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The9 Limited (NCTY) 10-Year Financial Performance & Capital Metrics

NCTY • • Industrial / General
TechnologyGaming & MultimediaGaming Platforms & ServicesGaming Platform Operators
AboutThe9 Limited, together with its subsidiaries, operates as an Internet company in the People's Republic of China. It engages in the operation of cryptocurrency mining; and NFTSTAR, a NFT trading and community platform that provides users with purchase, trade, and interactive activities. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004. The9 Limited was incorporated in 1999 and is headquartered in Shanghai, the People's Republic of China.Show more
  • Revenue $112M -37.6%
  • EBITDA $3M +101.2%
  • Net Income -$73M -467.1%
  • EPS (Diluted) -15.69 -361.5%
  • Gross Margin -1.44% +92.2%
  • EBITDA Margin 2.42% +101.9%
  • Operating Margin -52.6% +70.4%
  • Net Margin -65.72% -688.3%
  • ROE -24.12% -225.9%
  • ROIC -11.53% +93.5%
  • Debt/Equity 0.32 -22.8%
  • Interest Coverage -1.72 +83.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 218.4%
  • ✓Share count reduced 5.0% through buybacks
  • ✓Healthy 5Y average net margin of 12465.1%
  • ✓Trading at only 0.1x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 14 (bottom 14%)
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.68%
5Y218.38%
3Y-6.32%
TTM14.13%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM96.25%

EPS CAGR

10Y-
5Y-
3Y-
TTM86.64%

ROCE

10Y Avg-157.47%
5Y Avg-147.5%
3Y Avg-151.09%
Latest-18.6%

Peer Comparison

Gaming Platform Operators
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Size & Scale
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
NCTYThe9 Limited96.94M6.50-0.41-37.61%-17.89%-12.17%0.32
SOHUSohu.com Limited492.17M16.37-5.23-0.38%22.66%11.72%0.04
BILIBilibili Inc.10.86B33.12-10.2519.1%0.75%1.56%39.23%0.36
RBLXRoblox Corporation55.43B84.65-58.7828.68%-21.7%-248.22%1.16%8.65

