JD.com Inc. (89618) Fair Value & Analysis
Consumer Discretionary · HK · Market cap 356B CNY (≈ $53.2B) · ISIN KYG8208B1014
What is JD.com Inc. really worth?
A solid business, but trading 28% above our fair value of ¥73.98.
Strengths
Risks
For context
Fair value as of: Aug 19, 2026
From 25 valuation models · updated 16 days ago
Fair value updated Aug 19, 2026, revised from ¥92.66 to ¥73.98 (−20.2%) since Aug 13, 2026. Share price −15.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (¥92.47). The favourable scenario is already priced in.
- Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (3 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
39‑month range ¥69.22 – ¥157.86 · fair‑value band ¥54.26 – ¥92.47 · the ¥95.00 price screens above the ¥73.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
JD.com Inc. (89618) currently trades at ¥95.00, while our model-based Fair Value estimate is ¥73.98, implying the stock looks roughly 28.4% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Discretionary sector. Bull case: the Growth Earnings group reads highest at a median of ¥158.41 per share, and 8 of the 25 models we run sit above the ¥95.00 price. Bear case: the Economic Profit group reads lowest at ¥28.91, and 17 of the 25 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, JD.com Inc. generated revenue of 1.3T CNY at a net margin of 1.1%. Revenue grew 4.9% year over year. It earns a return on equity of 6.0%. The balance sheet holds a net cash position of 42.5B CNY. Fundamentals as of Aug 19, 2026
Our scenario range runs from ¥54.26 (bear case) to ¥92.47 (bull case); at ¥95.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Discretionary peers we cover trades at −50% fair-value upside, at −22%, 89618 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥2.25 per share, which is 3.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Growth Earnings (¥158.41) versus Economic Profit (¥28.91). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 48
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
JD.com Inc. reported revenue of 1.3T CNY in FY2025 versus 952B CNY in FY2021, a compound +7.6%/yr. Reported net income was 19.1B CNY in FY2025.
89618 screens 28% overvalued. Compare with Amazon.com, Inc →
Peer Group
Internet Retail · 103 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Internet Retail median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Internet Retail stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Amazon.com, Inc AMZN | $256.26 | $127.67 | −50% |
| Alibaba Group 89988 | HK$97.45 | HK$48.38 | −50% |
| PDD Holdings PDD | $85.69 | $225.48 | +163% |
| MercadoLibre, Inc MELI | $1,966 | $798.98 | −59% |
| DoorDash, Inc DASH | $222.00 | $38.64 | −83% |
| Sea Limited SE | $118.32 | $52.70 | −55% |
| eBay Inc EBAY | $105.62 | $60.13 | −43% |
| JD.com, Inc JD | €24.20 | €31.73 | +31% |
| Coupang, Inc CPNG | $16.32 | $2.79 | −83% |
| Delivery Hero SE DHER | €37.05 | €12.71 | −66% |
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