The9 Limited(NCTY)Earnings, Financials & Key Ratios
NCTY•NASDAQ
$5.76
$27M mkt cap·Price updated May 6, 2026
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$105M-7.4%
- EBITDA-$226M-125.3%
- Net Income-$391M-425.7%
- EPS (Diluted)-51.00-225.0%
- Gross Margin1.68%+216.8%
- EBITDA Margin-215.59%-143.2%
- Operating Margin-229.62%-59.8%
- Net Margin-372.99%-467.5%
- ROE-116.83%-377.6%
- ROIC-37.19%-16.4%
- Debt/Equity0.97+202.7%
- Interest Coverage-10.65-123.9%
NCTY Key Insights
The9 Limited (NCTY) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y sales CAGR of 181.7%
- ✓Trading at only 1.2x book value
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Weak momentum: RS Rating 20 (bottom 20%)
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Shares diluted 62.1% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
NCTY Price & Volume
The9 Limited (NCTY) stock price & volume — 10-year historical chart
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NCTY Growth Metrics
The9 Limited (NCTY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years8.16%
5 Years181.73%
3 Years-1.54%
TTM18.53%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM83.63%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM86.64%
Return on Capital
10 Years-109.71%
5 Years-109.71%
3 Years-108.49%
Last Year-70.72%
NCTY Peer Comparison
The9 Limited (NCTY) competitors in iGaming and Emerging Tech (Blockchain, IoT) — 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 |
|---|---|---|---|---|---|---|---|---|
 SOHU | 472.92M | 15.73 | -5.03 | -0.38% | 25.88% | 14.14% | 0.04 | |
 GRVY | 430.83M | 62.00 | 9.17 | 13.44% | 14.37% | 14.11% | ||
 NTES | 74.95B | 118.37 | 15.82 | 4.05% | 30% | 20.38% | 0.04 | |
 GIGM | 14.59M | 1.32 | -6.29 | -30.82% | -37.29% | -3.26% | 0.01 | |
 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 | |
 GDEV | 295.34M | 16.29 | 11.80 | -9.39% | 12.72% |
Compare NCTY vs Peers
The9 Limited (NCTY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NCTY Income Statement
The9 Limited (NCTY) 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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 71.31M | 18.11M | 340.57K | 591.34K | 134.12M | 109.95M | 174.02M | 113.3M | 104.96M | 289.31M |
| Revenue Growth % | 21.3% | -74.6% | -98.12% | 73.63% | 22579.91% | -18.02% | 58.27% | -34.89% | -7.36% | 18.53% |
| Cost of Goods Sold | 23.18M | 17.08M | 3.19M | 769.69K | 86.89M | 158.06M | 213.15M | 114.92M | 103.2M | 330.04M |
| COGS % of Revenue | 32.51% | 94.28% | 935.54% | 130.16% | 64.79% | 143.75% | 122.48% | 101.44% | 98.32% | - |
| Gross Profit | 48.12M▲ 0% | 1.04M▼ 97.8% | -2.85M▼ 374.9% | -178.35K▲ 93.7% | 47.22M▲ 26577.2% | -48.1M▼ 201.9% | -39.13M▲ 18.7% | -1.63M▲ 95.8% | 1.76M▲ 208.2% | -40.73M▲ 0% |
| Gross Margin % | 67.49% | 5.72% | -835.54% | -30.16% | 35.21% | -43.75% | -22.48% | -1.44% | 1.68% | -14.08% |
| Gross Profit Growth % | 499.02% | -97.85% | -374.9% | 93.73% | 26577.18% | -201.87% | 18.66% | 95.84% | 208.17% | - |
| Operating Expenses | 158.93M | 121.01M | 126.88M | 105.73M | 313M | 372.4M | 200.46M | 161.19M | 242.77M | 365.93M |
| OpEx % of Revenue | 222.87% | 668.11% | 37254.03% | 17879.26% | 233.38% | 338.69% | 115.19% | 142.27% | 231.3% | - |
| Selling, General & Admin | 114.95M | 95.49M | 114.74M | 103.42M | 311.11M | 369.92M | 198.49M | 160.32M | 233.23M | 363.08M |
