Latest Ratios: P/E Ratio 14.1x · EV/EBITDA 17.7x · ROE 6.5%. (2011–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.2B | $42.7B | $53.3B | $45.8B | $89.3B | $108.9B | $136.6B | $52.3B | $30.1B | $60.3B | $35.7B |
| Enterprise Value | $29.9B | $187M | $34.7B | $42.3B | $75.5B | $72.2B | $82.1B | $49.3B | $10.3B | $58.4B | $44.5B |
| P/E Ratio → | 14.10 | 2.22 | 1.29 | 1.90 | 8.74 | — | 2.77 | 4.29 | — | 517.75 | — |
| P/S Ratio | 0.19 | 0.03 | 0.05 | 0.04 | 0.09 | 0.11 | 0.18 | 0.09 | 0.07 | 0.17 | 0.14 |
| P/B Ratio | 0.92 | 0.15 | 0.17 | 0.15 | 0.33 | 0.44 | 0.62 | 3.62 | 0.39 | 1.15 | 0.87 |
| P/FCF | 51.12 | 8.89 | 1.20 | 1.16 | 2.49 | 4.59 | 3.92 | 2.46 | — | 4.48 | 8.28 |
| P/OCF | 12.94 | 2.25 | 0.92 | 0.77 | 1.54 | 2.57 | 3.21 | 2.11 | 1.44 | 2.43 | 4.07 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.00 | 0.03 | 0.04 | 0.07 | 0.08 | 0.11 | 0.09 | 0.02 | 0.16 | 0.17 |
| EV / EBITDA | 17.70 | 0.02 | 0.75 | 1.23 | 2.80 | 6.96 | 4.46 | 3.33 | 3.49 | 17.85 | 36.30 |
| EV / EBIT | 73.24 | 0.01 | 0.88 | 1.23 | 4.72 | — | 1.58 | 3.42 | — | 53.85 | — |
| EV / FCF | — | 0.04 | 0.78 | 1.07 | 2.11 | 3.04 | 2.35 | 2.32 | — | 4.34 | 10.34 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.3% | 9.3% | 9.8% | 14.7% | 14.1% | 13.6% | 14.6% | 14.6% | 14.3% | 14.0% | 15.2% |
| Operating Margin | 0.2% | 0.2% | 3.3% | 2.4% | 1.9% | 0.4% | 1.7% | 1.6% | -0.6% | -0.2% | -0.8% |
| Net Profit Margin | 1.5% | 1.5% | 3.6% | 2.2% | 1.0% | -0.4% | 6.6% | 2.1% | -0.5% | 0.0% | -0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 13.6% | 8.5% | 4.0% | -1.5% | 41.9% | 26.7% | -3.9% | 0.3% | -5.6% |
| ROA | 2.8% | 2.8% | 6.2% | 3.9% | 1.9% | -0.8% | 21.5% | 9.9% | -1.3% | 0.1% | -1.6% |
| ROIC | 0.8% | 0.8% | 9.9% | 7.1% | 6.3% | 1.6% | 10.4% | 19.7% | -3.7% | -1.2% | -4.6% |
| ROCE | 0.7% | 0.7% | 10.2% | 7.5% | 6.5% | 1.6% | 9.3% | 17.1% | -3.4% | -1.4% | -4.7% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.29 | 0.23 | 0.24 | 0.14 | 0.14 | 0.19 | 0.19 | 0.45 | 0.69 |
| Debt / EBITDA | 9.34 | 9.34 | 1.93 | 1.99 | 2.41 | 3.29 | 1.71 | 0.19 | 4.90 | 7.27 | 23.34 |
| Net Debt / Equity | — | -0.14 | -0.06 | -0.01 | -0.05 | -0.15 | -0.25 | -0.21 | -0.26 | -0.04 | 0.21 |
| Net Debt / EBITDA | -3.71 | -3.71 | -0.40 | -0.10 | -0.51 | -3.53 | -2.96 | -0.20 | -6.75 | -0.57 | 7.22 |
| Debt / FCF | — | -8.85 | -0.42 | -0.09 | -0.39 | -1.54 | -1.56 | -0.14 | — | -0.14 | 2.06 |
| Interest Coverage | 10.03 | 10.03 | 13.66 | 11.99 | 7.58 | -1.13 | 46.17 | 19.89 | -1.78 | 1.13 | -2.04 |
Net cash position: cash ($149.7B) exceeds total debt ($107.2B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.29 | 1.16 | 1.32 | 1.35 | 1.35 | 0.99 | 0.87 | 0.97 | 1.02 |
| Quick Ratio | 0.89 | 0.89 | 0.99 | 0.90 | 1.02 | 1.01 | 1.01 | 0.58 | 0.50 | 0.62 | 0.74 |
| Cash Ratio | 0.74 | 0.74 | 0.78 | 0.72 | 0.83 | 0.84 | 0.84 | 0.46 | 0.30 | 0.29 | 0.26 |
| Asset Turnover | — | 1.88 | 1.66 | 1.72 | 1.76 | 1.92 | 1.77 | 15.47 | 2.21 | 1.97 | 1.62 |
| Inventory Turnover | 11.71 | 11.71 | 11.70 | 13.59 | 11.54 | 10.88 | 10.80 | 58.61 | 9.00 | 7.47 | 7.63 |
| Days Sales Outstanding | — | 8.22 | 9.58 | 7.54 | 9.32 | 6.67 | 6.74 | 1.09 | 11.25 | 32.53 | 24.51 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 24.3% | 15.5% | 14.7% | 14.7% | — | — | — | — | — | — |
| Payout Ratio | 52.9% | 52.9% | 20.0% | 27.9% | 126.1% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 44.9% | 77.6% | 52.8% | 11.4% | — | 36.2% | 23.3% | — | 0.2% | — |
| FCF Yield | 2.0% | 11.2% | 83.0% | 86.3% | 40.1% | 21.8% | 25.5% | 40.7% | — | 22.3% | 12.1% |
| Buyback Yield | 8.7% | 50.1% | 48.6% | 5.5% | 2.0% | 4.8% | 0.2% | 0.3% | 0.7% | 0.0% | 15.0% |
| Total Shareholder Yield | 12.6% | 74.4% | 64.1% | 20.2% | 16.7% | 4.8% | 0.2% | 0.3% | 0.7% | 0.0% | 15.0% |
| Shares Outstanding | — | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B | $1.5B | $1.4B | $1.5B | $1.4B |
Margin compression from competition
