Question 1

What is PDD Holdings's P/B ratio?

Accepted Answer

PDD Holdings (PDD) P/B ratio is 2.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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 P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for PDD Holdings?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For PDD Holdings specifically, the relevant sector benchmark is the current sector median of 4.3×.

Question 5

Is PDD Holdings's P/B ratio high or low?

Accepted Answer

PDD Holdings's P/B ratio of 2.0× is below its own 5-year average of 5.6× and below the sector median of 4.3×. That places the current reading at the 2th 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 P/B ratio range?

Accepted Answer

In the available daily series, PDD Holdings (PDD) P/B ratio has ranged from a low of 1.8× in 2026 to a high of 124.1× in 2017. The 5-year average is 5.6× and the 5-year median is 5.3×.

Question 7

What was PDD Holdings's P/B ratio in 2025?

Accepted Answer

PDD Holdings (PDD) P/B ratio at the end of 2025 was 2.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does PDD Holdings's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$159B	$59.4B	2.7×	-0.5×	Dec 31, 2025
2024	$135B	$42.9B	3.1×	-4.4×	Dec 31, 2024
2023	$199B	$26.4B	7.6×	+1.5×	Dec 31, 2023
2022	$104B	$17.1B	6.1×	-0.1×	Dec 31, 2022
2021	$73.3B	$11.8B	6.2×	-16.5×	Dec 31, 2021
2020	$209B	$9.22B	22.7×	+10.4×	Dec 31, 2020
2019	$43.6B	$3.54B	12.3×	+3.2×	Dec 31, 2019
2018	$24.9B	$2.74B	9.1×	-115.0×	Dec 31, 2018
2017	$23B	$185M	124.1×	—	Dec 31, 2017


MGM Resorts (MGM)	3.9×
Aureus Greenway Holdings (PUSA)	3.6×
Genuine Parts (GPC)	3.6×
Norwegian Cruise Line (NCLH)	3.5×
V.F. (VFC)	3.5×
Lululemon Athletica (LULU)	3.1×
Carnival Corporation (CCL)	2.9×
Ball (BALL)	2.8×
GameStop (GME)	2.0×
XPeng (XPEV)	2.0×
D.R. Horton (DHI)	2.0×
Alibaba (BABA)	1.9×
Li Auto (LI)	1.8×
Amcor (AMCR)	1.7×
Toll Brothers (TOL)	1.6×
Lucid Group (LCID)	1.5×
Leggett & Platt (LEG)	1.3×
Weyco Group (WEYS)	1.2×
Ford Motor (F)	1.2×
LKQ (LKQ)	1.2×
General Motors (GM)	1.1×
Smurfit Westrock (SW)	1.1×
Lennar (LEN)	1.0×
KB Home (KBH)	0.8×
Mohawk Industries (MHK)	0.7×

P/B Ratio for PDD Holdings (PDD) 2017-2026

P/B Ratio daily chart for PDD Holdings (PDD)

Historical P/B Ratio for PDD Holdings (PDD) from 2017 to 2025

About P/B Ratio at PDD Holdings (PDD)

PDD Holdings P/B Ratio by Year

PDD Holdings P/B Ratio 2025: 2.7×

PDD Holdings P/B Ratio 2024: 3.1×

PDD Holdings P/B Ratio 2023: 7.6×

PDD Holdings P/B Ratio 2022: 6.1×

PDD Holdings P/B Ratio 2021: 6.2×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

PDD Holdings (PDD) Key Financials