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Side-by-side financial comparison of PDD Holdings Inc. (PDD) and Token Cat Ltd (TC). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $2.8M, roughly 5508.7× Token Cat Ltd). PDD Holdings Inc. runs the higher net margin — 27.1% vs -3.4%, a 30.5% gap on every dollar of revenue.
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.
PDD vs TC — Head-to-Head
Income Statement — Q3 2025 vs Q2 2025
| Metric | | |
|---|---|---|
| Revenue | $15.2B | $2.8M |
| Net Profit | $4.1B | $-93.0K |
| Gross Margin | 56.7% | 79.0% |
| Operating Margin | 23.1% | -206.9% |
| Net Margin | 27.1% | -3.4% |
| Revenue YoY | — | -37.9% |
| Net Profit YoY | — | 98.3% |
| EPS (diluted) | — | — |
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 | $2.8M | ||
| Q3 24 | $14.2B | — | ||
| Q2 24 | — | $4.4M | ||
| Q1 24 | $12.0B | — | ||
| Q3 23 | $9.4B | — | ||
| Q2 23 | $7.2B | $12.7M | ||
| Q4 22 | $5.8B | — |
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.3B | $-93.0K | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | — | $-5.6M | ||
| Q1 24 | $3.9B | — | ||
| Q3 23 | $2.1B | — | ||
| Q2 23 | $1.8B | $-4.2M | ||
| Q4 22 | $1.4B | — |
| Q3 25 | 56.7% | — | ||
| Q2 25 | 55.9% | 79.0% | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | 69.2% | ||
| Q1 24 | 62.3% | — | ||
| Q3 23 | 61.0% | — | ||
| Q2 23 | 64.3% | 63.4% | ||
| Q4 22 | 77.6% | — |
| Q3 25 | 23.1% | — | ||
| Q2 25 | 24.8% | -206.9% | ||
| Q3 24 | 24.5% | — | ||
| Q2 24 | — | -146.9% | ||
| Q1 24 | 29.9% | — | ||
| Q3 23 | 24.2% | — | ||
| Q2 23 | 24.3% | -59.9% | ||
| Q4 22 | 22.9% | — |
| Q3 25 | 27.1% | — | ||
| Q2 25 | 29.6% | -3.4% | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | — | -125.9% | ||
| Q1 24 | 32.3% | — | ||
| Q3 23 | 22.6% | — | ||
| Q2 23 | 25.1% | -33.3% | ||
| Q4 22 | 23.7% | — |
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 | $150.0K |
| Total DebtLower is stronger | — | $1.4M |
| Stockholders' EquityBook value | $55.0B | $4.6M |
| Total Assets | $86.2B | $28.4M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $13.0B | — | ||
| Q2 25 | $8.8B | $150.0K | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | — | $689.0K | ||
| Q1 24 | $7.7B | — | ||
| Q3 23 | $7.5B | — | ||
| Q2 23 | $4.3B | $3.0M | ||
| Q4 22 | $21.7B | — |
| Q3 25 | — | — | ||
| Q2 25 | — | $1.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
| Q3 25 | $55.0B | — | ||
| Q2 25 | $50.5B | $4.6M | ||
| Q3 24 | $39.7B | — | ||
| Q2 24 | — | $-787.0K | ||
| Q1 24 | $30.3B | — | ||
| Q3 23 | $22.2B | — | ||
| Q2 23 | $20.0B | $9.1M | ||
| Q4 22 | $17.1B | — |
| Q3 25 | $86.2B | — | ||
| Q2 25 | $79.2B | $28.4M | ||
| Q3 24 | $66.5B | — | ||
| Q2 24 | — | $12.5M | ||
| Q1 24 | $52.3B | — | ||
| Q3 23 | $43.1B | — | ||
| Q2 23 | $37.8B | $25.1M | ||
| Q4 22 | $34.4B | — |
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
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 | $-23.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $6.4B | — | ||
| Q2 25 | $3.0B | $-23.7M | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | — | $-1.5M | ||
| Q1 24 | $2.9B | — | ||
| Q3 23 | $4.5B | — | ||
| Q2 23 | $3.2B | $-7.2M | ||
| Q4 22 | $7.0B | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-1.5M | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -34.4% | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q4 22 | — | — |
| Q3 25 | 1.56× | — | ||
| Q2 25 | 0.70× | — | ||
| Q3 24 | 1.10× | — | ||
| Q2 24 | — | — | ||
| 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.
