DDLNYSERetail-Catalog & Mail-Order HousesFiscal year ends December 31
Dingdong (Cayman) Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 24, 2026
$2.13+0.01 (+0.47%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
0.5%+28.4 pts over 5 years
Net margin
1.0%+29.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.6% | +0.2% | +16.5% | – | |
| Operating income | -38.6% | – | – | – | |
| Net income | -23.9% | – | – | – | |
| Free cash flow | -56.9% | – | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 75.6% | 25.2% | |
| Return on assets | – | – | 3.3% | |
| Current ratio | – | 0.64 | 1.05 | |
| Debt to equity | – | -0.23 | – | |
| Net debt to EBITDA | – | 0.02× | – | |
| Interest coverage | – | -81.5× | 7.8× | |
| Capex to revenue | – | 2.2% | 0.7% | |
| Diluted shares | – | 64M | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
Dingdong (Cayman) generated CN¥7.45B from operations and spent CN¥937.76M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥7.45B
Used
CN¥937.76M
Capital expenditureCN¥937.76M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.0%
×Asset turnover3.45×
×Equity multiplier7.68×
=Return on equity, FY202525.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.0% | 3.45× | 7.68× | 25.2% |
| FY2024 | 1.3% | 3.11× | 12.54× | 51.5% |
| FY2023 | -0.5% | 2.34× | 24.66× | -26.4% |
| FY2022 | -3.3% | 2.58× | 18.11× | -155.4% |
| FY2021 | -32.0% | 2.81× | -2.76× | 247.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥231.70M
- Cash generatingOperating cash flow above zeroCN¥535.51M
- Return on assets improvedROA up on the prior year4.0% → 3.3%
- Earnings backed by cashOperating cash flow above net incomeCN¥535.51M vs CN¥231.70M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.02 → 1.05
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose3.00 → 3.42