| SG&A % of Revenue | 161.2% | 527.25% | 33691.94% | 17489.47% | 231.97% | 336.43% | 114.06% | 141.5% | 222.22% | - |
| Research & Development | 43.98M | 25.51M | 12.13M | 2.3M | 1.89M | 2.48M | 1.97M | 868.13K | 9.53M | 2.85M |
| R&D % of Revenue | 61.67% | 140.86% | 3562.09% | 389.79% | 1.41% | 2.25% | 1.13% | 0.77% | 9.08% | - |
| Other Operating Expenses | 7 | 0 | 0 | 0 | 0 | 7 | 0 | 0 | 0 | -825 |
| Operating Income | -110.8M▲ 0% | -119.97M▼ 8.3% | -129.72M▼ 8.1% | -105.91M▲ 18.4% | -265.78M▼ 151.0% | -420.5M▼ 58.2% | -239.59M▲ 43.0% | -162.81M▲ 32.0% | -241.01M▼ 48.0% | -406.66M▲ 0% |
| Operating Margin % | -155.38% | -662.4% | -38089.57% | -17909.42% | -198.17% | -382.43% | -137.68% | -143.7% | -229.62% | -140.56% |
| Operating Income Growth % | 51.99% | -8.28% | -8.13% | 18.36% | -150.96% | -58.21% | 43.02% | 32.05% | -48.03% | - |
| EBITDA | -105.64M | -116.18M | -126.95M | -105.53M | -219M | -327.51M | -152.74M | -100.44M | -226.28M | -406.66M |
| EBITDA Margin % | -148.14% | -641.46% | -37275.86% | -17845.47% | -163.29% | -297.87% | -87.77% | -88.65% | -215.59% | -140.56% |
| EBITDA Growth % | 50.3% | -9.98% | -9.27% | 16.87% | -107.52% | -49.55% | 53.36% | 34.24% | -125.28% | 29.81% |
| D&A (Non-Cash Add-back) | 5.17M | 3.79M | 2.77M | 378.16K | 46.79M | 92.99M | 86.85M | 62.37M | 14.73M | 0 |
| EBIT | -110.8M | -119.97M | -129.72M | -105.91M | -265.78M | -420.5M | -239.59M | -162.81M | -241.01M | -406.66M |
| Net Interest Income | -83.89M | -104.58M | -34.48M | -3.64M | -119.17M | -23.34M | -31.38M | -34.22M | -22.19M | -18.4M |
| Interest Income | 30.52K | 193.93K | 18.58K | 429.73K | 0 | 0 | 0 | 0 | 436.76K | 23.75M |
| Interest Expense | 83.92M | 104.78M | 34.5M | 4.07M | 119.17M | 23.34M | 31.38M | 34.22M | 22.63M | 42.15M |
| Other Income/Expense | 1.53M | -128.65M | -65.92M | 484.64M | -145.65M | -285.08M | 95.33M | 88.13M | -156.66M | 172.59M |
| Pretax Income | -109.27M▲ 0% | -248.62M▼ 127.5% | -195.64M▲ 21.3% | 378.73M▲ 293.6% | -411.43M▼ 208.6% | -705.58M▼ 71.5% | -144.26M▲ 79.6% | -74.69M▲ 48.2% | -397.67M▼ 432.5% | -234.08M▲ 0% |
| Pretax Margin % | -153.24% | -1372.69% | -57444.62% | 64045.87% | -306.77% | -641.71% | -82.9% | -65.92% | -378.88% | -80.91% |
| Income Tax | 0 | 0 | 0 | 6.77M | 0 | 0 | 0 | 0 | 107K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 1.79% | 0% | 0% | 0% | 0% | -0.03% | 0% |
| Net Income | -170.88M▲ 0% | -268.08M▼ 56.9% | -190.11M▲ 29.1% | 375.04M▲ 297.3% | -405.91M▼ 208.2% | -991.98M▼ 144.4% | -138.79M▲ 86.0% | -74.46M▲ 46.3% | -391.48M▼ 425.7% | -228.38M▲ 0% |
| Net Margin % | -239.64% | -1480.12% | -55820.58% | 63421.47% | -302.66% | -902.18% | -79.75% | -65.72% | -372.99% | -78.94% |
| Net Income Growth % | 75.86% | -56.88% | 29.08% | 297.28% | -208.23% | -144.38% | 86.01% | 46.35% | -425.73% | 83.63% |
| Net Income (Continuing) | -109.27M | -248.62M | -195.64M | 371.96M | -411.43M | -705.58M | -144.26M | -74.69M | -397.78M | -234.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -291.11M | -1.96M | 0 | 0 | -1.53M |
| Minority Interest | -328.55M | -373.19M | -392.88M | -379.72M | -13.02M | -17.77M | -24.94M | -13.78M | -21.06M | -13.78M |
| EPS (Diluted) | -1573.20▲ 0% | -1246.20▲ 20.8% | -537.00▲ 56.9% | 726.00▲ 235.2% | -234.00▼ 132.2% | -288.00▼ 23.1% | 6.00▲ 102.1% | -15.69▼ 361.5% | -51.00▼ 225.0% | -44.75▲ 0% |
