0.04 | 0.05 | 3.94 | 3.04 |
| Stock-based compensation / revenue | 1.8% | 2.5% | 2.9% | 5.9% | 5.1% | 6.1% | 8.5% | 52.1% | 0.8% | 0.8% |
| R&D / revenue | 3.8% | 3.2% | 4.4% | 8.0% | 9.6% | 11.6% | 12.8% | 8.5% | 7.4% | 5.8% |
| SG&A / revenue | 30.9% | 30.2% | 34.8% | 44.7% | 49.3% | 71.8% | 94.5% | 151.7% | 84.7% | 36.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 11.2 | 8.7 | 7.9 | 9.5 | 14.3 | 22.5 | 28.4 | 25.9 | 73.9 | 81.3 |
| Days of inventory on hand | — | 2.8 | -14.0 | -40.0 | 10.0 | 277.3 | 1,265.6 | 1,621.2 | 2,387.7 | 17.6 |
| Days payables outstanding | 193.3 | 218.6 | 316.8 | 764.3 | 687.2 | 803.7 | 1,359.0 | 1,703.3 | 2,769.0 | 712.9 |
| Cash conversion cycle (days) | -182.0 | -207.1 | -322.8 | -794.7 | -662.9 | -503.9 | -65.1 | -56.2 | -307.4 | -614.0 |
| Receivables turnover | 32.50 | 42.17 | 45.94 | 38.24 | 25.45 | 16.25 | 12.87 | 14.11 | 4.94 | 4.49 |
| Payables turnover | 1.89 | 1.67 | 1.15 | 0.48 | 0.53 | 0.45 | 0.27 | 0.21 | 0.13 | 0.51 |
| Inventory turnover | — | 129.11 | — | — | 36.61 | 1.32 | 0.29 | 0.23 | 0.15 | 20.75 |
| Asset turnover | 0.76 | 0.92 | 0.85 | 0.62 | 0.55 | 0.51 | 0.51 | 0.46 | 0.23 | 0.29 |
| Average receivables | CN¥13.29B | CN¥9.34B | CN¥5.39B | CN¥3.41B | CN¥3.69B | CN¥3.66B | CN¥2.34B | CN¥930.0M | CN¥352.9M | CN¥112.5M |
| Average payables | CN¥99.97B | CN¥92.18B | CN¥79.60B | CN¥65.88B | CN¥59.72B | CN¥42.45B | CN¥23.60B | CN¥13.56B | CN¥5.48B | CN¥1.13B |
| Average inventory | — | CN¥1.19B | −CN¥3.51B | −CN¥3.45B | CN¥866.3M | CN¥14.65B | CN¥21.98B | CN¥12.90B | CN¥4.73B | CN¥27.8M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.1% | 0.4% | 0.8% | 2.6% | 6.0% | 0.0% | 0.0% |
Computed from PDD's annual financial statements (latest annual report filed April 29, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
PDD valuation and financial ratios
PDD Holdings earned a return on equity of 26.9% in fiscal 2025. It ended the year with CN¥5.4 billion of debt and CN¥496.5 billion in cash and short-term investments, a net cash position of CN¥491.1 billion.
See the PDD income statement, the PDD chart for price history, or the PDD stock overview for the latest quote and news.
PDD key metrics FAQ
What is PDD Holdings's return on equity?
PDD Holdings's return on equity (ROE) was 26.9% in fiscal 2025: net income of CN¥97.8 billion on average shareholders' equity of CN¥364.2 billion.
How much debt does PDD Holdings have?
PDD Holdings had total debt of CN¥5.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is PDD Holdings's current ratio?
PDD Holdings's current ratio was 2.45 at the end of fiscal 2025: current assets were 2.45 times current liabilities.