PDD Holdings Inc. (PDD)

Nasdaq: PDD · Services-Business Services, NEC · Dublin 2, IE · filing with the SEC since 2018

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Grade6.3

◀ Past 6.3● Present 7.7▶ Future 5.1

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of PDD Holdings Inc.

Nine metrics read from its own filings, by tense

Headline grade

6.3/10

◀ Past6.325% of the headline

● Present7.735% of the headline

▶ Future5.140% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.3/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed

8.0/10

Has it survived what it has been through?

No warning events in its filings since 2018.

weight 22% of this tense · 80th percentile among 105 sector filers · read for itself

From the record

PDD Holdings Inc.'s filings since 2018 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.8/10

What has it actually done, year after year?

+111.7% a year over 10 filed years; profitable in 5 of 10.

weight 45% of this tense · 78th percentile among 99 sector filers · read for its customers

From the record

PDD Holdings Inc.'s 10 filed years say what it did: revenue went from CNY 505 million in fiscal 2016 to CNY 432 billion in fiscal 2025, up 111.7% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 5 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span111.7%top 2% of its family
the share of years revenue rosetop 18% of its family
the share of filed years with a profittop 49% of its family
the deepest fall from a revenue peak0.0%top 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

3.2/10

How has it treated the people who own it?

Share count grew 1.0% a year. 0% of cash flow returned. Insiders: 3 sales, 0 purchases.

weight 33% of this tense · 32nd percentile among 70 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, PDD Holdings Inc.'s diluted share count grew about 1.0% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 3 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 47% of its family
cash returned against operating cash flowbottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

7.7/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

7.0/10

Is it financially healthy right now?

ROE 24%: 24¢ of profit per shareholder dollar. Leverage 34%: owes 34¢ per asset dollar.

weight 33% of this tense · 71st percentile among 98 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, PDD Holdings Inc. earned about 24 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 39 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 34 cents per dollar of assets, and net share issuance: its share count grew 0.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 20% of its family
return on equitytop 24% of its family
gross profit against assetstop 25% of its family
the share count against the year beforetop 49% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

9.3/10

How strong is its position in its industry?

top 7% of 101 in its family; net margin 22.7%.

weight 45% of this tense · 93rd percentile among 101 sector filers · read for its customers

From the record

PDD Holdings Inc.'s standing among 101 graded names in its industry family: revenue of CNY 432 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 22.7% ranks in the top 10%; revenue growth of 49% a year over the last 3 filed years ranks in the top 3% (its annual reports).

What it rests on

net margin22.7%top 10% of its family
three-year revenue growth49.0%top 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.3/10

What are the people in charge doing?

SI estimate 5.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 73 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 73 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 73 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: PDD Holdings Inc.'s leadership is put at 5.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 73 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.1/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

6.3/10

How much room does it have to grow?

top 37% of 99 in its family for room to expand.

weight 33% of this tense · 63rd percentile among 99 sector filers · read for itself

From the record

PDD Holdings Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of CNY 183 billion against no long-term debt tagged leaves 29% of its assets as net cash, top 15% of its family; cash from operations less capital spending is 24.8% of revenue (top 15%); a gross margin of 56.3% (top 40%); research spending of 3.8% of revenue (bottom 23%) (its annual report).

What it rests on

cash less debt against assets29.0%top 15% of its family
cash from operations less capital spending against revenue24.8%top 15% of its family
gross margin56.3%top 40% of its family
research spending against revenue3.8%bottom 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.6/10

What could actually drive growth from here?

top 44% of 99 in its family for growth drivers.

weight 45% of this tense · 56th percentile among 99 sector filers · read for its customers

From the record

PDD Holdings Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 49% a year over the last three filed years against 111.7% over all 10, slowing (bottom 3% of its family); the newest year grew 9.7% (top 46%); research spending grew 16.7% a year (top 21%); capital spending grew 69% a year (top 10%) (its annual reports). PDD Holdings Inc. reported 2 product lines in fiscal 2025: Online Marketing Services and Others at CNY 218 billion (50%), Transaction Services at CNY 214 billion (50%); 2 of 2 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-62.8 points a yearbottom 3% of its family
the newest year's revenue growth9.7%top 46% of its family
three-year growth of research spending16.7%top 21% of its family
three-year growth of capital spending69.0%top 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

2.2/10

Did its newest year beat what its own record pointed to?

bottom 22% of 93 in its family for expectations against reality.

weight 22% of this tense · 22nd percentile among 93 sector filers · read for its shareholders

From the record

PDD Holdings Inc.'s newest year against its own record: revenue of CNY 432 billion in fiscal 2025 came in 36.8% below the CNY 684 billion its prior three years' pace pointed to (bottom 3% of its family); net income of CNY 98 billion against a prior three-year average of CNY 68 billion (bottom 44%); a net margin of 22.7% against 25.6% before (bottom 21%) (its annual reports).

What it rests on

revenue against the prior three years' pace-36.8%bottom 3% of its family
net income against the prior three years' average+44%bottom 44% of its family
net margin against its prior average-3.0 pointsbottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton PDD · research, not advice