NetEase, Inc.(NTES)Earnings, Financials & Key Ratios
NTES•NASDAQ
$118.37
$74.95B mkt cap·15.8× P/E·Price updated May 6, 2026
AboutNetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. The company operates through Games and Related Value-Added Services; Youdao; Cloud Music; and Innovative Businesses and Others segments. It develops and operates PC and mobile games, as well as offers games licensed from other game developers. The company's products and services include Youdao Dictionary, an online knowledge tool; Youdao Translation, a tool specifically designed to support translation needs of business and leisure travelers; U-Dictionary, an online dictionary and translation app; Youdao Kids' Dictionary, a smart and fun tool; smart devices, such as Youdao Dictionary Pen, Youdao Smart Learning Pad, and Youdao Listening Pod; online courses; interactive learning apps; and education digitalization solutions, such as Youdao Smart Learning Terminal, a device that automates paper-based homework processing; Youdao Smart Cloud, a cloud-based platform that allows third-party app developers, smart device brands, and manufacturers to the company's OCR capabilities; and Youdao Sports, a sports-centric educational system. Its products and services include NetEase Cloud Music, a music streaming platform; Yanxuan, an e-commerce platform, which sells private label products; www.163.com portal and related mobile app, Wangyi Xinwen, which deliver information such as news, sports events, technology, fashion trends, and online entertainment; NetEase Mail, an email service; NetEase CC Live streaming, a live streaming platform with a focus on game broadcasting; and NetEase Pay, a payment platform. The company was formerly known as NetEase.com, Inc. and changed its name to NetEase, Inc. in March 2012. NetEase, Inc. was founded in 1997 and is headquartered in Hangzhou, the People's Republic of China.Show more
- Revenue$109.56B+4.0%
- EBITDA$37.04B+15.8%
- Net Income$32.84B+10.6%
- EPS (Diluted)51.00+11.0%
- Gross Margin64.29%+2.9%
- EBITDA Margin33.81%+11.3%
- Operating Margin31.82%+13.2%
- Net Margin29.98%+6.3%
- ROE21.35%-2.8%
- ROIC23.34%+21.5%
- Debt/Equity0.04-57.0%
NTES Key Insights
NetEase, Inc. (NTES) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Excellent 3Y average ROE of 22.7%
- ✓Strong 5Y profit CAGR of 22.2%
- ✓Strong Piotroski F-Score: 8/9
- ✓FCF machine: 44.1% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
NTES Price & Volume
NetEase, Inc. (NTES) stock price & volume — 10-year historical chart
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NTES Growth Metrics
NetEase, Inc. (NTES) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years16.99%
5 Years8.26%
3 Years4.32%
