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JD
(NASDAQ:JD)
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Rating:66Neutral
Price Target:
$31.00
▲(2.68% Upside)
Action:Reiterated
Date:08/18/26
Overall score reflects solid fundamentals led by strong TTM cash flow rebound and a generally sound balance sheet, reinforced by an earnings-call narrative of margin expansion and disciplined expense control. Offsetting these positives are weak near-term growth and thin profitability on the income statement, plus soft technical momentum (oversold/downtrend signals). Valuation is supportive mainly due to the ~3.44% dividend yield, with a mid-range P/E.
Positive Factors
Margin Expansion
Sustained retail margin expansion and higher group gross margin indicate better product mix, procurement and monetization. Seventeen consecutive quarters of retail gross-margin improvement suggests operational gains may remain durable beyond a single promotional period.
Negative Factors
Top-Line Weakness
Revenue contraction in the core retail business limits operating leverage and indicates that margin gains are not yet supported by demand growth. A high comparison base, category pressure and price inflation could keep the growth trajectory subdued over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion
Sustained retail margin expansion and higher group gross margin indicate better product mix, procurement and monetization. Seventeen consecutive quarters of retail gross-margin improvement suggests operational gains may remain durable beyond a single promotional period.
Read all positive factors
JD Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by different business segments, revealing which areas are the most lucrative and where JD might face opportunities or challenges.
Breaks down revenue by different business segments, revealing which areas are the most lucrative and where JD might face opportunities or challenges.
Data provided by:
The Fly
The FlyJD (JD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$39.27B
Dividend Yield3.47%
Average Volume (3M)7.91M
Price to Earnings (P/E)18.0
Beta (1Y)0.80
Revenue Growth7.23%
EPS Growth-57.76%
CountryUS
Employees900,000
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)9.98
Shares Outstanding1,248,259,500
10 Day Avg. Volume6,821,865
30 Day Avg. Volume7,912,496
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.27
Price to Sales (P/S)0.22
P/FCF Ratio59.43
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$37.59Price Target Upside24.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)22.47
Revenue Forecast (FY)$1.36T
JD Business Overview & Revenue Model
Company Description
JD.com, Inc. is a prominent technology and service provider based in the People's Republic of China, distinguished by its robust, supply chain-centric operations. The company's retail segment offers a comprehensive array of products. This includes...
How the Company Makes Money
JD.com generates revenue primarily through (1) direct sales of goods and (2) services provided to third-party merchants on its platform. Direct sales: JD buys inventory from brands and distributors (or sources products through various procurement ...
JD Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call emphasized a clear profitability inflection with strong margin expansion, materially improved free cash flow, disciplined capital allocation and marked unit-economics progress in new initiatives (notably food delivery). Those positive operational and financial developments substantially offset near-term top-line softness (total revenue down 2.9% and JD Retail revenue down 4.7%) and the still-large absolute losses in New Businesses (operating loss RMB 9.9 billion), which are being actively narrowed. Management presented a confident outlook for revenue reacceleration in H2, continued margin improvement and disciplined investment, suggesting the company views headwinds as temporary while structural profitability gains persist.Positive Updates
Definitive Profitability Turning Point
Non-GAAP net income attributable to ordinary shareholders rose ~20.8–21% year-on-year to RMB 8.9 billion; non-GAAP net margin expanded by 0.5 percentage points to 2.6%, marking a pronounced bottom-line improvement for Q2.
Negative Updates
Top-Line Decline
Total revenues were RMB 346 billion in Q2, down 2.9% year-on-year, reflecting near-term category headwinds, particularly in electronics and home appliances driven by high comparison base and upstream price increases.
Read all updates
Q2-2026 Updates
Positive
Negative
Definitive Profitability Turning Point
Non-GAAP net income attributable to ordinary shareholders rose ~20.8–21% year-on-year to RMB 8.9 billion; non-GAAP net margin expanded by 0.5 percentage points to 2.6%, marking a pronounced bottom-line improvement for Q2.
