Question 1

What is PDD Holdings's P/S ratio?

Accepted Answer

PDD Holdings (PDD) P/S ratio is 2.0× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For PDD Holdings specifically, the relevant sector benchmark is the current sector median of 1.9×.

Question 5

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

Accepted Answer

PDD Holdings's P/S ratio of 2.0× is below its own 5-year average of 4.6× and above the sector median of 1.9×. 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 P/S ratio range?

Accepted Answer

In the available daily series, PDD Holdings (PDD) P/S ratio has ranged from a low of 2.0× in 2026 to a high of 87.5× in 2017. The 5-year average is 4.6× and the 5-year median is 4.0×.

Question 7

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

Accepted Answer

PDD Holdings (PDD) P/S ratio at the end of 2025 was 2.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$60.15B	2.6×	+0.2×	Dec 31, 2025
2024	$134.74B	$54.74B	2.5×	-3.3×	Dec 31, 2024
2023	$199.46B	$34.76B	5.7×	+0.4×	Dec 31, 2023
2022	$103.78B	$19.29B	5.4×	+0.3×	Dec 31, 2022
2021	$73.33B	$14.57B	5.0×	-19.0×	Dec 31, 2021
2020	$209.27B	$8.72B	24.0×	+14.0×	Dec 31, 2020
2019	$43.58B	$4.35B	10.0×	-2.7×	Dec 31, 2019
2018	$24.93B	$1.96B	12.7×	-74.8×	Dec 31, 2018
2017	$22.98B	$262.46M	87.5×	—	Dec 31, 2017


Casey's General Stores (CASY)	1.3×
Toll Brothers (TOL)	1.2×
D.R. Horton (DHI)	1.2×
Li Auto (LI)	1.2×
Ball (BALL)	1.2×
Weyco Group (WEYS)	1.1×
NIO (NIO)	1.1×
Amcor (AMCR)	0.9×
Norwegian Cruise Line (NCLH)	0.9×
Lennar (LEN)	0.8×
XPeng (XPEV)	0.8×
International Paper (IP)	0.8×
Sonoco Products (SON)	0.7×
Smurfit Westrock (SW)	0.7×
V.F. (VFC)	0.7×
Genuine Parts (GPC)	0.6×
Mohawk Industries (MHK)	0.5×
LKQ (LKQ)	0.5×
MGM Resorts (MGM)	0.5×
Polaris (PII)	0.4×
ChargePoint Holdings (CHPT)	0.4×
General Motors (GM)	0.4×
Leggett & Platt (LEG)	0.3×
Best Buy Co. (BBY)	0.3×
Ford Motor (F)	0.2×

P/S Ratio for PDD Holdings (PDD)

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

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

About P/S Ratio at PDD Holdings (PDD)

PDD Holdings P/S Ratio by Year

PDD Holdings P/S Ratio 2025: 2.6×

PDD Holdings P/S Ratio 2024: 2.5×

PDD Holdings P/S Ratio 2023: 5.7×

PDD Holdings P/S Ratio 2022: 5.4×

PDD Holdings P/S Ratio 2021: 5.0×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

PDD Holdings (PDD) Key Financials

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

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

About P/S Ratio at PDD Holdings (PDD)

PDD Holdings P/S Ratio by Year

PDD Holdings P/S Ratio 2025: 2.6×

PDD Holdings P/S Ratio 2024: 2.5×

PDD Holdings P/S Ratio 2023: 5.7×

PDD Holdings P/S Ratio 2022: 5.4×

PDD Holdings P/S Ratio 2021: 5.0×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

+What is PDD Holdings's P/S ratio?

+How is the P/S ratio calculated?

+What is the P/S ratio?

+What is a good P/S ratio for PDD Holdings?

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

+What is PDD Holdings's historical P/S ratio range?

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

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

PDD Holdings (PDD) Key Financials