NASDAQ · Consumer Cyclical

JD.com, Inc.

JD · Internet Retail

$30.05

▲ 0.1 (0.32%)

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Mr. Market is currently offering JD.com, Inc. at $30.05.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 16.0%

Operating Margin 0.3%

Net Income Margin 1.5%

Fin. Health B

Years to Pay Off Debt 5.5 yrs

Working Capital vs Long-Term Debt $5.9B

Working Capital $68.3B

Valuation A

Margin of Safety 87.1%

Price-to-Book 0.16x

Cash Flow C

Free Cash Flow $4.8B

CapEx % of Net Income 72.3%

Owner Earnings $43.6B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $41.0B

Enterprise Value $44.8B

P/E (TTM) 15.90

Dividend Yield 23.34%

Exchange NASDAQ

Key Margins

Gross Profit 16.0%

Operating Margin 0.3%

Net Margin 1.5%

Company Info

Sector Consumer Cyclical

Industry Internet Retail

Employees 776682

Country China

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering JD.com, Inc. at $30.05.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $30.05, the stock trades below its Graham Number of $232.83 — suggesting a margin of safety exists.

The margin of safety of 87.1% exceeds Graham's recommended 33% threshold — a rare opportunity.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About JD.com, Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	16.0% ▲	15.9%	14.7%	14.1%	N/A
Operating Margin %	0.3% ▼	3.4%	2.7%	1.8%	N/A
Net Income %	1.5% ▼	3.6%	2.2%	1.0%	N/A
Diluted EPS	12.90 ▼	26.86	15.22	6.42	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$695.2B	$698.2B	$629.0B	$595.2B	N/A
Total Debt	$107.1B ↑	$89.8B	$68.4B	$65.0B	N/A
Working Capital	$68.3B ▼	$87.2B	$42.2B	$84.5B	N/A
Years to Pay Debt	5.46	2.17	2.83	6.27	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.8B ▼	$44.3B	$39.5B	$34.9B	N/A
Owner Earnings	$43.6B	$64.1B	$52.5B	$40.5B	N/A
CapEx % of Net Income	72.3%	33.4%	82.8%	220.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-84,577	-298,539	-1,781,330	-2,447,130
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	38,855,000	65,575,000	49,545,000	31,339,000
Total Unusual Items	-982,000	-2,237,000	-6,722,000	-8,130,000
Total Unusual Items Excluding Goodwill	-982,000	-2,237,000	-6,722,000	-8,130,000
Net Income From Continuing Operation Net Minority Interest	19,631,000	41,359,000	24,167,000	10,380,000
Reconciled Depreciation	9,747,000	8,904,000	8,292,000	7,236,000
Reconciled Cost Of Revenue	1,099,057,000	974,951,000	924,958,000	899,163,000
EBITDA	37,873,000	63,338,000	42,823,000	23,209,000
EBIT	28,126,000	54,434,000	34,531,000	15,973,000
Net Interest Income	6,253,000	6,457,000	6,695,000	3,636,000
Interest Expense	2,803,000	2,896,000	2,881,000	2,106,000
Interest Income	9,056,000	9,353,000	9,576,000	5,742,000
Normalized Income	20,528,423	43,297,461	29,107,670	16,062,870
Net Income From Continuing And Discontinued Operation	19,631,000	41,359,000	24,167,000	10,380,000
Total Expenses	1,305,395,000	1,119,249,000	1,055,752,000	1,027,892,000
Total Operating Income As Reported	2,774,000	38,736,000	26,025,000	19,723,000
Diluted Average Shares	1,489,019	1,538,031	1,585,500	1,590,500
Basic Average Shares	1,423,600	1,494,851	1,572,000	1,563,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	19,210,000	41,309,000	24,137,000	10,210,000