TTM6.6%
Profit CAGR
10 Years17.17%
5 Years22.18%
3 Years17.32%
TTM13.39%
EPS CAGR
10 Years17.46%
5 Years23.16%
3 Years19.08%
TTM13.71%
Return on Capital
10 Years22.66%
5 Years20.04%
3 Years21.9%
Last Year22.1%
NTES Recent Earnings
NetEase, Inc. (NTES) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 2/12 qtrs (18%)
Q1 2026Latest
Feb 11, 2026EPS
$1.57
Est $2.03
-22.7%
Revenue
$3.9B
Est $4.1B
-4.1%
Q4 2025
Nov 20, 2025EPS
$2.07
Est $2.08
-0.5%
Revenue
$4.0B
Est $4.0B
-1.3%
Q3 2025
Aug 14, 2025EPS
$2.07
Est $2.04
+1.5%
Revenue
$3.9B
Est $4.0B
-2.2%
Q2 2025
May 15, 2025EPS
$2.41
Est $2.01
+19.9%
Revenue
$4.0B
Est $4.0B
-0.8%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 11, 2026 | $1.57vs $2.03-22.7% | $3.9Bvs $4.1B-4.1% |
| Q4 2025 | Nov 20, 2025 | $2.07vs $2.08-0.5% | $4.0Bvs $4.0B-1.3% |
| Q3 2025 | Aug 14, 2025 | $2.07vs $2.04+1.5% | $3.9Bvs $4.0B-2.2% |
| Q2 2025 | May 15, 2025 | $2.41vs $2.01+19.9% | $4.0Bvs $4.0B-0.8% |
Based on last 12 quarters of dataView full earnings history →
NTES Peer Comparison
NetEase, Inc. (NTES) competitors in Game Publishers (Console, PC, Mobile) — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 BIDU | 49.17B | 140.59 | 14.54 | -1.09% | 6.9% | 3.13% | 0.28 | |
 BILI | 7.45B | 22.37 | -47.21 | 19.1% | 0.75% | 1.56% | 0.36 | |
 HUYA | 493.27M | 3.28 | -106.48 | -13.09% | -2.51% | -2.41% | 0.01 | |
 DOYU | 146.82M | 4.87 | -3.44 | -22.78% | -4.81% | -6.48% | 0.00 | |
 EA | 50.25B | 200.79 | 57.21 | 0.91% | 11.78% | 14.19% | 0.22 | |
 TTWO | 46.35B | 222.00 | -8.68 | 5.31% | -60.45% | -113.43% | 1.92 | |
 RBLX | 31.33B | 43.77 | -28.42 | 35.77% | -20.69% | -289.59% | 4.36 | |
 PLTK | 1.35B | 3.57 | -6.61 | 8.08% | -7.49% |
Compare NTES vs Peers
NetEase, Inc. (NTES) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NTES Income Statement
NetEase, Inc. (NTES) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 44.44B | 51.18B | 59.24B | 73.67B | 87.61B | 96.5B | 103.47B | 105.3B | 109.56B |
| Revenue Growth % | 16.39% | 15.17% | 15.75% | 24.35% | 18.92% | 10.15% | 7.23% | 1.77% | 4.05% |
| Cost of Goods Sold | 28.19B | 38.75B | 27.69B | 34.68B | 40.64B | 43.73B | 40.4B | 39.49B | 39.13B |
| COGS % of Revenue | 63.44% | 75.72% | 46.73% | 47.08% | 46.38% | 45.32% | 39.05% | 37.5% | 35.71% |
| Gross Profit | 25.91B▲ 0% | 28.4B▲ 9.6% | 31.56B▲ 11.1% | 38.98B▲ 23.5% | 46.97B▲ 20.5% | 52.77B▲ 12.3% | 63.06B▲ 19.5% | 65.81B▲ 4.4% | 70.43B▲ 7.0% |
| Gross Margin % | 58.31% | 55.5% | 53.27% | 52.92% | 53.62% | 54.68% | 60.95% | 62.5% | 64.29% |
| Gross Profit Growth % | 19.61% | 9.61% | 11.1% | 23.54% | 20.49% | 12.34% | 19.51% | 4.35% | 7.02% |
| Operating Expenses | 13.76B | 20.51B | 17.76B | 24.44B | 30.55B | 33.14B | 35.35B | 36.22B | 35.57B |
