What is Pinduoduo's earnings per share (EPS)?

Pinduoduo (PDD) reported diluted earnings per share of $2.36 for fiscal year 2025. This represents a -9.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Pinduoduo Financials

PDD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Pinduoduo (PDD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PDD FY2024 2026-04-29

Rapid scale with disciplined overhead turned a once loss-making platform into a cash-generating, less-leveraged business.

From FY2022 to FY2024, gross margin compression from 75.9% to 60.9% did not stop operating margin from widening. In FY2024, operating cash flow of $16.7B also topped net income of $15.4B, suggesting the business was collecting cash at least as fast as it booked profit even while each sales dollar carried a lower gross spread.

Balance-sheet strengthening accompanied growth: debt-to-equity fell to 0.6x by FY2024 while the current ratio reached 2.2x, so expansion was not financed by piling on short-term strain. Because liabilities grew more slowly than assets over the last three years, the company became more self-funded as it got larger.

Operating leverage is visible in the cost structure: R&D rose only modestly in dollars between FY2022 and FY2024 even as revenue reached $54.0B. Selling and development spending therefore consumed a smaller share of sales, which helps explain why return on assets climbed to 22.3% despite a much bigger asset base; that is a structural efficiency gain, not just a bigger revenue line.

Financial Health Signals

Financial Profile 63/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Pinduoduo's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Pinduoduo has an operating margin of 21.6%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 75/100, reflecting efficient cost management and pricing power. This is down from 27.5% the prior year.

Growth

Pinduoduo's revenue grew 14.5% year-over-year to $61.8B, a solid pace of expansion. This earns a growth score of 88/100.

Leverage

Pinduoduo carries a low D/E ratio of 0.52, meaning only $0.52 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Pinduoduo's current ratio of 2.43 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Pinduoduo earns a strong 23.7% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is down from 35.9% the prior year.

Altman Z-Score Safe

5.21

Pinduoduo scores 5.21, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($145.6B) relative to total liabilities ($31.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

4/9

Pinduoduo passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.09x

For every $1 of reported earnings, Pinduoduo generates $1.09 in operating cash flow ($15.3B OCF vs $14.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$61.8B

YoY+14.5%

5Y CAGR+46.6%

Pinduoduo generated $61.8B in revenue in fiscal year 2025. This represents an increase of 14.5% from the prior year.

EBITDA

$13.4B

YoY-10.4%

Pinduoduo's EBITDA was $13.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.4% from the prior year.

Net Income

$14.0B

YoY-9.2%

Pinduoduo reported $14.0B in net income in fiscal year 2025. This represents a decrease of 9.2% from the prior year.

EPS (Diluted)

$2.36

YoY-9.2%

Pinduoduo earned $2.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$15.6B

YoY+96.8%

5Y CAGR+35.3%

Pinduoduo held $15.6B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

5.69B

YoY+2.2%

Pinduoduo had 5.69B shares outstanding in fiscal year 2025. This represents an increase of 2.2% from the prior year.

Margins & Returns

Gross Margin

56.3%

YoY-4.6pp

5Y CAGR-11.3pp

Pinduoduo's gross margin was 56.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.6 percentage points from the prior year.

Operating Margin

21.6%

YoY-6.0pp

5Y CAGR+37.3pp

Pinduoduo's operating margin was 21.6% in fiscal year 2025, reflecting core business profitability. This is down 6.0 percentage points from the prior year.

Net Margin

22.7%

YoY-5.9pp

5Y CAGR+34.7pp

Pinduoduo's net profit margin was 22.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.9 percentage points from the prior year.

Return on Equity

23.7%

YoY-12.2pp

5Y CAGR+35.6pp

Pinduoduo's ROE was 23.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.4B

YoY+36.0%

5Y CAGR+17.4%

Pinduoduo invested $2.4B in research and development in fiscal year 2025. This represents an increase of 36.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