Average Dilution Earnings	-421,000	-50,000	-30,000	-170,000
Net Income Common Stockholders	19,631,000	41,359,000	24,167,000	10,380,000
Net Income	19,631,000	41,359,000	24,167,000	10,380,000
Minority Interests	-3,511,000	-3,301,000	910,000	689,000
Net Income Including Noncontrolling Interests	23,142,000	44,660,000	23,257,000	9,691,000
Net Income Continuous Operations	23,142,000	44,660,000	23,257,000	9,691,000
Tax Provision	2,181,000	6,878,000	8,393,000	4,176,000
Pretax Income	25,323,000	51,538,000	31,650,000	13,867,000
Other Income Expense	15,380,000	5,511,000	-3,955,000	-8,113,000
Other Non Operating Income Expenses	8,337,000	5,421,000	1,757,000	2,212,000
Special Income Charges	-2,075,000	-5,008,000	-8,122,000	-5,527,000
Gain On Sale Of Business				-3,558,000	140,000
Write Off	827,000	3,299,000	3,043,000	1,969,000
Impairment Of Capital Assets	1,303,000	2,361,000	5,168,000	0
Restructuring And Mergern Acquisition	-55,000	-652,000	-89,000	3,558,000
Earnings From Equity Interest	8,025,000	2,327,000	1,010,000	-2,195,000
Gain On Sale Of Security	1,093,000	2,771,000	1,400,000	-2,603,000
Net Non Operating Interest Income Expense	6,253,000	6,457,000	6,695,000	3,636,000
Interest Expense Non Operating	2,803,000	2,896,000	2,881,000	2,106,000
Interest Income Non Operating	9,056,000	9,353,000	9,576,000	5,742,000
Operating Income	3,690,000	39,570,000	28,910,000	18,344,000
Operating Expense	206,338,000	144,298,000	130,794,000	128,729,000
Other Operating Expenses	88,176,000	70,426,000	64,558,000	63,011,000
Research And Development	22,229,000	17,031,000	16,393,000	16,893,000
Selling General And Administration	95,933,000	56,841,000	49,843,000	48,825,000
Selling And Marketing Expense	83,953,000	47,953,000	40,133,000	37,772,000
General And Administrative Expense	11,980,000	8,888,000	9,710,000	11,053,000
Other Gand A	11,980,000	8,888,000	9,710,000	11,053,000
Gross Profit	210,028,000	183,868,000	159,704,000	147,073,000
Cost Of Revenue	1,099,057,000	974,951,000	924,958,000	899,163,000
Total Revenue	1,309,085,000	1,158,819,000	1,084,662,000	1,046,236,000
Operating Revenue	1,309,085,000	1,158,819,000	1,084,662,000	1,046,236,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	76,448	284,121	45,770	43,994
Ordinary Shares Number	2,741,847	2,903,433	3,137,664	3,135,679
Share Issued	2,812,018	3,181,207	3,176,908	3,172,519
Total Debt	107,105,000	89,768,000	68,431,000	65,045,000
Tangible Book Value	154,148,000	169,012,000	165,380,000	147,256,000
Invested Capital	299,038,000	303,403,000	278,858,000	255,745,000
Working Capital	68,349,000	87,177,000	42,160,000	84,513,000
Net Tangible Assets	154,148,000	169,012,000	165,380,000	147,256,000
Capital Lease Obligations	33,107,000	25,712,000	21,431,000	22,666,000
Common Stock Equity	225,040,000	239,347,000	231,858,000	213,366,000
Total Capitalization	287,513,000	295,822,000	273,824,000	243,599,000
Total Equity Gross Minority Interest	293,783,000	313,297,000	296,380,000	274,123,000
Minority Interest	68,743,000	73,950,000	64,522,000	60,757,000
Stockholders Equity	225,040,000	239,347,000	231,858,000	213,366,000
Gains Losses Not Affecting Retained Earnings	6,442,000	8,109,000	7,012,000	2,514,000
