JD.com Inc - ADR
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+ FollowMarket Cap$37.34B
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Earnings Call Q2 2026
August 13, 2026 - AI Summary
Profitability inflection (biggest positive / “surprising”):
- Q2 non-GAAP net income attributable to ordinary shareholders +21% YoY to RMB 8.9bn; non-GAAP net margin +0.5pp to 2.6%.
- Q2 marked a “definitive turning point” for consolidated profitability.
- JD Retail delivered strong quality: gross margin +1.3pp YoY to 18.5% and operating margin +7 bps to 4.6% (record for a peak promotional quarter).
- JD Food Delivery losses narrowed >50% YoY in the quarter, supporting group-level margin expansion.
Top-line reality check + outlook to re-accelerate (mixed):
- Total revenues RMB 346bn (-2.9% YoY) due to electronics/home appliances headwinds from a high trade-in comparison base and upstream price pressure.
- Management still expects top-line to reaccelerate in the second half, with electronics/home appliances recovery expected in Q3 as the base effect normalizes.
- They noted momentum picked up in June, supporting the call’s shift from “pressure” to “inflection.”
Category + segment signals (opportunities):
- General merchandise maintained healthy growth, with supermarket near double-digit YoY revenue growth and health care / industrial products solid double-digit growth.
- Marketplace & marketing revenues +8.3% YoY (advertising accelerating); product/service mix is positioned to support margins.
- JD Logistics revenues +24.3% YoY (management cited reclassification/recognition changes; also mentioned on-demand contribution) and non-GAAP operating margin 3.5%.
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$76.16
174.5% upside
Current Fair Value
174.5% upsideUndervalued by 174.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $37.34 Billion |
|---|---|
| Enterprise Value | $84.33 Billion |
| Annual dividend | $1.00 |
| Dividend yield | 3.91% |
| Earnings per Share | $13.78 |
| Beta | 0.32 |
| Outstanding Shares | 1,346,000,000 |
Return
| Return on Equity | 6.74% |
|---|---|
| Return on Assets | 2.04% |
| Return on Invested Capital | 0.60% |
Valuation & Multiples
| P/E Ratio | 15.77 |
|---|---|
| PEG | 104.68 |
| Price to Sales | 0.03 |
| Price to Book Ratio | 0.13 |
| Enterprise Value to Revenue | 0.06 |
| Enterprise Value to EBIT | 38.02 |
| Enterprise Value to Net Income | 5 |
| Total Debt to Enterprise | 1.77 |
| Debt to Equity | 0.68 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 13, 2026
EPS Estimate
$0.86
Consensus analyst estimateRevenue Estimate
$50.38 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 12, 2026
EPS Estimate
$0.88
Consensus analyst estimateRevenue Estimate
$46.05 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 81.52% |
|---|---|
| Total Calls | 40,446▼ 99.90% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.37%▼ 13.46% |
|---|---|
| Total Invested | $492.43M▼ 90.50% |
| Investors Holding | 99▼ 398.00% |
About JD.com Inc
776,682 employees
CEO: Qiangdong Liu
Headquartered in Beijing, People's Republic of China, JD.com, Inc., initially known as 360buy Jingdong Inc. until its renaming in January 2014, was founded in 2006. The company serves as a leading provider of technology and services leve...