| OpEx % of Revenue | 30.96% | 40.08% | 29.99% | 33.18% | 34.88% | 34.34% | 34.17% | 34.4% | 32.47% |
| Selling, General & Admin | 9.39B | 12.72B | 9.35B | 14.08B | 16.48B | 18.1B | 18.87B | 18.7B | 18.33B |
| SG&A % of Revenue | 21.13% | 24.85% | 15.79% | 19.11% | 18.81% | 18.76% | 18.24% | 17.76% | 16.73% |
| Research & Development | 4.37B | 7.79B | 8.41B | 10.37B | 14.08B | 15.04B | 16.48B | 17.52B | 17.24B |
| R&D % of Revenue | 9.84% | 15.23% | 14.2% | 14.08% | 16.07% | 15.59% | 15.93% | 16.64% | 15.73% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 12.99B▲ 0% | 9.98B▼ 23.2% | 13.79B▲ 38.2% | 14.54B▲ 5.4% | 16.42B▲ 12.9% | 19.63B▲ 19.6% | 27.71B▲ 41.2% | 29.58B▲ 6.8% | 34.86B▲ 17.8% |
| Operating Margin % | 29.24% | 19.5% | 23.28% | 19.74% | 18.74% | 20.34% | 26.78% | 28.1% | 31.82% |
| Operating Income Growth % | 2.9% | -23.22% | 38.22% | 5.42% | 12.92% | 19.56% | 41.17% | 6.77% | 17.83% |
| EBITDA | 13.8B | 12.06B | 16.4B | 18B | 19.69B | 22.49B | 30.76B | 32B | 37.04B |
| EBITDA Margin % | 31.05% | 23.57% | 27.69% | 24.43% | 22.48% | 23.3% | 29.73% | 30.39% | 33.81% |
| EBITDA Growth % | 6.49% | -12.58% | 36.01% | 9.7% | 9.43% | 14.19% | 36.81% | 4.02% | 15.76% |
| D&A (Non-Cash Add-back) | 801.8M | 2.08B | 2.61B | 3.46B | 3.28B | 2.86B | 3.06B | 2.42B | 2.19B |
| EBIT | 12.99B | 9.98B | 13.79B | 14.54B | 16.42B | 19.63B | 27.71B | 29.58B | 34.86B |
| Net Interest Income | 666.62M | 586.67M | 821.77M | 1.6B | 1.52B | 2.15B | 4.12B | 4.92B | 711.58M |
| Interest Income | 667.32M | 586.67M | 821.77M | 1.6B | 1.52B | 2.15B | 4.12B | 4.92B | 711.58M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 844.67M | 1.1B | 2.59B | 833.68M | 4.69B | 4.62B | 6.35B | 6.13B | 4.86B |
| Pretax Income | 13.84B▲ 0% | 11.08B▼ 20.0% | 16.38B▲ 47.9% | 15.37B▼ 6.2% | 21.1B▲ 37.3% | 24.25B▲ 14.9% | 34.06B▲ 40.4% | 35.72B▲ 4.9% | 39.72B▲ 11.2% |
| Pretax Margin % | 31.14% | 21.64% | 27.66% | 20.87% | 24.09% | 25.13% | 32.92% | 33.92% | 36.25% |
| Income Tax | 2.16B | 2.47B | 2.91B | 3.04B | 4.13B | 5.03B | 4.7B | 5.46B | 5.87B |
| Effective Tax Rate % | 15.62% | 22.27% | 17.79% | 19.79% | 19.56% | 20.75% | 13.8% | 15.29% | 14.77% |
| Net Income | 10.71B▲ 0% | 6.15B▼ 42.5% | 21.24B▲ 245.2% | 12.06B▼ 43.2% | 16.86B▲ 39.7% | 20.34B▲ 20.6% | 29.42B▲ 44.6% | 29.7B▲ 1.0% | 32.84B▲ 10.6% |
| Net Margin % | 24.1% | 12.02% | 35.85% | 16.37% | 19.24% | 21.08% | 28.43% | 28.2% | 29.98% |
| Net Income Growth % | -7.73% | -42.54% | 245.19% | -43.2% | 39.74% | 20.65% | 44.64% | 0.96% | 10.58% |
| Net Income (Continuing) | 11.68B | 8.62B | 13.47B | 12.33B | 16.98B | 19.22B | 29.36B | 30.26B | 33.85B |
| Discontinued Operations | -834.45M | -2.14B | 7.96B | 0 | 0 | 624.86M | 0 | 0 | 0 |
