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 HoldingsLIM:PDD 67 Net-Net Working Capital is $23.05 as of Mar. 2026. GuruFocus rates LIM:PDD with a GF Score™ of 67/100 and a GF Value™ of $151.09 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 326 Retail - Cyclical companies, PDD Holdings ranks better than 64.72% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
PDD Holdings's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $23.05.
The industry rank for PDD Holdings's Net-Net Working Capital or its related term are showing as below:
LIM:PDD's Price-to-Net-Net-Working-Capital is ranked better than 64.72% of 326
companies
in the Retail - Cyclical industry
Industry Median: 5.945
vs LIM:PDD: 3.67
PDD Holdings (LIM:PDD) Net-Net Working Capital Explanation
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.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
PDD Holdings Net-Net Working Capital Related Terms
PDD Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for PDD Holdings's Net-Net Working Capital 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.
LIM:PDD vs MELI, DASH, SE: Net-Net Working Capital Comparison
For the Internet Retail subindustry, PDD Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, PDD Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where PDD Holdings's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $23.05 mean?
PDD Holdings (LIM:PDD) has a Net-Net Working Capital of $23.05 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on PDD Holdings According to the industry distribution chart, PDD Holdings ranks #115 out of 326 companies in the Retail - Cyclical industry, placing it in the top 35.3%.
Is PDD Holdings' Net-Net Working Capital too high?
PDD Holdings' current Net-Net Working Capital is $23.05. The Retail - Cyclical industry median Net-Net Working Capital is 5.95. PDD Holdings' value of $23.05 is 287.7% above this industry median. Based on the distribution chart, PDD Holdings ranks #115 out of 326 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, PDD Holdings has a GF Score™ of 67/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PDD Holdings' Net-Net Working Capital compare to MELI and DASH?
According to the Retail - Cyclical industry distribution chart, PDD Holdings ranks #115 out of 326 companies for Net-Net Working Capital. This puts PDD Holdings in the upper half of its industry. The industry median Net-Net Working Capital is 5.95. PDD Holdings' value of $23.05 is 287.7% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 5.95, based on 326 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. PDD Holdings's current Net-Net Working Capital of $23.05 is 287.7% 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-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on PDD Holdings For the Retail - Cyclical industry, the median Net-Net Working Capital is 5.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PDD Holdings's current Net-Net Working Capital is $23.05. 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 (LIM:PDD) is currently considered Significantly Undervalued. The stock's GF Value™ is $151.09, compared to a current price of $82.50 — trading 45.4% below its estimated fair value. The current Net-Net Working Capital is $23.05 and 287.7% above the Retail - Cyclical industry median of 5.95. PDD Holdings' overall GF Score™ is 67/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For PDD Holdings (LIM:PDD), the current Net-Net Working Capital is $23.05 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 (LIM:PDD) Overvalued in 2026?
Based on GuruFocus' analysis, PDD Holdings stock appears to be undervalued.
The current stock price of $82.50 is trading 45.4% below its estimated GF Value™ of $151.09.
GuruFocus considers PDD Holdings to be Significantly Undervalued.
Key valuation signals for LIM:PDD:
Net-Net Working Capital: $23.05
GF Value™: $151.09 vs. price of $82.50 (45.4% below fair value)
Industry Position: 287.7% above the Retail - Cyclical median (#115 of 326)
No single metric tells the full story. See the LIM: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.
67GF Score
Get the complete analysis for LIM:PDD
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
LIM:PDD has been successfully added to your 
