BABA vs PDD
Alibaba Group Holding Ltd. 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 | 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.
Revenue by year
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 |
Net income by year
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 |