PDD Holdings (PDD) FCF Margin (2017 - 2025)
PDD Holdings (PDD) posted FCF Margin of 19.47% for Q4 2025, down 53.59% sequentially from 41.94% in Q3 2025, and down 725.0% YoY from 3.11% in Q4 2024.
PDD Holdings (PDD) FCF Margin (2017 - 2025) Analysis & Trends
PDD Holdings has reported FCF Margin for 9 years, with the latest figure at 19.47% in Q4 2025.
- Quarterly FCF Margin fell 725.0% year-over-year to 19.47% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 24.71% (down 606.0% YoY) and the FY2025 annual result came in at 23.84%, down 736.0% from the prior year.
- FCF Margin eased to 19.47% in Q4 2025 per PDD's latest filing, from 41.94% in the prior quarter.
- Over five years, FCF Margin peaked at 66.68% in Q4 2022 and troughed at 38.11% in Q1 2022.
- A 5-year average of 30.04% and a median of 33.06% in 2021 frame the typical range for FCF Margin.
- The widest YoY moves for FCF Margin: up 4168 bps in 2023, down 2517 bps in 2023.
- Over 5 years, FCF Margin stood at 60.22% in 2021, then rose by 11 bps to 66.68% in 2022, then sank by 38 bps to 41.51% in 2023, then sank by 36 bps to 26.71% in 2024, then retreated by 27 bps to 19.47% in 2025.
- According to Business Quant data, FCF Margin over the past three periods registered 19.47%, 41.94%, and 20.81% for Q4 2025, Q3 2025, and Q2 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,927.23 Bn | 2,804.24 Bn | 198.88 Bn | -7.06% |
| 2 | PDD Holdings | 505.53 Bn | 445.99 Bn | 9.83 Bn | 19.47% |
| 3 | Mercadolibre | 97.91 Bn | 82.71 Bn | 4.16 Bn | 31.67% |
| 4 | DoorDash | 93.36 Bn | 88.01 Bn | 2.35 Bn | 18.03% |
| 5 | JD.com | 87.12 Bn | 57.94 Bn | 7.66 Bn | 0.67% |
| 6 | Sea | 78.15 Bn | 69.63 Bn | 3.15 Bn | 14.91% |
| 7 | Ebay | 47.32 Bn | 44.01 Bn | 2.30 Bn | 10.40% |
| 8 | Coupang | 29.67 Bn | 23.56 Bn | 2.49 Bn | 0.56% |
| 9 | Zkh | 16.19 Bn | 16.19 Bn | 51.11 Mn | - |
| 10 | Wayfair | 13.67 Bn | 12.53 Bn | 1.05 Bn | 9.49% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 19.47% |
| Sep 30, 2025 | 41.94% |
| Jun 30, 2025 | 20.81% |
| Mar 31, 2025 | 16.19% |
| Dec 31, 2024 | 26.71% |
| Sep 30, 2024 | 27.12% |
| Jun 30, 2024 | 45.12% |
| Mar 31, 2024 | 24.27% |
| Dec 31, 2023 | 41.51% |
| Sep 30, 2023 | 47.68% |
| Jun 30, 2023 | 46.33% |
| Mar 31, 2023 | 3.57% |
| Dec 31, 2022 | 66.68% |
| Sep 30, 2022 | 34.13% |
| Jun 30, 2022 | 61.62% |
| Mar 31, 2022 | -38.11% |
| Dec 31, 2021 | 60.22% |
| Sep 30, 2021 | 40.62% |
| Jun 30, 2021 | 31.98% |
| Mar 31, 2021 | -16.98% |