Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
PDD HoldingsPDD -2.69%74 Net Cash per Share is $22.61 as of Mar. 2026, which is 41% above its 10-year median of 16.08. GuruFocus rates PDD with a GF Score™ of 74/100 and a GF Value™ of $156.57 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 136 Retail - Cyclical companies, PDD Holdings ranks better than 67.65% on this metric.
PDD Holdings (NAS:PDD) Net Cash per Share Explanation
Ben Graham invested in situations where the company's stock price was lower than its net-cash. He assigned some value to the company's other current asset. The value is called Net Current Asset Value (NCAV). One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
You can find companies that are traded below their Net Current Asset Value (NCAV) with our Net-Net screener.
PDD Holdings Net Cash per Share Related Terms
PDD Holdings Net Cash per Share Historical Data
* Premium members only.
The historical data trend for PDD Holdings's Net Cash per Share can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
PDD vs MELI, DASH, SE: Net Cash per Share Comparison
For the Internet Retail subindustry, PDD Holdings's Price-to-Net-Cash, along with its competitors' market caps and Price-to-Net-Cash data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
PDD Holdings Price-to-Net-Cash vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, PDD Holdings's Price-to-Net-Cash distribution charts can be found below:
* The bar in red indicates where PDD Holdings's Price-to-Net-Cash falls into.
In the calculation of a company's Net Cash per Share, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative Net Cash per Share. But sometimes a company's price may be lower than its net-cash.
PDD Holdings's Net Cash per Share for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
PDD Holdings (PDD) has a Net Cash per Share of $22.61 as of Mar. 2026. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on PDD Holdings and its competitors. This is 41% above median its historical median of 16.08. Over the past decade, PDD Holdings' Net Cash per Share has ranged from 3.99 to 3,175.50. According to the industry distribution chart, PDD Holdings ranks #44 out of 136 companies in the Retail - Cyclical industry, placing it in the top 32.4%.
Is PDD Holdings' Net Cash per Share too high?
PDD Holdings' current Net Cash per Share of $22.61 is 41% above median its 10-year median of 16.08. Over the past 10 years, this metric has ranged from a low of 3.99 to a high of 3,175.50. The Retail - Cyclical industry median Net Cash per Share is 7.26. PDD Holdings' value of $22.61 is 211.4% above this industry median. Based on the distribution chart, PDD Holdings ranks #44 out of 136 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, PDD Holdings has a GF Score™ of 74/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PDD Holdings' Net Cash per Share compare to MELI and DASH?
According to the Retail - Cyclical industry distribution chart, PDD Holdings ranks #44 out of 136 companies for Net Cash per Share. This puts PDD Holdings in the upper half of its industry. The industry median Net Cash per Share is 7.26. PDD Holdings' value of $22.61 is 211.4% above this benchmark. Historically, PDD Holdings' own Net Cash per Share has ranged from 3.99 to 3,175.50 over the past decade. While the company's 10-year median is 16.08 vs. the industry median of 7.26, PDD Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Cash per Share for a Retail - Cyclical company?
The median Net Cash per Share among Retail - Cyclical companies is 7.26, based on 136 companies in the industry. Companies in the top quartile (top 25%) have a Net Cash per Share significantly above this median, while those in the bottom quartile fall well below. However, Net Cash per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. PDD Holdings's current Net Cash per Share of $22.61 is 211.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Cash per Share mean?
A high Net Cash per Share can signal that a stock is expensive relative to its fundamentals. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on PDD Holdings and its competitors. For the Retail - Cyclical industry, the median Net Cash per Share is 7.26 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PDD Holdings's current Net Cash per Share is $22.61, which is 41% above median its own 10-year median of 16.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PDD Holdings stock overvalued right now?
Based on GuruFocus' analysis, PDD Holdings (PDD) is currently considered Significantly Undervalued. The stock's GF Value™ is $156.57, compared to a current price of $90.50 — trading 42.2% below its estimated fair value. The current Net Cash per Share is $22.61, which is 41% above median its 10-year median of 16.08 and 211.4% above the Retail - Cyclical industry median of 7.26. PDD Holdings' overall GF Score™ is 74/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Cash per Share calculated?
Net Cash per Share is calculated from a company's financial statements. For PDD Holdings (PDD), the current Net Cash per Share is $22.61 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is PDD Holdings (PDD) Overvalued in 2026?
Based on GuruFocus' analysis, PDD Holdings stock appears to be undervalued.
The current stock price of $90.50 is trading 42.2% below its estimated GF Value™ of $156.57.
GuruFocus considers PDD Holdings to be Significantly Undervalued.
Key valuation signals for PDD:
Net Cash per Share: $22.61 (41% above median its 10-year median of 16.08)
GF Value™: $156.57 vs. price of $90.50 (42.2% below fair value)
Industry Position: 211.4% above the Retail - Cyclical median (#44 of 136)
No single metric tells the full story. See the PDD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PDD Holdings operates commerce businesses globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses. PDD has also started its first-party brand business for global markets.
74GF Score
Get the complete analysis for PDD
Net Cash per Share is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
PDD has been successfully added to your 
