PDD vs TCOM
PDD Holdings Inc. and Trip.com Group Ltd., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
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. "·" marks a figure not available in our data.
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 |
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 |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 369,335,713,000 | PDD |
| FY2024 | +CNY 340,459,097,000 | PDD |
| FY2023 | +CNY 203,077,205,000 | PDD |
| FY2022 | +CNY 110,502,589,000 | PDD |
| FY2021 | +CNY 73,920,939,000 | PDD |
| FY2020 | +CNY 41,164,865,000 | PDD |
| FY2019 | −CNY 5,574,114,000 | TCOM |
| FY2018 | −CNY 17,984,010,000 | TCOM |
| FY2017 | −CNY 25,248,924,000 | TCOM |
| FY2016 | −CNY 19,300,136,000 | TCOM |
The higher-revenue side has changed between PDD and TCOM over this period. The gap has widened since the earliest year compared.
10 of 18 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −30.8 pp | TCOM |
| FY2024 | −3.7 pp | TCOM |
| FY2023 | +1.8 pp | PDD |
| FY2022 | +17.3 pp | PDD |
| FY2021 | +11.5 pp | PDD |
| FY2020 | +5.8 pp | PDD |
| FY2019 | −42.7 pp | TCOM |
| FY2018 | −81.4 pp | TCOM |
| FY2017 | −38.2 pp | TCOM |
| FY2016 | −49.6 pp | TCOM |
The higher net margin has changed hands between PDD and TCOM over this period.
10 of 18 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 TCOM's over the 10 comparable fiscal years — 35.6 percentage points of standard deviation against 19.8.
10 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between PDD and TCOM over these 10 fiscal years — PDD led in 4 and TCOM in 6.
10 of 18 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 TCOM's over the 7 comparable fiscal years — 27.2 percentage points of standard deviation against 7.9.
7 of 18 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 PDD and TCOM over these 7 fiscal years — PDD led in 5 and TCOM in 2.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.