Other Equity Adjustments	6,442,000	8,109,000	7,012,000	2,514,000
Treasury Stock	7,874,000	27,739,000	3,409,000	2,493,000
Retained Earnings	84,957,000	76,573,000	44,051,000	29,304,000
Additional Paid In Capital	141,515,000	182,404,000	184,204,000	184,041,000
Total Liabilities Net Minority Interest	401,418,000	384,937,000	332,578,000	321,127,000
Total Non Current Liabilities Net Minority Interest	95,346,000	85,416,000	66,928,000	54,566,000
Other Non Current Liabilities	1,146,000	1,337,000	1,055,000	1,737,000
Preferred Securities Outside Stock Equity					1,212,000
Non Current Deferred Liabilities	8,019,000	9,498,000	10,231,000	7,618,000
Non Current Deferred Revenue		502,000	964,000	1,107,000	1,297,000
Non Current Deferred Taxes Liabilities	8,019,000	9,498,000	9,267,000	6,511,000
Long Term Debt And Capital Lease Obligation	86,181,000	74,581,000	55,642,000	45,211,000
Long Term Capital Lease Obligation	23,708,000	18,106,000	13,676,000	14,978,000
Long Term Debt	62,473,000	56,475,000	41,966,000	30,233,000
Current Liabilities	306,072,000	299,521,000	265,650,000	266,561,000
Other Current Liabilities	24,921,000	24,466,000	25,264,000	23,026,000
Current Deferred Liabilities	39,092,000	34,534,000	33,722,000	37,064,000
Current Deferred Revenue	39,092,000	34,534,000	33,722,000	37,064,000
Current Debt And Capital Lease Obligation	20,924,000	15,187,000	12,789,000	19,834,000
Current Capital Lease Obligation	9,399,000	7,606,000	7,755,000	7,688,000
Current Debt	11,525,000	7,581,000	5,034,000	12,146,000
Other Current Borrowings	11,525,000	7,581,000	5,034,000	12,146,000
Current Provisions	1,063,000	1,029,000	950,000	743,000
Payables And Accrued Expenses	220,072,000	224,305,000	192,925,000	185,894,000
Current Accrued Expenses	22,217,000	18,689,000	15,829,000	15,664,000
Interest Payable	302,000	208,000	134,000	167,000
Payables	197,855,000	205,616,000	177,096,000	170,230,000
Other Payable	1,844,000	1,902,000	1,996,000	3,209,000
Dueto Related Parties Current	624,000	1,367,000	1,620,000	488,000
Total Tax Payable	7,008,000	9,487,000	7,313,000	5,926,000
Accounts Payable	188,379,000	192,860,000	166,167,000	160,607,000
Total Assets	695,201,000	698,234,000	628,958,000	595,250,000
Total Non Current Assets	320,780,000	311,536,000	321,148,000	244,176,000
Other Non Current Assets	11,853,000	9,089,000	14,522,000	16,021,000
Non Current Deferred Assets	5,237,000	2,459,000	1,744,000	1,536,000
Non Current Deferred Taxes Assets	5,237,000	2,459,000	1,744,000	1,536,000
Duefrom Related Parties Non Current				0	264,000
Non Current Accounts Receivable					264,000
Investments And Advances	103,818,000	116,220,000	137,586,000	72,001,000
Investmentin Financial Assets	51,840,000	59,370,000	80,840,000	14,360,000
Long Term Equity Investment	51,978,000	56,850,000	56,746,000	57,641,000
Goodwill And Other Intangible Assets	70,892,000	70,335,000	66,478,000	66,110,000
Other Intangible Assets	44,601,000	44,626,000	46,498,000	42,987,000
Goodwill	26,291,000	25,709,000	19,980,000	23,123,000
Net PPE	128,980,000	113,433,000	100,818,000	88,508,000
Accumulated Depreciation	-32,428,000	-25,953,000	-19,837,000	-14,288,000
Gross PPE	161,408,000	139,386,000	120,655,000	102,796,000
Leases	7,656,000	5,895,000	5,117,000	4,550,000
