JD.com, Inc. (JD)
UnterbewertetFundamental
67
Kurs
$26.60
Marktkapitalisierung
$36.13B
Teil 1 · Was das Unternehmen wert ist
Übersicht
JD.com is a Chinese e-commerce company that, unlike a pure marketplace, buys most of the products it sells and stocks them in its own warehouses before shipping them to customers — closer to a retailer than an online bazaar. It built a nationwide logistics network to support that model, which it now also sells as a service to other businesses, and has expanded into food delivery and instant retail more recently.
Wie das Geld verdient wird
The core JD Retail business, by far the largest of the three reportable segments, earns money mainly by buying goods wholesale and reselling them at a markup, plus marketplace commissions and advertising from third-party merchants who list on the platform. JD Logistics earns fees from external customers using its warehouses and delivery network. New Businesses — food delivery, discount retail, overseas operations — is the smallest segment but grew the fastest in 2025.
Wettbewerbsvorteil
Skaleneffekte · SchmalOwning a nationwide network of warehouses and delivery staff, rather than renting one from a third party, is a fixed-cost investment few competitors can match, and it has built JD's reputation for fast, reliable delivery of authentic goods. The advantage is narrower than it once was, though, as Alibaba, Pinduoduo and Meituan have all invested heavily in their own logistics and low-price competition.
Was die Nachfrage antreibt
Mäßig zyklischDemand follows Chinese consumer spending and the continued shift of retail online, a structural trend that has slowed but not reversed. Electronics and appliances, JD's original category, are more discretionary and cyclical than everyday consumables, so the mix of what people are buying matters as much as the overall spending level.
Wichtigste Risiken
- VIE corporate structure — Foreign shareholders hold their interest through contractual variable-interest-entity arrangements rather than direct ownership of the Chinese operating businesses, a structure Chinese regulators could restrict or invalidate.
- Evolving Chinese regulation — Antitrust, data-security and e-commerce rules in China have tightened in recent years and can change again with little notice, affecting how JD operates its marketplace and handles user data.
- Thin margins of the self-operated model — Buying and reselling inventory carries lower gross margins and more warehousing and obsolescence risk than a pure marketplace commission model, making profitability more sensitive to execution.
- Intense multi-front competition — JD competes against Alibaba and Pinduoduo in retail, Meituan and others in food delivery and instant retail, and is spending heavily to build share in newer businesses that are not yet as profitable as the core.
Die Argumente dafür
Buyers argue that JD's self-owned logistics and reputation for authentic, reliably delivered goods give it an edge in categories like electronics where trust matters most, and that New Businesses, though still small, is growing fast enough to become a meaningful second engine.
Die Argumente dagegen
Sellers worry that the self-operated retail model structurally caps margins compared to marketplace-only rivals, and that heavy spending to compete in food delivery and discount retail is diluting profitability just as Chinese consumer spending growth has slowed.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19. September 2026 with claude-haiku-4-5 — shared with all users
Pinduoduo sells the same everyday consumer goods to Chinese households and overtook JD.com as the country's second-largest e-commerce platform by competing hardest on price.
Alibaba's Taobao and Tmall are the largest general-merchandise marketplaces in China and compete with JD.com for the same shoppers, the same brand flagship stores and the same advertising budgets, while its Ele.me unit fights JD.com in on-demand delivery.
Douyin's live-streaming and short-video storefronts capture Chinese shoppers and brand merchants directly inside the app, diverting purchases that would otherwise start on JD.com.
Meituan is the dominant Chinese food-delivery and instant-retail platform, and since JD.com launched its own takeaway service in 2025 the two compete for the same restaurants, riders and local shoppers.
Vipshop sells branded apparel and household goods to the same Chinese online shoppers through discounted flash sales, competing with JD.com's fashion and lifestyle categories.
Bilanz & Liquidität
Umsatz
$1.31T
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$14.79B
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$16.13B
Gesamtes Eigenkapital
$33.09B
Gesamtverbindlichkeiten
$105.31B
Current Ratio
1.14
Zinsdeckungsgrad
-
Schulden/EBITDA
8.93
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$35.55
Aktueller Kurs
$26.60
Sicherheitsmarge
+25.2%
Innerer-Wert-Spanne
$23.11 - $48.00
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
17.83
ROE
6.8%
P/B-Verhältnis
1.09
P/FCF
2.24
Bruttomarge
9.4%
ROIC
9.0%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
9.0%
WACC
8.4%
ROIC − WACC
+0.5 pp
Der ROIC liegt etwa auf Höhe der Kapitalkosten: Das Unternehmen deckt gerade eben seine Kapitalkosten.
