Company Valuation: PDD Holdings Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 464,164 711,175 1,378,369 983,166 1,125,915 735,148 - -
Change - 53.22% 93.82% -28.67% 14.52% -34.71% - -
Enterprise Value (EV) 1 383,009 578,670 1,171,325 662,213 703,606 401,014 280,196 144,121
Change - 51.09% 102.42% -43.46% 6.25% -43.01% -30.13% -48.56%
P/E 68.1x 25.6x 25.2x 9.31x 11.8x 7.89x 6.44x 5.77x
PBR 7.04x 6.88x 7.62x 3.13x 2.83x 1.41x 1.15x 0.95x
PEG - 0x 0.3x 0.1x -1x -3.39x 0.3x 0.5x
Capitalization / Revenue 4.94x 5.45x 5.57x 2.5x 2.61x 1.58x 1.42x 1.3x
EV / Revenue 4.08x 4.43x 4.73x 1.68x 1.63x 0.86x 0.54x 0.25x
EV / EBITDA 29.1x 14.3x 17.6x 5.56x 6.82x 3.72x 2.2x 0.99x
EV / EBIT 32.8x 15.2x 17.8x 5.6x 6.86x 3.71x 2.22x 0.99x
EV / FCF 15x 12.1x 12.5x 5.47x 6.65x 3.99x 2.1x 0.99x
FCF Yield 6.66% 8.27% 7.99% 18.3% 15% 25.1% 47.6% 101%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 5.44 21.93 41.15 76.01 67.03 65.47 80.24 89.48
Distribution rate - - - - - - - -
Net sales 1 93,950 130,558 247,639 393,836 431,846 466,025 517,116 565,671
EBITDA 1 13,167 40,344 66,564 119,015 103,163 107,888 127,186 145,793
EBIT 1 11,671 38,120 65,778 118,306 102,561 108,218 126,398 146,089
Net income 1 7,769 31,538 60,027 112,435 99,364 95,999 116,575 133,058
Net Debt 1 -81,154 -132,504 -207,044 -320,953 -422,308 -334,134 -454,952 -591,027
Reference price 2 370.36 562.47 1,037.47 707.94 793.10 516.47 516.47 516.47
Nbr of stocks (in thousands) 1,253,289 1,264,386 1,328,587 1,388,771 1,419,646 1,423,396 - -
Announcement Date 3/21/22 3/20/23 3/20/24 3/20/25 3/25/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.89x0.86x3.72x-.--% 110B
15.77x7.65x16.35x0.27% 3,957B
21.04x6.15x11.02x0.35% 1,566B
31.2x14.6x23.09x0.57% 535B
13.35x3.55x8.22x1.52% 444B
17.3x5.12x15.33x-.--% 255B
19.06x1.39x9.39x1.08% 251B
103.94x13.8x74.12x-.--% 216B
20.56x2.34x11.91x-.--% 133B
40.91x4.73x31.2x-.--% 111B
Average 29.10x 6.02x 20.43x 0.38% 757.77B
Weighted average by Cap. 20.82x 7.24x 16.59x 0.38%

Y-o-Y evolution of P/E

Valuation ratios - P/E - PDD Holdings Inc.

Historical PBR trend

Valuation ratios - PBR - PDD Holdings Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - PDD Holdings Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - PDD Holdings Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - PDD Holdings Inc.
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