| Minority Interest | 703.13M | 794.21M | 1.14B | 11.67B | 3.95B | 4.14B | 3.8B | 3.81B | 4.81B |
| EPS (Diluted) | 16.15▲ 0% | 12.75▼ 21.1% | 20.40▲ 60.0% | 18.00▼ 11.8% | 25.05▲ 39.2% | 30.20▲ 20.6% | 45.25▲ 49.8% | 45.95▲ 1.5% | 51.00▲ 11.0% |
| EPS Growth % | -7.98% | -21.05% | 60% | -11.76% | 39.17% | 20.56% | 49.83% | 1.55% | 10.99% |
| EPS (Basic) | 16.25 | 12.80 | 20.60 | 18.25 | 25.35 | 31.15 | 45.75 | 46.40 | 51.55 |
| Diluted Shares Outstanding | 663.1M | 650.94M | 649.99M | 669.95M | 673.5M | 673.5M | 650.41M | 646.12M | 643.63M |
| Basic Shares Outstanding | 658.06M | 647.06M | 644.09M | 661.09M | 665.17M | 652.69M | 650.09M | 646.3M | 637.29M |
| Dividend Payout Ratio | 30.42% | 23.41% | 41.63% | 35.48% | 20.81% | 33.06% | 27.24% | 37.6% | 40.95% |
NTES Balance Sheet
NetEase, Inc. (NTES) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 61.95B | 68.72B | 85.11B | 107.83B | 113.12B | 131.6B | 142.69B | 153.32B | 180.73B |
| Cash & Short-Term Investments | 43.11B | 49.55B | 72.05B | 93.47B | 97.53B | 117.46B | 126.72B | 137.58B | 167.04B |
| Cash Only | 2.76B | 4.98B | 3.25B | 9.12B | 14.5B | 24.89B | 21.43B | 51.38B | 51.52B |
| Short-Term Investments | 40.35B | 44.58B | 68.8B | 84.35B | 83.04B | 92.57B | 105.29B | 86.2B | 115.52B |
| Accounts Receivable | 3.62B | 4B | 4.17B | 5.94B | 6.35B | 5.04B | 9.23B | 8.15B | 5.34B |
| Days Sales Outstanding | 29.73 | 28.55 | 25.69 | 29.41 | 26.44 | 19.07 | 32.57 | 28.24 | 17.79 |
| Inventory | 5.47B | 1.07B | 650.56M | 591.51M | 964.73M | 993.64M | 695.37M | 571.55M | 689.62M |
| Days Inventory Outstanding | 70.89 | 10.04 | 8.58 | 6.22 | 8.67 | 8.29 | 6.28 | 5.28 | 6.43 |
| Other Current Assets | 6.61B | 10.79B | 8.24B | 3.91B | 3.72B | 4.23B | 2.91B | 753.31M | 7.66B |
| Total Non-Current Assets | 9.08B | 18.25B | 27.02B | 34.04B | 40.52B | 41.16B | 43.23B | 42.67B | 40.83B |
| Property, Plant & Equipment | 3.77B | 5.38B | 4.62B | 5.32B | 6.48B | 7.23B | 8.82B | 8.52B | 8.43B |
| Fixed Asset Turnover | 11.79x | 9.52x | 12.82x | 13.84x | 13.52x | 13.35x | 11.73x | 12.36x | 13.00x |
| Goodwill | 0 | 0 | 0 | 318.94M | 595.28M | 2.17B | 1.86B | 1.86B | 0 |
| Intangible Assets | 593.28M | 3.5B | 3.71B | 8.3B | 6.73B | 6.24B | 5.96B | 5.59B | 0 |
| Long-Term Investments | 100M | 5.35B | 2.36B | 18.34B | 24.63B | 21.52B | 22.83B | 23.23B | 3B |
| Other Non-Current Assets | 3.8B | 2.96B | 15.43B | 669.77M | 798.43M | 2.52B | 3.76B | 3.47B | 26.56B |
| Total Assets | 71.03B▲ 0% | 86.97B▲ 22.4% | 112.12B▲ 28.9% | 141.87B▲ 26.5% | 153.64B▲ 8.3% | 172.76B▲ 12.4% | 185.92B▲ 7.6% | 195.99B▲ 5.4% | 221.56B▲ 13.0% |
| Asset Turnover | 0.63x | 0.59x | 0.53x | 0.52x | 0.57x | 0.56x | 0.56x | 0.54x | 0.49x |
| Asset Growth % | 22.4% | 22.44% | 28.93% | 26.53% | 8.3% | 12.44% | 7.62% | 5.41% | 13.04% |
