JD.com, Inc.
- Open
- 30.50
- Day high
- 30.95
- Day low
- 30.31
- Prev close
- 30.19
- Volume
- 3.8M
- Mkt cap
- $41.7B
- P/E (TTM)
- 21.0
- EPS (TTM)
- $1.47
- P/B
- 1.3
- P/S
- 0.2
- Yield
- 3.24%
- Per share
- $1.00
JD.com, Inc. (JD) is a Consumer Cyclical company listed on NASDAQ. The stock is down 8% over the past year. Drillr has 2 published research articles covering JD.
JD.com, Inc. (JD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
JD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $0.57 | $0.74 | +29.8% | $45.8B | +1.3% |
| Mar 5, 2026 | $0.10 | $0.08 | -20.5% | $49.7B | +10.6% |
| Nov 13, 2025 | $0.46 | $0.52 | +13.0% | $42.0B | -15.5% |
| Aug 14, 2025 | $0.50 | $0.69 | +38.0% | $49.7B | +6.4% |
| Mar 6, 2025 | $0.90 | $1.02 | +13.3% | $47.5B | +18.3% |
| Nov 14, 2024 | $1.09 | $1.24 | +13.8% | $37.1B | +2.6% |
| Aug 15, 2024 | $0.86 | $1.29 | +50.0% | $40.1B | -2.0% |
| May 16, 2024 | $0.63 | $0.78 | +23.8% | $36.0B | +1.0% |
| Mar 6, 2024 | $0.65 | $0.75 | +15.4% | $43.2B | +2.4% |
| Nov 15, 2023 | $0.86 | $0.92 | +7.0% | $33.9B | +0.2% |
| Aug 16, 2023 | $0.73 | $0.74 | +1.4% | $39.7B | +3.0% |
| May 11, 2023 | $0.60 | $0.69 | +15.0% | $35.3B | +0.8% |
JD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Shan Suofficer: Chief Financial Officer | Option | 1,250 | — |
| Jul 6, 2026 | Xu Randirector, officer: Chief Executive Officer | Option | 5,000 | — |
| Jul 6, 2026 | Xu Randirector, officer: Chief Executive Officer | Tax | 1,148 | $26.46 |
| Jul 6, 2026 | Xu Randirector, officer: Chief Executive Officer | Option | 2,500 | — |
| Jul 6, 2026 | Shan Suofficer: Chief Financial Officer | Option | 2,500 | — |
| Jul 6, 2026 | Shan Suofficer: Chief Financial Officer | Tax | 574 | $26.46 |
| Jun 8, 2026 | Scheufele Carolinedirector | Option | 15,262 | — |
| Jun 8, 2026 | Scheufele Carolinedirector | Option | 7,631 | — |
| May 26, 2026 | Hsieh Louisdirector | Option | 14,934 | — |
| May 26, 2026 | Xu Dingbodirector | Option | 14,934 | — |
| May 26, 2026 | Xu Dingbodirector | Option | 7,467 | — |
| May 26, 2026 | Hsieh Louisdirector | Option | 7,467 | — |
| May 15, 2026 | Hsieh Louisdirector | Grant | 33,224 | — |
| May 15, 2026 | Xu Dingbodirector | Grant | 33,224 | — |
| May 15, 2026 | Liu Qiangdongdirector | Option | 1,000,000 | — |
Source: JD SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full JD insider & 13F page →JD research & analysis
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JD.com, Inc. company profile
Overview
JD.com, Inc. (NASDAQ:JD) is a leading Chinese e-commerce and technology company founded in 2006 and headquartered in Beijing. Originally known as 360buy Jingdong Inc., the company changed its name to JD.com in 2014 when it went public. JD has evolved from an online electronics retailer into a comprehensive supply chain-based technology and service provider, operating one of China's largest business-to-consumer e-commerce platforms. The company is known for its direct sales model, extensive logistics network, and commitment to authentic products and fast delivery.
Business
JD.com operates as a comprehensive e-commerce ecosystem in China, combining online retail, logistics services, and technology solutions. The company's business is structured around several key segments that work together to create an integrated commerce platform. JD Retail represents the core e-commerce business, operating both first-party (1P) direct sales and third-party (3P) marketplace services. The platform sells a vast array of products across two main categories. Electronics and Home Appliances includes computers, smartphones, consumer electronics, and household appliances, representing approximately 60% of product revenues. General Merchandise encompasses food and beverages, fresh produce, baby products, furniture, cosmetics, pharmaceuticals, books, automotive accessories, apparel, and jewelry, accounting for the remaining 40% of product revenues. JD Logistics operates as a separate business unit providing comprehensive supply chain and logistics services. This division manages warehousing, last-mile delivery, and integrated supply chain solutions not only for JD's own retail operations but also for external customers including other e-commerce platforms, traditional retailers, and manufacturers. JD Logistics has built one of China's most extensive logistics networks with automated warehouses and delivery capabilities. Service Revenues include marketplace commissions from third-party sellers, advertising and marketing services for brands and merchants, and various technology services. This segment generates approximately 15% of total revenues and represents JD's platform monetization efforts. The company also operates smaller segments including JD Health for online healthcare services, JD Technology providing enterprise digitization solutions, and various other technology-driven initiatives that support both internal operations and external clients.
