JD.com, Inc.
In the published model solve dated 2026-Q2, anchored at $31.99, JD.com, Inc. (JD) is priced for +1.0% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 24, 2026 from SEC EDGAR filings.
• Two very different businesses sit inside this company: a retail engine that earned RMB 15.0 billion of operating income at a 5.6% margin in the first quarter of 2026, against 4.9% a year earlier, and an instant-delivery build-out deliberately run at a loss [Source: JD.com Q1 2026 results]. • That build-out is the dominant risk to reported earnings, turning RMB 6.3 billion of New Businesses revenue into a RMB 10.4 billion operating loss in three months and pulling consolidated operating income
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397 institutional managers reported holding JD in 13F filings for the quarter ended 2026-03-31. Together they hold about 12% of the company; the top 10 hold 6%. 47 opened new positions that quarter. Held by Dodge & Cox, Franklin Resources, Susquehanna International Group, among others. On the short side, 31.1M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (4.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
JD has cut its share count 8.4% over the past five years, spending $8.08B on repurchases. It pays a dividend, and has for 4 years running, raised 2 years straight. Cash returned over the past three years: $3.56B in dividends and $6.99B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 24, 2026
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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.