| Total Current Liabilities | 23.75B | 35.11B | 38.24B | 46.74B | 50.5B | 56.83B | 53.84B | 49.67B | 52.4B |
| Accounts Payable | 2.44B | 1.2B | 1.21B | 1.13B | 985.06M | 1.51B | 881.02M | 720.55M | 643.57M |
| Days Payables Outstanding | 31.63 | 11.31 | 15.98 | 11.94 | 8.85 | 12.58 | 7.96 | 6.66 | 6 |
| Short-Term Debt | 6.62B | 13.66B | 16.83B | 19.5B | 19.35B | 23.88B | 19.24B | 11.81B | 6.39B |
| Deferred Revenue (Current) | 7.79B | 9.09B | 10.14B | 12.31B | 14.7B | 15.81B | 16.99B | 19.64B | 20.53B |
| Other Current Liabilities | 0 | -66.93M | 2.16M | 546.27M | 0 | 0 | 0 | 0 | 16.07B |
| Current Ratio | 2.61x | 1.96x | 2.23x | 2.31x | 2.24x | 2.32x | 2.65x | 3.09x | 3.45x |
| Quick Ratio | 2.38x | 1.93x | 2.21x | 2.29x | 2.22x | 2.30x | 2.64x | 3.08x | 3.44x |
| Cash Conversion Cycle | 69 | 27.27 | 18.28 | 23.7 | 26.25 | 14.78 | 30.9 | 26.86 | 18.22 |
| Total Non-Current Liabilities | 846.16M | 5.83B | 839.9M | 1.34B | 3.86B | 7.06B | 4B | 3.83B | 3.94B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 1.28B | 3.65B | 428M | 428M | 0 |
| Capital Lease Obligations | 0 | 0 | 279.95M | 474.88M | 732.13M | 672.64M | 555.83M | 412.6M | 0 |
| Deferred Tax Liabilities | 213.22M | 393.68M | 382.03M | 713.44M | 1.35B | 2.13B | 2.3B | 2.17B | 2.64B |
| Other Non-Current Liabilities | 632.95M | 5.44B | 177.92M | 148.85M | 365.58M | 604.93M | 715.28M | 816.04M | 1.31B |
| Total Liabilities | 24.6B | 40.94B | 39.08B | 48.08B | 54.37B | 63.89B | 57.84B | 53.5B | 56.35B |
| Total Debt | 6.62B | 13.66B | 17.3B | 20.31B | 21.69B | 28.46B | 20.48B | 12.82B | 6.39B |
| Net Debt | 3.86B | 8.27B | 14.05B | 11.19B | 7.2B | 3.57B | -945.42M | -38.57B | -45.13B |
| Debt / Equity | 0.14x | 0.30x | 0.28x | 0.22x | 0.22x | 0.26x | 0.16x | 0.09x | 0.04x |
| Debt / EBITDA | 0.48x | 1.13x | 1.05x | 1.13x | 1.10x | 1.27x | 0.67x | 0.40x | 0.17x |
| Net Debt / EBITDA | 0.28x | 0.69x | 0.86x | 0.62x | 0.37x | 0.16x | -0.03x | -1.21x | -1.22x |
| Interest Coverage | - | - | - | - | - | - | - | - | - |
| Total Equity | 46.44B▲ 0% | 46.03B▼ 0.9% | 62.59B▲ 36.0% | 93.79B▲ 49.8% | 99.28B▲ 5.8% | 108.87B▲ 9.7% | 128.08B▲ 17.6% | 142.49B▲ 11.3% | 165.21B▲ 15.9% |
| Equity Growth % | 20.73% | -0.88% | 35.99% | 49.85% | 5.85% | 9.66% | 17.64% | 11.25% | 15.94% |
| Book Value per Share | 70.03 | 70.71 | 96.30 | 140.00 | 147.41 | 161.65 | 196.93 | 220.54 | 256.68 |
| Total Shareholders' Equity | 45.73B | 45.23B | 61.45B | 82.13B | 95.33B | 104.73B | 124.29B | 138.69B | 160.4B |
| Common Stock | 2.68M | 2.62M | 2.64M | 2.79M | 2.79M | 2.71M | 2.71M | 2.63M | 0 |
| Retained Earnings | 42.73B | 44B | 56.39B | 64.16B | 77.49B | 91.07B | 112.21B | 132.29B | 0 |
