BABA vs PDD
Alibaba Group Holding Ltd. and PDD Holdings Inc., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | BABA | PDD |
|---|---|---|
| Revenue | CNY 1.0T | CNY 431.8B |
| Net income | CNY 103.6B | CNY 97.8B |
| Gross margin | 39.8% | 56.3% |
| Net margin | 10.0% | 22.7% |
| Return on equity | 10.0% | 26.9% |
| Diluted EPS | CNY 5.50 | CNY 16.50 |
| Dividend / share | · | · |
| Payout ratio | 32.6% | · |
| Free cash flow | · | · |
| Equity | CNY 1.1T | CNY 413.4B |
| Net debt / equity | · | · |
| 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 10.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | BABA | PDD |
|---|---|---|
| FY2025 | CNY 1.0T | CNY 431.8B |
| FY2024 | CNY 996.3B | CNY 393.8B |
| FY2023 | CNY 941.2B | CNY 247.6B |
| FY2022 | CNY 868.7B | CNY 130.6B |
| FY2021 | CNY 853.1B | CNY 93.9B |
| FY2020 | CNY 717.3B | CNY 59.5B |
| FY2019 | CNY 509.7B | CNY 30.1B |
| FY2018 | CNY 376.8B | CNY 13.1B |
| FY2017 | CNY 250.3B | CNY 1.7B |
| FY2016 | CNY 158.3B | CNY 504.9M |
Bottom line
| Fiscal year | BABA | PDD |
|---|---|---|
| FY2025 | CNY 103.6B | CNY 97.8B |
| FY2024 | CNY 130.1B | CNY 112.4B |
| FY2023 | CNY 80.0B | CNY 60.0B |
| FY2022 | CNY 72.8B | CNY 31.5B |
| FY2021 | CNY 62.2B | CNY 7.8B |
| FY2020 | CNY 150.6B | CNY -7.2B |
| FY2019 | CNY 149.4B | CNY -7.0B |
| FY2018 | CNY 87.9B | CNY -10.2B |
| FY2017 | CNY 64.1B | CNY -525.1M |
| FY2016 | CNY 43.7B | CNY -292.0M |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 591,824,287,000 | BABA |
| FY2024 | +CNY 602,510,903,000 | BABA |
| FY2023 | +CNY 693,528,795,000 | BABA |
| FY2022 | +CNY 738,129,411,000 | BABA |
| FY2021 | +CNY 759,112,061,000 | BABA |
| FY2020 | +CNY 657,797,135,000 | BABA |
| FY2019 | +CNY 479,569,114,000 | BABA |
| FY2018 | +CNY 363,724,010,000 | BABA |
| FY2017 | +CNY 248,521,924,000 | BABA |
| FY2016 | +CNY 157,768,136,000 | BABA |
BABA has reported the higher revenue in every one of these 10 fiscal years. The gap has widened since the earliest year compared.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −12.7 pp | PDD |
| FY2024 | −15.9 pp | PDD |
| FY2023 | −16.7 pp | PDD |
| FY2022 | −16.6 pp | PDD |
| FY2021 | −2.8 pp | PDD |
| FY2020 | +32.0 pp | BABA |
| FY2019 | +50.7 pp | BABA |
| FY2018 | +99.2 pp | BABA |
| FY2017 | +54.6 pp | BABA |
| FY2016 | +83.9 pp | BABA |
The higher net margin has changed hands between BABA and PDD over this period.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
PDD's net margin has been more volatile than BABA's over the 10 comparable fiscal years — 35.6 percentage points of standard deviation against 8.1.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between BABA and PDD over these 10 fiscal years — BABA led in 5 and PDD in 5.
10 of 14 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
PDD's return on equity has been more volatile than BABA's over the 7 comparable fiscal years — 27.2 percentage points of standard deviation against 5.9.
7 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between BABA and PDD over these 7 fiscal years — BABA led in 2 and PDD in 5.
7 of 14 comparable fiscal years — a year missing data on either side is not counted.