Company Valuation: JD.com, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 683,774 606,067 322,341 366,810 284,648 237,910 - -
Change - -11.36% -46.81% 13.8% -22.4% -16.42% - -
Enterprise Value (EV) 1 512,197 428,490 179,195 196,871 141,903 115,298 106,707 80,552
Change - -16.34% -58.18% 9.86% -27.92% -18.75% -7.45% -24.51%
P/E -194x 60.3x 13.5x 9.42x 15.6x 9.7x 7.03x 5.76x
PBR 3.31x 2.85x 1.39x 1.53x 1.25x 1.04x 0.94x 0.86x
PEG - -0x 0x 0.1x -0.3x 0.2x 0.2x 0.3x
Capitalization / Revenue 0.72x 0.58x 0.3x 0.32x 0.22x 0.18x 0.17x 0.16x
EV / Revenue 0.54x 0.41x 0.17x 0.17x 0.11x 0.08x 0.07x 0.05x
EV / EBITDA 27.4x 12.8x 4.22x 3.79x 7.74x 3.5x 2.38x 1.37x
EV / EBIT 124x 21.7x 6.89x 5.08x 51.2x 6.57x 3.83x 2.14x
EV / FCF 19.5x 10.7x 4.36x 4.49x 22.7x 3.03x 2.94x 1.59x
FCF Yield 5.12% 9.37% 23% 22.3% 4.41% 33% 34% 62.9%
Dividend per Share 2 - 4.261 5.469 7.251 6.891 6.984 7.599 8.883
Rate of return - 1.1% 2.67% 2.87% 3.43% 3.95% 4.29% 5.02%
EPS 2 -2.29 6.42 15.23 26.86 12.9 18.25 25.17 30.72
Distribution rate - 66.4% 35.9% 27% 53.4% 38.3% 30.2% 28.9%
Net sales 1 951,592 1,046,236 1,084,662 1,158,819 1,309,085 1,356,670 1,435,908 1,509,718
EBITDA 1 18,712 33,602 42,452 51,923 18,344 32,986 44,844 58,696
EBIT 1 4,141 19,723 26,025 38,736 2,774 17,542 27,835 37,714
Net income 1 -3,560 10,380 24,167 41,359 19,631 24,827 33,760 41,950
Net Debt 1 -171,577 -177,577 -143,146 -169,939 -142,745 -122,612 -131,203 -157,358
Reference price 2 445.13 387.14 204.86 253.06 200.74 177.02 177.02 177.02
Nbr of stocks (in thousands) 1,536,133 1,565,500 1,573,500 1,449,500 1,418,000 1,344,000 - -
Announcement Date 3/10/22 3/9/23 3/6/24 3/6/25 3/5/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.7x0.08x3.5x3.95% 35.44B
19.27x3.26x12.45x-.--% 2,677B
27.69x1.99x14.46x3.13% 59.51B
-27.26x0.57x32.47x-.--% 24.81B
15.12x - - - 16.69B
16.01x1.39x9.47x3.15% 16.23B
63.77x5.65x30.14x0.19% 14.39B
33.24x2.36x16.41x0.77% 14.34B
-1316.66x1.14x17.65x0.01% 13.88B
26.7x3.86x12.95x-.--% 12.76B
Average -113.24x 2.26x 16.61x 1.25% 288.55B
Weighted average by Cap. 12.78x 3.16x 12.67x 0.14%

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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