PDD vs TCOM
PDD Holdings Inc. and Trip.com Group Ltd., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | PDD | TCOM |
|---|---|---|
| Revenue | CNY 431.8B | CNY 62.5B |
| Net income | CNY 97.8B | CNY 33.3B |
| Gross margin | 56.3% | 80.4% |
| Net margin | 22.7% | 53.4% |
| Return on equity | 26.9% | 21.3% |
| Diluted EPS | CNY 16.50 | — |
| Dividend / share | — | — |
| Payout ratio | — | 4.3% |
| Free cash flow | — | CNY 13.6B |
| Equity | CNY 413.4B | CNY 170.8B |
| Net debt / equity | — | −0.05× |
| Current ratio | 2.43× | 1.55× |
| Revenue CAGR 5y | 48.7% | 27.8% |
| Profit CAGR 5y | — | — |
PDD bills 6.9× the revenue of TCOM, and TCOM keeps more of each dollar of revenue as profit (53.4% against 22.7%).
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 | PDD | TCOM |
|---|---|---|
| FY2025 | CNY 431.8B | CNY 62.5B |
| FY2024 | CNY 393.8B | CNY 53.4B |
| FY2023 | CNY 247.6B | CNY 44.6B |
| FY2022 | CNY 130.6B | CNY 20.1B |
| FY2021 | CNY 93.9B | CNY 20.0B |
| FY2020 | CNY 59.5B | CNY 18.3B |
| FY2019 | CNY 30.1B | CNY 35.7B |
| FY2018 | CNY 13.1B | CNY 31.1B |
| FY2017 | CNY 1.7B | CNY 27.0B |
| FY2016 | CNY 504.9M | CNY 19.8B |
Net income by year
Bottom line
| Fiscal year | PDD | TCOM |
|---|---|---|
| FY2025 | CNY 97.8B | CNY 33.3B |
| FY2024 | CNY 112.4B | CNY 17.1B |
| FY2023 | CNY 60.0B | CNY 9.9B |
| FY2022 | CNY 31.5B | CNY 1.4B |
| FY2021 | CNY 7.8B | CNY -550.0M |
| FY2020 | CNY -7.2B | CNY -3.2B |
| FY2019 | CNY -7.0B | CNY 7.0B |
| FY2018 | CNY -10.2B | CNY 1.1B |
| FY2017 | CNY -525.1M | CNY 2.2B |
| FY2016 | CNY -292.0M | CNY -1.4B |