Based on recent financial filings, JD's P/E ratio of 13.36 and P/S of 0.18 suggest that the market is heavily discounting the company's future growth prospects, likely reflecting investor skepticism regarding the sustainability of its 1P retail model amidst aggressive domestic competition and persistent deflationary pressures.
The current valuation multiples appear to imply a low-growth, value-oriented outlook that contrasts sharply with the company's historical expansion phase. Investors should monitor whether the current P/S ratio represents a floor or if further margin erosion will necessitate a downward re-rating of the stock's long-term earnings potential.
According to quarterly performance data, JD's ROIC has plummeted from a peak of 4.9% in 2023Q3 to a negative 1.6% in 2025Q4, indicating that the company's massive investment in logistics infrastructure is currently failing to generate adequate returns on the capital deployed into the business.
This decay in ROIC suggests that the company's asset-heavy strategy is becoming a drag on shareholder value during the current competitive cycle. The inability to maintain positive returns on capital warrants further investigation into whether the logistics network can be successfully externalized to improve overall capital productivity.
As reported in recent financial statements, JD's cash conversion cycle has shifted from -17 days in 2023Q3 to -13 days in 2025Q4, suggesting that the company's leverage over suppliers is weakening as it struggles to maintain its historical efficiency in managing inventory and accounts payable.
The narrowing of the cash conversion cycle indicates that the company may be losing its ability to extract favorable payment terms from its vendor base. This shift appears to be a direct consequence of the current retail environment, where maintaining inventory flow is prioritized over optimizing the working capital cycle.
Based on reported figures, JD maintains a D/E ratio of 0.36, which, while rising from historical lows, suggests that the company's balance sheet remains relatively conservative compared to the broader retail sector, providing a necessary buffer against the current period of negative operating income and cash flow.
While the debt-to-equity ratio remains manageable, the volatility in interest coverage ratios suggests that the company's ability to service its obligations is becoming more sensitive to operational performance. Investors should monitor whether the current debt levels are sufficient to fund ongoing capital requirements without further diluting shareholder equity.
As disclosed in financial filings, the P/S ratio is a fundamentally flawed metric for JD because it aggregates 1P gross transaction value with 3P service commissions, which artificially inflates the top line and masks the true underlying profitability of the company's core retail and logistics operations.
Analysts should instead focus on contribution margins or service-based revenue growth to assess the company's transition toward a more sustainable, capital-light business model. Relying on headline revenue multiples likely leads to a misinterpretation of the company's competitive position and its actual earning power in the current market.
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Quick answers to the most common questions about buying JD stock.
JD.com, Inc.'s current P/E ratio is 14.1x. The historical average is 3.5x. This places it at the 100th percentile of its historical range.
JD.com, Inc.'s current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
JD.com, Inc.'s return on equity (ROE) is 6.5%. The historical average is -15.2%.
Based on historical data, JD.com, Inc. is trading at a P/E of 14.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
JD.com, Inc.'s current dividend yield is 3.83% with a payout ratio of 52.9%.
JD.com, Inc. has 9.3% gross margin and 0.2% operating margin.
JD.com, Inc.'s Debt/EBITDA ratio is 9.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.