PDD vs TCOM
PDD Holdings Inc. and Trip.com Group Limited, side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | PDD | TCOM |
|---|---|---|
| Revenue | ¥431.8B | ¥62.5B |
| Net income | ¥97.8B | ¥33.3B |
| Gross margin | 56.3% | 80.4% |
| Net margin | 22.7% | 53.3% |
| Return on equity | 26.9% | 21.3% |
| Diluted EPS | — | — |
| Dividend / share | — | — |
| Payout ratio | — | 4.3% |
| Free cash flow | ¥28.2B | ¥13.6B |
| Equity | ¥413.4B | ¥170.8B |
| Net debt / equity | −1.21× | −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 (53.3% 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.
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Revenue by year
10 years side by side
| Fiscal year | PDD | TCOM |
|---|---|---|
| FY2025 | ¥431.8B | ¥62.5B |
| FY2024 | ¥393.8B | ¥53.4B |
| FY2023 | ¥247.6B | ¥44.6B |
| FY2022 | ¥130.6B | ¥20.1B |
| FY2021 | ¥93.9B | ¥20.0B |
| FY2020 | ¥59.5B | ¥18.3B |
| FY2019 | ¥30.1B | ¥35.7B |
| FY2018 | ¥13.1B | ¥31.1B |
| FY2017 | ¥1.7B | ¥27.0B |
| FY2016 | ¥504.9M | ¥19.8B |
Net income by year
Bottom line
| Fiscal year | PDD | TCOM |
|---|---|---|
| FY2025 | ¥97.8B | ¥33.3B |
| FY2024 | ¥112.4B | ¥17.1B |
| FY2023 | ¥60.0B | ¥9.9B |
| FY2022 | ¥31.5B | ¥1.4B |
| FY2021 | ¥7.8B | ¥-550.0M |
| FY2020 | ¥-7.2B | ¥-3.2B |
| FY2019 | ¥-7.0B | ¥7.0B |
| FY2018 | ¥-10.2B | ¥1.1B |
| FY2017 | ¥-525.1M | ¥2.2B |
| FY2016 | ¥-292.0M | ¥-1.4B |
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