NASDAQ · JD

JD.com, Inc.

Consumer Cyclical · Specialty Retail

$27.38▲ 0.37% ($0.10)at close

After hours$27.36▼ 0.07%7:47 PM ET

52-week

$24.51$36.86

Market cap

What the market price implies · Reverse DCF

Historical revenue grew by 8.3%/yr over the past 4 years.

Selected forecast · Base scenario

2.55%/yr · actual 10-year annualized revenue growth

Year 1 growth: 4%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$27.38

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 4% · Ending margin 0.08% · Discount rate 6.62%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 22, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 23, 2026, 1:13 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -19.3%Revenue (TTM): 3.59%FCF (TTM): 284.04%P/FCF: 14th pct

What changed

The stock fell 19.3% over the last year. Revenue grew 3.59% over the trailing twelve months. Operating margin moved from 2.39% to 0.08%. Free cash flow grew 284.04% over the trailing twelve months.

What the market seems to be pricing

The stock has moved lower against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 0.08%. A decisive move in revenue — currently up 3.59% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

JD.com, Inc. is a prominent technology and service provider based in the People's Republic of China, distinguished by its robust, supply chain-centric operations.

CEORan Xu

SectorConsumer Cyclical

IndustrySpecialty Retail

Employees900,000

IPO dateMay 22, 2014

https://global.jd.com

Market multiples

Forward P/E—

EV/EBITDA6.60

Enterprise value$243.13B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-3.15%

Gross margin (FY2025)9.31%▼0.5ppvs FY2024

Operating margin (FY2025)0.21%▼3.1ppvs FY2024

ROE6.61%▼1.8ppvs FY2025

Analyst consensus

RatingBuy

Target price$35.86▲30.97%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 12, 2026

Q4 FY26 · EPS est $0.97 · Revenue est $46.59B

View

Dividends

$1.00/shareAnnual3yr growth streakAt Risk

JD pays a dividend with a 3.65% dividend yield, 3 consecutive years of growth, growing at 17.27% annually, covered 0.5× by free cash flow.

Dividend Yield

3.65%

Annual Div / Share

$1.00

TTM $6.70

3yr CAGR

+17.27%

Doubles every ~4.3yr

Payout Ratio

70.19%

At Risk

Dividend Growth Rate

3yr CAGR

+17.27%

Dividend Safety

2/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.00+0.0%

2025$1.00+31.6%

2024$0.76+22.6%

2023$0.62-50.8%

2022$1.26—

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$37/yr

$3/mo

In 5 yrs

$64/yr+76%

$5/mo

In 10 yrs

$113/yr+211%

$9/mo

Today	In 5 yrs	In 10 yrs
$37/yr $3/mo	$64/yr+76% $5/mo	$113/yr+211% $9/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 3.65% → 11.34% over 10yr

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.46× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

NASDAQ · JD

JD.com, Inc.

Consumer Cyclical · Specialty Retail

$27.38▲ 0.37% ($0.10)at close

After hours$27.36▼ 0.07%7:47 PM ET

52-week

$24.51$36.86

Market cap

What the market price implies · Reverse DCF

Historical revenue grew by 8.3%/yr over the past 4 years.

Selected forecast · Base scenario

2.55%/yr · actual 10-year annualized revenue growth

Year 1 growth: 4%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$27.38

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Every projected year produces negative free cash flow, so the model returns a negative enterprise value. A discounted-cash-flow valuation cannot be defended on those inputs, so it is not shown.

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 4% · Ending margin 0.08% · Discount rate 6.62%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 22, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 23, 2026, 1:13 AM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Latest FCFF is not positive.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: -19.3%Revenue (TTM): 3.59%FCF (TTM): 284.04%P/FCF: 14th pct

What changed

The stock fell 19.3% over the last year. Revenue grew 3.59% over the trailing twelve months. Operating margin moved from 2.39% to 0.08%. Free cash flow grew 284.04% over the trailing twelve months.

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 0.08%. A decisive move in revenue — currently up 3.59% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

JD.com, Inc. is a prominent technology and service provider based in the People's Republic of China, distinguished by its robust, supply chain-centric operations.

CEORan Xu

SectorConsumer Cyclical

IndustrySpecialty Retail

Employees900,000

IPO dateMay 22, 2014

https://global.jd.com

Market multiples

Forward P/E—

EV/EBITDA6.60

Enterprise value$243.13B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth-3.15%

Gross margin (FY2025)9.31%▼0.5ppvs FY2024

Operating margin (FY2025)0.21%▼3.1ppvs FY2024

ROE6.61%▼1.8ppvs FY2025

Analyst consensus

RatingBuy

Target price$35.86▲30.97%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 12, 2026

Q4 FY26 · EPS est $0.97 · Revenue est $46.59B

View

Dividends

$1.00/shareAnnual3yr growth streakAt Risk

JD pays a dividend with a 3.65% dividend yield, 3 consecutive years of growth, growing at 17.27% annually, covered 0.5× by free cash flow.

Dividend Yield

3.65%

Annual Div / Share

$1.00

TTM $6.70

3yr CAGR

+17.27%

Doubles every ~4.3yr

Payout Ratio

70.19%

At Risk

Dividend Growth Rate

3yr CAGR

+17.27%

Dividend Safety

2/10At Risk

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.00+0.0%

2025$1.00+31.6%

2024$0.76+22.6%

2023$0.62-50.8%

2022$1.26—

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$37/yr

$3/mo

In 5 yrs

$64/yr+76%

$5/mo

In 10 yrs

$113/yr+211%

$9/mo

Today	In 5 yrs	In 10 yrs
$37/yr $3/mo	$64/yr+76% $5/mo	$113/yr+211% $9/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 3.65% → 11.34% over 10yr

Analysis

Dividend Strengths

No strong strength signal stands out from the latest period pair.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.46× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.