JD.com, Inc. (JDCMF) intrinsic value & 10-year financials
JD.com, Inc. (JDCMF) has a Graham intrinsic value of $134.11 per share. Over the last 10 fiscal years revenue grew 19.8% a year to $1.3T, with an average return on invested capital of 5.1%.
- Graham intrinsic value
- $134.11
- Revenue (FY2025)
- $1.3T
- Revenue growth (10-yr CAGR)
- 19.8%
- ROIC (10-yr avg)
- 5.1%
- Free cash flow (FY2025)
- $11.2B
JDCMF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3T | $23.1B | $6.45 | $11.2B | 0.2% | 1.5% |
| FY2024 | $1.2T | $44.7B | $13.43 | $52.7B | 3.3% | 18.5% |
| FY2023 | $1.1T | $23.3B | $7.61 | $55.5B | 2.4% | 11.2% |
| FY2022 | $1.0T | $9.7B | $3.21 | $52.3B | 1.9% | 8.4% |
| FY2021 | $951.6B | -$4.5B | -$1.15 | $36.7B | 0.4% | 2.9% |
| FY2020 | $745.8B | $49.3B | $15.84 | $39.2B | 1.7% | 13.7% |
| FY2019 | $576.9B | $11.9B | $4.11 | $22.2B | 1.6% | 20.4% |
| FY2018 | $462.0B | -$2.8B | -$0.87 | — | -0.6% | -9.9% |
| FY2017 | $362.3B | -$11.7M | -$0.05 | — | -0.2% | -2.0% |
| FY2016 | $258.3B | -$3.8B | -$1.36 | — | -0.8% | -13.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
JD.com, Inc. is a consistent compounder, expanding top-line revenue at 19.8% annually over the past decade.
JD.com, Inc. has historically struggled to out-earn its cost of capital, averaging just 5.1% ROIC.
JD.com, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, JD.com, Inc. is modeled at 7.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $134.11 per share.