Revenue model
JD.com generates revenue through multiple interconnected business models that leverage its integrated e-commerce and logistics ecosystem. The primary revenue streams reflect the company's evolution from a pure retailer to a comprehensive platform provider. Product Sales Revenue constitutes the largest portion of JD's business, accounting for approximately 85% of total revenues. This comes from direct sales of merchandise where JD purchases products from suppliers and sells them directly to consumers at marked-up prices. The company maintains inventory and takes ownership of products, earning the difference between wholesale and retail prices. Key paying customers are individual consumers and small businesses purchasing electronics, home appliances, and general merchandise. Service Revenue represents about 15% of total revenues and includes several components. Marketplace commissions are earned from third-party merchants who sell on JD's platform, typically ranging from 3-8% of transaction value. Advertising and marketing services generate fees from brands and merchants seeking visibility on the platform. Logistics services create revenue from external customers using JD's delivery and warehousing capabilities, with this segment showing strong growth as more companies outsource their supply chain operations. Several factors influence JD's profit margins and revenue growth. Positive margin drivers include the company's scale advantages in procurement, allowing better wholesale pricing from suppliers; automation and AI deployment in warehouses and operations reducing labor costs; growth in higher-margin service revenues from advertising and logistics; and the expansion of third-party marketplace, which requires less capital investment than direct sales. Margin pressures come from intense price competition in Chinese e-commerce, requiring aggressive pricing strategies; significant investments in technology, logistics infrastructure, and AI capabilities; the low-margin nature of many general merchandise categories; and the need for continuous promotional activities to maintain market share. The company's strategy of prioritizing user experience and market share growth over short-term profitability also impacts margins, though management targets high single-digit profit margins long-term as the business matures and gains efficiency.
Competitive moat
JD.com's competitive moat is moderately strong, built primarily around its integrated supply chain capabilities and logistics network, though it faces significant competitive pressures in the Chinese e-commerce market. The company's strongest moat element is its comprehensive logistics infrastructure, including hundreds of warehouses, automated sorting facilities, and last-mile delivery capabilities that enable same-day or next-day delivery in major Chinese cities. This logistics network creates high barriers to entry and switching costs, as competitors would need massive capital investments and years of development to replicate JD's delivery speed and reliability. The company's focus on authentic products and quality control also differentiates it from competitors, particularly important in China where counterfeit goods are a concern. JD's supply chain relationships with major brands and manufacturers provide another defensive advantage. The company's direct purchasing model and large scale give it negotiating power with suppliers, while its reputation for authentic products makes it a preferred partner for premium brands. The integration of retail, logistics, and technology services creates network effects where each business segment reinforces the others. However, JD's moat faces significant competitive threats. Alibaba's Tmall and Taobao platforms maintain larger market share and stronger network effects through their marketplace model. Emerging competitors like PDD Holdings (Pinduoduo) have disrupted the market with innovative social commerce and aggressive pricing. The rise of live streaming commerce, short-video platforms like Douyin (TikTok), and direct-to-consumer brands also threaten traditional e-commerce models. The company's heavy asset model, while providing operational control, also creates vulnerability to more capital-efficient competitors. Additionally, China's e-commerce market maturation and slowing growth rates intensify competition for market share, potentially eroding JD's pricing power and margins over time. The moat is defendable but requires continuous investment and innovation to maintain competitive positioning.
Risks & safety
JD.com presents a moderate margin of safety with reasonable financial health but some concerns around growth sustainability and competitive positioning. Financial Strength: • Cash position of $14.8 billion provides substantial liquidity buffer • Current ratio of 1.29 indicates adequate short-term liquidity coverage • Debt-to-equity ratio of 0.38 represents manageable leverage levels • Positive free cash flow of $6.0 billion for 2024 demonstrates cash generation capability • No immediate solvency concerns with stable cash flow from operations Valuation Metrics: • Price-to-earnings ratio of 9.4 appears reasonable for a mature e-commerce company • EV/EBITDA of 8.6 suggests modest valuation relative to cash generation • Price-to-book ratio of 1.6 indicates trading near tangible book value • Graham number calculation suggests potential undervaluation at current levels Risk Considerations: • Revenue growth has decelerated to single digits, raising questions about future expansion • Intense competition in Chinese e-commerce market pressures margins and market share • Regulatory risks in China's technology sector create uncertainty • Heavy capital requirements for logistics infrastructure limit financial flexibility • Dependence on Chinese consumer spending makes company vulnerable to economic cycles
Recent development
Over the past few years, JD.com has undergone significant strategic transformation, shifting from pure e-commerce growth to a more balanced approach emphasizing profitability, technological innovation, and ecosystem development. The company's most notable strategic pivot has been its focus on price competitiveness and user experience. Management implemented aggressive pricing strategies, lowered free shipping thresholds, expanded refund policies, and launched initiatives like the "Super 18" monthly sales events. This represented a shift from premium positioning toward broader market appeal, directly competing with platforms like Pinduoduo on price while maintaining service quality advantages. Platform ecosystem development has become a central strategic priority. JD significantly expanded its third-party marketplace, growing the active merchant base to over one million and targeting 60% of total platform GMV from 3P sellers. The company enhanced merchant tools, advertising capabilities, and commission structures to attract more sellers and monetize the platform beyond direct sales. Artificial intelligence and automation deployment accelerated across all business units. JD launched AI shopping assistants, implemented AI-powered merchant tools, deployed industrial robotics in logistics operations, and integrated AI into supply chain management. These investments aim to improve operational efficiency and reduce long-term costs while enhancing user experience. The company also made organizational restructuring changes, flattening management hierarchy and delegating more decision-making power to operational units. This was part of JD's "35711 Vision" for the next 20 years, emphasizing agility and responsiveness in a competitive market. Capital allocation strategy shifted toward shareholder returns, with JD increasing annual dividends by 32% to $1 per ADS and repurchasing 8.1% of outstanding shares in 2024. This signals management's confidence in cash generation and commitment to returning value to shareholders while maintaining growth investments.
JD company profile · for informational purposes only — not investment advice.
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