Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 18.9x · ROE 21.1%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $442M | $545M | $739M | $217M | $616M | $1.4B | — | — |
| Enterprise Value | $637M | $1.9B | $2.9B | $3.5B | $4.4B | $6.1B | — | — |
| P/E Ratio → | 14.16 | 2.54 | 2.43 | — | — | — | — | — |
| P/S Ratio | 0.12 | 0.02 | 0.03 | 0.01 | 0.03 | 0.07 | — | — |
| P/B Ratio | 2.58 | 0.46 | 0.80 | 0.43 | 1.47 | 1.85 | — | — |
| P/FCF | 8.64 | 1.56 | 0.89 | — | — | — | — | — |
| P/OCF | 5.77 | 1.05 | 0.80 | — | 5.74 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.08 | 0.12 | 0.18 | 0.18 | 0.30 | — | — |
| EV / EBITDA | 18.90 | 8.17 | 8.74 | 141.85 | — | — | — | — |
| EV / EBIT | 32.90 | 7.27 | 7.83 | 130.25 | — | — | — | — |
| EV / FCF | — | 5.38 | 3.46 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.2% | 29.2% | 30.1% | 30.7% | 30.9% | 20.1% | 19.7% | 17.1% |
| Operating Margin | 0.5% | 0.5% | 0.9% | -0.7% | -3.3% | -31.5% | -27.9% | -44.9% |
| Net Profit Margin | 0.9% | 0.9% | 1.3% | -0.5% | -3.4% | -32.0% | -28.0% | -48.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 21.1% | 21.1% | 41.5% | -21.8% | -138.5% | -95941.8% | — | — |
| ROA | 3.1% | 3.1% | 4.0% | -1.2% | -8.7% | -89.6% | -90.3% | -88.7% |
| ROIC | 3.5% | 3.5% | 4.7% | -2.4% | -12.4% | -152.8% | -1306.2% | — |
| ROCE | 6.5% | 6.5% | 14.1% | -11.0% | -49.3% | -560.9% | -1704.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.07 | 2.07 | 3.28 | 9.07 | 13.43 | 7.11 | — | — |
| Debt / EBITDA | 10.62 | 10.62 | 9.19 | 181.75 | — | — | — | — |
| Net Debt / Equity | — | 1.13 | 2.32 | 6.64 | 8.99 | 6.24 | — | — |
| Net Debt / EBITDA | 5.79 | 5.79 | 6.50 | 133.15 | — | — | — | — |
| Debt / FCF | — | 3.81 | 2.57 | — | — | — | — | — |
| Interest Coverage | 15.35 | 15.35 | 7.77 | 0.27 | -4.98 | -74.39 | -80.97 | -31.23 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.05 | 1.05 | 1.02 | 0.95 | 0.91 | 0.89 | 0.64 | 0.61 |
| Quick Ratio | 0.91 | 0.91 | 0.91 | 0.87 | 0.84 | 0.81 | 0.56 | 0.54 |
| Cash Ratio | 0.83 | 0.83 | 0.84 | 0.82 | 0.79 | 0.71 | 0.50 | 0.50 |
| Asset Turnover | — | 3.47 | 3.24 | 2.59 | 2.58 | 2.14 | 2.30 | 1.84 |
| Inventory Turnover | 25.19 | 25.19 | 29.12 | 29.35 | 27.67 | 29.91 | 23.56 | 19.91 |
| Days Sales Outstanding | — | 2.88 | 3.14 | 1.97 | 2.13 | 3.47 | 1.25 | 1.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 39.4% | 41.2% | — | — | — | — | — |
| FCF Yield | 11.6% | 63.9% | 112.4% | — | — | — | — | — |
| Buyback Yield | 0.3% | 1.6% | 4.1% | 0.0% | 2.9% | 0.2% | — | — |
| Total Shareholder Yield | 0.3% | 1.6% | 4.1% | 0.0% | 2.9% | 0.2% | — | — |
| Shares Outstanding | — | $219M | $225M | $144M | $144M | $87M | $106M | $106M |
Hyper-local competitive margin erosion
According to recent market data, DDL trades at a P/S ratio of 0.12, which, when compared to broader e-commerce peers, suggests that investors remain deeply skeptical of the long-term scalability of the front-line warehouse model despite the company's recent pivot toward disciplined, bottom-line focused growth.
The low P/S multiple indicates that the market is heavily discounting the company's revenue, likely due to the razor-thin operating margins that characterize the grocery delivery sector. This valuation appears to imply that investors are prioritizing evidence of sustained, non-dilutive profitability over top-line expansion, warranting caution until the company demonstrates a more durable margin floor.
Based on reported financial figures, DDL's ROIC has struggled to maintain positive territory, fluctuating between -1.0% and 3.1% over the last ten quarters, which highlights the significant difficulty in generating meaningful returns on the capital invested in its dense, urban-focused micro-fulfillment infrastructure.
The inability to consistently compound returns on invested capital suggests that the current warehouse network is not yet operating at the density required to overcome its high fixed-cost base. Investors should monitor whether future capital allocation shifts toward technology-driven efficiency gains can finally push ROIC into a range that exceeds the company's cost of capital.
As reported in recent financial statements, DDL maintains a negative cash conversion cycle of -24 days as of 2025Q4, a structural advantage that allows the company to effectively utilize supplier credit to fund its daily operations and mitigate the need for external working capital financing.
This negative CCC is a critical indicator of the company's leverage over its suppliers, which is essential for a business model that carries highly perishable inventory. While this efficiency is a positive sign, it remains vulnerable to any shifts in supplier terms or a sudden contraction in order velocity that could force a rapid inventory liquidation.
According to the latest quarterly data, DDL's current ratio has stabilized at 1.05, reflecting a modest improvement from the 0.93 level observed in 2023Q2, which suggests that the company has successfully fortified its short-term liquidity position to navigate the inherent volatility of the grocery business.
The improvement in the current ratio appears to be a direct result of the company's strategic deleveraging and focus on cash preservation. While this provides a necessary buffer against operational shocks, the proximity of the ratio to 1.0 indicates that there is little room for error should the company face a significant, unexpected spike in fulfillment costs.
The gross margin of 29.17% is frequently misapplied by analysts as a proxy for true profitability, obscuring the fact that DDL's fulfillment expenses are often excluded from this figure, which leads to an overestimation of the company's core retail earning power.
Investors should instead focus on a contribution margin framework that incorporates warehouse and delivery costs to better understand the true unit economics of the business. Relying solely on the reported gross margin may lead to a fundamental misunderstanding of the company's path to sustainable profitability, as it ignores the primary variable costs that define the front-line warehouse model.
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Quick answers to the most common questions about buying DDL stock.
Dingdong (Cayman) Limited's current P/E ratio is 14.2x. The historical average is 2.5x. This places it at the 100th percentile of its historical range.
Dingdong (Cayman) Limited's current EV/EBITDA is 18.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
Dingdong (Cayman) Limited's return on equity (ROE) is 21.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -24.4%.
Based on historical data, Dingdong (Cayman) Limited is trading at a P/E of 14.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dingdong (Cayman) Limited has 29.2% gross margin and 0.5% operating margin.
Dingdong (Cayman) Limited's Debt/EBITDA ratio is 10.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.