TTM
24.0%
YoY change
−6.22pp
Trough year (2022)
4.9%
Peak year (2016)
173.8%
Latest annual
24.5%
FCF Margin history chart for PDD Holdings (PDD) from 2016 to 2025
Latest: 24.5%
FCF Margin change chart for PDD Holdings (PDD) from 2016 to 2025
Latest: −6.22pp
FCF Margin history table for PDD Holdings (PDD) from 2016 to 2025
| 2025 | 24.5% | -6.22pp | ||
| 2024 | 30.7% | -7.07pp | ||
| 2023 | 37.8% | +32.89pp | ||
| 2022 | 4.9% | -22.24pp | ||
| 2021 | 27.1% | -20.19pp | ||
| 2020 | 47.3% | -1.76pp | ||
| 2019 | 49.1% | -9.92pp | ||
| 2018 | 59.0% | +41.42pp | ||
| 2017 | 17.6% | -156.23pp | ||
| 2016 | 173.8% | — |
- 202524.5%-6.22pp
- 202430.7%-7.07pp
- 202337.8%+32.89pp
- 20224.9%-22.24pp
- 202127.1%-20.19pp
- 202047.3%-1.76pp
- 201949.1%-9.92pp
- 201859.0%+41.42pp
- 201717.6%-156.23pp
- 2016173.8%—
FCF Margin values are taken from PDD Holdings's reported income statements (interim 6-K and annual 20-F filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in CNY as filed.
About FCF Margin at PDD Holdings (PDD)
According to PDD Holdings's latest reported financial statements, the company's latest reported free cash flow margin is 24.0%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
PDD Holdings (PDD) most recent annual free cash flow margin stands at 24.50% (2025) – contracted 6.2 percentage points year-over-year.
Across the available history, free cash flow margin reached its high of 173.80% in 2016 and its low of 4.90% in 2022.
PDD Holdings FCF Margin by Year
PDD Holdings FCF Margin 2025: 24.5%
2025's free cash flow margin for PDD Holdings came in at 24.50%, contracted 6.2 percentage points from 2024.
PDD Holdings FCF Margin 2024: 30.7%
PDD Holdings posted free cash flow margin of 30.71% in 2024, contracted 7.1 percentage points from 2023.
PDD Holdings FCF Margin 2023: 37.8%
In 2023, PDD Holdings reported free cash flow margin of 37.79%, expanded 32.9 percentage points from 2022.
PDD Holdings FCF Margin 2022: 4.9%
PDD Holdings free cash flow margin in 2022 was 4.90%, contracted 22.2 percentage points from 2021. This figure represents the lowest annual value in the available history.
PDD Holdings FCF Margin 2021: 27.1%
PDD Holdings free cash flow margin in 2021 was 27.14%.
See more financial history for PDD Holdings (PDD).
Sector peers by FCF Margin
Consumer Cyclical peers of PDD Holdings (PDD), ranked by their latest free cash flow margin
| 32.6% | |
| 25.6% | |
| 8.9% | |
| 8.6% | |
| 8.6% | |
| 7.2% | |
| -0.3% | |
| -4.9% |
- 25.6%
- 8.6%
- 7.2%
- -0.3%
- -4.9%
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