JD.com: Business Struggling, But Investors Are Ignoring The Cash

JD.com remains deeply undervalued, with intrinsic value estimates of $50-60 versus a ~$27 share price. Despite a 2.9% YoY revenue decline in Q2/26, JD delivered strong free cash flow growth and improved operating margins. The company's balance sheet is robust, with $26.8B in cash and marketable securities—almost 70% of its market cap—supporting aggressive buybacks. Management expects a return to positive revenue growth in H2/26, aided by operational efficiency, AI integration, and disciplined capital allocation. It has been almost nine months since I published my last article about JD.com, Inc. ( JD ) in late January, in which I argued that the stock is priced for failure but that the market is wrong.