PDD Holdings Inc.
boothcheck covers PDD Holdings Inc. (PDD) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 3, 2026.
• PDD runs trailing revenue near $61.8 billion at operating margins in the low-to-mid 20s with roughly $15.3 billion of free cash flow and about $15.6 billion of net cash, a profitability-and-balance-sheet profile uncommon among platforms still growing at its pace. • The biggest specific risk is the removal of the U.S. de minimis exemption, which hits Temu's ultra-cheap cross-border model directly; the FY2025 20-F warns trade restrictions could "increase our and merchants' costs" and "prevent me
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544 institutional managers reported holding PDD in 13F filings for the quarter ended 2026-03-31. Together they hold about 7% of the company; the top 10 hold 3%. 61 opened new positions that quarter. Held by BlackRock, Vanguard Group, Baillie Gifford, among others. On the short side, 34.2M shares were sold short as of the 2026-06-15 count, about 0.6% of shares outstanding (4.1 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.
PDD's share count grew 9.8% over the past five years. It pays no dividend.
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 3, 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.