Read all positive updates
Company Guidance
Management guided that JD expects a clear inflection in H2 with a return to positive top-line growth (JD Retail aiming to reaccelerate into positive revenue growth in Q3) while sustaining healthy bottom-line expansion, as electronics/home appliances should accelerate as the high trade‑in base fades; they highlighted Q2 metrics including total revenues of RMB 346 billion (‑2.9% YoY), consolidated non‑GAAP net income of RMB 8.9 billion (+20.8% YoY) with non‑GAAP net margin of 2.6% (+0.5 ppt), group gross margin of 17.1% (+1.2 ppt), and total operating expense down 4.4% (expense ratio ‑0.3 ppt). Segment guidance and progress cited: JD Retail revenues RMB 295 billion (‑4.7% YoY) with gross margin 18.5% (+1.3 ppt), non‑GAAP operating profit RMB 13.5 billion and operating margin 4.6% (+7 bps); JD Logistics revenues RMB 64.1 billion (+24.3%) with operating income RMB 2.3 billion (3.5% margin); New Businesses revenues RMB 7.3 billion with operating loss narrowing to RMB 9.9 billion as JD Food Delivery cut losses by >50% YoY and is expected to continue meaningful loss reduction. They also flagged continued acceleration in marketplace & marketing (marketplace/marketing +8.3%, service revenues +6.8%), improving user metrics (MAU, quarterly active customers and Plus members all double‑digit YoY), further AI/R&D investment, a stronger cash profile (LTM free cash flow RMB 31 billion vs RMB 10 billion prior year; cash and short‑term investments RMB 235 billion), and ongoing capital returns (69.9 million Class A shares repurchased for ~USD 1 billion, ~2.5% of shares, with ~USD 1 billion remaining under the USD 5 billion program).JD Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
71
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.32T | 1.31T | 1.16T | 1.08T | 1.05T | 951.59B |
| Gross Profit | 126.44B | 121.85B | 113.44B | 159.70B | 147.07B | 129.07B |
| EBITDA | 30.97B | 36.83B | 47.36B | 42.82B | 23.21B | 4.87B |
| Net Income | 13.81B | 19.63B | 41.36B | 24.17B | 10.38B | -3.56B |
Balance Sheet | ||||||
| Total Assets | 683.16B | 695.64B | 698.23B | 628.96B | 595.25B | 496.51B |
| Cash, Cash Equivalents and Short-Term Investments | 214.87B | 225.51B | 234.00B | 190.15B | 219.96B | 185.33B |
| Total Debt | 107.62B | 107.17B | 89.77B | 68.43B | 65.05B | 34.14B |
| Total Liabilities | 403.48B | 401.67B | 384.94B | 332.58B | 321.13B | 249.72B |
| Stockholders Equity | 215.68B | 225.18B | 239.35B | 231.86B | 213.37B | 208.91B |
Cash Flow | ||||||
| Free Cash Flow | 20.88B | 4.81B | 44.28B | 39.51B | 35.84B | 23.74B |
| Operating Cash Flow | 37.81B | 18.99B | 58.09B | 59.52B | 57.82B | 42.30B |
| Investing Cash Flow | -2.26B | 41.83B | -871.00M | -59.54B | -54.03B | -74.25B |
| Financing Cash Flow | -24.89B | -26.73B | -21.00B | -5.81B | 1.18B | 19.50B |
JD Technical Analysis
Negative
30.19
Price Trends
29.19
Negative
29.59
Negative
28.79
Positive
Market Momentum
0.02
Positive
37.84
Neutral
7.16
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JD, the sentiment is Negative. The current price of 30.19 is below the 20-day moving average (MA) of 31.38, above the 50-day MA of 29.19, and above the 200-day MA of 28.79, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 37.84 is Neutral, neither overbought nor oversold. The STOCH value of 7.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JD.
JD Risk Analysis
JD disclosed 111 risk factors in its most recent earnings report. JD reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
JD Logistics may need to raise more capital, which could dilute our equity stake or impose debt service obligations on JD Logistics, if such capital is available at all. Q4, 2023
2.
Our business is subject to complex and evolving Chinese and international laws and regulations regarding data privacy and cybersecurity. Q4, 2023
3.
A severe or prolonged slowdown in the Chinese or global economy could materially and adversely affect our business and financial condition. Q4, 2023
JD Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $73.16B | 44.08 | 13.51% | ― | 43.06% | 32.91% | |
78 Outperform | $123.75B | 8.45 | 24.04% | ― | 11.69% | -1.85% | |
71 Outperform | $90.62B | 48.64 | 26.54% | ― | 46.01% | -9.25% | |
66 Neutral | $39.27B | 18.00 | 6.15% | 3.31% | 7.23% | -57.76% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $298.78B | 19.20 | 10.00% | 0.94% | 4.44% | -16.38% | |
52 Neutral | $28.26B | -36.20 | -18.84% | ― | 9.92% | -309.73% |
* Consumer Cyclical Sector Average
JD
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JD Corporate Events
JD.com Delivers Strong Q2 2026 Profitability Amid Revenue Dip and Ramps Up Share Buybacks
Aug 13, 2026
JD.com reported unaudited results for the three and six months ended June 30, 2026, showing second-quarter net revenues of RMB346.4 billion, down 2.9% year-on-year, but a swing to operating income of RMB4.5 billion from a loss a year earlier. Net ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.