Dingdong (Cayman) Ltd
DDL · Retail-Catalog & Mail-Order Houses · EDGAR filings ↗
Grade
B71Profitable, scaled Chinese fresh-grocery e-commerce operator with strong ROE but razor-thin margins and China/VIE-style risks.
Strengths
- ROE 22.3% (67.9th pct) and ROA 3.3% (71st) after a multi-year turnaround to sustained profitability
- Large cash balance (89.3rd pct), positive FCF (78.9th) and eight straight quarters of revenue growth
Risks
- Net (0.95%) and operating (0.54%) margins are razor-thin; net income fell ~24% YoY
- China-based VIE/HFCAA, PCAOB and regulatory-permission exposure
Notable findings
- Customer concentration~24% of revenue from one customer/distributor — 3% and 23
- Strong balance sheetStrong balance sheet — $569M cash & investments
Key metrics
Operating margin
0.5%
Net margin
1.0%
Return on equity
22.3%
Return on assets
3.3%
Revenue growth (QoQ)
10.2%
Net-income growth
-20.6%
Interest coverage
7.8×
Current ratio
1.1×
Free cash flow
$51M
EBITDA
$33M
Tangible book value
$149M
Cash & investments
$569M
Stock comp / revenue
0.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001193125-26-174971 ↗ |
| 20-F | 2025-04-21 | 2024-12-31 | 0000950170-25-055994 ↗ |
| 20-F | 2024-04-19 | 2023-12-31 | 0000950170-24-046040 ↗ |
| 20-F | 2023-03-22 | 2022-12-31 | 0000950170-23-009098 ↗ |
| 20-F | 2022-05-02 | 2021-12-31 | 0001193125-22-135422 ↗ |