# Jd Com (9618.HK)

Canonical: https://gigainvestors.com/s/9618.HK

Analysis as of: 2026-10-16T07:34:09.076Z. Financial observations: FY2011–FY2025.

Listing currency: HKD. 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: HKD 104.90 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 1.41×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: -0.00×

- FY2018: -0.01×

- FY2019: 0.01×

- FY2020: 0.02×

- FY2021: 0.00×

- FY2022: 0.02×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.00×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.9%

- ROIC, second-lowest year: -5.8%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 14.6%

- Recent gross margin (lower of latest and 3-year median): 15.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -5.8%

- FY2017: -1.6%

- FY2018: -6.6%

- FY2019: 12.6%

- FY2020: 19.5%

- FY2021: 7.2%

- FY2022: 39.0%

- FY2023: 21.2%

- FY2024: 48.4%

- FY2025: 4.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 74B

- Net income, five-year total: CNY 91B

- Return on incremental invested capital: 54.5%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.9 pp

- Working capital / revenue, final three-year average: -5.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.14×

- FY2022: 0.18×

- FY2023: 0.63×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -5.8% vs 21.2%

- Per-share earnings: -1.20 to 7.62 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: -0.9%

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: -0.9%

- Per-share value change: CNY 8.82

- Per-share value, starting three-year median: CNY -1.20

- Per-share value, ending three-year median: CNY 7.62

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 2.8%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 21B

- Cumulative net income, 10 years: CNY 147B

- ROIC, first three-year median: -5.8%

- ROIC, last three-year median: 21.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY -1.20

- FY2017: CNY 0.04

- FY2018: CNY -0.86

- FY2019: CNY 4.11

- FY2020: CNY 15.89

- FY2021: CNY -1.15

- FY2022: CNY 3.26

- FY2023: CNY 7.62

- FY2024: CNY 13.45

- FY2025: CNY 6.42

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 0.0%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 24.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.99×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -13.4%

- FY2018: -11.2%

- FY2019: -4.8%

- FY2020: 1.6%

- FY2021: -9.2%

- FY2022: -8.0%

- FY2023: -5.6%

- FY2024: -2.4%

- FY2025: 0.0%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 69% since Nov 2021 · "JD.com, Meituan Shares Plunge as Delivery Competition Heats Up" (finance.yahoo.com, Apr 2025) · sales +10.1%

Story as of 2026-10-16T09:59:59.342Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +10.1%; source https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm; observed 2026-04-16.

- FY2016: CNY 260B 

- FY2017: CNY 362B 

- FY2018: CNY 462B 

- FY2019: CNY 577B 

- FY2020: CNY 746B 

- FY2021: CNY 952B 

- FY2022: CNY 1.05T 

- FY2023: CNY 1.08T 

- FY2024: CNY 1.16T 

- FY2025: CNY 1.28T 

### Gross margin · FY2025

gross margin 16%; source https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm; observed 2026-04-16.

