olivLaw · US equity research
Dingdong (Cayman) Limited DDL
Retail-Catalog & Mail-Order Houses · SIC 5961 · Vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)
Dingdong (Cayman) Limited is a fresh grocery e-commerce company in mainland China that delivers products through its own frontline fulfillment grid. In February 2026 the company agreed to sell its China operations to Meituan, and revenue grew 5.6% in fiscal 2025 to RMB24,359.9 million.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Dingdong (Cayman) Limited (DDL) stock was 1.89 USD (+1.07% on the day), with beta 0.80, 52-week range 1.67–3.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.9
- weak (30–45)
- Bollinger (20, 2)
- 1.80 – 2.27
- in the lower half of the band · %B 0.19 · band width 22.9%
- SMA 50 / 200
- 2.16 / 2.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.0% | −1.1% | −8.9 pp | — |
| 3 months | −15.2% | −0.5% | −14.8 pp | — |
| 6 months | −27.3% | +4.4% | −31.7 pp | — |
| Year to date | −24.1% | +12.3% | −36.4 pp | — |
| 1 year | +7.4% | +13.5% | −6.2 pp | −2.6% |
| 3 years | −4.1% | +76.4% | −80.5 pp | +16.0% |
| 5 years | −93.7% | +63.7% | −157.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | 3.2 bn | 3.5 bn | 2.8 bn | 3.2 bn | 3.5 bn |
| Revenue YoY | unavailable | unavailable | +11.2% | −19.9% | +12.3% | +10.2% |
| Net income | unavailable | -1.0 bn | -117.0 m | -12.9 m | 41.7 m | 33.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −20.6% |
| Diluted EPS | -54.91 | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -32.0% | -3.3% | -0.5% | 1.3% | 1.0% |
| Free cash flow | unavailable | -960.1 m | -5.7 m | -44.8 m | 113.8 m | 51.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 158.3 m USD
- Financial debt
- 124.6 m USD
- Net debt
- -33.6 m USD
- Equity
- 148.8 m USD
- Total assets
- 1.0 bn USD
- Debt / equity
- 0.84x
- Current ratio
- 1.05x
- ROE
- 25.7%
- ROA
- 3.3%
- FCF margin
- 1.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 3.2 bn | 3.5 bn | 2.8 bn | 3.2 bn | 3.5 bn | SEC (XBRL)· 24 Apr 2026verified |
| Operating income | — | -993.3 m | -110.6 m | -18.3 m | 29.4 m | 18.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Depreciation & amortisation | — | 33.4 m | 29.6 m | 21.8 m | 15.7 m | 13.9 m | SEC (XBRL)· 24 Apr 2026verified |
| EBITDA | — | -959.9 m ≈ | -81.0 m ≈ | 3.5 m ≈ | 45.1 m ≈ | 32.8 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Interest expense | — | 13.4 m | 19.4 m | 13.9 m | 6.5 m | 2.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Pre-tax income | — | -1.0 bn | -116.0 m | -10.1 m | 43.9 m | 34.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Income tax | — | 1.5 m | 977.0 k | 2.7 m | 2.2 m | 1.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Net income | — | -1.0 bn | -117.0 m | -12.9 m | 41.7 m | 33.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Diluted EPS | -54.91 | — | — | — | — | — | SEC (XBRL)· 22 Mar 2023verified |
| Weighted average diluted shares | 63.7 m | — | — | — | — | — | SEC (XBRL)· 22 Mar 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 227.6 m | 104.0 m | 269.1 m | 170.3 m | 121.6 m | 158.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Receivables | — | 30.1 m | 20.5 m | 15.2 m | 17.2 m | 27.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Inventories | — | 84.3 m | 87.7 m | 66.5 m | 75.8 m | 81.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Current assets | — | 1.0 bn | 1.1 bn | 866.3 m | 735.0 m | 720.7 m | SEC (XBRL)· 24 Apr 2026verified |
| Property, plant & equipment, net | — | 74.1 m | 45.7 m | 26.6 m | 24.2 m | 33.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Total assets | — | 1.5 bn | 1.4 bn | 1.1 bn | 975.1 m | 1.0 bn | SEC (XBRL)· 24 Apr 2026verified |
| Accounts payable | — | 323.0 m | 273.5 m | 200.3 m | 227.5 m | 274.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Short-term debt | — | 489.8 m | 614.4 m | 464.8 m | 220.1 m | 124.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Long-term debt | — | 0 | 0 | — | — | — | SEC (XBRL)· 22 Mar 2023verified |
