PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace. It focuses on bringing businesses and people into the digital economy. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. The company was incorporated in 2015 and is based in Dublin, Ireland.

PDD Holdings Inc.

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Gross Profit

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Return on Invested Capital

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Return on Assets

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Return on Equity

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Return on Total Capital

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Return on Capital Employed

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Return on Tangible Assets

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Receivables Turnover

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Days Sales Outstanding

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Payables Turnover

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Days Payables Outstanding

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Cash Conversion Cycle

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Asset Turnover

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Fixed Asset Turnover

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Operating Cycle

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CapEx to OCF

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CapEx to Revenue

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CapEx to Depreciation

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R&D to Revenue

R&D to Revenue %Chg

SG&A to Revenue

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Stock-based Comp to Revenue

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Total Debt

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Net Debt

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Current Ratio

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Quick Ratio

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Cash Ratio

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Debt Ratio

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Assets to Equity

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Cash Flow to Debt Ratio

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Long-term Debt to Assets

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Intangibles to Total Assets

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Net Current Asset Value

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Debt / Equity

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Total Debt / Capitalization

Total Debt / Capitalization %Chg

Long Term Debt / Capitalization

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Long-Term Debt / Equity

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Net Debt / EBITDA

Net Debt / EBITDA %Chg

EBIT / Interest Expense

EBIT / Interest Expense %Chg

EBITDA / Interest Expense

EBITDA / Interest Expense %Chg

(EBITDA - Capex) / Interest Expense

(EBITDA - Capex) / Interest Expense %Chg

Diluted EPS 1Y Growth

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Diluted EPS 3Y CAGR

Diluted EPS 3Y CAGR %Chg

Levered Free Cash Flow 1Y Growth

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Levered Free Cash Flow 3Y CAGR

Levered Free Cash Flow 3Y CAGR %Chg

Levered Free Cash Flow 5Y CAGR

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Total Equity 1Y Growth

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Total Equity 3Y CAGR

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Total Equity 5Y CAGR

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Accounts Receivable 1Y Growth

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Accounts Receivable 3Y CAGR

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Accounts Receivable 5Y CAGR

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Tangible Book Value 1Y Growth

Tangible Book Value 1Y Growth %Chg

Tangible Book Value 3Y CAGR

Tangible Book Value 3Y CAGR %Chg

Tangible Book Value 5Y CAGR

Tangible Book Value 5Y CAGR %Chg

Unlevered Free Cash Flow 1Y Growth

Unlevered Free Cash Flow 1Y Growth %Chg

Unlevered Free Cash Flow 3Y CAGR

Unlevered Free Cash Flow 3Y CAGR %Chg

Unlevered Free Cash Flow 5Y CAGR

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Revenue 1Y Growth

Revenue 1Y Growth %Chg

Revenue 3Y CAGR

Revenue 3Y CAGR %Chg

Revenue 5Y CAGR

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Gross Profit 1Y Growth

Gross Profit 1Y Growth %Chg

Gross Profit 3Y CAGR

Gross Profit 3Y CAGR %Chg

Gross Profit 5Y CAGR

Gross Profit 5Y CAGR %Chg

EBITDA 1Y Growth

EBITDA 1Y Growth %Chg

EBITDA 3Y CAGR

EBITDA 3Y CAGR %Chg

EBIT 1Y Growth

EBIT 1Y Growth %Chg

EBIT 3Y CAGR

EBIT 3Y CAGR %Chg

Earnings From Cont. Operations 1Y Growth

Earnings From Cont. Operations 1Y Growth %Chg

Earnings From Cont. Operations 3Y CAGR

Earnings From Cont. Operations 3Y CAGR %Chg

Net Income 1Y Growth

Net Income 1Y Growth %Chg

Net Income 3Y CAGR

Net Income 3Y CAGR %Chg

Plant and Equip. 1Y Growth

Plant and Equip. 1Y Growth %Chg

Plant and Equip. 3Y CAGR

Plant and Equip. 3Y CAGR %Chg

Plant and Equip. 5Y CAGR

Plant and Equip. 5Y CAGR %Chg

Common Equity 1Y Growth

Common Equity 1Y Growth %Chg

Common Equity 3Y CAGR

Common Equity 3Y CAGR %Chg

Common Equity 5Y CAGR

Common Equity 5Y CAGR %Chg

Total Assets 1Y Growth

Total Assets 1Y Growth %Chg

Total Assets 3Y CAGR

Total Assets 3Y CAGR %Chg

Total Assets 5Y CAGR

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Cash From Operations 1Y Growth

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Cash From Operations 3Y CAGR

