Dingdong (Cayman) Limited (DDL) valuation at a glance
- Price
- $2.18
- Forward P/E
- 5.7×
- Market cap
- $397M
- P/S (TTM)
- 0.2×
CompaniesDDL
DDL
Dingdong (Cayman) Limited
Consumer DefensiveChinaonline groceryADRpending sale
Overview
$2.18-0.9%
Market Cap
$397M
SEC filings
P/E (TTM)
4.9×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
28.7%
SEC filings
FCF Yield
16.7%
Calculated from SEC filings
Fair Value
Not established
yfinance
Conviction
2/5Profitable Shanghai grocery e-commerce at about 0.1x EV/sales, with a reported sale of the China operations to Meituan pending regulatory approval.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 55/100
Value3/3
Future0/1
Past3/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Dingdong operates fresh-grocery e-commerce in China from its own network of front-line warehouses, with ten straight profitable quarters through Q2 2026. It screens as deep value because FY2025 revenue of about 3,483M USD equivalent grew 5.6% in RMB terms, net income was 33.1M USD with free cash flow of 51.2M USD (operating cash flow 76.6M USD less capex 25.4M USD), cash was 158.3M USD, and the market values the company near 0.1x EV/sales. Q2 2026 GMV grew 11.8% with 40M USD of net income per the 6-K of 2026-08-21. The counter-evidence is the China grocery price war among Meituan, JD and Alibaba, cash that sits onshore in WFOE subsidiaries subject to SAFE remittance rules, a dual-class structure and an unverified PCAOB inspection status. Secondary coverage reports a 717M USD sale of the China operations to Meituan announced 2026-02-05 awaiting PRC approval; this was not verified against a 6-K this research pass and the closing date is unsourced. Confirmation would require a 6-K with the definitive transaction terms or, failing that, continued positive net income through Q3 and Q4 2026.
Bull Case
ProfitabilityFY2025 net income was 33.1M USD on operating income of 18.8M USD, with operating cash flow of 76.6M USD, per the 20-F filed 2026-04-24.
GrowthQ2 2026 GMV rose 11.8% year over year with net income of about 40M USD, per the 6-K filed 2026-08-21.
Capital returnA 20M USD buyback program ran from March 2025 to March 2026, and cash of 158.3M USD compares with equity of 148.8M USD at FY2025.
Bear Case
CompetitionMeituan, JD and Alibaba are in a grocery-delivery price war that could push quarterly net income negative.
Cash accessThe 20-F shows PRC operations run through WFOE enterprises, so cash is onshore and offshore remittance depends on SAFE and dividend rules.
GovernanceFounder Song Wang holds 54.5M Class B shares in a dual-class structure, and a new Form 3 filed 2026-09-16 introduces an unidentified new insider or 10% holder.
Key Metrics
Market Cap
$397M
SEC filings
Enterprise Value
$216M
Calculated from SEC filings
Revenue (TTM)
$1.96B
SEC filings
P/E (TTM)
4.9×
SEC filings
Forward P/E
5.7×
yfinance
P/S (TTM)
0.2×
SEC filings
P/B
2.2×
SEC filings
EV/EBITDA
–
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
28.7%
SEC filings
Operating Margin
-0.6%
SEC filings
Net Margin
4.1%
SEC filings
Free Cash Flow
$66M
SEC filings
FCF Yield
16.7%
Calculated from SEC filings
Debt / Equity
0.0×
SEC filings
Current Ratio
1.2×
SEC filings
Short Interest
1.8%
SEC filings
Institutional Own.
38.0%
SEC filings
Insider Own.
0.1%
SEC filings
Shares Out.