- FY2016: 15.2% 

- FY2017: 14.0% 

- FY2018: 14.3% 

- FY2019: 14.6% 

- FY2020: 14.6% 

- FY2021: 13.6% 

- FY2022: 14.1% 

- FY2023: 14.7% 

- FY2024: 15.9% 

- FY2025: 16.0% 

## Owner memo

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

### How it makes money

Operates in internet retail; annual sales are CNY 1.3 trillion.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2025-12-31 (filed 2026-04-16); FY2025: revenue 1275302953000; grossProfit 203412713000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 9618.HK: JD.com, Inc. operates as a supply chain-based technology and service provider in the People's Republic of China and Europe. It operates through three segments: JD Retail, JD Logistics, and New Businesses. The company provides home appliances; mobile handsets and other digital products; computers, including desktop, laptop, and other various products, as well as printers and other office equipment; furniture and household goods; apparel; cosmetics and other personal care items; and pet products. It offers women's shoes, bags, watches, jewelry, and luxury goods; men's shoes, sports gear, and fitness equipment; automobiles and accessories; maternal and childcare products; toys and musical instruments; food, beverages, and fresh produce; gifts, flowers, and plants; and pharmaceutical and healthcare products, such as OCT pharmaceutical products, nutritional supplements, healthcare services, and other healthcare equipment. In addition, the company provides books, e-books, music, movies, and other media products; virtual goods consisting of online travel agency, attraction tickets, and prepaid phone cards and game cards; industrial products; and installation and maintenance services. Further, it offers online marketplace services for third-party merchants; marketing services; and omni-channel solutions to customers and offline retailers, as well as online healthcare services. Additionally, the company develops, owns, and manages its logistics facilities and other real estate properties to support third parties; and offers asset management services and integrated service platform; leasing of storage facilities and related management services, as well as engages in online retail business; technology-driven supply chain solutions; and logistics services. The company was formerly known as 360buy Jingdong Inc. and changed its name to JD.com, Inc. in January 2014. JD.com, Inc. was incorporated in 2006 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

Margins ranged from 14.7% to 16% during 2023–25; it earns 9.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2023-12-31 (filed 2026-04-16); FY2023: grossProfit / revenue = 14.7%.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2024-12-31 (filed 2026-04-16); FY2024: grossProfit / revenue = 15.9%.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2025-12-31 (filed 2026-04-16); FY2025: grossProfit / revenue = 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); 10-year return on capital observations [[2016,-0.05835533841557071],[2017,-0.015550842959650606],[2018,-0.06621417218535841],[2019,0.1260689267282509],[2020,0.19474938809825929],[2021,0.07223667593155544],[2022,0.3901133666109844],[2023,0.21210082760590573],[2024,0.48359035266120476],[2025,0.04079653806904182]]; median 0.09915280132990317. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 14% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1549802/000119312526157870/d53690d20f.htm (filed 2026-04-16); Gross margin observations: [[2021,0.13563236251735636],[2022,0.1405734461440822],[2023,0.14723849457250276]]; range within 2 percentage points.

### Where the cash goes

Reinvests 31.6% of cash earnings; earns 54.5% on new investment.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2019-12-31 (filed 2026-04-16); FY2019: growth capex 0; upkeep 3514741000; cash acquisitions 41000000; owner earnings 14554876000. Growth capex plus acquisitions / owner earnings = 0.0028169254069907567.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2020-12-31 (filed 2026-04-16); FY2020: growth capex 1602010000; upkeep 6068000000; cash acquisitions 671000000; owner earnings 49405000000. Growth capex plus acquisitions / owner earnings = 0.04600769152919745.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2022-12-31 (filed 2026-04-16); FY2022: growth capex 6221176778.677418; upkeep 15758823221.322582; cash acquisitions 15684000000; owner earnings 1857176778.6774178. Growth capex plus acquisitions / owner earnings = 11.79487974983034.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2023-12-31 (filed 2026-04-16); FY2023: growth capex 2780462831.4268074; upkeep 17234537168.573193; cash acquisitions 0; owner earnings 15224462831.426807. Growth capex plus acquisitions / owner earnings = 0.18263126011167302.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2024-12-31 (filed 2026-04-16); FY2024: growth capex 4915000000; upkeep 8904000000; cash acquisitions 2776000000; owner earnings 41359000000. Growth capex plus acquisitions / owner earnings = 0.18595710728015669.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2025-12-31 (filed 2026-04-16); FY2025: growth capex 4936949000; upkeep 9247051000; cash acquisitions 1105000000; owner earnings 19124405000. Growth capex plus acquisitions / owner earnings = 0.31592873085463313.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Incremental return on capital 0.5454359016240514, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Dividend observations: [[2016,0],[2017,0],[2018,9834210000],[2019,112153000],[2020,22248180000],[2021,62000000],[2022,13087000000],[2023,6741000000],[2024,8263000000],[2025,10379000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/JDCMF.US.json#2025-12-31 (filed 2026-04-16); FY2025: cash repurchases 21430000000 CNY.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 9618.HK SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Closing price 104.9 HKD; reporting-to-trading FX 1.1727222788982186; FY2025 annual sales per share 428.2360825651318; price multiple 0.20888009429879473. FY2025 cash earnings/share 6.421815506130189. Closing-price date 2026-10-15.

