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Held by 548 of 5,944 reporting institutions (97th percentile) — extremely crowded.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $61.75B 100.0% | $393.84B 100.0% | $247.64B 100.0% | $130.56B 100.0% | $93.95B 100.0% | $59.49B 100.0% | $30.14B 100.0% | $13.12B 100.0% |
| Cost of Revenue | $27.00B 43.7% | $153.90B 39.1% | $91.72B 37.0% | $31.46B 24.1% | $31.72B 33.8% | $19.28B 32.4% | $6.34B 21.0% | $2.91B 22.1% |
| Gross Profit | — | — | — | $14.37B 11.0% | $62.23B 66.2% | $40.21B 67.6% | $23.80B 79.0% | $10.21B 77.9% |
| Research & Development | $2.36B 3.8% | $12.66B 3.2% | $10.95B 4.4% | $10.38B 8.0% | $8.99B 9.6% | $6.89B 11.6% | $3.87B 12.8% | $1.12B 8.5% |
| Selling, General & Admin | $1.17B 1.9% | $7.55B 1.9% | $4.08B 1.6% | $3.96B 3.0% | $1.54B 1.6% | $1.51B 2.5% | $1.30B 4.3% | $6.46B 49.2% |
| Total Operating Expenses | $21.44B 34.7% | $131.51B 33.4% | $97.22B 39.3% | $68.69B 52.6% | $55.34B 58.9% | $49.59B 83.4% | $32.34B 107.3% | $21.01B 160.2% |
| Operating Income | $13.31B 21.6% | $108.42B 27.5% | $58.70B 23.7% | $30.40B 23.3% | $6.90B 7.3% | -$9.38B -15.8% | -$8.54B -28.3% | -$10.80B -82.3% |
| Interest Expense | — | — | $6.2M 0.0% | $51.7M 0.0% | $1.23B 1.3% | $757.3M 1.3% | $145.9M 0.5% | — |
| Interest & Investment Income | $3.66B 5.9% | $20.55B 5.2% | $10.24B 4.1% | $4.00B 3.1% | $3.06B 3.3% | $2.46B 4.1% | $1.54B 5.1% | $584.9M 4.5% |
| Other Income (Expense), net | $389.9M 0.6% | $3.12B 0.8% | $2.95B 1.2% | $2.22B 1.7% | $656.3M 0.7% | $193.7M 0.3% | $82.8M 0.3% | -$12.4M -0.1% |
| Pretax Income | $17.10B 27.7% | $132.70B 33.7% | $71.88B 29.0% | $36.26B 27.8% | $9.70B 10.3% | -$7.18B -12.1% | -$6.97B -23.1% | -$10.22B -77.9% |
| Income Tax Expense | $3.11B 5.0% | $20.27B 5.1% | $11.85B 4.8% | $4.73B 3.6% | $1.93B 2.1% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | $13.99B 22.7% | $112.43B 28.5% | $60.03B 24.2% | $31.54B 24.2% | $7.77B 8.3% | -$7.18B -12.1% | -$6.97B -23.1% | -$10.22B -77.9% |
| Per Share | ||||||||
| EPS (Basic) | $2.50 | $20.31 | $11.08 | $6.24 | $1.55 | $-1.51 | $-1.51 | $-3.47 |
| EPS (Diluted) | $2.36 | $19.00 | $10.29 | $5.48 | $1.36 | $-1.51 | $-1.51 | $-3.47 |
| Weighted Avg Shares (Basic) | 5.59B | 5.54B | 5.42B | 5.1M | 5.01B | 4.77B | 4.63B | 2.97B |
| Weighted Avg Shares (Diluted) | 5.93B | 5.92B | 5.84B | 5.8M | 5.71B | 4.77B | 4.63B | 2.97B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 8 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 24%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 8 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 8-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 8-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 22.1 | 21.0 | 32.4 | 33.8 | 24.1 | 37.0 | 39.1 | 43.7 |
| Gross Profit | 77.9 | 79.0 | 67.6 | 66.2 | 11.0 | — | — | — |
