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Side-by-side financial comparison of Lowe's (LOW) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
Lowe's is the larger business by last-quarter revenue ($20.8B vs $15.2B, roughly 1.4× PDD Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 7.8%, a 19.3% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs -8.7%).
Lowe's Companies, Inc. is an American retail company specializing in home improvement. Headquartered in Mooresville, North Carolina, the company operates a chain of retail stores in the United States. As of October 28, 2022, Lowe's and its related businesses operated 2,181 home improvement and hardware stores in North America.
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.
LOW vs PDD — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.8B | $15.2B |
| Net Profit | $1.6B | $4.1B |
| Gross Margin | 34.2% | 56.7% |
| Operating Margin | 11.9% | 23.1% |
| Net Margin | 7.8% | 27.1% |
| Revenue YoY | 3.2% | — |
| Net Profit YoY | -4.7% | — |
| EPS (diluted) | $2.88 | — |
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 | $20.8B | — | ||
| Q3 25 | — | $15.2B | ||
| Q2 25 | $20.9B | $14.5B | ||
| Q4 24 | $20.2B | — | ||
| Q3 24 | $23.6B | $14.2B | ||
| Q2 24 | $21.4B | — | ||
| Q1 24 | $18.6B | $12.0B | ||
| Q4 23 | $20.5B | — |
| Q4 25 | $1.6B | — | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | $1.6B | $4.3B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $2.4B | $3.6B | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.0B | $3.9B | ||
| Q4 23 | $1.8B | — |
| Q4 25 | 34.2% | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | 33.4% | 55.9% | ||
| Q4 24 | 33.7% | — | ||
| Q3 24 | 33.5% | 60.0% | ||
| Q2 24 | 33.2% | — | ||
| Q1 24 | 32.4% | 62.3% | ||
| Q4 23 | 33.7% | — |
| Q4 25 | 11.9% | — | ||
| Q3 25 | — | 23.1% | ||
| Q2 25 | 11.9% | 24.8% | ||
| Q4 24 | 12.6% | — | ||
| Q3 24 | 14.6% | 24.5% | ||
| Q2 24 | 12.4% | — | ||
| Q1 24 | 9.1% | 29.9% | ||
| Q4 23 | 13.2% | — |
| Q4 25 | 7.8% | — | ||
| Q3 25 | — | 27.1% | ||
| Q2 25 | 7.8% | 29.6% | ||
| Q4 24 | 8.4% | — | ||
| Q3 24 | 10.1% | 25.1% | ||
| Q2 24 | 8.2% | — | ||
| Q1 24 | 5.5% | 32.3% | ||
| Q4 23 | 8.7% | — |
| Q4 25 | $2.88 | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $2.92 | — | ||
| Q4 24 | $2.99 | — | ||
| Q3 24 | $4.17 | — | ||
| Q2 24 | $3.06 | — | ||
| Q1 24 | $1.81 | — | ||
| Q4 23 | $3.06 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $13.0B |
| Total DebtLower is stronger | $37.5B | — |
| Stockholders' EquityBook value | $-10.4B | $55.0B |
| Total Assets | $53.5B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | — | ||
| Q3 25 | — | $13.0B | ||
| Q2 25 | $3.4B | $8.8B | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $4.7B | $9.3B | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $1.2B | $7.7B | ||
| Q4 23 | $1.5B | — |
| Q4 25 | $37.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $30.5B | — | ||
| Q4 24 | $32.9B | — | ||
| Q3 24 | $34.7B | — | ||
| Q2 24 | $34.6B | — | ||
| Q1 24 | $35.4B | — | ||
| Q4 23 | $35.4B | — |
| Q4 25 | $-10.4B | — | ||
| Q3 25 | — | $55.0B | ||
| Q2 25 | $-13.3B | $50.5B | ||
| Q4 24 | $-13.4B | — | ||
| Q3 24 | $-13.8B | $39.7B | ||
| Q2 24 | $-14.6B | — | ||
| Q1 24 | $-15.1B | $30.3B | ||
| Q4 23 | $-15.1B | — |
| Q4 25 | $53.5B | — | ||
| Q3 25 | — | $86.2B | ||
| Q2 25 | $45.4B | $79.2B | ||
| Q4 24 | $44.7B | — | ||
| Q3 24 | $44.9B | $66.5B | ||
| Q2 24 | $45.4B | — | ||
| Q1 24 | $41.8B | $52.3B | ||
| Q4 23 | $42.5B | — |
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 | $687.0M | $6.4B |
| Free Cash FlowOCF − Capex | $90.0M | — |
| FCF MarginFCF / Revenue | 0.4% | — |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | 0.43× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $6.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | $3.4B | $3.0B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $3.2B | $3.9B | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $1.1B | $2.9B | ||
| Q4 23 | $1.1B | — |
| Q4 25 | $90.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $2.9B | — | ||
| Q4 24 | $728.0M | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $488.0M | — | ||
| Q4 23 | $485.0M | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 13.7% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 11.6% | — | ||
| Q2 24 | 18.2% | — | ||
| Q1 24 | 2.6% | — | ||
| Q4 23 | 2.4% | — |
| Q4 25 | 2.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.5% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 1.8% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 3.3% | — | ||
| Q4 23 | 2.8% | — |
| Q4 25 | 0.43× | — | ||
| Q3 25 | — | 1.56× | ||
| Q2 25 | 2.06× | 0.70× | ||
| Q4 24 | 0.77× | — | ||
| Q3 24 | 1.32× | 1.10× | ||
| Q2 24 | 2.43× | — | ||
| Q1 24 | 1.09× | 0.75× | ||
| Q4 23 | 0.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LOW
| Home Decor | $7.8B | 37% |
| Building Products | $6.9B | 33% |
| Hardlines | $5.1B | 25% |
| Services | $753.0M | 4% |
| Other | $384.0M | 2% |
PDD
Segment breakdown not available.
