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Side-by-side financial comparison of PDD Holdings Inc. (PDD) and Travelers Companies (The) (TRV). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $12.4B, roughly 1.2× Travelers Companies (The)). PDD Holdings Inc. runs the higher net margin — 27.1% vs 20.1%, a 7.0% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 5.2%).
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.
The Travelers Companies, Inc., commonly known as Travelers, is an American multinational insurance company. It is the second-largest writer of U.S. commercial property and casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.
PDD vs TRV — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.2B | $12.4B |
| Net Profit | $4.1B | $2.5B |
| Gross Margin | 56.7% | — |
| Operating Margin | 23.1% | 25.0% |
| Net Margin | 27.1% | 20.1% |
| Revenue YoY | — | 3.5% |
| Net Profit YoY | — | 19.9% |
| EPS (diluted) | — | $10.96 |
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 | — | $12.4B | ||
| Q3 25 | $15.2B | $12.5B | ||
| Q2 25 | $14.5B | $12.1B | ||
| Q1 25 | — | $11.8B | ||
| Q4 24 | — | $12.0B | ||
| Q3 24 | $14.2B | $11.9B | ||
| Q2 24 | — | $11.3B | ||
| Q1 24 | $12.0B | $11.2B |
| Q4 25 | — | $2.5B | ||
| Q3 25 | $4.1B | $1.9B | ||
| Q2 25 | $4.3B | $1.5B | ||
| Q1 25 | — | $395.0M | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $3.6B | $1.3B | ||
| Q2 24 | — | $534.0M | ||
| Q1 24 | $3.9B | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | 56.7% | — | ||
| Q2 25 | 55.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 62.3% | — |
| Q4 25 | — | 25.0% | ||
| Q3 25 | 23.1% | 18.8% | ||
| Q2 25 | 24.8% | 15.5% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | 24.5% | 13.1% | ||
| Q2 24 | — | 5.8% | ||
| Q1 24 | 29.9% | 12.2% |
| Q4 25 | — | 20.1% | ||
| Q3 25 | 27.1% | 15.1% | ||
| Q2 25 | 29.6% | 12.5% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | 25.1% | 10.6% | ||
| Q2 24 | — | 4.7% | ||
| Q1 24 | 32.3% | 10.0% |
| Q4 25 | — | $10.96 | ||
| Q3 25 | — | $8.24 | ||
| Q2 25 | — | $6.53 | ||
| Q1 25 | — | $1.70 | ||
| Q4 24 | — | $8.96 | ||
| Q3 24 | — | $5.42 | ||
| Q2 24 | — | $2.29 | ||
| Q1 24 | — | $4.80 |
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 | — | — |
| Stockholders' EquityBook value | $55.0B | $32.9B |
| Total Assets | $86.2B | $143.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $13.0B | — | ||
| Q2 25 | $8.8B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $7.7B | — |
| Q4 25 | — | $32.9B | ||
| Q3 25 | $55.0B | $31.6B | ||
| Q2 25 | $50.5B | $29.5B | ||
| Q1 25 | — | $28.2B | ||
| Q4 24 | — | $27.9B | ||
| Q3 24 | $39.7B | $27.7B | ||
| Q2 24 | — | $24.9B | ||
| Q1 24 | $30.3B | $25.0B |
| Q4 25 | — | $143.7B | ||
| Q3 25 | $86.2B | $143.7B | ||
| Q2 25 | $79.2B | $138.9B | ||
| Q1 25 | — | $136.0B | ||
| Q4 24 | — | $133.2B | ||
| Q3 24 | $66.5B | $134.6B | ||
| Q2 24 | — | $129.3B | ||
| Q1 24 | $52.3B | $127.4B |
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 | $6.4B | $2.7B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.56× | 1.08× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.7B | ||
| Q3 25 | $6.4B | $4.2B | ||
| Q2 25 | $3.0B | $2.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $3.9B | $3.9B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | $2.9B | $1.5B |
| Q4 25 | — | 1.08× | ||
| Q3 25 | 1.56× | 2.24× | ||
| Q2 25 | 0.70× | 1.55× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | 1.10× | 3.08× | ||
| Q2 24 | — | 3.14× | ||
| Q1 24 | 0.75× | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PDD
Segment breakdown not available.
TRV
| Business And International Insurance | $6.6B | 53% |
| Personal Insurance | $4.6B | 37% |
| Bond And Specialty Insurance | $1.2B | 9% |