| R&D | 8.5 | 12.8 | 11.6 | 9.6 | 8.0 | 4.4 | 3.2 | 3.8 |
| SG&A | 49.2 | 4.3 | 2.5 | 1.6 | 3.0 | 1.6 | 1.9 | 1.9 |
| Operating Income | -82.3 | -28.3 | -15.8 | 7.3 | 23.3 | 23.7 | 27.5 | 21.6 |
| Income Tax | 0.0 | 0.0 | 0.0 | 2.1 | 3.6 | 4.8 | 5.1 | 5.0 |
| Net Income | -77.9 | -23.1 | -12.1 | 8.3 | 24.2 | 24.2 | 28.5 | 22.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PDD: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 490 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMZN | $2.70T | — | — | — | — | — | — | 20.5% | 16.2% | — | 5,764 |
| TSLA | $1.37T | 339.1× | 145.5× | 14.5× | -2.9% | 18.0% | 4.0% | 4.6% | 4.2% | 0.9× | 4,029 |
| TM | $614.2B | 60.0× | 24.8× | 2.6× | 3.8% | 18.4% | 4.4% | 7.9% | 5.9% | 1.7× | 665 |
| PDD | $442.6B | 32.9× | 31.9× | 7.2× | 14.5% | 56.3% | 22.7% | 23.7% | 23.7% | — | 548 |
| HD | $301.3B | 21.3× | 14.3× | 1.8× | 3.2% | 33.3% | 8.6% | 110% | 22.8% | 2.0× | 3,970 |
| BABA | $201.7B | 135.7× | — | 1.4× | 8.1% | 39.8% | 10.1% | 9.8% | 9.8% | — | 1,298 |
| TJX | $140.1B | 26.0× | — | 2.3× | 7.1% | 31.0% | 9.1% | 53.9% | 42.1% | — | 2,608 |
| HTHT | $132.7B | 187.9× | 114.3× | — | — | — | — | 39.7% | 27.3% | 0.7× | 258 |
| SBUX | $109.9B | 59.3× | 26.8× | 3.0× | 2.8% | — | 5.0% | -22.9% | 23.3% | 3.4× | 2,252 |
| LOW | $108.9B | 16.4× | 12.0× | 1.3× | 3.1% | 33.5% | 7.7% | -67.1% | 22.3% | 3.2× | 2,591 |
| ABNB | $101.7B | — | 37.9× | 8.3× | 10.3% | 83.0% | 20.5% | 30.6% | 24.6% | 0.8× | 1,246 |
| MELI | $92.5B | 46.3× | — | 3.2× | 39.1% | 44.5% | 6.9% | 29.6% | 12.5% | — | 1,380 |
| MAR | $88.8B | 35.1× | 20.6× | 3.4× | 4.3% | — | 9.9% | -69.0% | -69.4% | 0.0× | 1,559 |
| LKNCY | $86.3B | 168.2× | 90.8× | 12.3× | 48.9% | — | 7.3% | 23.0% | 23.0% | — | 9 |
| GM | $78.3B | 26.5× | 3.9× | 0.4× | -1.3% | — | 1.5% | 4.4% | 4.4% | — | 1,447 |
| ROST | $74.0B | 34.7× | 22.0× | 3.3× | 7.7% | 27.7% | 9.4% | 34.7% | 27.8% | 0.5× | 1,276 |
| ORLY | $71.5B | 28.6× | 19.5× | 4.0× | 6.4% | 51.6% | 14.3% | -333% | 48.3% | 1.5× | 1,569 |
| HLT | $69.7B | 49.4× | 24.0× | 5.8× | 7.7% | — | 12.1% | -27.0% | -27.0% | — | 1,126 |
| RCL | $67.7B | 16.0× | — | 3.8× | 8.8% | 49.4% | 23.8% | 42.5% | 32.3% | — | 1,114 |
| SE | $62.0B | 40.2× | 24.6× | 2.7× | 36.4% | 44.7% | 6.9% | 12.6% | 12.6% | — | 718 |
| F | $54.2B | — | 4.5× | 0.3× | 1.2% | 6.8% | -4.4% | -22.7% | -22.7% | — | — |
| NKE | $53.9B | 17.3× | — | 1.2× | 0.2% | 42.9% | 6.7% | 20.9% | 13.6% | — | 1,848 |
| EBAY | $50.7B | 26.0× | 18.4× | 4.6× | 7.9% | 71.5% | 18.3% | 45.3% | 38.8% | 0.3× | 1,182 |
| AZO | $47.8B | 19.6× | 13.3× | 2.5× | 2.4% | 52.6% | 13.2% | -73.2% | 46.4% | 2.1× | 1,245 |
| CMG | $44.8B | 29.4× | 19.4× | 3.8× | 5.4% | — | 12.9% | 54.3% | 54.3% | 0.0× | 1,203 |
Peers = companies sharing PDD's sector (Consumer Cyclical) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.