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Side-by-side financial comparison of PDD Holdings Inc. (PDD) and Smurfit Westrock (SW). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $7.7B, roughly 2.0× Smurfit Westrock). PDD Holdings Inc. runs the higher net margin — 27.1% vs 0.8%, a 26.3% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 61.2%).
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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
PDD vs SW — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.2B | $7.7B |
| Net Profit | $4.1B | $63.0M |
| Gross Margin | 56.7% | 16.4% |
| Operating Margin | 23.1% | 3.3% |
| Net Margin | 27.1% | 0.8% |
| Revenue YoY | — | 0.7% |
| Net Profit YoY | — | 0.0% |
| EPS (diluted) | — | $0.12 |
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.
| Q1 26 | — | $7.7B | ||
| Q4 25 | — | $7.6B | ||
| Q3 25 | $15.2B | $8.0B | ||
| Q2 25 | $14.5B | $7.9B | ||
| Q1 25 | — | $7.7B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $14.2B | $7.7B | ||
| Q2 24 | — | $3.0B |
| Q1 26 | — | $63.0M | ||
| Q4 25 | — | $97.0M | ||
| Q3 25 | $4.1B | $246.0M | ||
| Q2 25 | $4.3B | $-28.0M | ||
| Q1 25 | — | $384.0M | ||
| Q4 24 | — | $146.0M | ||
| Q3 24 | $3.6B | $-150.0M | ||
| Q2 24 | — | $132.0M |
| Q1 26 | — | 16.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | 56.7% | 19.6% | ||
| Q2 25 | 55.9% | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | 60.0% | 17.6% | ||
| Q2 24 | — | 23.3% |
| Q1 26 | — | 3.3% | ||
| Q4 25 | — | 5.1% | ||
| Q3 25 | 23.1% | 6.6% | ||
| Q2 25 | 24.8% | 3.2% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | 24.5% | 0.7% | ||
| Q2 24 | — | 8.2% |
| Q1 26 | — | 0.8% | ||
| Q4 25 | — | 1.3% | ||
| Q3 25 | 27.1% | 3.1% | ||
| Q2 25 | 29.6% | -0.4% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 25.1% | -2.0% | ||
| Q2 24 | — | 4.4% |
| Q1 26 | — | $0.12 | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.0B | — |
| Total DebtLower is stronger | — | $980.0M |
| Stockholders' EquityBook value | $55.0B | $18.1B |
| Total Assets | $86.2B | $45.2B |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $892.0M | ||
| Q3 25 | $13.0B | $851.0M | ||
| Q2 25 | $8.8B | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | — | $26.8K |
| Q1 26 | — | $980.0M | ||
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — |
| Q1 26 | — | $18.1B | ||
| Q4 25 | — | $18.3B | ||
| Q3 25 | $55.0B | $18.4B | ||
| Q2 25 | $50.5B | $18.3B | ||
| Q1 25 | — | $17.9B | ||
| Q4 24 | — | $17.4B | ||
| Q3 24 | $39.7B | $18.0B | ||
| Q2 24 | — | $14.5K |
| Q1 26 | — | $45.2B | ||
| Q4 25 | — | $45.2B | ||
| Q3 25 | $86.2B | $45.6B | ||
| Q2 25 | $79.2B | $45.7B | ||
| Q1 25 | — | $44.6B | ||
| Q4 24 | — | $43.8B | ||
| Q3 24 | $66.5B | $45.0B | ||
| Q2 24 | — | $26.8K |
| Q1 26 | — | 0.05× | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — |
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 | $6.4B | $204.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.56× | 3.24× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $204.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $6.4B | $1.1B | ||
| Q2 25 | $3.0B | $829.0M | ||
| Q1 25 | — | $235.0M | ||
| Q4 24 | — | $781.0M | ||
| Q3 24 | $3.9B | $320.0M | ||
| Q2 24 | — | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% |
| Q1 26 | — | 3.24× | ||
| Q4 25 | — | 12.32× | ||
| Q3 25 | 1.56× | 4.61× | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 5.35× | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | — | 2.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
