JD · Nasdaq · United States · Retail-Retail Stores, Nec

JD.com, Inc.

Daxing District, Beijing, China · Fiscal year ends in December · Figures in CNY

In shortJD.com, Inc. is profitable, generates cash and holds more cash than debt, with revenue growing (+13.0% last year).

Financial health

Mixed

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability23

Operating marginShare of each sale left after running the business, before interest and tax.	0.2%	17/100
Net marginShare of each sale left as profit after every cost, interest and tax.	1.5%	26/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	8.5%	42/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	0.9%	6/100

Weight in the score: 25%

Balance sheet50

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	1.22×	35/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.20×	100/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	Net cash	100/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	0.99×	0/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	1.66	14/100

Weight in the score: 25%

Cash generation52

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	0.9%	23/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	0.57×	34/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability89
Profitable years (last 5) 4 of 5 80/100
Years of revenue decline (last 5) 0 of 5 100/100
Revenue growth volatility 9.3% 77/100
Operating margin volatility 1.3% 97/100
Weight in the score: 20%
Growth80
Revenue growth, 3-year average 7.8% 60/100
EPS growth, 3-year average 26.2% 100/100
Weight in the score: 10%

Profitable years (last 5)	4 of 5	80/100
Years of revenue decline (last 5)	0 of 5	100/100
Revenue growth volatility	9.3%	77/100
Operating margin volatility	1.3%	97/100

Revenue growth, 3-year average	7.8%	60/100
EPS growth, 3-year average	26.2%	100/100

Fiscal year 2025 · change vs prior year

Revenue: ¥1.3T; ▲ 13.0%
Net income: ¥19.6B; ▼ 52.5%
Free cash flow: ¥11.2B; ▼ 78.8%
Operating margin: 0.2%; −3.1 pts
Cash & investments: ¥213.2B; –
Total debt: ¥44.9B; ▲ 26.8%
Diluted EPS: ¥6.45; ▼ 52.0%
Return on equity: 8.5%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

CNY millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	951,592	1,046,236	1,084,662	1,158,819	1,309,085
Cost of revenue	822,526	899,163	924,958	974,951	1,099,057
Gross profit	129,066	147,073	159,704	183,868	210,028
Research & development	16,332	16,893	16,393	17,031	22,229
Operating income	4,141	19,723	26,025	38,736	2,774
Interest expense	1,213	2,106	2,881	2,896	2,803
Pre-tax income	(2,580)	13,867	31,650	51,538	25,323
Income tax	1,887	4,176	8,393	6,878	2,181
Net income	(3,560)	10,380	24,167	41,359	19,631
Diluted EPS	−¥1.15	¥3.21	¥7.61	¥13.43	¥6.45
Diluted shares (millions)	3,107	3,181	3,171	3,076	2,978

5 older years available with the 10-year history. Essential plan, from €8.25/month →

🔒 Export to Excel · Investor plan

Risk checks

Altman Z'' score

1.66 Grey zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

5/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: failed
Long-term debt ratio fell: failed
Current ratio improved: failed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: passed

Sources

20-FPeriod ending Dec 31, 2025Filed Apr 16, 2026Open the report ↗
20-FPeriod ending Dec 31, 2024Filed Apr 17, 2025Open the report ↗
20-FPeriod ending Dec 31, 2023Filed Apr 18, 2024Open the report ↗
20-FPeriod ending Dec 31, 2022Filed Apr 20, 2023Open the report ↗
20-FPeriod ending Dec 31, 2021Filed Apr 28, 2022Open the report ↗
20-FPeriod ending Dec 31, 2020Filed Apr 16, 2021Open the report ↗
20-FPeriod ending Dec 31, 2019Filed Apr 15, 2020Open the report ↗
20-FPeriod ending Dec 31, 2018Filed Apr 15, 2019Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Dec 31, 2025 · Data updated Apr 16, 2026

Reading the annual reports…

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Operating marginShare of each sale left after running the business, before interest and tax.

0.2%

17/100

Net marginShare of each sale left as profit after every cost, interest and tax.

1.5%

26/100

Return on equityProfit earned on the money shareholders put in. Above 15% is strong.

8.5%

42/100

Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.

0.9%

6/100

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.

1.22×

35/100

Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.

0.20×

100/100

Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.

Net cash

100/100

Interest coverageHow many times operating profit covers interest. Below 2 is risky.

0.99×

0/100

Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.

1.66

14/100

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.

0.9%

23/100

Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.

0.57×

34/100

Years with positive free cash flow (last 5)

5 of 5

100/100

Profitable years (last 5)	4 of 5	80/100
Years of revenue decline (last 5)	0 of 5	100/100
Revenue growth volatility	9.3%	77/100
Operating margin volatility	1.3%	97/100

Profitable years (last 5)

4 of 5

80/100

Years of revenue decline (last 5)

0 of 5

100/100

Revenue growth volatility

9.3%

77/100

Operating margin volatility

1.3%

97/100

Revenue growth, 3-year average	7.8%	60/100
EPS growth, 3-year average	26.2%	100/100

Revenue growth, 3-year average

7.8%

60/100

EPS growth, 3-year average

26.2%

100/100

Trends

Annual figures as reported. Hover a bar or point for the exact value.

Revenue and net income

RevenueNet income

Margins

GrossOperatingNet

Free cash flow

Cash versus debt

Cash & investmentsTotal debt

Statements

The last 5 fiscal years from the company's annual reports.

CNY millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	951,592	1,046,236	1,084,662	1,158,819	1,309,085
Cost of revenue	822,526	899,163	924,958	974,951	1,099,057
Gross profit	129,066	147,073	159,704	183,868	210,028
Research & development	16,332	16,893	16,393	17,031	22,229
Operating income	4,141	19,723	26,025	38,736	2,774
Interest expense	1,213	2,106	2,881	2,896	2,803
Pre-tax income	(2,580)	13,867	31,650	51,538	25,323
Income tax	1,887	4,176	8,393	6,878	2,181
Net income	(3,560)	10,380	24,167	41,359	19,631
Diluted EPS	−¥1.15	¥3.21	¥7.61	¥13.43	¥6.45
Diluted shares (millions)	3,107	3,181	3,171	3,076	2,978

Risk checks

Altman Z'' score

1.66 Grey zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

5/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: failed
Long-term debt ratio fell: failed
Current ratio improved: failed
No share dilution: passed
Gross margin improved: passed
Asset turnover improved: passed

Sources

20-FPeriod ending Dec 31, 2025Filed Apr 16, 2026Open the report ↗
20-FPeriod ending Dec 31, 2024Filed Apr 17, 2025Open the report ↗
20-FPeriod ending Dec 31, 2023Filed Apr 18, 2024Open the report ↗
20-FPeriod ending Dec 31, 2022Filed Apr 20, 2023Open the report ↗
20-FPeriod ending Dec 31, 2021Filed Apr 28, 2022Open the report ↗
20-FPeriod ending Dec 31, 2020Filed Apr 16, 2021Open the report ↗
20-FPeriod ending Dec 31, 2019Filed Apr 15, 2020Open the report ↗
20-FPeriod ending Dec 31, 2018Filed Apr 15, 2019Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Dec 31, 2025 · Data updated Apr 16, 2026