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Side-by-side financial comparison of CBRE Group (CBRE) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $11.5B, roughly 1.3× CBRE Group). PDD Holdings Inc. runs the higher net margin — 27.1% vs 3.6%, a 23.5% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 21.1%).
CBRE can refer to:Canadian Brotherhood of Railway Employees, a railway trade union in Canada Chemical, Biological, Radiological and Explosive Defence Group, a counter-terrorism unit in Singapore CBRE Group, a multinational real estate corporation Certified broadcast radio engineer, a professional title regulated by The Society of Broadcast Engineers
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
CBRE vs PDD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.5B | $15.2B |
| Net Profit | $416.0M | $4.1B |
| Gross Margin | 17.3% | 56.7% |
| Operating Margin | 5.4% | 23.1% |
| Net Margin | 3.6% | 27.1% |
| Revenue YoY | 12.3% | — |
| Net Profit YoY | -14.6% | — |
| EPS (diluted) | $1.38 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $11.5B | — | ||
| Q3 25 | $10.1B | $15.2B | ||
| Q2 25 | $9.6B | $14.5B | ||
| Q1 25 | $8.8B | — | ||
| Q4 24 | $10.2B | — | ||
| Q3 24 | $8.8B | $14.2B | ||
| Q2 24 | $8.2B | — | ||
| Q1 24 | $7.8B | $12.0B |
| Q4 25 | $416.0M | — | ||
| Q3 25 | $363.0M | $4.1B | ||
| Q2 25 | $215.0M | $4.3B | ||
| Q1 25 | $163.0M | — | ||
| Q4 24 | $487.0M | — | ||
| Q3 24 | $225.0M | $3.6B | ||
| Q2 24 | $130.0M | — | ||
| Q1 24 | $126.0M | $3.9B |
| Q4 25 | 17.3% | — | ||
| Q3 25 | 17.7% | 56.7% | ||
| Q2 25 | 17.1% | 55.9% | ||
| Q1 25 | 17.1% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 18.1% | 60.0% | ||
| Q2 24 | 17.6% | — | ||
| Q1 24 | 17.1% | 62.3% |
| Q4 25 | 5.4% | — | ||
| Q3 25 | 4.8% | 23.1% | ||
| Q2 25 | 3.9% | 24.8% | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 4.2% | 24.5% | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 2.6% | 29.9% |
| Q4 25 | 3.6% | — | ||
| Q3 25 | 3.6% | 27.1% | ||
| Q2 25 | 2.2% | 29.6% | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 2.5% | 25.1% | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 1.6% | 32.3% |
| Q4 25 | $1.38 | — | ||
| Q3 25 | $1.21 | — | ||
| Q2 25 | $0.72 | — | ||
| Q1 25 | $0.54 | — | ||
| Q4 24 | $1.58 | — | ||
| Q3 24 | $0.73 | — | ||
| Q2 24 | $0.42 | — | ||
| Q1 24 | $0.41 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | $13.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.9B | $55.0B |
| Total Assets | $30.9B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | $13.0B | ||
| Q2 25 | $1.4B | $8.8B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.0B | $9.3B | ||
| Q2 24 | $928.0M | — | ||
| Q1 24 | $1.0B | $7.7B |
| Q4 25 | $8.9B | — | ||
| Q3 25 | $8.5B | $55.0B | ||
| Q2 25 | $8.3B | $50.5B | ||
| Q1 25 | $8.3B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.7B | $39.7B | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.3B | $30.3B |
| Q4 25 | $30.9B | — | ||
| Q3 25 | $28.6B | $86.2B | ||
| Q2 25 | $27.7B | $79.2B | ||
| Q1 25 | $26.4B | — | ||
| Q4 24 | $24.4B | — | ||
| Q3 24 | $24.8B | $66.5B | ||
| Q2 24 | $23.5B | — | ||
| Q1 24 | $23.0B | $52.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.2B | $6.4B |
| Free Cash FlowOCF − Capex | $1.1B | — |
| FCF MarginFCF / Revenue | 9.4% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 2.94× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | — | ||
| Q3 25 | $827.0M | $6.4B | ||
| Q2 25 | $57.0M | $3.0B | ||
| Q1 25 | $-546.0M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $573.0M | $3.9B | ||
| Q2 24 | $287.0M | — | ||
| Q1 24 | $-492.0M | $2.9B |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $743.0M | — | ||
| Q2 25 | $-17.0M | — | ||
| Q1 25 | $-610.0M | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $494.0M | — | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $-560.0M | — |
| Q4 25 | 9.4% | — | ||
| Q3 25 | 7.4% | — | ||
| Q2 25 | -0.2% | — | ||
| Q1 25 | -7.0% | — | ||
| Q4 24 | 12.2% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | -7.2% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 0.8% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | 2.94× | — | ||
| Q3 25 | 2.28× | 1.56× | ||
| Q2 25 | 0.27× | 0.70× | ||
| Q1 25 | -3.35× | — | ||
| Q4 24 | 2.75× | — | ||
| Q3 24 | 2.55× | 1.10× | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | -3.90× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBRE
| Other | $5.8B | 51% |
| Project Management Segment | $2.2B | 19% |
| Advisory Leasing | $1.5B | 13% |
| Advisory Sales | $756.0M | 7% |
| Property Management | $695.0M | 6% |
| Investment Management Property Management Brokerage And Other Professional Services | $156.0M | 1% |
| Commercial Mortgage Origination | $95.0M | 1% |
| Other Portfolio Services | $87.0M | 1% |
| Loan Servicing | $73.0M | 1% |
| Real Estate Development Services | $60.0M | 1% |
PDD
Segment breakdown not available.