Construction In Progress	6,503,000	6,164,000	9,920,000	11,161,000
Other Properties	34,387,000	27,479,000	23,507,000	24,930,000
Machinery Furniture Equipment	34,146,000	28,871,000	25,666,000	21,513,000
Buildings And Improvements					21,072,000
Land And Improvements	78,716,000	70,977,000	56,445,000	40,642,000
Current Assets	374,421,000	386,698,000	307,810,000	351,074,000
Other Current Assets	17,898,000	15,951,000	15,639,000	15,156,000
Assets Held For Sale Current	395,000	2,040,000	1,292,000	1,203,000
Restricted Cash	12,137,000	7,366,000	7,506,000	6,254,000
Prepaid Assets	5,856,000	7,619,000	2,753,000	3,838,000
Inventory	95,428,000	89,326,000	68,058,000	77,949,000
Inventories Adjustments Allowances	-4,787,000	-4,087,000	-4,370,000	-4,115,000
Other Inventories	2,044,000	1,782,000	1,131,000	1,098,000
Finished Goods	98,171,000	91,631,000	71,297,000	80,966,000
Raw Materials			1,131,000	1,098,000	478,000
Receivables	29,475,000	30,401,000	22,416,000	26,718,000
Duefrom Related Parties Current	2,142,000	4,805,000	2,114,000	6,142,000
Accounts Receivable	27,333,000	25,596,000	20,302,000	20,576,000
Allowance For Doubtful Accounts Receivable	-2,089,000	-2,065,000	-1,888,000	-1,582,000
Gross Accounts Receivable	29,422,000	27,661,000	22,190,000	22,158,000
Cash Cash Equivalents And Short Term Investments	213,232,000	233,995,000	190,146,000	219,956,000
Other Short Term Investments	75,744,000	125,645,000	118,254,000	141,095,000
Cash And Cash Equivalents	137,488,000	108,350,000	71,892,000	78,861,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,807,000	44,276,000	39,506,000	34,906,000
Repurchase Of Capital Stock	-21,430,000	-25,912,000	-2,497,000	-1,823,000
Repayment Of Debt	-24,003,000	-13,253,000	-27,387,000	-35,470,000
Issuance Of Debt	34,271,000	27,627,000	30,500,000	47,309,000
Capital Expenditure	-14,184,000	-13,819,000	-20,015,000	-22,913,000
Interest Paid Supplemental Data		2,774,000	2,808,000	2,393,000	1,221,000
Income Tax Paid Supplemental Data		8,807,000	5,462,000	2,555,000	2,538,000
End Cash Position	149,625,000	115,716,000	79,398,000	85,115,000
Other Cash Adjustment Outside Changein Cash	0	0	-53,000	-41,000
Beginning Cash Position	115,716,000	79,398,000	85,115,000	76,693,000
Effect Of Exchange Rate Changes	-186,000	98,000	125,000	3,490,000
Changes In Cash	34,095,000	36,220,000	-5,789,000	4,973,000
Financing Cash Flow	-26,728,000	-21,004,000	-5,808,000	1,180,000
Cash Flow From Continuing Financing Activities	-26,728,000	-21,004,000	-5,808,000	1,180,000
Net Other Financing Charges	-5,220,000	-1,230,000	284,000	3,208,000
Proceeds From Stock Option Exercised	33,000	27,000	33,000	1,043,000
Cash Dividends Paid	-10,379,000	-8,263,000	-6,741,000	-13,087,000
Common Stock Dividend Paid	-10,379,000	-8,263,000	-6,741,000	-13,087,000
Net Common Stock Issuance	-21,430,000	-25,912,000	-2,497,000	-1,823,000
Common Stock Payments	-21,430,000	-25,912,000	-2,497,000	-1,823,000
Net Issuance Payments Of Debt	10,268,000	14,374,000	3,113,000	11,839,000
Net Short Term Debt Issuance			1,151,000	1,404,000	1,151,000
Short Term Debt Payments			-16,192,000	-31,804,000	-5,982,000
Short Term Debt Issuance			17,343,000	33,208,000	7,133,000
Net Long Term Debt Issuance	10,268,000	14,374,000	3,113,000	11,839,000
