Hong Kong · HKEX · 09618
JD.com (09618) stock analysis: valuation and financials
专业零售
HK$104.90 -3.3% Price as of Oct 13, 2026
Scale retailer with a narrow, eroding moat: FY2025 operating margin 0.21% and FCF CNY4.8B, offset by CNY151.8B net cash and 0.19x P/S; base case requires margin normalisation.
- Market cap
- HK$295.6B
- P/E
- 17.1x
- EV/Sales
- 0.1x
- FCF yield
- 1.9%
- Dividend yield
- 3.7%
- 52-week range
- HK$96.00 – HK$131.80
Research as of Oct 14, 2026
Business quality scorecard
- Growth27
- Profitability3
- Cash flow51
- Balance sheet43
- Capital allocation33
- Innovation55
- Valuation60
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Consumers buy self-operated goods while merchants and brands pay commissions, advertising and logistics fees; retail is the revenue engine, but segment profit is not disclosed and FY2025 group operating margin was only 0.2%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥951.6B | ¥1.0T | ¥1.1T | ¥1.2T | ¥1.3T |
| Revenue growth | +27.6% | +9.9% | +3.7% | +6.8% | +13.0% |
| Gross margin | 13.6% | 14.1% | 14.7% | 15.9% | 16.0% |
| Operating margin | 0.4% | 1.9% | 2.4% | 3.3% | 0.2% |
| Net income | -¥3.6B | ¥10.4B | ¥24.2B | ¥41.4B | ¥19.6B |
| Free cash flow | ¥20.0B | ¥34.9B | ¥39.5B | ¥44.3B | ¥4.8B |
| FCF margin | 2.1% | 3.3% | 3.6% | 3.8% | 0.4% |
Amounts in CNY · What is free cash flow?
Margins Gross margin edged up: FY2025 16.04% vs 15.87% FY2024, TTM 16.59% (+0.18pp), Q2 FY2026 17.12%. Operating margin collapsed to 0.21% from 3.34% (TTM 0.11%) as SG&A jumped 68.8% to CNY95.9B; H1 FY2026 recovered to 1.2-1.3%.
- Cash flow WatchOperating cash flow still exceeds earnings: TTM OCF CNY51.1B versus net income CNY14.8B, cash conversion 1.60x; FY2025 OCF CNY19.0B was just below net income of CNY19.6B. Five-year cumulative FCF CNY143.5B.
- Debt LowNet cash position: net debt -CNY151.8B, with CNY89.1B cash plus CNY132.6B short-term investments against total debt of CNY69.9B (TTM); net debt/EBITDA -12.12x.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥221.7B
- Total debt
- ¥69.9B
- Net cash
- ¥151.8B
- Interest coverage
- 0.5x
- Current ratio
- 1.1x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateCapital returns are shareholder-friendly: over five years buybacks CNY56.9B plus dividends CNY38.5B against cumulative FCF CNY143.5B, with diluted shares compounding at -2.0% a year versus SBC of CNY16.7B.
Valuation range
Implied value per share · Price when researched: HK$104.90
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.