PDD Holdings (PDD) FCF Margin (2017 - 2025)
PDD Holdings' (PDD) quarterly FCF Margin came in at 19.47% in Q4 2025, down 725.0% year-on-year from 3.11% in Q4 2024, and down 53.59% quarter-over-quarter from 41.94% in Q3 2025.
PDD Holdings (PDD) FCF Margin (2017 - 2025) Analysis & Trends
PDD Holdings has disclosed FCF Margin across 9 years of filings, most recently posting 19.47% for Q4 2025.
- FCF Margin for Q4 2025 came in at 19.47%, down 725.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 24.67% (down 626.0% YoY), and the FY2025 annual result was 24.4%, down 655.0% from the prior year.
- FCF Margin came in at 19.47% for Q4 2025 at PDD Holdings, down from 41.94% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 66.68% in Q4 2022 to a low of 38.11% in Q1 2022.
- The 5-year median for FCF Margin is 32.4% (2021), against an average of 29.99%.
- Across the five-year window, FCF Margin tumbled 2547 bps in 2021 and jumped 4167 bps in 2023, its largest moves.
- PDD Holdings' FCF Margin stood at 60.22% in 2021, then grew 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 declined by 27 bps to 19.47% in 2025.
- The last three FCF Margin figures came in at 19.47% (Q4 2025), 41.94% (Q3 2025), and 20.61% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Amazon Com | 2,551.03 Bn | 2,407.94 Bn | 171.21 Bn | -10.01% |
| 2 | Mercadolibre | 82.72 Bn | 77.07 Bn | 3.86 Bn | 20.40% |
| 3 | DoorDash | 72.09 Bn | 67.22 Bn | 2.04 Bn | 11.82% |
| 4 | PDD Holdings | 62.92 Bn | 38.25 Bn | 12.81 Bn | 19.47% |
| 5 | Ebay | 48.30 Bn | 44.44 Bn | 2.29 Bn | 29.07% |
| 6 | Coupang | 34.44 Bn | 34.35 Bn | 2.30 Bn | -1.32% |
| 7 | Zkh | 14.36 Bn | 14.36 Bn | 285.30 Mn | - |
| 8 | Wayfair | 10.72 Bn | 9.65 Bn | 880.00 Mn | -1.98% |
| 9 | Maplebear | 10.27 Bn | 9.58 Bn | 738.00 Mn | 24.73% |
| 10 | Chewy | 7.37 Bn | 6.85 Bn | 1.01 Bn | 2.11% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 19.47% |
| Sep 30, 2025 | 41.94% |
| Jun 30, 2025 | 20.61% |
| Mar 31, 2025 | 16.19% |
| Dec 31, 2024 | 26.71% |
| Sep 30, 2024 | 27.70% |
| Jun 30, 2024 | 45.12% |
| Mar 31, 2024 | 24.27% |
| Dec 31, 2023 | 41.51% |
| Sep 30, 2023 | 47.27% |
| Jun 30, 2023 | 46.33% |
| Mar 31, 2023 | 3.56% |
| Dec 31, 2022 | 66.68% |
| Sep 30, 2022 | 32.82% |
| 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 | -16.80% |