Long Term Debt Payments	-24,003,000	-13,253,000	-27,387,000	-35,470,000
Long Term Debt Issuance	34,271,000	27,627,000	30,500,000	47,309,000
Investing Cash Flow	41,832,000	-871,000	-59,543,000	-54,026,000
Cash Flow From Continuing Investing Activities	41,832,000	-871,000	-59,543,000	-54,026,000
Net Other Investing Changes	-6,149,000	-5,052,000	-2,611,000	-2,605,000
Net Investment Purchase And Sale	56,268,000	19,443,000	-43,027,000	-11,839,000
Sale Of Investment	136,521,000	167,905,000	225,502,000	171,471,000
Purchase Of Investment	-80,253,000	-148,462,000	-268,529,000	-183,310,000
Net Business Purchase And Sale	841,000	-5,346,000	-995,000	-19,773,000
Sale Of Business	2,881,000	576,000	387,000	412,000
Purchase Of Business	-2,040,000	-5,922,000	-1,382,000	-20,185,000
Net Intangibles Purchase And Sale	-397,000	-618,000	-4,981,000	-5,246,000
Purchase Of Intangibles	-397,000	-618,000	-4,981,000	-5,246,000
Net PPE Purchase And Sale	-8,731,000	-9,298,000	-7,929,000	-14,563,000
Sale Of PPE	5,056,000	3,903,000	7,105,000	3,104,000
Purchase Of PPE	-13,787,000	-13,201,000	-15,034,000	-17,667,000
Operating Cash Flow	18,991,000	58,095,000	59,521,000	57,819,000
Cash Flow From Continuing Operating Activities	18,991,000	58,095,000	59,521,000	57,819,000
Change In Working Capital	-7,043,000	5,148,000	16,090,000	23,360,000
Change In Other Working Capital	3,780,000	242,000	-3,485,000	4,207,000
Change In Other Current Liabilities	6,599,000	4,052,000	-139,000	815,000
Change In Other Current Assets	-6,990,000	-3,067,000	245,000	1,803,000
Change In Payables And Accrued Expense	-4,567,000	30,710,000	9,206,000	25,006,000
Change In Accrued Expense	3,492,000	2,241,000	2,149,000	3,295,000
Change In Payable	-8,059,000	28,469,000	7,057,000	21,711,000
Change In Account Payable	-4,909,000	27,844,000	4,614,000	17,658,000
Change In Tax Payable	-2,275,000	1,913,000	1,311,000	3,206,000
Change In Income Tax Payable	-2,275,000	1,913,000	1,311,000	3,206,000
Change In Prepaid Assets	2,983,000	-1,562,000	1,432,000	-760,000
Change In Inventory	-5,780,000	-20,154,000	9,891,000	-2,278,000
Change In Receivables	-3,068,000	-5,073,000	-1,060,000	-5,433,000
Changes In Account Receivables	-2,526,000	-4,546,000	-310,000	-7,196,000
Other Non Cash Items	-484,000	-3,396,000	-260,000	2,319,000
Stock Based Compensation	4,726,000	2,999,000	4,804,000	7,548,000
Unrealized Gain Loss On Investment Securities	-397,000	-1,355,000	855,000	4,096,000
Provisionand Write Offof Assets	340,000	333,000	641,000	926,000
Asset Impairment Charge	2,130,000	5,660,000	8,211,000	1,969,000
Deferred Tax	-4,742,000	-1,144,000	869,000	-549,000
Deferred Income Tax	-4,742,000	-1,144,000	869,000	-549,000
Depreciation Amortization Depletion	9,747,000	8,904,000	8,292,000	7,236,000
Depreciation And Amortization	9,747,000	8,904,000	8,292,000	7,236,000
Operating Gains Losses	-8,428,000	-3,714,000	-3,238,000	1,223,000
Earnings Losses From Equity Investments	-8,025,000	-2,327,000	-1,010,000	2,195,000
Net Foreign Currency Exchange Gain Loss			28,000	-114,000	-42,000
Gain Loss On Sale Of PPE	-403,000	-1,387,000	-2,228,000	-972,000
Gain Loss On Sale Of Business				3,558,000	-140,000
Net Income From Continuing Operations	23,142,000	44,660,000	23,257,000	9,691,000

