BABA vs PDD
Alibaba Group Holding Limited and PDD Holdings Inc., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | BABA | PDD |
|---|---|---|
| Revenue | ¥1.0T | ¥431.8B |
| Net income | ¥103.6B | ¥97.8B |
| Gross margin | 39.8% | 56.3% |
| Net margin | 10.1% | 22.7% |
| Return on equity | 10.0% | 26.9% |
| Diluted EPS | ¥5.50 | — |
| Dividend / share | — | — |
| Payout ratio | 32.6% | — |
| Free cash flow | — | ¥28.2B |
| Equity | ¥1.1T | ¥413.4B |
| Net debt / equity | −0.39× | −1.21× |
| Current ratio | 1.28× | 2.43× |
| Revenue CAGR 5y | 7.4% | 48.7% |
| Profit CAGR 5y | −7.2% | — |
BABA bills 2.4× the revenue of PDD, and PDD keeps more of each dollar of revenue as profit (22.7% against 10.1%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | BABA | PDD |
|---|---|---|
| FY2025 | ¥1.0T | ¥431.8B |
| FY2024 | ¥996.3B | ¥393.8B |
| FY2023 | ¥941.2B | ¥247.6B |
| FY2022 | ¥868.7B | ¥130.6B |
| FY2021 | ¥853.1B | ¥93.9B |
| FY2020 | ¥717.3B | ¥59.5B |
| FY2019 | ¥509.7B | ¥30.1B |
| FY2018 | ¥376.8B | ¥13.1B |
| FY2017 | ¥250.3B | ¥1.7B |
| FY2016 | ¥158.3B | ¥504.9M |
Net income by year
Bottom line
| Fiscal year | BABA | PDD |
|---|---|---|
| FY2025 | ¥103.6B | ¥97.8B |
| FY2024 | ¥130.1B | ¥112.4B |
| FY2023 | ¥80.0B | ¥60.0B |
| FY2022 | ¥72.8B | ¥31.5B |
| FY2021 | ¥62.2B | ¥7.8B |
| FY2020 | ¥150.6B | ¥-7.2B |
| FY2019 | ¥149.4B | ¥-7.0B |
| FY2018 | ¥87.9B | ¥-10.2B |
| FY2017 | ¥64.1B | ¥-525.1M |
| FY2016 | ¥43.7B | ¥-292.0M |
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