JD.com, Inc (9618) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of JD.com, Inc stock HK$150, price HK$114, upside +32.0%, quality 60 out of 100. Rating: undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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JD.com, Inc
9618 · HKThe stock costs 24% less than our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range HK$75.05 – HK$314.60 · fair‑value band HK$99.63 – HK$236.91 · the HK$113.90 price screens below the HK$150.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Company profile
JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China and Europe. It operates through three segments: JD Retail, JD Logistics, and New Businesses.
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The company provides home appliances; mobile handsets and other digital products; computers, including desktop, laptop, and other various products, as well as printers and other office equipment; furniture and household goods; apparel; cosmetics and other personal care items; and pet products.
It offers women's shoes, bags, watches, jewelry, and luxury goods; men's shoes, sports gear, and fitness equipment; automobiles and accessories; maternal and childcare products; toys and musical instruments; food, beverages, and fresh produce; gifts, flowers, and plants; and pharmaceutical and healthcare products, such as OCT pharmaceutical products, nutritional supplements, healthcare services, and other healthcare equipment.
In addition, the company provides books, e-books, music, movies, and other media products; virtual goods consisting of online travel agency, attraction tickets, and prepaid phone cards and game cards; industrial products; and installation and maintenance services.
Further, it offers online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services.
Additionally, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and offers asset management services and integrated service platform; leasing of storage facilities and related management services, as well as engages in online retail business; technology-driven supply chain solutions; and logistics services.
The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.
Stock analysis
JD.com, Inc (9618) currently trades at HK$113.90, while our model-based Fair Value estimate is HK$150.31, implying the stock looks roughly 24% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of HK$289.47 per share, and 14 of the 25 models we run sit above the HK$113.90 price.
Bear case: the Economic Profit group reads lowest at HK$52.76, and 11 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: HK$99.63 (bear) to HK$236.91 (bull), the price of HK$113.90 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
JD.com, Inc reported revenue of 1.3T CNY in FY2025 versus 952B CNY in FY2021, a compound +7.6%/yr. Reported net income was 19.1B CNY in FY2025.
Key figures
Market cap HK$321B (≈ $40.9B) Large · P/E ratio 19.1 · P/S ratio 0.21 · EPS (TTM) HK$8.97 · Dividend yield 3.4% · Net margin 1.1% · Return on equity 6.8% · Return on assets (EBIT) 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 32%, 9618 screens cheaper than that median.
Fair Value models
All 25 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Compare JD.com, Inc with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Retail · 98 stocks
Valuation Multiplesvs Internet Retail median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Consumer Discretionary sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- EV/EBITDA by industry
- Dividend yield by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Hong Kong Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Internet Retail stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| PDD Holdings PDD | $82.15 | $246.45 | +200% | vs 9618 |
| Sea Limited SE | $80.19 | $129.32 | +61% | vs 9618 |
| Prosus N.V PRX | €38.02 | €51.58 | +36% | vs 9618 |
| Alibaba Group BABA | $105.29 | $120.46 | +14% | vs 9618 |
| MercadoLibre, Inc MELI | $1,740 | $1,914 | +10% | vs 9618 |
| DoorDash, Inc DASH | $198.59 | $201.65 | +2% | vs 9618 |
| Amazon.com, Inc AMZN | $266.03 | $140.05 | −47% | vs 9618 |
| eBay Inc EBAY | $125.15 | $60.00 | −52% | vs 9618 |
| Coupang, Inc CPNG | $17.05 | $4.97 | −71% | vs 9618 |
| Wayfair Inc W | $123.56 | $29.32 | −76% | vs 9618 |
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Key figures of JD.com, Inc
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