These metrics estimate what JD.com, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$232.83

Margin of Safety

87.1%

Market Cap ÷ Company Value

0.98

P/B Ratio

0.16

Warren's Owner Earnings

$43.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$1,309.1B

vs > $1.5B revenue

❌ Strong Financial Condition

1.22x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

23.34%

vs Uninterrupted dividends

✅ Earnings Growth

+100.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.9x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.16x P/B (P/E×P/B: 2.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-22.41

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$34.03

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	72.3%	33.4%	82.8%	220.7%	N/A
Repurchase of Capital Stock	-$21.4B	-$25.9B	-$2.5B	-$1.8B	N/A
Free Cash Flow	$4.8B ▼	$44.3B ▲	$39.5B ▲	$34.9B •	N/A •
Warren's Owner Earnings	$43.6B	$64.1B	$52.5B	$40.5B	N/A

Peers & Industry Comparison

Internet Retail — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
JD	$30.05	$41.0B	15.90	16.0%	1.5%	$1,309.1B
AMZN Amazon.com, Inc.	$271.21	$2,916.7B	32.4	50.6%	12.2%	$742.8B
BABA Alibaba Group Holding Limited	$133.91	$330.4B	23.6	40.8%	8.9%	$1,016.7B
EBAY eBay Inc.	$109.12	$48.4B	25.2	71.8%	17.6%	$11.6B
ETSY Etsy, Inc.	$64.49	$6.1B	24.7	71.6%	9.8%	$2.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.92%

Low — management has little skin in the game

Return on Equity (ROE)

8.7%

Adequate — returns are moderate

Return on Assets (ROA)

2.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$21.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+19.3% YoY

Debt is growing — management is leveraging up

Leadership Team

Qiangdong Liu

Founder & Chairman

Age 52

Ran Xu CPA

CEO & Executive Director

Age 43

Su Shan

Chief Financial Officer

Age 43

Li Yayun

Senior Vice President

Age 44

Yanzhong Yao

President of JD Retail Appliance & Home and Senior VP

Age 43

Top Institutional Holders

Institution	% Owned	Shares
Dodge & Cox Inc.	0.85%	12,194,648
Newlands Management Operations LLC	0.82%	11,693,590
Invesco Ltd.	0.69%	9,926,442
FIL LTD	0.60%	8,539,000
Discerene Group, LP	0.43%	6,210,851
Coreview Capital Management Ltd.	0.43%	6,197,455
Morgan Stanley	0.38%	5,492,904
Robeco Institutional Asset Management B.V.	0.37%	5,316,847

Risk Analysis

Beta (Market Risk)

0.40

Low volatility — more stable than the market

Short Interest

2.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.36x

Conservative balance sheet — low financial risk

Current Ratio

1.22x

Adequate liquidity

52-Week Price Range

Low: $24.51 Current: $30.05 High: $38.08

Currently at 41% of 52-week range

360investing

JD.com, Inc.

Metric Explanations

Full Graham Analysis

About JD.com, Inc.

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Graham's Fair Value

Warren's Owner Earnings

Graham's 7 Criteria

Graham's 7 Criteria — Explained

Net Current Asset Value

Earnings Power Value

Cash Flow Analysis

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis