# Dingdong (Cayman) (DDL.US)

Canonical: https://gigainvestors.com/s/DDL

Analysis as of: 2026-10-16T07:27:57.267Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $2.14 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 1.15×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.45×

- FY2020: -0.28×

- FY2021: -0.31×

- FY2022: -0.03×

- FY2023: -0.01×

- FY2024: 0.01×

- FY2025: 0.01×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -6.4%

- ROIC, second-lowest year: -238.7%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 29.2%

- Recent gross margin (lower of latest and 3-year median): 29.2%

- Years with nonpositive capital: 5

- Capital spending / revenue: 0.7%

- ROIC including acquisitions, ten-year median: -497.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -238.7%

- FY2021: -562.2%

- FY2022: -10.7%

- FY2023: -2.1%

- FY2024: 5.3%

- FY2025: 3.6%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -6.7B

- Net income, five-year total: CNY -6.8B

- Return on incremental invested capital: 1498.9%

- Working capital / revenue, annual change: 1.8 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY -6.4B

- FY2022: CNY -737M

- FY2023: CNY -28M

- FY2024: CNY 311M

- FY2025: CNY 222M

### management: pass

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: -29.89 to 0.87 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 16.1%

- Diluted shares, 5-year annual growth: 16.1%

- Per-share value change: CNY 30.76

- Per-share value, starting three-year median: CNY -29.89

- Per-share value, ending three-year median: CNY 0.87

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY -17.62

- FY2020: CNY -29.89

- FY2021: CNY -44.56

- FY2022: CNY -5.59

- FY2023: CNY -0.69

- FY2024: CNY 0.87

- FY2025: CNY 0.99

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 15.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.35×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -43.0%

- FY2021: -8.1%

- FY2022: -9.8%

- FY2023: 1.8%

- FY2024: -8.9%

- FY2025: -4.3%

## Holders

## Price story

Down 92% since Oct 2021 · sales +5.6%

Story as of 2026-10-16T09:58:37.391Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +5.6%; source https://www.sec.gov/Archives/edgar/data/1854545/000119312526174971/ddl-20251231.htm; observed 2026-04-24.

- FY2019: CNY 3.9B 

- FY2020: CNY 11B 

- FY2021: CNY 20B 

- FY2022: CNY 24B 

- FY2023: CNY 20B 

- FY2024: CNY 23B 

- FY2025: CNY 24B 

### Gross margin · FY2025

gross margin 29.2%; source https://www.sec.gov/Archives/edgar/data/1854545/000119312526174971/ddl-20251231.htm; observed 2026-04-24.

- FY2019: 17.1% 

- FY2020: 19.7% 

- FY2021: 20.1% 

- FY2022: 30.9% 

- FY2023: 30.7% 

- FY2024: 30.1% 

- FY2025: 29.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in grocery stores; annual sales are CNY 24.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1854545/000119312526174971/ddl-20251231.htm (filed 2026-04-24); FY2025: revenue 24359888000; grossProfit 7106883000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); DDL.US: Dingdong (Cayman) Limited operates an e-commerce company in China. The company provides fresh groceries, including vegetables, meat and eggs, fruits, and seafood. It also offers prepared food, such as ready-to-eat, ready-to-heat, ready-to-cook, and ready-to-mix food; and other food products, such as baked goods, dairy, seasonings, beverages, oil, and snacks. The company offers its products through traditional offline, as well as online channels through Dingdong Fresh app, mini-programs, and third-party platforms. Dingdong (Cayman) Limited was founded in 2017 and is headquartered in Shanghai, China.

### Why customers stay

Margins ranged from 29.2% to 30.7% during 2023–25; it lost 6.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2023: grossProfit / revenue = 30.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2024: grossProfit / revenue = 30.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1854545/000119312526174971/ddl-20251231.htm (filed 2026-04-24); FY2025: grossProfit / revenue = 29.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); 7-year return on capital observations [[2019,-2.38691767404495],[2021,-5.6221550908072935],[2022,-0.10672648438227186],[2023,-0.020960390806791407],[2024,0.053286484733570415],[2025,0.0364426857646367]]; median -0.06384343759453164. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 34% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2024: growth capex 0; upkeep 98176000; owner earnings 311003465.72754836. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1854545/000119312526174971/ddl-20251231.htm (filed 2026-04-24); FY2025: growth capex 75378837; upkeep 97542000; owner earnings 221666000. Growth capex / owner earnings = 0.3400559264839894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Incremental return on capital 14.989209257408525, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Dividend observations: [[2019,0],[2020,0],[2021,16205107000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1854545/000119312526174971/ddl-20251231.htm (filed 2026-04-24); FY2025: cash repurchases 8553432 CNY.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); DDL.US SharesStats.PercentInsiders = 0.146 percentage points; cache date 2026-10-04.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Closing price 2.14 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 108.44696202424575; price multiple 0.13204729954957894. FY2025 cash earnings/share 0.9868273731006669. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-06: $38.30 per share

- 2021-07: $24.83 per share

- 2021-08: $20.17 per share

- 2021-09: $23.67 per share

- 2021-10: $28.03 per share

- 2021-11: $21.73 per share

- 2021-12: $16.17 per share

- 2022-01: $5.01 per share

- 2022-02: $4.32 per share

- 2022-03: $3.55 per share

- 2022-04: $5.31 per share

- 2022-05: $4.50 per share

- 2022-06: $5.53 per share

- 2022-07: $4.65 per share

- 2022-08: $4.54 per share

- 2022-09: $3.56 per share

- 2022-10: $2.63 per share

- 2022-11: $4.37 per share

- 2022-12: $4.27 per share

- 2023-01: $5.05 per share

- 2023-02: $4.53 per share

- 2023-03: $3.86 per share

- 2023-04: $3.89 per share

- 2023-05: $2.33 per share

- 2023-06: $3.09 per share

- 2023-07: $2.91 per share

- 2023-08: $2.05 per share

- 2023-09: $1.95 per share

- 2023-10: $2.02 per share

- 2023-11: $2.13 per share

- 2023-12: $1.50 per share

- 2024-01: $1.41 per share

- 2024-02: $1.15 per share

- 2024-03: $1.22 per share

- 2024-04: $1.37 per share

- 2024-05: $2.08 per share

- 2024-06: $1.99 per share

- 2024-07: $1.78 per share

- 2024-08: $2.16 per share

- 2024-09: $3.55 per share

- 2024-10: $4.00 per share

- 2024-11: $4.28 per share

- 2024-12: $3.28 per share

- 2025-01: $3.40 per share

- 2025-02: $3.49 per share

- 2025-03: $2.70 per share

- 2025-04: $2.49 per share

- 2025-05: $2.06 per share

- 2025-06: $2.02 per share

- 2025-07: $2.10 per share

- 2025-08: $2.06 per share

- 2025-09: $2.07 per share

- 2025-10: $1.84 per share

- 2025-11: $1.72 per share

- 2025-12: $2.49 per share

- 2026-01: $2.86 per share

- 2026-02: $2.84 per share

- 2026-03: $2.57 per share

- 2026-04: $2.59 per share

- 2026-05: $2.52 per share

- 2026-06: $1.93 per share

- 2026-07: $2.57 per share

- 2026-08: $2.26 per share

- 2026-09: $2.13 per share

- 2026-10: $2.14 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1854545/000119312526174971/ddl-20251231.htm); period 2025-12-31, filed 2026-04-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.