| Treasury Stock | 0 | 0 | 0 | -10.45B | -20.5B | -10.91B | -12.69B | -4.47B | 0 |
| Accumulated OCI | 1.24B | 1.23B | 1.14B | 577.99M | 417.06M | 1.71B | 2.16B | 1.01B | 0 |
| Minority Interest | 703.13M | 794.21M | 1.14B | 11.67B | 3.95B | 4.14B | 3.8B | 3.81B | 4.81B |
NTES Cash Flow Statement
NetEase, Inc. (NTES) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 11.89B | 13.42B | 17.22B | 24.89B | 24.93B | 27.71B | 35.33B | 39.68B | 49.36B |
| Operating CF Margin % | 26.76% | 26.21% | 29.06% | 33.78% | 28.45% | 28.72% | 34.15% | 37.68% | 45.05% |
| Operating CF Growth % | -23.24% | 12.84% | 28.33% | 44.56% | 0.15% | 11.16% | 27.51% | 12.3% | 24.4% |
| Net Income | 10.71B | 6.15B | 13.47B | 12.33B | 16.98B | 19.22B | 29.36B | 30.26B | 32.84B |
| Depreciation & Amortization | 791.78M | 2.06B | 2.61B | 3.46B | 3.28B | 2.86B | 3.06B | 2.42B | 2.19B |
| Stock-Based Compensation | 1.98B | 2.47B | 2.4B | 2.66B | 3.04B | 3.17B | 3.24B | 3.88B | 0 |
| Deferred Taxes | 0 | 0 | 150.63M | 88.18M | 407.95M | 489.67M | 131.44M | 320.73M | -1.22B |
| Other Non-Cash Items | -3.69B | 3.62B | -1.06B | 1.58B | -1.96B | -1.53B | -831.34M | -852.71M | 7.07B |
| Working Capital Changes | 2.09B | -883.75M | -358.15M | 4.77B | 3.19B | 3.5B | 375.88M | 3.65B | 8.48B |
| Change in Receivables | 596.05M | -612.66M | -11.31M | -530.41M | -1.19B | 554.34M | -1.47B | 716.38M | 256.88M |
| Change in Inventory | -754.89M | -81.44M | 415.06M | 29.7M | -343.59M | -27.61M | 296.76M | 123.78M | -114.43M |
| Change in Payables | 0 | 0 | 13.23M | -86.35M | -155.26M | 447.67M | -559.42M | 91.14M | -69.66M |
| Cash from Investing | -13.25B | -13.57B | -22.14B | -29.19B | -7.08B | -7.37B | -17.04B | 17.92B | -32.18B |
| Capital Expenditures | -1.85B | -6.89B | -3.33B | -3.29B | -3.11B | -2.64B | -4.28B | -1.28B | -2B |
| CapEx % of Revenue | 4.16% | 13.45% | 5.62% | 4.47% | 3.55% | 2.74% | 4.13% | 1.21% | 1.82% |
| Acquisitions | 114.65M | -3.02B | 7.88B | -1.69B | 1.12B | 2.41B | -291.99M | 0 | 145.62M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.19B | -537.26M | -814M | -143.13M | -197.13M | -282.31M | -413.63M | 19.19B | 38.56M |
| Cash from Financing | -1.3B | 1.59B | 1.08B | 9.91B | -12.59B | -10.24B | -21.47B | -27.34B | -19.71B |
| Debt Issued (Net) | 3.1B | 6.21B | 2.97B | 4.04B | 1.71B | 4.85B | -8.31B | -7.48B | -5.64B |
| Equity Issued (Net) | -1000K | -1000K | 0 | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Dividends Paid | -3.26B | -1.44B | -8.84B | -4.28B | -3.51B | -6.72B | -8.01B | -11.17B | -13.45B |
| Share Repurchases | -2.06B | -7.52B | 0 | 0 | -12.92B | -8.33B | -5.23B | -8.83B | -621.92M |
| Other Financing | 911.5M | 4.33B | 6.95B | -11.76B | 2.14B | -30.92M | 86.16M | 136.01M | 0 |
