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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $15.2B, roughly 1.9× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 25.7%, a 1.4% gap on every dollar of revenue.
HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$3.098 trillion as of September 2024. This also puts it as the 7th largest bank in the world by total assets behind Bank of America, and the 3rd largest non-state owned bank in the world.
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.
HSBC vs PDD — Head-to-Head
Income Statement — Q4 FY2024 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $15.2B |
| Net Profit | $7.3B | $4.1B |
| Gross Margin | — | 56.7% |
| Operating Margin | 33.1% | 23.1% |
| Net Margin | 25.7% | 27.1% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.36 | — |
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.
| Q3 25 | — | $15.2B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | $28.6B | — | ||
| Q3 24 | — | $14.2B | ||
| Q1 24 | — | $12.0B | ||
| Q3 23 | — | $9.4B | ||
| Q2 23 | — | $7.2B | ||
| Q4 22 | — | $5.8B |
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | $7.3B | — | ||
| Q3 24 | — | $3.6B | ||
| Q1 24 | — | $3.9B | ||
| Q3 23 | — | $2.1B | ||
| Q2 23 | — | $1.8B | ||
| Q4 22 | — | $1.4B |
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q1 24 | — | 62.3% | ||
| Q3 23 | — | 61.0% | ||
| Q2 23 | — | 64.3% | ||
| Q4 22 | — | 77.6% |
| Q3 25 | — | 23.1% | ||
| Q2 25 | — | 24.8% | ||
| Q1 25 | 33.1% | — | ||
| Q3 24 | — | 24.5% | ||
| Q1 24 | — | 29.9% | ||
| Q3 23 | — | 24.2% | ||
| Q2 23 | — | 24.3% | ||
| Q4 22 | — | 22.9% |
| Q3 25 | — | 27.1% | ||
| Q2 25 | — | 29.6% | ||
| Q1 25 | 25.7% | — | ||
| Q3 24 | — | 25.1% | ||
| Q1 24 | — | 32.3% | ||
| Q3 23 | — | 22.6% | ||
| Q2 23 | — | 25.1% | ||
| Q4 22 | — | 23.7% |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $0.36 | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $434.9B | $13.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $192.3B | $55.0B |
| Total Assets | $3017.0B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $13.0B | ||
| Q2 25 | — | $8.8B | ||
| Q1 25 | $434.9B | — | ||
| Q3 24 | — | $9.3B | ||
| Q1 24 | — | $7.7B | ||
| Q3 23 | — | $7.5B | ||
| Q2 23 | — | $4.3B | ||
| Q4 22 | — | $21.7B |
| Q3 25 | — | $55.0B | ||
| Q2 25 | — | $50.5B | ||
| Q1 25 | $192.3B | — | ||
| Q3 24 | — | $39.7B | ||
| Q1 24 | — | $30.3B | ||
| Q3 23 | — | $22.2B | ||
| Q2 23 | — | $20.0B | ||
| Q4 22 | — | $17.1B |
| Q3 25 | — | $86.2B | ||
| Q2 25 | — | $79.2B | ||
| Q1 25 | $3017.0B | — | ||
| Q3 24 | — | $66.5B | ||
| Q1 24 | — | $52.3B | ||
| Q3 23 | — | $43.1B | ||
| Q2 23 | — | $37.8B | ||
| Q4 22 | — | $34.4B |
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 | $65.3B | $6.4B |
| Free Cash FlowOCF − Capex | $64.0B | — |
| FCF MarginFCF / Revenue | 223.9% | — |
| Capex IntensityCapex / Revenue | 4.7% | — |
| Cash ConversionOCF / Net Profit | 8.90× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | $65.3B | — | ||
| Q3 24 | — | $3.9B | ||
| Q1 24 | — | $2.9B | ||
| Q3 23 | — | $4.5B | ||
| Q2 23 | — | $3.2B | ||
| Q4 22 | — | $7.0B |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $64.0B | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 223.9% | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 4.7% | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
| Q3 25 | — | 1.56× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | 8.90× | — | ||
| Q3 24 | — | 1.10× | ||
| Q1 24 | — | 0.75× | ||
| Q3 23 | — | 2.09× | ||
| Q2 23 | — | 1.78× | ||
| Q4 22 | — | 5.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
