Question 1

What is PDD Holdings's EV/EBITDA ratio?

Accepted Answer

PDD Holdings (PDD) EV/EBITDA ratio is 2.8× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for PDD Holdings?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For PDD Holdings specifically, the relevant sector benchmark is the current sector median of 14.3×.

Question 5

Is PDD Holdings's EV/EBITDA ratio high or low?

Accepted Answer

PDD Holdings's EV/EBITDA ratio of 2.8× is below its own 5-year average of 14.3× and below the sector median of 14.3×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is PDD Holdings's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, PDD Holdings (PDD) EV/EBITDA ratio has ranged from a low of 2.6× in 2026 to a high of 46.1× in 2022. The 5-year average is 14.3× and the 5-year median is 12.0×.

Question 7

What was PDD Holdings's EV/EBITDA ratio in 2025?

Accepted Answer

PDD Holdings (PDD) EV/EBITDA ratio at the end of 2025 was 4.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does PDD Holdings's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$159.04B	$18.09B	4.9×	-1.1×	Dec 31, 2025
2024	$134.74B	$15.17B	6.0×	-14.1×	Dec 31, 2024
2023	$199.46B	$8.49B	20.1×	+2.1×	Dec 31, 2023
2022	$103.78B	$4.71B	18.0×	-32.0×	Dec 31, 2022
2021	$73.33B	$1.21B	50.0×	—	Dec 31, 2021
2020	$209.27B	−$1.27B	—	—	Dec 31, 2020
2019	$43.58B	−$1.15B	—	—	Dec 31, 2019
2018	$24.93B	−$718.89M	—	—	Dec 31, 2018
2017	$22.98B	−$85.98M	—	—	Dec 31, 2017


Lennar (LEN)	12.5×
Packaging Corporation of America (PKG)	12.3×
Wynn Resorts (WYNN)	11.7×
General Motors (GM)	11.5×
Amcor (AMCR)	11.3×
Masco (MAS)	10.9×
NVR (NVR)	10.9×
Ball (BALL)	10.7×
D.R. Horton (DHI)	10.7×
Las Vegas Sands (LVS)	10.1×
Norwegian Cruise Line (NCLH)	9.9×
Carnival Corporation (CCL)	9.5×
Deckers Outdoor (DECK)	9.5×
LKQ (LKQ)	9.0×
Toll Brothers (TOL)	8.6×
PulteGroup (PHM)	8.1×
Expedia Group (EXPE)	8.0×
Etsy (ETSY)	8.0×
Leggett & Platt (LEG)	7.3×
Best Buy Co. (BBY)	6.8×
Weyco Group (WEYS)	6.6×
Sonoco Products (SON)	6.5×
Lululemon Athletica (LULU)	6.3×
Mohawk Industries (MHK)	4.9×
Smurfit Westrock (SW)	4.6×

EV/EBITDA for PDD Holdings (PDD)

EV/EBITDA daily chart for PDD Holdings (PDD)

Historical EV/EBITDA for PDD Holdings (PDD) from 2017 to 2025

About EV/EBITDA at PDD Holdings (PDD)

PDD Holdings EV/EBITDA by Year

PDD Holdings EV/EBITDA 2025: 4.9×

PDD Holdings EV/EBITDA 2024: 6.0×

PDD Holdings EV/EBITDA 2023: 20.1×

PDD Holdings EV/EBITDA 2022: 18.0×

PDD Holdings EV/EBITDA 2021: 50.0×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

PDD Holdings (PDD) Key Financials

EV/EBITDA daily chart for PDD Holdings (PDD)

Historical EV/EBITDA for PDD Holdings (PDD) from 2017 to 2025

About EV/EBITDA at PDD Holdings (PDD)

PDD Holdings EV/EBITDA by Year

PDD Holdings EV/EBITDA 2025: 4.9×

PDD Holdings EV/EBITDA 2024: 6.0×

PDD Holdings EV/EBITDA 2023: 20.1×

PDD Holdings EV/EBITDA 2022: 18.0×

PDD Holdings EV/EBITDA 2021: 50.0×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is PDD Holdings's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for PDD Holdings?

+Is PDD Holdings's EV/EBITDA ratio high or low?

+What is PDD Holdings's historical EV/EBITDA ratio range?

+What was PDD Holdings's EV/EBITDA ratio in 2025?

+Why does PDD Holdings's EV/EBITDA ratio change over time?

PDD Holdings (PDD) Key Financials