Cash From Operations 3Y CAGR %Chg

Cash From Operations 5Y CAGR

Cash From Operations 5Y CAGR %Chg

Capital Expenditures 1Y Growth

Capital Expenditures 1Y Growth %Chg

Capital Expenditures 3Y CAGR

Capital Expenditures 3Y CAGR %Chg

Capital Expenditures 5Y CAGR

Capital Expenditures 5Y CAGR %Chg

Weighted Avg. Shares Outstanding 1Y Growth

Weighted Avg. Shares Outstanding 1Y Growth %Chg

Weighted Avg. Shares Outstanding 3Y CAGR

Weighted Avg. Shares Outstanding 3Y CAGR %Chg

Weighted Avg. Shares Outstanding 5Y CAGR

Weighted Avg. Shares Outstanding 5Y CAGR %Chg

Diluted Weighted Avg. Shares Outstanding 1Y Growth

Diluted Weighted Avg. Shares Outstanding 1Y Growth %Chg

Gross Profit Margin

Gross Profit Margin %Chg

Operating Margin

Operating Margin %Chg

EBITDA Margin

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22
Stock Price	820.6	707.9	1,038.5	562.5
Total Shares Outstanding	1,392.1	1,392.1	1,375.9	1,319.6
Market Cap	1,133,555.2	985,555.6	1,424,950.9	742,342.6
Total Enterprise Value (TEV)	720,459.6	664,602.9	1,217,907	609,838.1
Debt Paydown Yield	—	0%	0.6%	—
Shareholder Yield	—	0%	0.6%	—
P/S	2.7	2.5	5.8	5.7
P/Gross Profit	4.8	4.1	9.1	7.5
P/E	11.8	9.3	25.2	25.7
Earnings Yield	8.5%	10.7%	4%	3.9%
P/OCF	10.1	8.1	15.1	15.3
P/FCF	10.1	8.1	15.2	15.5
FCF Yield	9.9%	12.3%	6.6%	6.4%
P/B	2.9	3.1	7.6	6.3
EV/Sales	1.7	1.7	4.9	4.7
EV/Gross Profit	3	2.8	7.8	6.2
EV/EBITDA	7.8	6	20.1	18.4
EV/EBIT	7.8	6.1	20.7	20.1
EV/OCF	6.4	5.5	12.9	12.6
EV/FCF	6.4	5.5	13	12.7

Margins	LTM	Dec '24	Dec '23	Dec '22
Gross Profit Margin	56.6%	60.9%	63%	75.9%
Operating Margin	22.1%	27.5%	23.7%	23.3%
EBITDA Margin	22.1%	28.2%	24.5%	25.4%
Net Profit Margin	24.4%	28.5%	24.2%	24.2%
Effective Tax Rate	15.2%	15.3%	16.5%	13%
Pre-Tax Profit Margin	28.8%	33.7%	29%	27.8%
Free Cash Flow Margin	26.8%	30.7%	37.8%	36.7%
OCF / Sales	26.8%	31%	38%	37.2%
OCF / Net Income	109.9%	108.4%	156.9%	153.8%
FCF / OCF	100%	99.2%	99.4%	98.7%
FCF / Net Income	109.9%	107.6%	155.9%	151.8%
FCF / EBITDA	121.5%	108.9%	154.5%	144.5%

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22
Return on Invested Capital	61.8%	95.2%	76%	58.4%
Return on Assets	14%	21.5%	16.8%	12.6%
Return on Equity	29%	44.9%	39.4%	32.7%
Return on Total Capital	734.6%	884.4%	361.8%	178.1%
Return on Capital Employed	23.4%	42.4%	37.2%	29.3%
Return on Tangible Assets	16.7%	26.4%	20.5%	15.1%
Receivables Turnover	31.7	34.9	27.1	22.1
Days Sales Outstanding	11.5	10.5	13.4	16.5
Payables Turnover	1.9	1.8	1.3	0.5
Days Payables Outstanding	193.4	197.6	275.2	729.9
Cash Conversion Cycle	-181.8	-187.2	-261.8	-713.3
Asset Turnover	0.7	0.9	0.8	0.6
Fixed Asset Turnover	68.9	71.4	65.6	46.6
Operating Cycle	11.5	10.5	13.4	16.5
CapEx to OCF	—	0	0	0
CapEx to Revenue	—	0	0	0
CapEx to Depreciation	—	0.4	0.3	0.2

Financial Health	LTM	Dec '24	Dec '23	Dec '22
Total Debt	10,673.6	10,607.1	10,165.9	16,934.3
Net Debt	-413,095.6	-320,952.8	-207,043.9	-132,504.4
Current Ratio	2.4	2.2	1.9	1.9
Quick Ratio	2	1.8	1.5	1.3
Cash Ratio	1.9	1.8	1.4	1.3
Debt Ratio	0	0	0	0.1
Assets to Equity	1.6	1.6	1.9	2
Cash Flow to Debt Ratio	10.5	11.5	9.3	2.9
Long-term Debt to Assets	0	0	0	0
Intangibles to Total Assets	0	0	0	0
Net Current Asset Value	294,038.5	223,927	133,914	97,268.8
Debt / Equity	0	0	0.1	0.1
Total Debt / Capitalization	1	1	1	1
Long Term Debt / Capitalization	0.3	0.3	0.8	0.1
Long-Term Debt / Equity	0	0	0	0
Net Debt / EBITDA	-4.5	-2.9	-3.4	-4
EBIT / Interest Expense	—	—	1,334.5	588.6
EBITDA / Interest Expense	—	—	1,377.4	641.5
(EBITDA - Capex) / Interest Expense	—	—	1,364.1	629.2

Per Share	LTM	Dec '24	Dec '23	Dec '22
Revenue per Share	282.1	284.6	183.7	101.1
Basic EPS	73.3	81.2	44.3	25
Diluted EPS	68.9	76	41.2	21.9
Book Value per Share	263.8	226.4	138.9	91.2
Tangible Book Value per Share	263.8	226.4	138.9	91.1
Cash per Share	285.6	239.6	161.2	115.7
Operating Cash Flow per Share	75.7	88.1	69.9	37.5
Free Cash Flow per Share	75.7	87.4	69.4	37.1
CapEx per Share	—	0.7	0.4	0.5
Weighted Avg. Shares Outstanding	1,394.4	1,384	1,347.7	1,292
Weighted Avg. Shares Outstanding Diluted	1,483.7	1,384	1,347.7	1,292

Common Size	LTM	Dec '24	Dec '23	Dec '22
R&D to Revenue	3.7%	3.2%	4.4%	8%
SG&A to Revenue	30.9%	30.2%	34.8%	44.7%
Stock-based Comp to Revenue	—	2.5%	2.9%	5.9%