One-glance verdict
Undervalued
$190.48 our estimate vs market $26.76
Wall Street consensus: $39.06 (-79.5% lower than our fair-value estimate)
86% below our estimate, below the bear case
Fundamentals snapshot
JD.com, Inc.
JD · NMS · Consumer Cyclical · Internet Retail
Current price
$26.76
52-week range
$24.51 - $35.06
Market cap
$36.14B
Balance sheet
Healthy
1.32x Concerning
Net cash $17.46B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 17.9% last year.
- Reward Returns 6.8% on equity, ahead of 33% of its peers.
- Risk Stock trades 428.7% above its 5-year average P/E.
- Risk Insider ownership is only 1.0% (peer median: 1.8%).
What this company does
JD.com, Inc.
JD.com is a massive online retailer in China that sells everything from electronics and clothes to groceries and furniture, and it also handles its own deliveries. The money mainly comes from selling these goods directly to customers and from letting other businesses sell on its platform, which is important because it shows how much people are buying and using JD's services.
How the company got here
JD.com, originally known as 360buy, started in 2004 as an electronics store in Beijing. It quickly expanded into an online retailer, recognizing the growing internet usage in China. A key turning point was its decision to build its own logistics network, which allowed for faster and more reliable delivery compared to relying on third-party services. This focus on controlling the supply chain became a major competitive advantage. The company officially changed its name to JD.com, Inc. in 2014, solidifying its identity as a major e-commerce player.
What it actually does
JD.com is a massive online shopping platform, similar to Amazon in the West, but with a strong emphasis on its own logistics and product quality. Think of it as a giant digital mall where you can buy almost anything, from electronics and clothing to fresh groceries and medicine. What sets JD.com apart is its extensive network of warehouses and delivery personnel, ensuring that products get to customers quickly and reliably. They also sell products directly and allow other businesses to sell on their platform.
JD Retail
This is the core of JD.com's business, making up the largest portion of its revenue. JD Retail is essentially the online shopping part where customers buy goods directly from JD.com or from third-party sellers on JD's platform. It offers a vast array of products, including electronics, home appliances, fashion, groceries, and health products. Customers pay for the products they purchase, and JD.com generates revenue from direct sales and commissions from third-party sellers, as well as advertising services offered to these sellers.
JD Logistics
JD Logistics is the backbone that supports JD Retail and also serves external clients. It's a technology-driven supply chain and logistics services provider. This segment manages a vast network of warehouses, delivery stations, and a fleet of vehicles, enabling efficient storage, transportation, and last-mile delivery of goods. JD.com makes money by charging for these logistics services, both for its own retail operations and for other companies that use its sophisticated supply chain solutions, which helps ensure timely delivery and inventory management.
New Businesses
This segment encompasses JD.com's ventures beyond its traditional retail and logistics operations. It includes areas like JD Health, which offers online medical consultations and pharmaceutical sales, and JD Property, which develops and manages logistics facilities and other real estate. These newer initiatives aim to diversify JD.com's revenue streams and tap into growing markets like online healthcare and real estate services. The revenue generated here comes from various sources, such as healthcare service fees, pharmaceutical sales, and property leasing.
What management is betting on now
JD.com's management is focused on leveraging its robust supply chain and technology capabilities to enhance customer experience and expand into new growth areas. A key priority is strengthening its logistics network to offer even faster and more efficient delivery services, which is crucial in the competitive e-commerce landscape. They are also investing in expanding JD Health and other new business initiatives to diversify revenue and capture emerging market opportunities. The goal is to use technology to make their operations smarter and more integrated, ultimately driving growth and profitability across all segments.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$7.23B
FY2025 Q4
$1.60B
Revenue
$187.20B
Net income
—
Diluted EPS
0.92
Operating cash flow
$2.72B
Free cash flow
$1.60B
Fetching…
Sources
Revenue
$158.76B
Net income
—
Diluted EPS
1.84
Operating cash flow
$7.96B
Free cash flow
$7.23B
Fetching…
Sources
Is it cheap or expensive?
Fair value $190.48 vs current price $26.76
Wall Street consensus is the average analyst price target: $39.06 (-79.5% lower than our fair-value estimate).
Our most-likely fair value is $190.48 a share — about 611.8% above today's price of $26.76, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $17.5B - more cash than debt. Interest coverage 1.3x.
Net debt
$-17.46B
Interest coverage
1.32x
JD.com, Inc.'s profit covers its interest bill about 1.3 times over. which is weaker than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
JD
BASELINE
JD.com, Inc.
Total debt $15.80B Interest coverage 1.32x This is the baseline the peer rows are being compared against.
Total debt $39.99B Interest coverage 6.09x +363% vs JD Carries about 4.6x more debt cushion than JD.
Total debt $251.64B Interest coverage 35.17x +2,572% vs JD Carries about 26.7x more debt cushion than JD.
Total debt $5.63B Interest coverage 5.50x +318% vs JD Carries about 4.2x more debt cushion than JD.
Total debt $13.21B Interest coverage 20.01x +1,420% vs JD Carries about 15.2x more debt cushion than JD.
What you should know
The case for and against JD
3 Rewards
3 Risks
Rewards
-
Revenue grew 17.9% last year.
-
Returns 6.8% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Stock trades 428.7% above its 5-year average P/E.
-
Insider ownership is only 1.0% (peer median: 1.8%).
-
Operating margin compressed from 1.8% to 1.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
18.71x
Forward P/E
6.65x
P/B
1.10x
P/S
0.03x
EV/EBITDA
-1.45x
PEG ratio
0.55x
Profitability
How much profit each dollar creates
Gross margin
9.4%
Operating margin
1.2%
Net margin
1.1%
ROE
6.8%
ROA
0.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.37x
Current ratio
1.14x
Quick ratio
0.71x
Total debt
$15.80B
Total cash
$33.26B
Growth
How the business has been compounding
Revenue TTM
$650.42B
Revenue 5Y CAGR
5.8%
EPS TTM
1.43
EPS 5Y CAGR
26.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$27.44B
Free CF TTM
$1.60B
FCF margin
0.2%
Dividend
Shareholder payout
Yield
3.7%
Payout ratio
70.4%
Last ex-div date
2026-04-09