Annotated balance sheet · halal screening

PDD Holdings Inc.

The full balance sheet for PDD, with the line items that feed each halal check marked and explained inline. Read it like a financial report that grades itself.

Showing under

Annotated balance sheet · halal screening

PDD Holdings Inc. — Q1 2026

Source: SEC Form 10-Q filed 2026-03-31 · via FMP · USD millions · Open filing

Assets

Current Assets

Cash & cash equivalents①

$29,279

Marketable securities①

$45,997

Accounts receivable

$2,281

Inventories

Other current assets

$1,285

Total current assets

$78,842

Non-current Assets

Property, plant & equipment, net②tangible

$845

Operating lease right-of-use assets②tangible

Long-term marketable securities①

Goodwill

Intangible assets, net

Other non-current assets

$13,986

Total non-current assets

$14,833

TOTAL ASSETS

$93,705

CHECK ①

Cash + Securities Ratio

under AAOIFI

66.7%

✗ FAIL

Threshold≤ 30%Shortfall36.7 percentage points over the limit

Breach risk

Breached

0%← Pass zone | Fail zone →73%

Caps how much of a company's value can be held in interest-bearing financial assets — too much suggests the business is more about earning interest than producing real goods/services.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.5.1

Liabilities

Current Liabilities

Accounts payable

$16,039

Other current liabilities

$14,175

Deferred revenue

$517

Commercial paper③interest-bearing

Short-term debt③interest-bearing

$368

Total current liabilities

$31,099

Non-current Liabilities

Long-term debt③interest-bearing

Other non-current liabilities

Total non-current liabilities

TOTAL LIABILITIES

$31,486

CHECK ③

Interest-bearing Debt Ratio

under AAOIFI

0.3%

✓ PASS

Threshold≤ 30%Buffer29.7 percentage points to spare

Breach risk

Comfortable

0%← Pass zone | Fail zone →45%

Caps how much of a company's value comes from interest-bearing loans. Companies that rely heavily on riba (interest-based debt) fail this check even if their business itself is permissible.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.4.2

Income Statement Excerpt (trailing 12 months)

Total revenue

$65,156

Of which:

Product & services revenue

$65,156

Interest income④non-permissible

$3,648

CHECK ④

Non-permissible Income Ratio

under AAOIFI

5.6%

✗ FAIL

Threshold≤ 5%Shortfall0.6 percentage points over the limit

Breach risk

Breached

0%← Pass zone | Fail zone →8%

Caps what fraction of company revenue can come from non-permissible sources. If your stock passes but interest income is high, you'd 'purify' your share of that income through charity.

SourceAAOIFI Shariah Standard No. 21 (Financial Papers — Shares and Bonds), §3.6

Final verdict — under AAOIFI Standard

Not halal

Sector check passes: ✓ yes

Want to verify against the primary document? Open full SEC filing

Back to PDD verdict