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ValueScreener company report

JD.com, Inc. (JD)

NASDAQ / Consumer Cyclical / Specialty Retail

Share price

27.39 USD Market dataClose of Oct 15, 2026

Market capitalisation

36.99B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 16, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

1.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

10.70x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

4.5% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 258.29B CNYFY2016 Net income: -3.81B CNYFY2017 Revenue: 362.33B CNYFY2017 Net income: -11.7M CNYFY2018 Revenue: 462.02B CNYFY2018 Net income: -2.80B CNYFY2019 Revenue: 576.89B CNYFY2019 Net income: 11.89B CNYFY2020 Revenue: 745.80B CNYFY2020 Net income: 49.34B CNYFY2021 Revenue: 951.59B CNYFY2021 Net income: -4.47B CNYFY2022 Revenue: 1.05T CNYFY2022 Net income: 9.69B CNYFY2023 Revenue: 1.08T CNYFY2023 Net income: 23.26B CNYFY2024 Revenue: 1.16T CNYFY2024 Net income: 44.66B CNYFY2025 Revenue: 1.31T CNYFY2025 Net income: 23.14B CNY
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 10.70x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Specialty Retail industry (44 companies), 10.70x sits at the 21st percentile; the middle half of that group runs from 15.54x to 47.91x.

Is it good

Return on invested capital was 1.5% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Consumer Cyclical sector (222 companies), 1.5% sits at the 19th percentile; the middle half of that group runs from 3.6% to 14.8%.

Is it safe

Interest coverage was 0.99x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether JD.com, Inc.'s return on invested capital stayed above the median of the Consumer Cyclical sector, year by year. (FY2024 to FY2025, 2 fiscal years of JD.com, Inc. with a comparable figure)
The direction
Which way JD.com, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of JD.com, Inc.)
What could explain it
What in JD.com, Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines JD.com, Inc. filed)
What to check next
What to check next on JD.com, Inc., and where in its filings. (5 questions for JD.com, Inc.)
In one paragraph
One paragraph on JD.com, Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for JD.com, Inc.)

These are JD’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research JDPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 16, 2026, accession 0001193125-26-157870.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

JD.com, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax1.5% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Return on equity10.3% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Return on capital employed, pre-tax0.7% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Return on assets3.3% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Gross margin16.0% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Operating margin0.2% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Net margin1.8% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
JD 1.8%
CPNG 0.6%BBY 2.6%MELI 6.9%GPC 0.3%SE 6.9%
0.3%6.9%
Net margin: JD against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

JD.com, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.38 ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Current ratio1.22 ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Quick ratio0.91 ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Interest coverage0.99x ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Altman Z-score2.56 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Net debt-127.24B ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Total assets 695.20BTotal liabilities 401.42BShareholders' equity 225.04BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What JD.com, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 16, 2026, 0001193125-26-157870).

JD.com, Inc: balance sheet position
Total assets695.20B FiledFY2025 20-F, filed Apr 16, 2026
Total liabilities401.42B FiledFY2025 20-F, filed Apr 16, 2026
Shareholders' equity225.04B FiledFY2025 20-F, filed Apr 16, 2026
Cash213.23B FiledFY2025 20-F, filed Apr 16, 2026
Total debt85.99B FiledFY2025 20-F, filed Apr 16, 2026
Net debt-127.24B
Current ratio1.22
Debt to equity0.38

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

JD.com, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings10.70x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.10x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Price to sales0.19x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Enterprise value to EBIT70.74x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Enterprise value to EBITDA15.67x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870

We publish no fair value or price target of our own. Value JD on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for JD.com, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

JD.com, Inc: valuation
Share price27.39 USD
Market capitalisation36.99B USD
Enterprise value to EBITDA15.67x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like JD.com, Inc