| Current liabilities | — | 1.2 bn | 1.2 bn | 916.3 m | 722.1 m | 685.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Total liabilities | — | 1.4 bn | 1.3 bn | 1.0 bn | 848.5 m | 835.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Equity | — | 114.3 m † | 45.0 m † | 53.9 m † | 109.4 m † | 148.8 m † | SEC (XBRL)· 24 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | — | -889.2 m | 12.7 m | -33.0 m | 127.3 m | 76.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Capex | — | 70.9 m | 18.4 m | 11.7 m | 13.5 m | 25.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Free cash flow | — | -960.1 m ≈ | -5.7 m ≈ | -44.8 m ≈ | 113.8 m ≈ | 51.2 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Investing cash flow | — | -637.9 m | -6.8 m | 73.1 m | 65.1 m | 61.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Financing cash flow | — | 1.4 bn | 161.3 m | -131.6 m | -236.2 m | -106.3 m | SEC (XBRL)· 24 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.2% | 50 (vs peers) | 20% |
| Net margin · Quality | 1.0% | 61 (vs peers) | 12% |
| FCF conversion · Quality | 154.4% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.0x | 88 (vs peers) | 20% |
| Interest coverage · Balance sheet | 7.8x | 98 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet77/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Dingdong (Cayman) Limited (DDL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.5 bn USD in 2025; YoY growth 10.2%; net margin 1.0%; ROE 25.7%; net debt/EBITDA -1.0x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 154.4%
- Net debt / EBITDA: -1.0x
- Interest coverage: 7.8x
What contradicts it
- Revenue CAGR 3Y: -0.3%
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Catalog & Mail-Order Houses (SIC 5961) · same industry (4-digit SIC) · compared with 28 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMZNAmazon.com, Inc. | 2,876.6 bn | 21.5 | 27.4% | 16.9% | +12.4% | +14% / +82% |
| CDWCdw Corp | 21.1 bn | 19.7 | 42.5% | 4.5% | +6.8% | +17% / −20% |
| NSITInsight Enterprises, Inc. | 5.2 bn | 25.7 | 13.1% | 2.5% | −5.2% | +103% / +16% |
| JMIAJumia Technologies AG | 1.3 bn | — | -108.9% | -32.6% | +12.8% | −57% / +60% |
| BZUNBaozun Inc. | 597.0 m | — | -6.6% | -2.4% | +10.2% | +21% / +16% |
| LITBLightInTheBox Holding Co., Ltd. | 590.4 m | 68.0 | — | 3.7% | −12.1% | +42% / −63% |
| GCTGigacloud Technology Inc | 539.8 m | 13.7 | 32.3% | 10.6% | +11.1% | +56% / +495% |
| HNSTThe Honest Company, Inc. | 476.3 m | — | -6.9% | -3.6% | −1.9% | +65% / +86% |
| TDUPThredUp Inc. | 290.9 m | — | -39.2% | -6.9% | +19.5% | −71% / +12% |
| DIBS1stdibs.com, Inc. | 186.9 m | — | -9.2% | -8.5% | +1.5% | −3% / +30% |
| NXHNeighborhood Intelligence, Inc. | 163.0 m | — | -47.0% | -7.1% | −25.1% | −72% / −91% |
| AKAa.k.a. Brands Holding Corp. | 116.0 m | — | -29.5% | -4.8% | +4.4% | −26% / +9% |
| SFIXStitch Fix, Inc. | 79.5 m | — | -6.3% | -0.9% | +6.4% | −31% / −21% |
| HOURHour Loop, Inc. | 53.9 m | 37.0 | 21.8% | 1.1% | +3.0% | −28% / +3% |
| GROVGrove Collaborative Holdings, Inc. | 47.4 m | — | — | -4.1% | −14.6% | −19% / −44% |
| LVLULulu’s Fashion Lounge Holdings, Inc. | 31.0 m | — | -602.9% | -3.2% | −10.6% | +107% / −74% |
| UZXLinkage Global Inc | 21.7 m | — | -63.1% | -144.5% | −50.5% | −98% / unavailable |
| GIFTGiftify, Inc. | 21.1 m | — | -36.2% | -8.8% | −6.5% | −47% / −85% |
| CHWYChewy, Inc. | 2.3 k | 35.3 | 72.0% | 2.1% | +6.2% | −33% / +34% |
| QVCGQVC Group, Inc. | 8 | — | -6.3% | -0.2% | −7.8% | unavailable / unavailable |
| CPNGCoupang, Inc. | — | — | -36.0% | -3.8% | +14.1% | −39% / +12% |
| BWMXBetterware De Mexico, S.a.p.i. De C.v | — | — | 54.1% | 5.0% | +8.4% | +19% / +22% |
| DDLDingdong (Cayman) Limited | — | — | 25.7% | 1.0% | +10.2% | +7% / −4% |
| HEPSD-MARKET Electronic Services & Trading | — | — | -39.7% | -2.8% | +11.1% | +19% / +100% |
| VIPSVipshop Holdings Limited | — | 1.4 | 18.3% | 6.8% | +2.0% | −30% / −14% |
1- and 3-year price returns: for DDL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (02 Oct 2026), 6-K (21 Aug 2026), 6-K (22 May 2026).
