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JD.com Inc (JD)
NASDAQ:JD
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JD
(NASDAQ:JD)
Rating:77Outperform
Price Target:
$37.00
▲(13.15%Upside)
Positive Factors
Earnings
JD delivered strong 1Q25 results, significantly exceeding expectations on both revenue and net profit.
Retail Growth
The company raised its FY25 retail growth outlook to double-digit growth, supported by improving consumer sentiment and ecosystem enhancements.
User and Order Growth
Food delivery saw robust user and order growth.
Negative Factors
Margin Uncertainty
The investment in the food delivery market introduces margin uncertainty for the remainder of the year.
Near-term Margin Impact
Related losses from the food delivery business will weigh on near-term margins but should narrow meaningfully next year.
Profitability Guidance
JD withdrew its FY25 group-level profitability guidance, citing limited visibility and ongoing market volatility.
JD (JD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.01B
Dividend Yield3.06%
Average Volume (3M)8.89M
Price to Earnings (P/E)7.8
Beta (1Y)0.93
Revenue Growth8.13%
EPS Growth91.39%
CountryUS
Employees570,895
SectorConsumer Cyclical
Sector Strength59
IndustrySpecialty Retail
Share Statistics
EPS (TTM)1.17
Shares Outstanding1,432,535,000
10 Day Avg. Volume8,889,404
30 Day Avg. Volume8,885,673
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)8.73
Price to Sales (P/S)0.00
P/FCF Ratio33.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$47.50Price Target Upside45.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
JD Business Overview & Revenue Model
Company DescriptionJD.com, Inc., also known as Jingdong, is a leading Chinese e-commerce company headquartered in Beijing. It operates in various sectors including online retail, logistics, and technology services. JD is renowned for its comprehensive e-commerce platform, offering a wide array of products ranging from electronics and home appliances to clothing and groceries. The company is known for its commitment to high-quality products and superior customer service, underpinned by its own robust nationwide logistics network.
How the Company Makes MoneyJD.com generates revenue primarily through its online retail operations, where it sells a diverse range of products directly to consumers. A significant portion of its earnings comes from the sale of electronics, home appliances, and general merchandise. The company also earns money through its marketplace services by charging third-party sellers commission fees for sales made through its platform. Additionally, JD benefits from its logistics and technology services, offering supply chain solutions and technology support to various businesses. Strategic partnerships and collaborations with other companies also contribute to its revenue, enhancing its service offerings and expanding its market reach.
JD Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by different business segments, revealing which areas are the most lucrative and where JD might face opportunities or challenges.
Breaks down revenue by different business segments, revealing which areas are the most lucrative and where JD might face opportunities or challenges.
Data provided by:
Main Street Data
Main Street DataJD Earnings Call Summary
Earnings Call Date:May 13, 2025
(Q1-2025)
| % Change Since: -9.29%|
Next Earnings Date:Aug 25, 2025
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook for JD.com, showcasing strong revenue and profit growth, increasing user engagement, and successful shareholder returns. Despite some challenges in the new business segment and lower free cash flow, the overall performance and strategic initiatives suggest a positive trajectory.Q1-2025 Updates
Positive Updates
Robust Revenue Growth
Total revenues were up 16% year-on-year, with healthy growth across all major revenue streams. Electronics and home appliances revenue increased by 17% and general merchandise revenue by 15%.
Significant Profit Increase
Non-GAAP net profit increased by 43% year-on-year to RMB 12.8 billion, with net margin expanding by 82 basis points to 4.2%.
User Growth and Engagement
Quarterly active customer numbers were up double digits year-on-year, with increased shopping frequency and ARPU. JD also recorded double-digit growth in shopping frequency and ARPU.
Strong Momentum in New Business
JD's new business, including food delivery, turned around to positive growth of 18% year-on-year, with food delivery order volume nearing 20 million orders.
Successful Shareholder Returns
JD completed a cash dividend payout of USD 1.44 billion and repurchased 80.7 million Class A ordinary shares, equivalent to 2.8% of shares outstanding.
Negative Updates
Widened Operating Loss in New Business
Non-GAAP operating loss for new business widened to RMB 1.3 billion, driven by fast growth and investments in new initiatives.
Lower Free Cash Flow
Last 12-month free cash flow was RMB 38 billion, down from RMB 61 billion the previous year, primarily due to cash outflows associated with the trading program and efforts to secure product supply.
