Deep Value: cash covers more than 100% of the stock price

This company holds roughly $49.3B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

JD.com

Specialty Retail · Consumer Cyclical

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Mixed

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Winston Score History

The full picture

JD.com is one of China's largest online shopping platforms. It sells electronics, appliances, clothing, groceries, and thousands of other products directly to Chinese consumers. Unlike many rivals, JD owns and operates its own warehouses and delivery network, which allows it to offer same-day or next-day shipping across much of China.

JD makes most of its money by buying goods from suppliers and reselling them directly — similar to how Amazon's retail business works. It also earns fees from third-party sellers who list products on its marketplace, plus revenue from advertising and logistics services. The company operates almost entirely in China, generating roughly $150 billion in annual revenue, making it one of the largest retailers in the country by sales volume. Its self-built logistics infrastructure is a key competitive advantage, but slowing consumer spending in China and intense competition from rivals like Alibaba and Pinduoduo remain significant risks to growth.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+22.1% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

13.7%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$331.6B cash & investments at current burn rate

Revenue declining

JD.com's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.0%

Thin — 17.0% gross margin

Profit after running costs

Operating Margin

1.2%

Thin — 1.2% operating margin

Return on the money invested

ROCE

0.3%

Weak — 0.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+3.6%

Slow sales growth (+3.6% YoY)

Profit growth

EPS YoY

-59.0%

Earnings shrinking (-59.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

256%

Turns 256% of profit into real cash

Spare cash per sale

FCF Margin

1.6%

Thin free cash flow (1.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

0.34x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.3x

no trend

Fair value — P/E 18.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+11.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.3 → 6.7)

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Dividends

Dividend

Dividend Yield

3.19%

no trend

Moderate income — 3.19% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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