Fundamentalanalyse-Kriterien
Bestanden (10)
- ROIC 9.0%
- P/FCF 2.24
- P/B Ratio 1.09
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- DCF valuation (Undervalued)
- Revenue Growth 5Y 11.9%
- Analyst Consensus 87% Buy
- Earnings Quality (OCF/NI) 2.60
Nicht bestanden (8)
- Price CAGR 0.66%
- Gross Margin 9.4%
- CapEx intensity
- Debt/EBITDA
- ROE 6.6%
- Earnings Surprise avg -26.8%
- Net Margin Trend 1.5% vs 3.6%
- Piotroski F-Score 2/9
Nicht verfügbar (9)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Qiangdong Liu | Founder & Chairman | 52 |
| Ms. Ran Xu CPA | CEO & Executive Director | 43 |
| Mr. Su Shan | Chief Financial Officer | 43 |
| Mr. Ruiyu Li | Senior Director of Investor Relations | - |
| Mr. Chengfeng He | Chief Compliance Officer | - |
| Ms. Pang Zhang | Chief Human Resources Officer | 37 |
| Ms. Li Yayun | Senior Vice President | 44 |
| Mr. Yanzhong Yao | President of JD Retail Appliance & Home and Senior VP | 43 |
| Mr. Sean Shibiao Zhang | Director of Investor Relations | - |
| Mr. Daxue Li | Advisor | 55 |
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for JD, sourced from Markets Gazette.
- 20d agoNEGATIVEJD.com Unit Agrees to Pay SEC $500,000 Over ‘Sham Transactions’
JD.com Inc.'s Chinese unit has agreed to pay $500,000 to settle claims by the US Securities and Exchange Commission (SEC) regarding 'sham transactions'. These transactions were allegedly used to artificially meet revenue targets for multiple quarters starting in October 2022. This regulatory action raises concerns about the company's financial reporting integrity and internal controls. Investors may view this as a negative development, potentially impacting investor confidence and leading to increased scrutiny of JD.com's financial statements.
- 8/14/2026NEGATIVEJD Slumps After First Decline in Over A Decade | The China Show | 8/14/2026
JD.com Inc. experienced a significant slump following the announcement of its first decline in over a decade. While specific figures were not detailed in the provided summary, the implication of a contraction in its business operations after a prolonged period of growth signals potential headwinds. This marks a critical turning point for the e-commerce giant, raising concerns among investors about its future growth trajectory and market position. The news suggests a potential shift in consumer spending patterns or increased competitive pressures impacting JD.com's performance.
- 7/10/2026NEUTRALJD.com-Backed Group Is Said Near to REIT IPO Filing in Singapore
A consortium, including JD.com Inc.'s asset management division and Partners Group Holding AG, is reportedly nearing a confidential filing for a Real Estate Investment Trust (REIT) IPO in Singapore. This move signals potential expansion into the Singaporean real estate market for the involved entities. While the specific REIT's assets and valuation are not yet disclosed, the involvement of JD.com suggests a strategic diversification for the e-commerce giant. Investors will be watching for details on the REIT's portfolio and the IPO's pricing to assess its investment potential.
- 6/16/2026NEUTRALJD.com Invests $4.5B In Hong Kong Expansion—When Will It See A Return?
JD.com has announced a significant investment of $4.5 billion earmarked for its expansion into Hong Kong. This strategic move aims to bolster its presence in a key Asian market, potentially unlocking new revenue streams and customer bases. However, the article raises questions about the timeline for realizing a return on this substantial capital outlay. Investors will be closely monitoring the execution of this expansion strategy and its impact on JD.com's profitability and market share in the competitive e-commerce landscape.
- 5/13/2026POSITIVEJD.Com Analyst Raises Estimates On Recovering Profitability, Earnings Inflection
JD.com Inc. shares experienced a significant rally following the release of robust Q1 financial results and an optimistic forward-looking outlook. Analysts have responded positively, with one prominent analyst raising earnings estimates, signaling a belief in the company's recovering profitability and an impending earnings inflection point. This positive sentiment is further underscored by the analyst's maintained bullish stance on JD's long-term growth trajectory. The news suggests that the e-commerce giant is successfully navigating its operational challenges and is poised for sustained value creation, making it an attractive prospect for investors.
- 5/12/2026NEUTRALJD.com's Growth Stays Hot, But Aggressive Spending Squeezes Margins
JD.com reported Q1 2026 revenue of $45.77 billion, surpassing analyst estimates. The company also posted adjusted earnings per share of $0.74, exceeding expectations. However, this growth was accompanied by aggressive spending, particularly in marketing, which led to squeezed profit margins. Investors will be watching to see if JD.com can balance its expansionary strategy with profitability in future quarters, as the increased costs may temper the positive impact of revenue growth.
- 3/16/2026NEUTRALJD.com Launches Joybuy In Europe To Take On Amazon, Alibaba Group's AliExpress And PDD Holdings' Temu
JD.com has officially launched its e-commerce platform, Joybuy, in multiple European countries. This strategic move positions JD.com to directly challenge established players like Amazon, Alibaba Group's AliExpress, and PDD Holdings' rapidly growing Temu. The expansion into Europe signifies JD.com's ambition to broaden its international footprint and capture a larger share of the global online retail market. While the launch itself is a significant operational milestone, its immediate financial impact and success against formidable competitors remain to be seen, making it a development to monitor for future performance.
via Markets Gazette