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+46.41M56.2M73.15M17.43M341.5K625.49K135.88M104.93M179.05M111.71M
Revenue Growth %-0.28%0.21%0.3%-0.76%-0.98%0.83%216.23%-0.23%0.71%-0.38%
Cost of Goods Sold+67.74M48.52M23.78M16.44M1.34M814.14K88.03M184.62M211.9M113.32M
COGS % of Revenue1.46%0.86%0.33%0.94%3.93%1.3%0.65%1.76%1.18%1.01%
Gross Profit+-21.33M7.68M49.37M996.27K-1M-188.65K47.84M-47.38M-32.85M-1.6M
Gross Margin %-0.46%0.14%0.67%0.06%-2.93%-0.3%0.35%-0.45%-0.18%-0.01%
Gross Profit Growth %0.01%1.36%5.43%-0.98%-2%0.81%254.6%-1.99%0.31%0.95%
Operating Expenses+306.94M228.33M162.68M116.23M129.04M-336.9M317.11M614.15M284.9M57.16M
OpEx % of Revenue6.61%4.06%2.22%6.67%377.87%-538.61%2.33%5.85%1.59%0.51%
Selling, General & Admin163.46M150.33M117.91M91.91M115.98M109.39M315.19M494.97M204.8M158.08M
SG&A % of Revenue3.52%2.68%1.61%5.27%339.63%174.89%2.32%4.72%1.14%1.42%
Research & Development135.04M77.99M45.11M24.56M13.09M2.44M1.92M2.43M1.97M856K
R&D % of Revenue2.91%1.39%0.62%1.41%38.33%3.9%0.01%0.02%0.01%0.01%
Other Operating Expenses8.44M000-30.24K-448.73M0116.75M78.13M-101.77M
Operating Income+-326.5M-295.61M-113.31M-104.77M-163.72M336.71M-307.66M-661.53M-317.75M-58.76M
Operating Margin %-7.03%-5.26%-1.55%-6.01%-479.41%538.31%-2.26%-6.3%-1.77%-0.53%
Operating Income Growth %-1.03%0.09%0.62%0.08%-0.56%3.06%-1.91%-1.15%0.52%0.82%
EBITDA+-293.88M-276.22M-106.09M-99.19M-159.5M337.16M-260.23M-570.15M-230.89M2.7M
EBITDA Margin %-6.33%-4.91%-1.45%-5.69%-467.06%539.03%-1.92%-5.43%-1.29%0.02%
EBITDA Growth %-1.57%0.06%0.62%0.07%-0.61%3.11%-1.77%-1.19%0.6%1.01%
D&A (Non-Cash Add-back)32.62M19.39M7.22M5.57M4.22M447.78K47.44M91.38M86.87M61.46M
EBIT-334.77M-506.16M-85.78M-130.22M-158.82M-111.99M-296.02M-461M-112.9M-38.3M
Net Interest Income+-5.62M-56.31M-83.89M-104.58M-34.48M-3.64M-119.17M-23.34M-31.38M-34.22M
Interest Income775.15K161.14K30.52K193.93K18.58K429.73K0000
Interest Expense6.4M56.47M83.92M104.78M34.5M4.07M119.17M23.34M31.38M34.22M
Other Income/Expense-27.68M-377.56M1.22M-134.52M-29.6M63.89M-85.03M366.65M173.48M-13.76M
Pretax Income+-341.17M-562.63M-169.7M-234.99M-193.32M400.6M-392.69M-294.88M-144.28M-72.52M
Pretax Margin %-7.35%-10.01%-2.32%-13.48%-566.1%640.46%-2.89%-2.81%-0.81%-0.65%
Income Tax+-29.94M-6.08M37.05M-25.45M28.35M7.17M0398.52M01.12M
Effective Tax Rate %0.89%1.06%0.7%0.92%1.01%0.99%1.05%3.31%-0.14%1.01%
Net Income+-304.83M-593.78M-118.17M-217.09M-196.17M397.88M-411.23M-974.86M20M-73.42M
Net Margin %-6.57%-10.57%-1.62%-12.45%-574.44%636.12%-3.03%-9.29%0.11%-0.66%
Net Income Growth %-2.52%-0.95%0.8%-0.84%0.1%3.03%-2.03%-1.37%1.02%-4.67%
Net Income (Continuing)-354.18M-667.09M-112.09M-239.28M-196.17M393.43M-392.69M-693.41M-144.28M-73.64M
Discontinued Operations000000-24.13M-286.09M156.85M0
Minority Interest134.89M-115.67M-328.55M-373.19M-392.88M-379.72M-13.02M-17.77M-24.94M-13.78M
EPS (Diluted)+-4965.90-8502.90-1573.20-1246.20-537.00726.00-234.00-288.006.00-15.69
EPS Growth %-2.56%-0.71%0.81%0.21%0.57%2.35%-1.32%-0.23%1.02%-3.62%
EPS (Basic)-4965.90-8502.90-1573.20-1246.20-576.00726.00-234.00-288.006.00-15.69
Diluted Shares Outstanding77.45K79.58K111.42K207.05K354.69K545.33K1.65M2.4M4.93M4.68M
Basic Shares Outstanding77.45K79.58K111.42K207.05K330.82K546.97K1.75M3.4M4.93M4.68M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+77.26M88.04M183.11M33.01M154.47M42.32M1.05B393.43M222.8M243.69M
Cash & Short-Term Investments49.01M38.88M142.62M4.26M10.11M31.7M429.22M58.06M45.22M10.91M
Cash Only49.01M38.88M142.62M4.26M10.11M31.7M428.42M58.06M45.22M10.91M
Short-Term Investments000000800K000
Accounts Receivable7.15M8.61M5.1M2.44M3.08M6.75M66.02M2.17M56.07K7.7M
Days Sales Outstanding56.2655.925.4551.123.3K3.94K177.367.540.1125.16
Inventory09.09M28.77M18.66M134.64M3.87M469.15M267.84M00
Days Inventory Outstanding-68.35441.58414.436.61K1.74K1.95K529.53--
Other Current Assets21.09M40.55M37.88M28.16M6.63M086.12M65.35M177.52M206.13M
Total Non-Current Assets+460.84M262.85M140M131.67M26.99M6.13M259.81M201.43M140.93M392.96M
Property, Plant & Equipment33.85M26.77M20.72M17.35M10.48M6.13M179.34M154.91M101.2M20.83M
Fixed Asset Turnover1.37x2.10x3.53x1.00x0.03x0.10x0.76x0.68x1.77x5.36x
Goodwill10.34M000000000
Intangible Assets147.23M66.43M64.51M62.59M000009M
Long-Term Investments267.54M163.04M48.24M45.22M10M073.92M35.3M35.29M297.22M
Other Non-Current Assets1.88M6.62M6.52M6.52M6.52M06.55M11.23M4.44M65.9M
Total Assets+538.09M350.89M323.11M164.69M181.46M48.44M1.31B599.11M363.73M636.64M
Asset Turnover0.09x0.16x0.23x0.11x0.00x0.01x0.10x0.18x0.49x0.18x
Asset Growth %0.04%-0.35%-0.08%-0.49%0.1%-0.73%26.05%-0.54%-0.39%0.75%
Total Current Liabilities+427.97M573.75M819.45M908.42M1.06B364.37M544.3M564.16M162.85M205.61M
