PDD Holdings Inc. vs VISA INC., two Internet Retail stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
These two share a sector tag but run on opposite mechanics. PDD is a marketplace operator that earns a 23% net margin and a 22% operating margin, sits on no net debt and a current ratio near 2.4, and converts a 3.2% free-cash yield, a respectable but earthbound retail-platform profile. Visa is a payments network, a toll booth on transactions, which is why it posts a 64% operating margin and a 52% net margin, a 62% return on equity and a 23% return on assets that no merchandising business reaches. PDD is the cheaper stock at about 35 times earnings to Visa's 27, an inversion of the usual order, since the lower-margin retailer trades above the higher-margin network. The market is paying more per dollar of PDD's earnings while paying less for Visa's far richer economics, which tells you how much of the gap is geography and perceived risk rather than business quality.
Comparison updated 2026-06-15.
| Metric | PDD | V |
|---|---|---|
| Price | $85.11 | $348.63 |
| Market cap | $504.7B | $648.5B |
| Sector | Internet Retail | Internet Retail |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +19.7% |
| P/B | — | 18.18 |
| P/S | — | 15.07 |
| EV/EBITDA | — | 23.9 |
| Revenue growth | +45.5% | +14.4% |
| Operating margin | 21.6% | 64.4% |
| Net margin | 22.7% | 51.7% |
| Return on equity | 23.7% | 62.4% |
| Return on assets | 15.5% | 23.4% |
| Return on invested capital | 18.4% | 37.0% |
| FCF yield | — | 3.3% |
| Dividend yield | — | 0.2% |
| Debt / equity | 0.00 | 0.67 |
| Current ratio | 2.43 | 1.09 |
| Altman Z (solvency) | 8.39 | 6.93 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.