DiDi Global Inc. (DIDIY)

Price$3.71Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because stronger cash generation has not yet proved durable.

At the observed OTC close, DiDi trades around 18 times 2025 free cash flow of RMB6.5 billion, meaning cash left after running and investing in the business, versus roughly 40 times 2024's RMB2.8 billion. It is also about 15 times 2025 adjusted profit, a company measure that excludes share awards and several other items. But first-half 2026 operating cash flow was negative RMB8.5 billion, partly from the lawsuit settlement and timing changes in business payments. That mix supports a fair, not extreme, valuation. SEC+2ir.didiglobal.com+2

Big pictureDiDi rebuilt profitability after deep losses, but overseas expansion is making earnings and cash volatile again.

Revenue rose from RMB140.8 billion in 2022 to RMB206.8 billion in 2024 and RMB226.7 billion in 2025. Operating results improved from a RMB17.8 billion loss in 2022 to a RMB1.9 billion profit in 2024. Yet 2025 reported profit was only RMB1.0 billion, and first-half 2026 slipped to a RMB0.35 billion loss. Ride demand remains strong; the renewed swing comes mainly from spending intensity. International adjusted operating losses reached RMB5.8 billion in first-half 2026 as incentives and marketing expanded sharply. ir.didiglobal.com+1

Business strengthChina mobility earns strong profits, while a large liquid reserve still cushions overseas investment.

China Mobility produced RMB12.4 billion of adjusted operating profit in 2025, up from RMB9.2 billion in 2024, and reached RMB8.1 billion in first-half 2026. Second-quarter daily transactions hit a record 40.1 million. At June, cash plus treasury investments were RMB48.7 billion versus RMB21.5 billion of borrowings and RMB10.2 billion of subsidiary preferred shares; current assets exceeded current liabilities by RMB11.4 billion. However, goodwill, an accounting asset created by past acquisitions, was RMB46.3 billion, more than half of equity. ir.didiglobal.com+1

What could change the storyLower overseas losses and continued share shrinkage would add value; fresh cash burn would not.

DiDi had repurchased 433.1 million U.S.-traded depositary shares for US$1.91 billion through July 31, at an average cost above the present market level. The basic weighted share count fell from about 4.89 billion in 2024 to 4.59 billion in first-half 2026, so buybacks have outweighed dilution from employee awards. The decisive threshold is international spending: first-half 2026 adjusted losses were RMB5.77 billion. If those losses fall and operating cash turns positive without more borrowing, upside strengthens; continued cash burn would make today’s valuation look too rich. ir.didiglobal.com+1

AI: News

Second-quarter profit returnsDiDi returned to quarterly profit, but overseas spending still consumed much of China’s earnings.

On August 13, DiDi reported RMB0.9 billion of second-quarter profit and a record 5.05 billion core transactions. China Mobility's adjusted operating profit rose to RMB4.2 billion, while International lost RMB2.9 billion as incentives and marketing expanded. Revenue grew 10.8%. The U.S.-traded shares rose about 10% that day, but timing alone cannot prove the earnings release caused the move. The key signal is that domestic strength can offset, but not yet eliminate, overseas investment drag. ir.didiglobal.com+2Reuters+2

Overseas spending hits profitRapid overseas growth pushed DiDi back into loss even as ride volumes kept climbing.

On June 2, DiDi reported a RMB1.2 billion first-quarter loss versus a RMB2.4 billion profit a year earlier, while revenue rose 10.3% and core transactions rose 13.1%. International adjusted operating losses widened to RMB2.9 billion from RMB0.2 billion because of higher incentives and marketing. The shares gained about 6% that day on heavy volume; that reaction may reflect growth, buybacks, or other factors, so attribution is uncertain. The event reset expectations toward slower near-term profit conversion. ir.didiglobal.com+2Reuters+2

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	¥226.70B	¥206.80B	¥192.38B	¥140.79B	¥173.83B	¥141.74B	¥154.79B
Gross profit	¥43.50B	¥37.81B	¥29.44B	¥24.99B	¥16.96B	¥15.91B	¥15.12B
Gross margin	19.19%	18.28%	15.31%	17.75%	9.76%	11.23%	9.77%
Research & development	¥8.44B	¥7.75B	¥8.92B	¥9.54B	¥9.41B	¥6.32B	¥5.35B
Operating expenses	¥47.13B	¥35.86B	¥198.12B	¥158.62B	¥222.27B	¥155.52B	¥162.80B
Operating income	−¥3.63B	¥1.94B	−¥5.74B	−¥17.82B	−¥48.44B	−¥13.79B	−¥8.01B
Operating margin	−1.60%	0.94%	−2.98%	−12.66%	−27.87%	−9.73%	−5.18%
EBITDA	¥2.45B	¥5.11B	−¥1.49B	−¥12.68B	−¥42.40B	−¥8.52B	−¥4.00B
EBITDA margin	1.08%	2.47%	−0.78%	−9.01%	−24.39%	−6.01%	−2.59%
Net income	¥992.6M	¥1.27B	¥493.5M	−¥23.78B	−¥49.34B	−¥10.51B	−¥9.73B
Net profit margin	0.44%	0.62%	0.26%	−16.89%	−28.39%	−7.42%	−6.29%
Basic EPSper basic share	CN¥0.21	CN¥1.03	-CN¥0.41	-CN¥20.38	-CN¥76.04	-CN¥100.10	-CN¥96.62
Diluted EPSper diluted share	CN¥0.20	CN¥1.01	-CN¥0.41	-CN¥20.38	-CN¥76.04	-CN¥100.10	-CN¥96.62

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 5 reported holders of DIDIY
Holder	Shares held
ACME, LLC	1.79M
RHUMBLINE ADVISERS	5.37K
ATLAS CAPITAL ADVISORS INC.	718
PNC Financial Services Group, Inc.	119
Ancora Advisors LLC	80

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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