Accounts Payable41.25M37.04M37.13M38.04M38.23M35.6M39.9M7.15M9.6M5.53M
Days Payables Outstanding222.24278.64569.86844.6910.4K15.96K165.4114.1316.5417.81
Short-Term Debt0132.72M444.51M544.82M594.85M20.6M92.85M74.44M51.19M132.16M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K01000K
Other Current Liabilities347.19M362.59M308.03M288.23M292.42M197.43M295.32M246.76M86.23M0
Current Ratio0.18x0.15x0.22x0.04x0.15x0.12x1.93x0.70x1.37x1.19x
Quick Ratio0.18x0.14x0.19x0.02x0.02x0.11x1.07x0.22x1.37x1.19x
Cash Conversion Cycle--154.39-102.83-379.1729.51K-10.29K1.96K522.94--
Total Non-Current Liabilities+172.6M232.43M306.01M341.07M355.3M351.51M2.57M7.41M19.53M3.53M
Long-Term Debt166.91M232.43M00000016.75M0
Capital Lease Obligations00006.25M2.46M2.57M7.41M2.79M1.6M
Deferred Tax Liabilities5.69M000000000
Other Non-Current Liabilities5.69M0306.01M341.07M349.05M349.05M0001.92M
Total Liabilities600.57M806.18M1.13B1.25B1.41B715.88M546.86M571.57M182.39M209.13M
Total Debt+166.91M339.94M369.31M487.72M604.51M26.85M99.72M87.64M75.1M136.61M
Net Debt117.9M301.07M226.68M483.46M594.4M-4.84M-328.7M16.12M29.88M125.7M
Debt / Equity------0.13x3.18x0.41x0.32x
Debt / EBITDA-----0.08x---50.60x
Net Debt / EBITDA------0.01x---46.55x
Interest Coverage-51.04x-5.23x-1.35x-1.00x-4.75x82.73x-2.58x-28.35x-10.13x-1.72x
Total Equity+-62.47M-455.28M-802.35M-1.08B-1.23B-667.44M763.46M27.54M181.34M427.51M
Equity Growth %-1.32%-6.29%-0.76%-0.35%-0.14%0.46%2.14%-0.96%5.58%1.36%
Book Value per Share-806.57-5721.08-7201.07-5239.39-3473.23-1223.92462.4211.4736.8291.41
Total Shareholders' Equity-197.36M-339.62M-473.8M-711.62M-839.04M-287.72M776.47M45.31M206.27M441.29M
Common Stock1.92M1.93M3.33M6.5M7.97M18.1M46.18M57.6M96.32M365.61M
Retained Earnings-2.3B-2.9B-3.02B-3.23B-3.41B-2.99B-3.4B-4.38B-4.36B-4.43B
Treasury Stock0000000000
Accumulated OCI24.7M30.65M11.63M18.87M24.29M-9.35M-5.37M-5.2M-4.42M-4.56M
Minority Interest134.89M-115.67M-328.55M-373.19M-392.88M-379.72M-13.02M-17.77M-24.94M-13.78M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-175.59M-180.99M-86.65M-101.2M-54.18M-106.25M-687.69M-154.74M-46.32M-44.2M
Operating CF Margin %-3.78%-3.22%-1.18%-5.81%-158.64%-169.87%-5.06%-1.47%-0.26%-0.4%
Operating CF Growth %0.35%-0.03%0.52%-0.17%0.46%-0.96%-5.47%0.77%0.7%0.05%
Net Income-354.18M-667.09M-112.09M-239.28M-196.17M393.43M-416.83M-979.49M12.58M-73.64M
Depreciation & Amortization32.62M19.39M7.22M5.57M4.22M447.78K47.44M91.38M86.87M61.46M
Stock-Based Compensation34.01M28.05M38.03M3.9M21.75M55.06M150.17M202.35M70.76M44.67M
Deferred Taxes30.31M502.01M-80.37M49.8M39.03M-476.18M-21.79M000
Other Non-Cash Items7.13M-48.06M90.45M102.48M68.65M-24.54M125.71M449.47M-190.34M-70.97M
Working Capital Changes74.52M-15.29M-29.88M-23.66M8.34M-54.47M-572.38M81.56M-26.18M-5.73M
Change in Receivables3.63M-1.45M5.74M1.9M313.04K3.96K-13.63M3.53M95.36K-54K
Change in Inventory71.36M-9.91M-48.49M-18.72M7.95M-50.32M-600.73M2.75M30.34K0
Change in Payables565.87K-4.2M2.07M905.99K246.76K-2.64M38.8M121.76M2.37M-1.26M
Cash from Investing+-209M-10.4M161.92M-17.32M60.88M438.26M-141.08M-248.79M4.73M-57.02M
Capital Expenditures-10.64M-8.33M-454.56K-226.72K-796.92K-359.57K-92.02M-253.65M-2.11M-18M
CapEx % of Revenue0.23%0.15%0.01%0.01%2.33%0.57%0.68%2.42%0.01%0.16%
Acquisitions----------
Investments----------
Other Investing12.56M-2.06M-1M-11.79M56.19M5.84M-4.68M10.58M1.68M145K
Cash from Financing+257.94M190.09M44.07M-18.36M40.92M-310.69M1.23B33.03M32.2M69.77M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-14.25M60.68M20M00059.95M-40K-10.51M0
Net Change in Cash----------
Free Cash Flow+-186.23M-189.32M-87.11M-101.43M-54.97M-106.61M-779.71M-408.39M-48.43M-62.2M
FCF Margin %-4.01%-3.37%-1.19%-5.82%-160.98%-170.45%-5.74%-3.89%-0.27%-0.56%
FCF Growth %0.32%-0.02%0.54%-0.16%0.46%-0.94%-6.31%0.48%0.88%-0.28%
FCF per Share-2404.44-2378.97-781.78-489.87-154.99-195.50-472.27-170.09-9.83-13.30
FCF Conversion (FCF/Net Income)0.58x0.30x0.73x0.47x0.28x-0.27x1.67x0.16x-2.32x0.60x
Interest Paid0000047.7M0001.56M
Taxes Paid000007.17M0000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-455.26%------856.62%-246.49%19.15%-24.12%
Return on Invested Capital (ROIC)-696.35%-------201.74%-177.63%-11.53%
Gross Margin-45.96%13.67%67.49%5.72%-293.06%-30.16%35.21%-45.15%-18.35%-1.44%
Net Margin-656.8%-1056.56%-161.54%-1245.38%-57444.1%63611.67%-302.66%-929.07%11.17%-65.72%
Debt / Equity------0.13x3.18x0.41x0.32x
Interest Coverage-51.04x-5.23x-1.35x-1.00x-4.75x82.73x-2.58x-28.35x-10.13x-1.72x
FCF Conversion0.58x0.30x0.73x0.47x0.28x-0.27x1.67x0.16x-2.32x0.60x
Revenue Growth-27.79%21.09%30.16%-76.17%-98.04%83.16%21623.06%-22.78%70.64%-37.61%