Company Guidance
During JD.com's Q1 2025 earnings call, the company provided optimistic guidance, emphasizing several key metrics. Total revenues increased by 16% year-over-year, driven by strong performance in its electronics and home appliance category, which saw a 17% revenue growth. The general merchandise category also experienced a 15% revenue growth, with the supermarket segment achieving double-digit growth for the fifth consecutive quarter. JD.com highlighted a 43% increase in non-GAAP net profit to RMB 12.8 billion, alongside an 82 basis points expansion in net margin to 4.2%. The company also reported a double-digit year-on-year growth in quarterly active customers and average user shopping frequency. JD.com emphasized its strategic focus on enhancing user experience and expanding its 3P ecosystem, which contributed to a 16% growth in marketplace and marketing revenues. The company also noted significant advancements in its food delivery business, nearing 20 million daily orders, and shared its commitment to leveraging AI to improve efficiency across its supply chain and advertising operations.JD Financial Statement Overview
Summary
JD has demonstrated strong revenue growth, improved profitability, and a robust balance sheet. The company shows effective cash flow management, though there are areas for potential optimization. Overall, JD is in a stable financial position, reflecting its operational strength and strategic financial management.Income Statement
JD has demonstrated strong revenue growth, with a significant increase from previous periods, particularly the jump from 2020 to the recent TTM. The gross profit margin is healthy, reflecting efficient cost management, while net profit margin has improved drastically over the years, indicating better profitability. EBIT and EBITDA margins have also shown improvement, depicting operational efficiency and strong earnings before interest, taxes, depreciation, and amortization.85
Very Positive
Balance Sheet
JD maintains a robust balance sheet with a solid equity base, as evidenced by a favorable equity ratio. The debt-to-equity ratio is manageable, suggesting a balanced approach to leveraging. Return on equity shows an upward trend, indicating effective use of equity to generate profits despite some fluctuations in earlier years.80
Positive
Cash Flow
JD's cash flow statements show a positive trend in operating cash flow, indicating strong cash generation from core operations. Free cash flow has been positive and growing, although there was a dip in the latest TTM compared to the previous year. The ratios of cash flow to net income highlight efficient cash conversion, although recent decreases suggest potential areas for improvement.78
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.20T | 1.16T | 1.08T | 1.05T | 951.59B | 745.80B |
| Gross Profit | 155.12B | 113.44B | 159.70B | 147.07B | 129.07B | 109.11B |
| EBITDA | 54.27B | 47.36B | 42.82B | 23.21B | 4.14B | 58.01B |
| Net Income | 45.12B | 41.36B | 24.17B | 10.38B | -3.56B | 49.41B |
Balance Sheet | ||||||
| Total Assets | 677.86B | 698.23B | 628.96B | 595.25B | 496.51B | 422.29B |
| Cash, Cash Equivalents and Short-Term Investments | 194.16B | 234.00B | 190.15B | 219.96B | 185.33B | 146.66B |
| Total Debt | 87.43B | 89.77B | 68.43B | 65.05B | 34.14B | 31.55B |
| Total Liabilities | 369.19B | 384.94B | 332.58B | 321.13B | 249.72B | 200.67B |
| Stockholders Equity | 234.32B | 239.35B | 231.86B | 213.37B | 208.91B | 187.54B |
Cash Flow | ||||||
| Free Cash Flow | 30.12B | 44.28B | 39.51B | 35.84B | 23.74B | 34.87B |
| Operating Cash Flow | 51.30B | 58.09B | 59.52B | 57.82B | 42.30B | 42.54B |
| Investing Cash Flow | -13.05B | -871.00M | -59.54B | -54.03B | -74.25B | -57.81B |
| Financing Cash Flow | -20.85B | -21.00B | -5.81B | 1.18B | 19.50B | 71.07B |
JD Technical Analysis
Negative
32.70
Price Trends
33.28
Negative
36.55
Negative
37.31
Negative
Market Momentum
-0.32
Negative
48.12
Neutral
36.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JD, the sentiment is Negative. The current price of 32.7 is below the 20-day moving average (MA) of 32.82, below the 50-day MA of 33.28, and below the 200-day MA of 37.31, indicating a bearish trend. The MACD of -0.32 indicates Negative momentum. The RSI at 48.12 is Neutral, neither overbought nor oversold. The STOCH value of 36.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JD.
JD Risk Analysis
JD disclosed 111 risk factors in its most recent earnings report. JD reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JD Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $50.01B | 7.81 | 19.81% | 3.06% | 8.13% | 91.39% | |
77 Outperform | $256.30B | 13.92 | 13.04% | 1.86% | 5.17% | 74.55% | |
77 Outperform | $146.17B | 11.45 | 36.31% | ― | 35.04% | 22.04% | |
74 Outperform | $126.80B | 61.52 | 49.11% | ― | 41.92% | 81.11% | |
74 Outperform | $89.46B | 106.27 | 11.13% | ― | 30.18% | 1995.22% | |
74 Outperform | $54.47B | 216.85 | 6.06% | ― | 20.88% | -80.08% | |
62 Neutral | AU$2.83B | 27.29 | 5.13% | 5.37% | 2.35% | -31.70% |
* Consumer Cyclical Sector Average
Performance Comparison
JD
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32.70
5.88
21.92%
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149.11
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PDD
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106.31
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CPNG
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29.99
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40.53%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.