PDD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$61.8B+14.5%	$54.0B+54.7%	$34.9B+84.3%	$18.9B+28.4%	$14.7B+61.7%	$9.1B
Cost of Revenue	$27.0B+28.0%	$21.1B+63.2%	$12.9B+183.2%	$4.6B-8.4%	$5.0B+68.5%	$3.0B
Gross Profit	$34.8B+5.7%	$32.9B+49.7%	$22.0B+52.8%	$14.4B+47.1%	$9.8B+58.5%	$6.2B
R&D Expenses	$2.4B+36.0%	$1.7B+12.4%	$1.5B+2.5%	$1.5B+6.7%	$1.4B+33.6%	$1.1B
SG&A Expenses	$1.2B+12.7%	$1.0B+80.3%	$574.0M-0.1%	$574.9M+137.8%	$241.8M+4.7%	$231.0M
Operating Income	$13.3B-10.4%	$14.9B+79.7%	$8.3B+87.6%	$4.4B+307.3%	$1.1B+175.3%	-$1.4B
Interest Expense	N/A	N/A	$6.2M-17.3%	$7.5M-96.1%	$193.2M+66.4%	$116.1M
Income Tax	$3.1B+11.9%	$2.8B+66.4%	$1.7B+143.6%	$685.2M+125.8%	$303.4M	$0
Net Income	$14.0B-9.2%	$15.4B+82.2%	$8.5B+84.9%	$4.6B+275.1%	$1.2B+210.8%	-$1.1B
EPS (Diluted)	$2.36-9.2%	$2.60+79.3%	$1.45+83.5%	$0.79+276.2%	$0.21+191.3%	$-0.23

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PDD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$90.1B+30.2%	$69.2B+41.1%	$49.0B+42.6%	$34.4B+20.9%	$28.4B+16.8%	$24.4B
Current Assets	$74.2B+30.3%	$56.9B+37.2%	$41.5B+32.2%	$31.4B+24.4%	$25.3B+10.2%	$22.9B
Cash & Equivalents	$15.6B+96.8%	$7.9B-6.0%	$8.4B+69.2%	$5.0B+393.5%	$1.0B-70.7%	$3.4B
Inventory	N/A	N/A	N/A	N/A	$2.2M-99.2%	$263.4M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$31.0B+18.0%	$26.3B+15.9%	$22.7B+30.9%	$17.3B+3.9%	$16.6B+10.0%	$15.1B
Current Liabilities	$30.6B+18.4%	$25.8B+19.9%	$21.5B+27.1%	$16.9B+15.2%	$14.7B+14.4%	$12.9B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$59.1B+37.7%	$42.9B+62.8%	$26.4B+54.4%	$17.1B+44.9%	$11.8B+27.8%	$9.2B
Retained Earnings	$40.6B+58.3%	$25.7B+142.7%	$10.6B+380.3%	$2.2B+179.3%	-$2.8B+28.8%	-$3.9B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Total Assets	$90.1B+30.2%	$69.2B+41.1%	$49.0B+42.6%	$34.4B+20.9%	$28.4B+16.8%	$24.4B+66.3%	$14.6B+34.0%	$10.9B
Current Assets	$74.2B+30.3%	$56.9B+37.2%	$41.5B+32.2%	$31.4B+24.4%	$25.3B+10.2%	$22.9B+72.5%	$13.3B+26.7%	$10.5B
Cash & Equivalents	$15.6B+96.8%	$7.9B-6.0%	$8.4B+69.2%	$5.0B+393.5%	$1.0B-70.7%	$3.4B+308.2%	$841.8M+1.6%	$828.5M
Inventory	N/A	N/A	N/A	N/A	$2.2M-99.2%	$263.4M+417.8%	$50.9M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$31.0B+18.0%	$26.3B+15.9%	$22.7B+30.9%	$17.3B+3.9%	$16.6B+10.0%	$15.1B+44.7%	$10.5B+41.6%	$7.4B
Current Liabilities	$30.6B+18.4%	$25.8B+19.9%	$21.5B+27.1%	$16.9B+15.2%	$14.7B+14.4%	$12.9B+34.1%	$9.6B+45.8%	$6.6B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$59.1B+37.7%	$42.9B+62.8%	$26.4B+54.4%	$17.1B+44.9%	$11.8B+27.8%	$9.2B+120.5%	$4.2B+18.2%	$3.5B
Retained Earnings	$40.6B+58.3%	$25.7B+142.7%	$10.6B+380.3%	$2.2B+179.3%	-$2.8B+28.8%	-$3.9B-10.0%	-$3.5B-35.1%	-$2.6B

