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Jd.Com Inc-Adr

JDAbove valueExpectations · fair

Held by 6 superinvestors.

Price$29.36
Holders6
Total value$395.2M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31
Revenue growth
+17.9%
Net margin
1.8%
ROE
10.3%
FCF margin
0.9%
Revenue $114.30B → $187.20B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$21/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$29
cheaperpricier

Zero-growth floor

$24

Central IV

$21

Optimistic top

$26

Jd.Com Inc-Adr (JD): A conservative value band $24–$26 / sh (zero-growth floor to growth-capped optimistic top); central read about $21. Today’s price sits above that band (price $29 as of 2026-08-25).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 3% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $24

Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $15.28 – $25.52 · Greenwald zero-growth $23.67 · zero-growth base $23.67 · reproduction $23.67

Moat Below asset base · terminal value 46% of present value · owner-earnings yield 6% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$15.10 – $15.69 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$15.60 – $19.07 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $27.32B + capitalized R&D $7.92B（FY 2025, 2024, 2023, 2022, 2021） = $23.67 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 1% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 3% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

What the price is betting

Today's price pencils in about 8.7% a year in owner-earnings for the next few years. Revenue actually grew 7.9% a year.

About its own track record.

Roughly, the price needs its historical revenue growth to run about 12 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

6 holders · $395.2M combined · this quarter +2 opened / -1 exited

This quarter2 opened3 trimmed1 exited
Holders 9 → 6 · last 8q
Exited this quarter (1)
David Tepper

SEC 13F · notes

Written summary

Jd.Com Inc-Adr (JD) is held by 6 of the superinvestors tracked on Compounder, with a combined $395.2M in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 0.2% of the portfolio.

Other notable holders by value include Samantha McLemore (1.2% of its book), Sarah Ketterer (0.3% of its book) and Christopher Davis (0.0% of its book).

Over the latest quarter, 2 of the tracked filers opened a new position in JD, 0 added to existing ones, 3 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Jd.Com Inc-Adr (JD) also commonly hold →

JD's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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