Pinduoduo Inc. (P1DD34) fair value: what the stock is really worth
We calculate from audited financials what Pinduoduo Inc. is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Consumer Cyclical · BR · Market cap R$640B (≈ $125B)
At a glance
PIPinduoduo Inc.P1DD34 · SA
PriceR$39.02
Fair ValueR$90.98
Upside+133.2%
Quality67/100
A solid business, trading 57% below our fair value of R$90.98.
As of Sep 6, 2026, the fair value of Pinduoduo Inc. is R$90.98 per share against a price of R$39.02, so the fair value sits 133% above the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +48.7 %/yr)
✓Highly profitable · 21.6% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (13/14)
✓Wide moat 78/100
Evidence: HighRange R$68.14 to R$155.29
Fair value as of: Sep 6, 2026
From 24 valuation models · updated 5 days ago
Fair value updated Sep 6, 2026, revised from R$92.25 to R$90.98 (−1.4%) since Aug 29, 2026. Share price −16.1% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case (R$68.14). The market is more pessimistic than our downside scenario.
Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (R$68.14 to R$155.29) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 6, 2026.
How to read this chart
60‑month range R$13.26 – R$83.80 · fair‑value band R$68.14 – R$155.29 · the R$39.02 price screens below the R$90.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 6, 2026.
Pinduoduo Inc. (P1DD34) currently trades at R$39.02, while our model-based Fair Value estimate is R$90.98, implying the stock looks roughly 57.1% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of R$324.33 per share, and 22 of the 24 models we run sit above the R$39.02 price. Bear case: the Asset-Based group reads lowest at R$19.53, and 2 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Pinduoduo Inc. generated revenue of R$442B at a net margin of 21.6%. Revenue grew 11.0% year over year. It earns a return on equity of 25.4%. Net debt stands at R$5.4B. Fundamentals as of Sep 6, 2026
Scenario range: R$68.14 (bear) to R$155.29 (bull), the price of R$39.02 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 48% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −51% fair-value upside, at 133%, P1DD34 screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (R$3.32 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
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Key figures & financial health
P/E ratio7.9
P/S ratio1.82P/E × margin
EPS (TTM)R$4.92price ÷ EPS = P/E 7.9
Net margin23.0%FY2025
Return on equity25.4%TTM
Return on assets (EBIT)14.0%avg 5y
More key figures
Profitability
Operating margin18.4%TTM
Growth
Revenue (TTM)R$442BTTM
Revenue growth (YoY)+11.0%3y avg +49.0%
EPS growth (YoY)−14.9%
Balance sheet & cash flow
Free cash flowR$106BFY2025
Net debtR$5.4BFY2021 · ≈ 0.1 yrs of FCF
Figures from reported company fundamentals · as of Sep 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality67/100
Of which business quality 69
· Market factors (momentum, volatility) 25
Profitability77
Margins and returns on capital today
Quality Growth30
Are margins and returns improving?
Cashflow80
Earnings quality: real cash, not paper profit
Fin. Strength91
Balance sheet, leverage, solvency risk
Investment33
Disciplined investing over empire-building
Low Volatility56
Calm price path (market factor)
Momentum18
Price trend over the last 3–12 months (market factor)
52W Momentum2
Distance to the 52-week high (market factor)
Net Issuance73
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses. The company operates Pinduoduo platform, which provides various product categories and interactive shopping experiences; and Temu, an online platform, which enables merchants to streamline their manufacturing and commercial operations.
Full company description
PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses. The company operates Pinduoduo platform, which provides various product categories and interactive shopping experiences; and Temu, an online platform, which enables merchants to streamline their manufacturing and commercial operations. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. PDD Holdings Inc. was incorporated in 2015 and is based in Dublin, Ireland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Pinduoduo Inc. reported revenue of 432B CNY in FY2025 versus 93.9B CNY in FY2021, a compound +46.4%/yr. Reported net income was 99.4B CNY in FY2025, compounding +89.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
R$432B
Latest YoY
+9.7%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+49.0%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+48.7%
Avg. revenue growth/yr (7Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+64.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +63.3%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+63.3%
Dividend yield0.0%
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−15.8% (2020) → 21.9% (2025) · rising
⚠ Final year 2025 sits 64% above trend (one-off), rate approximate
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Pinduoduo Inc. Fair Value". https://www.fairvalue-calculator.com/stock/P1DD34
Peer Group
Internet Retail · 105 stocks
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.
Valuation
Quality Score67 · Top 25%
Fair Value upside+118% · Top 25%
Profitability
Return on equity (TTM)25% · Top 25%
Return on assets10% · Top 25%
Net margin (TTM)22% · Top 25%
Operating margin (TTM)18% · Top 25%
Growth and dividend
Revenue growth11% · Above median
Valuation Multiples vs Internet Retail median · lower = cheaper
P/E (TTM)7.9× · Cheapest 25%
P/B1.54× · Cheaper than median
P/S (TTM)1.45× · Pricier than median
P/FCF1.2× · Cheaper than median
EV/EBITDA5.5× · Cheaper than median
PEG0.78× · Cheaper than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Pinduoduo Inc. deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 yearsless than minus 40 % per year
Achieved revenue growth, 5 years+48.7 % p.a.