Revenue by Segment

2014201520162017201820192021202220232024
Cryptocurrency Mining Revenue------134.12M101.78M173.33M110.74M
Cryptocurrency Mining Revenue Growth--------24.11%70.29%-36.11%
Online Game Services And Other Services------1.75M17.11M5.72M975K
Online Game Services And Other Services Growth-------876.26%-66.56%-82.96%
Online Game Services-----303.58K----
Online Game Services Growth----------
Other Revenues-----39.5K----
Other Revenues Growth----------

Revenue by Geography

2014201520162017201820192021202220232024
North America14.91M8.38M3.01M51.16M----39.31M8.47M
North America Growth--43.76%-64.06%1597.90%------78.46%
China------1.28M-427.74K289K
China Growth----------32.44%
Other areas------134.6M---
Other areas Growth----------
Other Areas7.4M4.83M5.15M2.3M1M159.39K----
Other Areas Growth--34.78%6.58%-55.26%-56.48%-84.09%----
CHINA41.97M33.2M48.04M19.69M16.43M-----
CHINA Growth--20.89%44.70%-59.01%-16.56%-----

Frequently Asked Questions

Growth & Financials

The9 Limited (NCTY) reported $290.8M in revenue for fiscal year 2024. This represents a 173% increase from $106.4M in 2011.

The9 Limited (NCTY) saw revenue decline by 37.6% over the past year.

The9 Limited (NCTY) reported a net loss of $52.0M for fiscal year 2024.

Dividend & Returns

The9 Limited (NCTY) has a return on equity (ROE) of -24.1%. Negative ROE indicates the company is unprofitable.

The9 Limited (NCTY) had negative free cash flow of $62.2M in fiscal year 2024, likely due to heavy capital investments.

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