Pdd Holdings Inc. (PDD) intrinsic value & 10-year financials
Pdd Holdings Inc. (PDD) has a Graham intrinsic value of $548.06 per share. At $81.39 on Oct 20, 2026, the stock trades 85% below that value. Over the last 10 fiscal years revenue grew 111.7% a year to $431.8B, with an average return on invested capital of 10.9%.
- Graham intrinsic value
- $548.06
- Share price (Oct 20, 2026)
- $81.39
- Price vs Graham value
- 85% below
- Market cap
- $482.6B
- Revenue (FY2025)
- $431.8B
- Revenue growth (10-yr CAGR)
- 111.7%
- ROIC (10-yr avg)
- 10.9%
- Free cash flow (FY2025)
- —
PDD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $431.8B | $97.8B | $16.50 | — | 21.6% | 26.9% |
| FY2024 | $393.8B | $112.4B | $0.02 | — | 27.5% | 47.3% |
| FY2023 | $247.6B | $60.0B | $0.01 | — | 23.7% | 45.7% |
| FY2022 | $130.6B | $31.5B | $0.01 | — | 23.3% | 34.4% |
| FY2021 | $93.9B | $7.8B | $0.00 | — | 7.3% | 10.3% |
| FY2020 | $59.5B | -$7.2B | -$0.00 | $28.2B | -15.8% | -32.6% |
| FY2019 | $30.1B | -$7.0B | -$0.00 | $14.8B | -28.3% | -44.2% |
| FY2018 | $13.1B | -$10.2B | -$0.00 | $7.7B | -82.3% | -121.1% |
| FY2017 | $1.7B | -$525.1M | -$0.00 | $9.7B | -34.2% | 74.1% |
| FY2016 | $504.9M | -$292.0M | -$0.00 | $877.5M | -56.7% | 68.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PDD Holdings Inc. is a consistent compounder, expanding top-line revenue at 111.7% annually over the past decade.
PDD Holdings Inc. returns on capital have been average, hovering around 12.5% ROIC over the decade.
Over the decade, PDD Holdings Inc. shows that management has aggressively returned capital to shareholders by retiring 99.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PDD Holdings Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $548.06 per share.