| Net Change in Cash | -2.68B▲ 0% | 1.52B▲ 156.6% | -3.81B▼ 351.3% | 5.77B▲ 251.5% | 5.21B▼ 9.8% | 10.21B▲ 96.1% | -3.38B▼ 133.1% | 30.27B▲ 995.1% | -661.34M▼ 102.2% |
| Free Cash Flow | 10.04B▲ 0% | 6.53B▼ 35.0% | 13.89B▲ 112.7% | 21.6B▲ 55.5% | 21.82B▲ 1.0% | 25.07B▲ 14.9% | 31.06B▲ 23.9% | 37.47B▲ 20.7% | 48.32B▲ 29.0% |
| FCF Margin % | 22.59% | 12.76% | 23.44% | 29.32% | 24.9% | 25.98% | 30.01% | 35.59% | 44.11% |
| FCF Growth % | -30.03% | -34.96% | 112.68% | 55.52% | 1.01% | 14.89% | 23.9% | 20.66% | 28.96% |
| FCF per Share | 15.14 | 10.03 | 21.37 | 32.24 | 32.39 | 37.22 | 47.75 | 57.99 | 75.08 |
| FCF Conversion (FCF/Net Income) | 1.11x | 2.18x | 0.81x | 2.06x | 1.48x | 1.36x | 1.20x | 1.34x | 1.50x |
| Interest Paid | 84.71M | 301.76M | 431.39M | 246.05M | 187.63M | 588.38M | 779.87M | 489.62M | 0 |
| Taxes Paid | 2.71B | 2.01B | 3.19B | 2.05B | 3.55B | 5.09B | 4.9B | 5.19B | 0 |
NTES Key Ratios
NetEase, Inc. (NTES) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 34.24% | 25.23% | 13.31% | 39.1% | 15.43% | 17.46% | 19.54% | 24.83% | 21.95% | 21.35% |
| Return on Invested Capital (ROIC) | 30.38% | 22.37% | 14.25% | 15.75% | 12.01% | 11.65% | 13.45% | 17.35% | 19.2% | 23.34% |
| Gross Margin | 56.74% | 58.31% | 55.5% | 53.27% | 52.92% | 53.62% | 54.68% | 60.95% | 62.5% | 64.29% |
| Net Margin | 30.4% | 24.1% | 12.02% | 35.85% | 16.37% | 19.24% | 21.08% | 28.43% | 28.2% | 29.98% |
| Debt / Equity | 0.10x | 0.14x | 0.30x | 0.28x | 0.22x | 0.22x | 0.26x | 0.16x | 0.09x | 0.04x |
| FCF Conversion | 1.33x | 1.11x | 2.18x | 0.81x | 2.06x | 1.48x | 1.36x | 1.20x | 1.34x | 1.50x |
| Revenue Growth | 67.43% | 16.39% | 15.17% | 15.75% | 24.35% | 18.92% | 10.15% | 7.23% | 1.77% | 4.05% |
NTES Frequently Asked Questions
NetEase, Inc. (NTES) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
NetEase, Inc. (NTES) reported $112.25B in revenue for fiscal year 2025. This represents a 718586% increase from $15.6M in 1999.
NetEase, Inc. (NTES) grew revenue by 4.0% over the past year. Growth has been modest.
Yes, NetEase, Inc. (NTES) is profitable, generating $33.67B in net income for fiscal year 2025 (30.0% net margin).
Dividend & Returns
Yes, NetEase, Inc. (NTES) pays a dividend with a yield of 2.59%. This makes it attractive for income-focused investors.
NetEase, Inc. (NTES) has a return on equity (ROE) of 21.3%. This is excellent, indicating efficient use of shareholder capital.
NetEase, Inc. (NTES) generated $48.52B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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NetEase, Inc. (NTES) financial analysis — history, returns, DCA and operating performance tools
Full NTES Stock Analysis
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