  1. Coupang, Inc. (CPNG)Market cap 26.59B USD
  2. Best Buy Co., Inc. (BBY)Market cap 19.75B USD
  3. MercadoLibre, Inc. (MELI)Market cap 94.14B USD
  4. Genuine Parts Company (GPC)Market cap 18.41B USD
  5. Sea Limited (SE)Market cap 59.69B USD

Same industry (Specialty Retail) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

JD.com, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield4.5% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Free cash flow11.17B CNY ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Free cash flow margin0.8% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Dividend yield4.2% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Payout ratio44.9% ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
FY2016 Free cash flow: 6.88B CNYFY2016 Net income: -3.81B CNYFY2017 Free cash flow: 23.59B CNYFY2017 Net income: -11.7M CNYFY2018 Free cash flow: 13.52B CNYFY2018 Net income: -2.80B CNYFY2019 Free cash flow: 22.18B CNYFY2019 Net income: 11.89B CNYFY2020 Free cash flow: 39.17B CNYFY2020 Net income: 49.34B CNYFY2021 Free cash flow: 36.74B CNYFY2021 Net income: -4.47B CNYFY2022 Free cash flow: 52.32B CNYFY2022 Net income: 9.69B CNYFY2023 Free cash flow: 55.50B CNYFY2023 Net income: 23.26B CNYFY2024 Free cash flow: 52.74B CNYFY2024 Net income: 44.66B CNYFY2025 Free cash flow: 11.17B CNYFY2025 Net income: 23.14B CNY
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

JD.com, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
10.70xFY2025Oct 15, 2026
1.10xFY2025Oct 15, 2026
70.74xFY2025Oct 15, 2026
4.5%FY2025Oct 15, 2026
1.5%FY2025Apr 16, 2026
4.2%FY2025Oct 15, 2026
0.38FY2025Apr 16, 2026
1.22FY2025Apr 16, 2026
0.19xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
2.56FY2025Oct 15, 2026
-2.86FY2025Apr 16, 2026
4/9FY2025Apr 16, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports JD.com, Inc filed with the SEC. Each year names its filing. Amounts in CNY, as filed.

JD.com, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.31T2.77B23.14Bn/a11.17B0.2%10.3%20-F, Apr 16, 20260001193125-26-157870
FY20241.16T38.74B44.66Bn/a52.74B3.3%18.7%20-F, Apr 17, 20250001193125-25-083473
FY20231.08T26.02B23.26Bn/a55.50B2.4%10.0%20-F, Apr 18, 20240001193125-24-099869
FY20221.05T19.72B9.69Bn/a52.32B1.9%4.5%20-F, Apr 20, 20230001193125-23-107486
FY2021951.59B4.14B-4.47Bn/a36.74B0.4%-2.1%20-F, Apr 28, 20220001193125-22-125563
FY2020745.80B12.34B49.34Bn/a39.17B1.6%26.3%20-F, Apr 16, 20210001193125-21-119536
FY2019576.89B8.99B11.89Bn/a22.18B1.6%101.2%20-F, Apr 15, 20200001193125-20-108084
FY2018462.02B-2.62B-2.80Bn/a13.52B-0.6%-4.7%20-F, Apr 15, 20190001104659-19-021236
FY2017362.33B-835.5M-11.7Mn/a23.59B-0.2%-0.0%20-F, Apr 27, 20180001104659-18-027777
FY2016258.29B-1.25B-3.81Bn/a6.88B-0.5%-11.2%20-F, May 1, 20170001104659-17-028187
  • Revenue, compound annual growth FY2016 to FY2025: 19.8%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2025: 5.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

JD.com, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.86 ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Piotroski F-score4/9 ComputedFY2025 20-F, filed Apr 16, 2026, 0001193125-26-157870
Named tests met5 of 30 Computed
Beta0.77 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 5 met, 22 not met, 3 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
High yield, low payout; Low beta, profitable; Owner earnings yield; Cash-covered dividend; Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Dividends and buybacks; P/E times P/B (Benjamin Graham); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(5)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 5 figures could not be read on this company, among them Positive Earnings Streak, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 3 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.