182.3M
SEC filings
Float
119.9M
SEC filings
Valuation
Price vs Fair Value
Now $2.18
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| DDL | $481M | 20.0× | 0.0× | – | -99.0% | 29.0% | 3.0% |
| MOGU | $15M | – | 0.1× | 4.7× | -28.0% | 29.0% | 1.0% |
| JD | $36.24B | 17.9× | 0.0× | – | -3.0% | 9.0% | 1.0% |
| PDD | $112.26B | 8.5× | 0.2× | – | +8.0% | 56.0% | 20.0% |
| BABA | $268.21B | 24.4× | 0.3× | 2.0× | +9.0% | 38.0% | 7.0% |
| YSG | $242M | – | 0.1× | 0.9× | +5.0% | 77.0% | -5.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 24,221 | 19,971 | 23,066 | 24,360 |
| Cost of Revenue | 16,736 | 13,848 | 16,120 | 17,253 |
| Gross Profit | 7,486 | 6,123 | 6,946 | 7,107 |
| Operating Income | (799.7) | (130.1) | 214.6 | 131.7 |
| EBITDA | (462.2) | 182.1 | 482.3 | 355.2 |
| Net Income | (814.4) | (99.9) | 295.1 | 221.7 |
| Diluted EPS | -3.77 | -0.47 | 1.35 | 0.99 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 1,856 | 1,209 | 887.4 | 1,107 |
| Total Assets | 9,382 | 7,699 | 7,118 | 7,016 |
| Total Debt | 5,609 | 4,522 | 3,027 | 2,434 |
| Total Liabilities | 8,964 | 7,200 | 6,194 | 5,840 |
| Shareholders' Equity | 310.2 | 382.5 | 798.6 | 1,041 |
| Shares Out. (M) | 324.5 | 325.8 | 325.2 | 328.0 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 87.4 | (234.6) | 929.0 | 535.5 |
| Capital Expenditure | (126.9) | (83.3) | (98.2) | (177.8) |
| Free Cash Flow | (39.5) | (317.9) | 830.9 | 357.8 |
| Investing Cash Flow | (47.1) | 519.3 | 475.5 | 429.6 |
| Financing Cash Flow | 1,112 | (934.4) | (1,724) | (743.3) |
Figures normalized from Dingdong (Cayman) Limited's SEC 20-F filed 2026-04-24. CNY millions; EPS and share count per their units. Annual periods. Source: 20-F filed 2026-04-24 ↗
Catalysts
Q3 2026 results 6-K, November
Earningshigh relevance
Third quarter 2026 results
Tests whether double-digit GMV growth and positive net income hold through the price war.
Date unsourced; pending PRC regulatory approval
Corporate
Reported Meituan transaction
Secondary coverage reports a 717M USD sale of the China operations announced 2026-02-05; no 6-K trail was verified this research pass.
FY2026 20-F, late April 2027
Earnings
Annual report and auditor inspection status
Would confirm PCAOB inspectability and full-year cash flows.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Price war turns net income negative | Competition | High | Medium | Removes the earnings basis for the low EV/sales multiple. |
| PRC restrictions on offshore remittance | Regulatory | High | Low | Onshore cash cannot reach ADS holders through buybacks or dividends. |
| Reported Meituan transaction fails approval or terms disadvantage ADS holders | Corporate | Medium | Medium | A deal-spread outcome replaces the operating case; terms unverified. |
| HFCAA and auditor inspection | Regulatory | Medium | Low | Trading prohibition risk if the auditor is not PCAOB-inspectable; not verified this research pass. |
Technical Snapshot
52-Week Range
–$2.18–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Dual-class structure with founder Song Wang holding 54.5M Class B shares per the FY2025 20-F; group ownership percentage not extracted. Foreign private issuer, so no Form 4 flow; a Form 3 initial ownership statement was filed 2026-09-16 with the holder not read this research pass. A 20M USD buyback program ran March 2025 to March 2026.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| DDL | $481M | 20.0× | 0.0× | – | -99.0% | 29.0% | 3.0% |
| MOGU | $15M | – | 0.1× | 4.7× | -28.0% | 29.0% | 1.0% |
| JD | $36.24B | 17.9× | 0.0× | – | -3.0% | 9.0% | 1.0% |
| PDD | $112.26B | 8.5× | 0.2× | – | +8.0% | 56.0% | 20.0% |
| BABA | $268.21B | 24.4× | 0.3× | 2.0× | +9.0% | 38.0% | 7.0% |
| YSG | $242M | – | 0.1× | 0.9× | +5.0% | 77.0% | -5.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 6-K
Q2 2026 results
The 6-K filed 2026-08-21 reported Q2 2026 GMV growth of 11.8% and net income of about 40M USD, extending the run of profitable quarters. Ordinary shares outstanding were 354.3M at 2026-03-18, equal to about 236.2M ADS.
2026-09-17Research
Update since 2026-09-10
No 6-K since 2026-09-10; a Form 3 was filed 2026-09-16. Secondary coverage describes a pending sale of the China operations to Meituan for 717M USD announced 2026-02-05, awaiting PRC approval; not verified against a filing this research pass.
Sources
Dingdong (Cayman) Limited valuation questions
What is Dingdong (Cayman) Limited's forward P/E ratio?
Dingdong (Cayman) Limited (DDL) trades at a forward P/E of 5.7×, and 0.2× trailing sales.
What is Dingdong (Cayman) Limited's market cap?
Dingdong (Cayman) Limited (DDL) has a market capitalization (its market value, often searched as "net worth") of $397M, and an enterprise value of $216M.