Sector median revenue growth+2.7 %
FCF yield on price48.69 %
Discount rate (WACC) in the models12.2 %
The price sits beyond what a cash-flow model can represent: the valuation rests on more than today's free cash flow. Ranking of the largest stocks →
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE100· sector 35
FUTURE55· sector 52
PAST100· sector 10
HEALTH100· sector 94
DIVIDEND0· sector 37
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Internet Retail stocks, each showing price versus our Fair Value estimate (as of Sep 6, 2026).
Is Pinduoduo Inc. (P1DD34) overvalued or undervalued?
As of Sep 6, 2026, our model estimates a fair value of R$90.98 versus a price of R$39.02, about +133% upside (undervalued).
What is the fair value of P1DD34?
Our model-based fair value for Pinduoduo Inc. is R$90.98 (as of Sep 6, 2026), built from audited fundamentals. The current price: R$39.02.
What is the quality score of P1DD34?
Pinduoduo Inc. has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pinduoduo Inc. (P1DD34)?
Our model-based price target is the fair value of R$90.98 (as of Sep 6, 2026) from 24 valuation models. Cautious scenario R$68.14, optimistic scenario R$155.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Pinduoduo Inc. stock forecast for 2026?
Our models put fair value at R$90.98, about +133% upside versus a price of R$39.02 (undervalued). Cautious scenario R$68.14, optimistic scenario R$155.29. The calculation is refreshed regularly with new filings.
What is the revenue of Pinduoduo Inc. (P1DD34)?
Pinduoduo Inc. reported trailing-twelve-month revenue of about R$442B (latest available figure, as of Sep 6, 2026).
What is the net profit margin of P1DD34?
The net profit margin of Pinduoduo Inc. is about 21.6%, meaning it keeps roughly 21.6% of revenue as net income. Based on the latest reported figures.
What growth is priced into Pinduoduo Inc. (P1DD34)?
For today's price to be fair in a discounted-cash-flow model, Pinduoduo Inc. would have to grow free cash flow by less than minus 40 % per year for ten years (discount rate 12.2 %, then 2 % perpetual growth). Over the last 5 years revenue grew +48.7 % per year. As of Sep 6, 2026.
What discount rate (WACC) does the fair value of P1DD34 use?
Our models discount Pinduoduo Inc. at 12.2 %: a base by market capitalisation (large), country premium for Brazil. The same rate applies in all 26 models.
What is the intrinsic value of Pinduoduo Inc. (P1DD34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pinduoduo Inc. it is R$90.98 per share (as of Sep 6, 2026), against a price of R$39.02. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Pinduoduo Inc. stock overvalued or undervalued in 2026?
As of Sep 6, 2026, P1DD34 trades below its calculated fair value: price R$39.02, fair value R$90.98, a gap of about +133% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of P1DD34?
No. The price is what the market pays today (R$39.02); the fair value is what the company's own numbers justify (R$90.98). For Pinduoduo Inc. the two are R$51.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pinduoduo Inc. worth?
The market values Pinduoduo Inc. at about R$640B (market capitalisation, as of Sep 6, 2026). Per share that is R$39.02; our models calculate a fair value of R$90.98 per share.
What do the bullish and bearish scenarios say about P1DD34?
Our models span a range for Pinduoduo Inc.: cautious scenario R$68.14, base R$90.98, optimistic R$155.29 per share (as of Sep 6, 2026, price R$39.02). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of P1DD34?
Pinduoduo Inc. trades at a price-to-earnings ratio of 7.9 (as of Sep 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$90.98 is built from several models across several years. Other multiples: PEG 0.8, P/B 1.5, P/S 1.4, EV/EBITDA 5.5.
What is the PEG ratio of P1DD34?
The PEG ratio of Pinduoduo Inc. is 0.78 (P/E divided by earnings growth, as of Sep 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Pinduoduo Inc. (P1DD34)?
Balance-sheet figures for Pinduoduo Inc. (as of Sep 6, 2026): return on equity 25.4%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is P1DD34 from its 52-week high?
Pinduoduo Inc. trades at R$39.02, about 48% below its 52-week high of R$75.00 (as of Sep 6, 2026). Distance from the high says nothing about value: that is what the fair value of R$90.98 is for.
Which stocks are comparable to Pinduoduo Inc.?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, MercadoLibre, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pinduoduo Inc. stock attractive at the current price?
The data as of Sep 6, 2026: price R$39.02, calculated fair value R$90.98 (+133%), Quality Score 67/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of P1DD34 calculated?
We run Pinduoduo Inc. through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$90.98, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Pinduoduo Inc. currently trades 133 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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