PDD Holdings (PDD) FCF Margin (2017 - 2026)
PDD Holdings' FCF Margin was 22.77% in the quarter ended Jun 30, 2026, up 2.15 percentage points from 20.61% a year earlier and up 7.35 percentage points from the prior quarter.
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Analysis
PDD Holdings (PDD) FCF Margin (2017 - 2026) Analysis & Trends
On a trailing twelve-month basis, PDD Holdings' FCF Margin was 24.62% through Jun 30, 2026, up 1.79 percentage points year-over-year; for the year ended Dec 31, 2025, it was 24.76%, down 6.69 percentage points from the prior year.
- FCF Margin shows a five-year change of +1.90 percentage points (years ended Dec 2020 to Dec 2025).
- In earlier years, FCF Margin was 31.45% in the year ended Dec 31, 2024 (+9.87 pp), 21.58% in the year ended Dec 31, 2023 (+8.19 pp), 13.39% in the year ended Dec 31, 2022 (+0.60 pp) and 12.79% in the year ended Dec 31, 2021 (-10.07 pp).
- Quarterly FCF Margin has moved between -38.07% (the quarter ended Mar 31, 2022) and 66.68% (the quarter ended Dec 31, 2022) over five years.
- Compared with a year earlier, FCF Margin was higher in two of the last eight quarters, with an average year-over-year change of -7.42 percentage points.
- The best year-over-year quarter for FCF Margin over five years was the quarter ended Mar 31, 2023 (a gain of 41.64 percentage points); the worst was the quarter ended Dec 31, 2023 (a drop of 25.17 percentage points).
- Per Business Quant data, PDD's FCF Margin in the three quarters before the quarter ended Jun 30, 2026 was 15.42% (quarter ended Mar 31, 2026), 19.47% (quarter ended Dec 31, 2025) and 41.94% (quarter ended Sep 30, 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,273.02 Bn | 4,030.55 Bn | 73.85 Bn | -4.89% |
| 2 | Meta Platforms | 1,882.67 Bn | 1,585.19 Bn | 49.47 Bn | 2.87% |
| 3 | Netflix | 292.72 Bn | 252.92 Bn | 6.52 Bn | 12.14% |
| 4 | Alibaba Group Holding | 258.66 Bn | 82.26 Bn | 15.11 Bn | 33.57% |
| 5 | Shopify | 221.29 Bn | 198.47 Bn | 1.71 Bn | 18.25% |
| 6 | Uber Technologies | 145.86 Bn | 117.84 Bn | 6.38 Bn | 19.67% |
| 7 | Booking Holdings | 120.48 Bn | 53.53 Bn | - | 49.55% |
| 8 | PDD Holdings | 115.79 Bn | -126.92 Bn | 9.45 Bn | 22.77% |
| 9 | Spotify Technology | 108.98 Bn | 66.21 Bn | 1.86 Bn | 17.50% |
| 10 | Airbnb | 97.86 Bn | 51.09 Bn | 2.98 Bn | 35.20% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 22.77% |
| Mar 31, 2026 | 15.42% |
| 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 | 27.12% |
| Jun 30, 2024 | 45.29% |
| Mar 31, 2024 | 24.50% |
| 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% |
API Access
PDD Holdings FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=PDD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "PDD", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=PDD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();