In brief
Dingdong (Cayman) Limited is a fresh grocery e-commerce company in mainland China that delivers products through its own frontline fulfillment grid. In February 2026 the company agreed to sell its China operations to Meituan, and revenue grew 5.6% in fiscal 2025 to RMB24,359.9 million 1.
SWOT
Strengths
- The company has its own frontline fulfillment grid and a direct sourcing model that reduces intermediaries 1.
- Private label products and in-house production plants give the company control over quality and cost 1.
- Profitability on both non-GAAP and GAAP bases sustained over several consecutive quarters shows operational discipline 1.
Weaknesses
Opportunities
Risks
- Meituan transactionhigh
Selling Dingdong Fresh BVI could affect relationships with users and employees and could lead to deconsolidation of results 1.
- Intense competitionhigh
Competition could cause the company to lose market share, users and partners, according to its own disclosure 1.
- Food safetymedium
Any failure to maintain food safety and consistent quality could materially harm the brand and financial performance 1.
- Rider employment statusmedium
If delivery riders were classified as employees, legal and cost consequences could increase 1.
- Regulation and capital transfersmedium
Restrictions on currency conversion and remittances could limit dividend payments and funding 1.
Investment thesis
What would need to be true (bull case)
- If the transaction completes, the company could receive substantial cash and focus resources on the retained international and B2B business 1.
- Sustained profitability and a direct sourcing model could support margins over the longer term 1.
- Growth in private label and prepared food could improve the mix of the shopping basket 1.
What would break the thesis
What to watch
- Completion of the Meituan transaction and SAMR anti-monopoly clearance2026
- Trend in average order value and quarterly revenueQ1 2027
- Results of the 'One Big, One Small, One World' strategy in smaller cities2027
- Net margin trajectory after the China operations are soldnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (02 Oct 2026), 6-K (21 Aug 2026), 6-K (22 May 2026).
The business
Dingdong presents itself as a leading fresh grocery e-commerce company in mainland China, delivering fresh groceries, prepared food and other food products directly to users and households through its self-operated frontline fulfillment grid 1. It also runs its own production plants, mainly for fresh meat and prepared food, and private label products contributed around 20% of total GMV in 2025 1. Direct sourcing from farms and cooperatives accounted for approximately 85% of fresh grocery procurement costs in 2025 1.
The current strategy, described as 'efficiency first with due consideration of scale', targets profitability and user loyalty rather than volume alone. The company reports non-GAAP profitability for thirteen consecutive quarters and GAAP profitability for eight consecutive quarters 1. In 2025 it introduced the 'One Big, One Small, One World' framework, which emphasizes top-selling products, smaller cities and international markets 1.
The international business, including B2B, is not part of the Meituan transaction and will be retained by the company after necessary reorganizations 1. The transaction is still ongoing and depends, among other things, on anti-monopoly clearance from SAMR 1.
Segments
Fresh groceries and food
Fresh groceries such as vegetables, meat, eggs, fruits and seafood were the initial core category and remain central to high-frequency orders 1. The company had over 7,000 fresh grocery SKUs available in 2025 1.
Market context
Trends
- Shift to efficiency-first strategytailwind
Since 2021 the company has shifted focus from expansion to profitability, which could support margins if fulfillment costs keep falling as a share of revenue 1.
- Lower consumer pricesheadwind
Declining prices in certain staple categories affected 2025 revenue and profit and reduced average order value, a pressure that could persist if deflation continues 1.
- Expansion into smaller citiesmixed
The company entered three new cities in 2025 and opened 61 new stations, which could open new markets if demand in smaller cities strengthens 1.
- 4G strategy and the Meituan transactionmixed
Implementing the 4G strategy and selling the China operations could reshape the company, with effects on growth that remain uncertain if the transaction completes 1.
Competitive position
The company states it faces intense competition that could cause it to lose market share, users and business partners if it does not compete effectively 1. The sources do not name competitors beyond the buyer, so this profile is limited to the company's own statements 1.
The Meituan transaction, with a buyer listed in Hong Kong, shows that rapid delivery ecosystems are dominated by large operators 1. The agreement includes a five-year non-competition covenant that may restrict Dingdong's business in Greater China 1.
- Meituan
Buyer of Dingdong's China operations through Two Hearts Investments Limited; listed in Hong Kong, not in the US 1.
- Other China online food grocers
Not named in the sources, but the company cites intense competition as a key risk 1.
- Farms and agricultural cooperatives
Not direct competitors but critical suppliers whose relationships influence cost and quality 1.
- Labor service companies
Supply outsourced delivery and station staff; the company has limited control over them 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)21 Aug 2026
- Current report (foreign issuer)22 May 2026
- Annual report (foreign issuer)24 Apr 2026
- Current report (foreign issuer)27 Mar 2026
- Current report (foreign issuer)10 Mar 2026
- Current report (foreign issuer)05 Mar 2026
- Current report (foreign issuer)05 Mar 2026
- Current report (foreign issuer)27 Feb 2026
- Current report (foreign issuer)10 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Dingdong (Cayman) Limited · 24 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.