JD.com - Public Comps and Valuation Multiples

JD.com Overview

About JD.com

JD.com is the third-largest Chinese e-commerce platform by GMV in 2024. it offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace and omnichannel businesses.

Founded

2006

HQ

Employees

570.9K+

Website

jd.com

Sectors

Consumer E-commerce
Horizontal E-commerce

Financials

LTM Revenue $180B

LTM EBITDA $4.5B

EV

$32.2B

Valuation Multiples

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JD.com Financials

As of September 2025, JD.com reported last 12-month revenue of $180B and EBITDA of $4.5B.

In the same period, JD.com generated $28.9B in LTM gross profit and $4.5B in net income.

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JD.com P&L

In the most recent fiscal year, JD.com reported revenue of $149B and EBITDA of $8.1B.

JD.com expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$180B	XXX	$149B	XXX	XXX	XXX
Gross Profit	$28.9B	XXX	$23.6B	XXX	XXX	XXX
Gross Margin	16%	XXX	16%	XXX	XXX	XXX
EBITDA	$4.5B	XXX	$8.1B	XXX	XXX	XXX
EBITDA Margin	2%	XXX	5%	XXX	XXX	XXX
EBIT	$2.5B	XXX	$5.1B	XXX	XXX	XXX
EBIT Margin	1%	XXX	3%	XXX	XXX	XXX
Net Profit	$4.5B	XXX	$5.3B	XXX	XXX	XXX
Net Margin	2%	XXX	4%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for JD.com including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $180B. EBITDA for the last twelve months was $4.5B. In the most recent fiscal year, JD.com achieved $149B in revenue and $8.1B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$180B	Analyst estimates available to subscribers	$149B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$28.9B	Analyst estimates available to subscribers	$23.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	16.0% gross margin	Analyst estimates available to subscribers	15.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$4.5B	Analyst estimates available to subscribers	$8.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	2.5% EBITDA margin	Analyst estimates available to subscribers	5.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.5B	Analyst estimates available to subscribers	$5.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	1.4% EBIT margin	Analyst estimates available to subscribers	3.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$4.5B	Analyst estimates available to subscribers	$5.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	2.5% net profit margin	Analyst estimates available to subscribers	3.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for JD.com

This financial data table provides comprehensive performance metrics for JD.com, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

JD.com generated $180B in revenue over the last twelve months.
The company achieved $4.5B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $28.9B.
Net income over the last twelve months reached $4.5B.

Fiscal Year Performance

In the most recent fiscal year, JD.com reported $149B in total revenue.
Fiscal year EBITDA was $8.1B.
The company maintained a gross profit margin of 15.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.5%.
Net profit margin reached 3.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for JD.com. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

JD.com Stock Performance

JD.com has current market cap of HKD 374B (or $48.1B), and EV of HKD 251B (or $32.2B).

Market Cap Evolution

JD.com Stock Data

As of October 16, 2025, JD.com's stock price is HKD 132 (or $17).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$32.2B	$48.1B	XXX	XXX	XXX	XXX	$1.48

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JD.com Valuation Multiples

JD.com's trades at 0.2x EV/Revenue multiple, and 4.0x EV/EBITDA.

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JD.com Financial Valuation Multiples

As of October 16, 2025, JD.com has market cap of $48.1B and EV of $32.2B.

Equity research analysts estimate JD.com's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

JD.com has a P/E ratio of 10.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$48.1B	XXX	$48.1B	XXX	XXX	XXX
EV (current)	$32.2B	XXX	$32.2B	XXX	XXX	XXX
EV/Revenue	0.2x	XXX	0.2x	XXX	XXX	XXX
EV/EBITDA	7.2x	XXX	4.0x	XXX	XXX	XXX
EV/EBIT	12.8x	XXX	6.3x	XXX	XXX	XXX
EV/Gross Profit	1.1x	XXX	n/a	XXX	XXX	XXX
P/E	10.7x	XXX	9.0x	XXX	XXX	XXX
EV/FCF	7.0x	XXX	5.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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JD.com Margins & Growth Rates

JD.com's last 12 month revenue growth is 8%

JD.com's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $32K for the same period.

JD.com's rule of 40 is 12% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

JD.com's rule of X is 23% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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JD.com Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	2%	XXX	5%	XXX	XXX	XXX
EBITDA Growth	27%	XXX	-17%	XXX	XXX	XXX
Rule of 40	12%	XXX	14%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	23%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$32K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	12%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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