PDD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$15.3B-8.5%	$16.7B+26.0%	$13.3B+88.6%	$7.0B+55.7%	$4.5B+4.5%	$4.3B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$6.6M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$4.3B
Investing Cash Flow	-$6.2B+61.7%	-$16.2B-107.7%	-$7.8B-140.8%	-$3.2B+41.9%	-$5.6B+5.1%	-$5.9B
Financing Cash Flow	-$747.5M-470227.0%	$159K+100.0%	-$1.3B-86484.5%	$1.5M+100.5%	-$294.3M-103.7%	$7.9B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	$2.4B	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$3.9M	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$2.4B	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$4.2B	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	$6.5B	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PDD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	56.3%-4.6pp	60.9%-2.0pp	63.0%-12.9pp	75.9%+9.7pp	66.2%-1.3pp	67.6%
Operating Margin	21.6%-6.0pp	27.5%+3.8pp	23.7%+0.4pp	23.3%+15.9pp	7.3%+23.1pp	-15.8%
Net Margin	22.7%-5.9pp	28.5%+4.3pp	24.2%+0.1pp	24.2%+15.9pp	8.3%+20.3pp	-12.1%
Return on Equity	23.7%-12.2pp	35.9%+3.8pp	32.1%+5.3pp	26.8%+16.4pp	10.3%+22.3pp	-11.9%
Return on Assets	15.5%-6.7pp	22.3%+5.0pp	17.3%+3.9pp	13.3%+9.0pp	4.3%+8.8pp	-4.5%
Current Ratio	2.43+0.2	2.21+0.3	1.93+0.1	1.85+0.1	1.72-0.1	1.78
Debt-to-Equity	0.52-0.1	0.61-0.2	0.86-0.2	1.01-0.4	1.41-0.2	1.64
FCF Margin	N/A	N/A	N/A	N/A	N/A	47.3%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q3'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.43+0.2	2.21+0.3	1.93+0.1	1.85+0.1	1.72-0.1	1.78+0.4	1.39-0.2	1.59
Debt-to-Equity	0.52-0.1	0.61-0.2	0.86-0.2	1.01-0.4	1.41-0.2	1.64-0.9	2.50+0.4	2.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Pinduoduo's annual revenue?

Pinduoduo (PDD) reported $61.8B in total revenue for fiscal year 2025. This represents a 14.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pinduoduo's revenue growing?

Pinduoduo (PDD) revenue grew by 14.5% year-over-year, from $54.0B to $61.8B in fiscal year 2025.

Is Pinduoduo profitable?

Yes, Pinduoduo (PDD) reported a net income of $14.0B in fiscal year 2025, with a net profit margin of 22.7%.

What is Pinduoduo's EBITDA?

Pinduoduo (PDD) had EBITDA of $13.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Pinduoduo's gross margin?

Pinduoduo (PDD) had a gross margin of 56.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pinduoduo's operating margin?

Pinduoduo (PDD) had an operating margin of 21.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Pinduoduo's net profit margin?

Pinduoduo (PDD) had a net profit margin of 22.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Pinduoduo's return on equity (ROE)?

Pinduoduo (PDD) has a return on equity of 23.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pinduoduo's operating cash flow?

Pinduoduo (PDD) generated $15.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pinduoduo's total assets?

Pinduoduo (PDD) had $90.1B in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Pinduoduo spend on research and development?

Pinduoduo (PDD) invested $2.4B in research and development during fiscal year 2025.

How many shares does Pinduoduo have outstanding?

Pinduoduo (PDD) had 5.69B shares outstanding as of fiscal year 2025.

What is Pinduoduo's current ratio?

Pinduoduo (PDD) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.

What is Pinduoduo's debt-to-equity ratio?

Pinduoduo (PDD) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Pinduoduo's return on assets (ROA)?

Pinduoduo (PDD) had a return on assets of 15.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pinduoduo's Altman Z-Score?

Pinduoduo (PDD) has an Altman Z-Score of 5.21, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Pinduoduo's Piotroski F-Score?

Pinduoduo (PDD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pinduoduo's earnings high quality?

Pinduoduo (PDD) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Pinduoduo?

Pinduoduo (PDD) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.