JD.com, Inc.
JD, JDCMF · Retail-Retail Stores, NEC · EDGAR filings ↗
Grade
C64Dominant-scale Chinese e-commerce platform with strong revenue growth but razor-thin margins, weak returns and VIE risk.
Strengths
- Massive scale and liquidity (cash 100th pct), revenue growth +13% (89th pct) and large net income generation
- Low leverage (D/E 0.19) and improving service-revenue mix
Risks
- Very thin operating margin (0.2%) and low ROIC (0.8%); net income fell ~48% year-over-year
- China VIE corporate-structure and regulatory/HFCAA governance risks weigh on quality
Notable findings
- No interest coverageInterest coverage 0.99 (cannot cover interest)
- Strong balance sheetStrong balance sheet — $37.9B cash & investments
Quarterly revenue
Last 2 quarters · from SEC filings.
Key metrics
Gross margin
16.0%
Operating margin
0.2%
Net margin
1.8%
Return on equity
10.3%
Return on assets
3.3%
ROIC
0.8%
Revenue growth (QoQ)
32.6%
Net-income growth
-45.9%
Debt / equity
0.2×
Net debt / EBITDA
-17.8×
Interest coverage
1.0×
Current ratio
1.2×
EBITDA
$1.8B
Tangible book value
$27.3B
Cash & investments
$37.9B
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-08 | Scheufele Caroline | Option exercise | 7.6K | — |
| 2026-05-22 | Hsieh Louis | Option exercise | 7.5K | — |
| 2026-05-22 | Xu Dingbo | Option exercise | 7.5K | — |
| 2026-05-15 | Liu Qiangdong | Option exercise | 1.0M | — |
| 2026-04-02 | Zhang Pang | Tax withheld | 13K | $28.44 |
| 2026-04-02 | Shan Su | Tax withheld | 4.6K | $28.44 |
| 2026-04-02 | Xu Ran | Tax withheld | 20K | $28.44 |
| 2026-04-01 | Shan Su | Option exercise | 11K | — |
| 2026-04-01 | Zhang Pang | Option exercise | 29K | — |
| 2026-04-01 | Xu Ran | Option exercise | 45K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-16 | 2025-12-31 | 0001193125-26-157870 ↗ |
| 20-F | 2025-04-17 | 2024-12-31 | 0001193125-25-083473 ↗ |
| 20-F | 2024-04-18 | 2023-12-31 | 0001193125-24-099869 ↗ |
| 20-F | 2023-04-20 | 2022-12-31 | 0001193125-23-107486 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001193125-22-125563 ↗ |
| 20-F | 2021-04-16 | 2020-12-31 | 0001193125-21-119536 ↗ |
| 20-F | 2020-04-15 | 2019-12-31 | 0001193125-20-108084 ↗ |
| 20-F | 2019-04-15 | 2018-12-31 | 0001104659-19-021236 ↗ |
| 20-F | 2018-04-27 | 2017-12-31 | 0001104659-18-027777 ↗ |
| 20-F | 2017-05-01 | 2016-12-31 | 0001104659-17-028187 ↗ |
| 20-F | 2016-04-18 | 2015-12-31 | 0001104659-16-111984 ↗ |
| 20-F | 2015-04-17 | 2014-12-31 | 0001104659-15-028403 ↗ |