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

- 2020-06: HKD 231.80 per share

- 2020-07: HKD 240.80 per share

- 2020-08: HKD 310.60 per share

- 2020-09: HKD 293.80 per share

- 2020-10: HKD 315.20 per share

- 2020-11: HKD 338.60 per share

- 2020-12: HKD 342.00 per share

- 2021-01: HKD 345.80 per share

- 2021-02: HKD 360.00 per share

- 2021-03: HKD 322.00 per share

- 2021-04: HKD 298.80 per share

- 2021-05: HKD 291.20 per share

- 2021-06: HKD 305.40 per share

- 2021-07: HKD 276.60 per share

- 2021-08: HKD 306.40 per share

- 2021-09: HKD 283.20 per share

- 2021-10: HKD 310.40 per share

- 2021-11: HKD 339.80 per share

- 2021-12: HKD 274.00 per share

- 2022-01: HKD 279.60 per share

- 2022-02: HKD 279.20 per share

- 2022-03: HKD 234.00 per share

- 2022-04: HKD 265.60 per share

- 2022-05: HKD 226.00 per share

- 2022-06: HKD 252.80 per share

- 2022-07: HKD 233.80 per share

- 2022-08: HKD 246.80 per share

- 2022-09: HKD 198.60 per share

- 2022-10: HKD 145.10 per share

- 2022-11: HKD 218.80 per share

- 2022-12: HKD 220.20 per share

- 2023-01: HKD 231.60 per share

- 2023-02: HKD 173.70 per share

- 2023-03: HKD 172.00 per share

- 2023-04: HKD 135.90 per share

- 2023-05: HKD 125.90 per share

- 2023-06: HKD 132.40 per share

- 2023-07: HKD 159.80 per share

- 2023-08: HKD 128.80 per share

- 2023-09: HKD 115.10 per share

- 2023-10: HKD 99.80 per share

- 2023-11: HKD 106.70 per share

- 2023-12: HKD 112.50 per share

- 2024-01: HKD 86.80 per share

- 2024-02: HKD 89.05 per share

- 2024-03: HKD 107.90 per share

- 2024-04: HKD 114.80 per share

- 2024-05: HKD 113.90 per share

- 2024-06: HKD 103.30 per share

- 2024-07: HKD 104.00 per share

- 2024-08: HKD 107.20 per share

- 2024-09: HKD 167.10 per share

- 2024-10: HKD 155.50 per share

- 2024-11: HKD 143.80 per share

- 2024-12: HKD 136.00 per share

- 2025-01: HKD 156.90 per share

- 2025-02: HKD 160.60 per share

- 2025-03: HKD 160.80 per share

- 2025-04: HKD 127.90 per share

- 2025-05: HKD 128.90 per share

- 2025-06: HKD 127.90 per share

- 2025-07: HKD 122.90 per share

- 2025-08: HKD 117.80 per share

- 2025-09: HKD 138.50 per share

- 2025-10: HKD 127.60 per share

- 2025-11: HKD 116.50 per share

- 2025-12: HKD 111.60 per share

- 2026-01: HKD 112.40 per share

- 2026-02: HKD 104.40 per share

- 2026-03: HKD 113.20 per share

- 2026-04: HKD 116.30 per share

- 2026-05: HKD 113.50 per share

- 2026-06: HKD 99.25 per share

- 2026-07: HKD 127.10 per share

- 2026-08: HKD 112.20 per share

- 2026-09: HKD 104.30 per share

- 2026-10: HKD 104.90 per share

## Annual estimated value (HKD 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/1549802/000119312526157870/d53690d20f.htm); period 2025-12-31, filed 2026-04-16.

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.