PDD Holdings (PDD) FCF Margin (2017 - 2025)

PDD Holdings' FCF Margin history runs 9 years deep, the most recent figure standing at 19.47% for Q4 2025.

• In Q4 2025, FCF Margin fell 725.0% year-over-year to 19.47%; the TTM figure through Dec 2025 stood at 24.72% (down 620.0% YoY), while the FY2025 annual figure 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 42.17% 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.
• A 5-year average of 30.02% and a median of 32.4% in 2021 frame the typical range for FCF Margin.
• Across the five-year window, FCF Margin slumped 2547 bps in 2021 and surged 4167 bps in 2023, its largest moves.
• PDD Holdings' FCF Margin stood at 60.22% in 2021, then increased by 11 bps to 66.68% in 2022, then plunged by 38 bps to 41.51% in 2023, then plunged by 36 bps to 26.71% in 2024, then fell by 27 bps to 19.47% in 2025.
• According to Business Quant data, FCF Margin over the past three periods registered 19.47%, 42.17%, and 20.61% for Q4 2025, Q3 2025, and Q2 2025 respectively.

Peer Comparison