Geometric Mean ATC Number — PDD (Fin.Gaap.2026.Q1.TTM)
The indispensable and invaluable Productive Assets rest not on the Total Equity (Net Assets) but the Net Current Assets.
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PPE is the Machine.
Net Current Assets are the daily continuous Inputs.
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Without Inputs, the Machine produces nothing.
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Lastly, PPE optimum operating condition is periodically maintained and upgraded by NCA.
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Without NCA to support PPE, PPE will die.
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PDD (Fin.Gaap.2026.Q1.TTM)
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Net Current Assets
= (Current Assets - Total Liabilities - Minority Interest − Preferred Stock)
= (536.555 Billion RMB - 214.277 Billion RMB) ÷ 6.8980
= USD 46.7204986953 Billion
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NCAVPS (Diluted)
= NCA ÷ Diluted Share Outstanding
= (536.555-214.277)÷6.8980÷(5.920÷4)
= USD 31.5679045238
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ATC Number (Gaap, Fully ROA Based)
= ROA × √(EPS_Gaap × 0.ROA × NCAVPS)
= 14.9987627489×√(9.3689230329×0.1499876275×31.5679045238)
= USD 99.8966365398🏀
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ATC Number (Gaap, Fully NetROIC Based)
= NetROIC × √(EPS_Gaap × 0.NetROIC × NCAVPS)
= 22.3189670259×√(9.3689230329×0.223189670259×31.5679045238)
= USD 181.3338359017🏀
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ATC Number (Gaap, ROA_NetROIC Based)
= ROA × √(EPS_Gaap × 0.NetROIC × NCAVPS)
= 14.9987627489×√(9.3689230329×0.223189670259×31.5679045238)
= USD 121.8597249542🏀
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🏀
ATC Number (Gaap, NetROIC_ROA Based)
= NetROIC × √(EPS_Gaap × 0.ROA × NCAVPS)
= 22.3189670259×√(9.3689230329×0.1499876275×31.5679045238)
= USD 148.6515770838🏀
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Geometric Mean ATC Number
= (99.8966365398×181.3338359017×121.8597249542×148.6515770838)^(1÷4)
= USD 134.5906397096🏀
Equivalent to :
P/E
= 134.5906397096 ÷ 9.3689230329
= 14.3656468558
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Reference :