| EPS Growth % | 81.5% | 20.79% | 56.91% | 235.2% | -132.23% | -23.08% | 102.08% | -361.5% | -225.05% | 86.64% |
| EPS (Basic) | -1573.20 | -1246.20 | -576.00 | 726.00 | -234.00 | -288.00 | 6.00 | -15.69 | -51.00 | - |
| Diluted Shares Outstanding | 111.42K | 207.05K | 354.69K | 545.33K | 1.65M | 2.4M | 4.93M | 4.68M | 7.58M | 5.1M |
| Basic Shares Outstanding | 111.42K | 207.05K | 330.82K | 546.97K | 1.75M | 3.4M | 4.93M | 4.68M | 7.58M | 5.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
NCTY Balance Sheet
The9 Limited (NCTY) 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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 183.11M | 33.01M | 154.47M | 42.32M | 1.05B | 393.43M | 222.8M | 243.69M | 342.66M | 243.69M |
| Cash & Short-Term Investments | 142.62M | 4.26M | 10.11M | 31.7M | 429.22M | 58.06M | 45.22M | 10.91M | 310.89M | 10.91M |
| Cash Only | 142.62M | 4.26M | 10.11M | 31.7M | 428.42M | 58.06M | 45.22M | 10.91M | 58.53M | 10.91M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 800K | 0 | 0 | 0 | 252.37M | 0 |
| Accounts Receivable | 5.1M | 2.44M | 3.08M | 6.75M | 66.02M | 2.17M | 56.07K | 7.7M | 21.11M | 7.7M |
| Days Sales Outstanding | 26.11 | 49.2 | 3.3K | 4.16K | 179.68 | 7.2 | 0.12 | 24.81 | 73.43 | 2.52 |
| Inventory | 28.77M | 18.66M | 134.64M | 3.87M | 469.15M | 267.84M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 452.97 | 398.85 | 15.42K | 1.84K | 1.97K | 618.53 | - | - | - | 0.07 |
| Other Current Assets | 37.88M | 28.16M | 6.63M | 0 | 86.12M | 65.35M | 177.52M | 206.13M | 5.32M | 206.13M |
| Total Non-Current Assets | 140M | 131.67M | 26.99M | 6.13M | 259.81M | 201.43M | 140.93M | 392.96M | 251.47M | 392.96M |
| Property, Plant & Equipment | 20.72M | 17.35M | 10.48M | 6.13M | 179.34M | 154.91M | 101.2M | 20.83M | 55.45M | 20.83M |
| Fixed Asset Turnover | 3.44x | 1.04x | 0.03x | 0.10x | 0.75x | 0.71x | 1.72x | 5.44x | 1.89x | 3.47x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 64.51M | 62.59M | 0 | 0 | 0 | 0 | 0 | 9M | 15.81M | 9M |
| Long-Term Investments | 48.24M | 45.22M | 10M | 0 | 73.92M | 35.3M | 35.29M | 297.22M | 180.2M | 673.33M |
| Other Non-Current Assets | 6.52M | 6.52M | 6.52M | 0 | 6.55M | 11.23M | 4.44M | 65.9M | 7 | 127.8M |
| Total Assets | 323.11M▲ 0% | 164.69M▼ 49.0% | 181.46M▲ 10.2% | 48.44M▼ 73.3% | 1.31B▲ 2605.0% | 599.11M▼ 54.3% | 363.73M▼ 39.3% | 636.64M▲ 75.0% | 594.13M▼ 6.7% | 636.64M▲ 0% |
| Asset Turnover | 0.22x | 0.11x | 0.00x | 0.01x | 0.10x | 0.18x | 0.48x | 0.18x | 0.18x | 0.57x |
| Asset Growth % | -7.92% | -49.03% | 10.18% | -73.3% | 2604.96% | -54.28% | -39.29% | 75.03% | -6.68% | 70.45% |
| Total Current Liabilities | 819.45M | 908.42M | 1.06B | 364.37M | 544.3M | 564.16M | 162.85M | 205.61M | 343.62M | 205.61M |
| Accounts Payable | 37.13M | 38.04M | 38.23M | 35.6M | 39.9M | 7.15M | 9.6M | 5.53M | 15.86M | 5.53M |
| Days Payables Outstanding | 584.56 | 812.98 | 4.38K | 16.88K | 167.58 | 16.5 | 16.44 | 17.56 | 56.09 | 9.14 |
| Short-Term Debt | 444.51M | 544.82M | 594.85M | 20.6M | 92.85M | 74.44M | 51.19M | 132.16M | 226.96M | 132.16M |
| Deferred Revenue (Current) | 53.13M | 39.79M | 95.8M | 38.01M | 18.98M | 17.75M | 0 | 10.8M | 7.56M | 40.67M |
| Other Current Liabilities | 308.03M | 288.23M | 292.42M | 197.43M | 295.32M | 246.76M | 86.23M | 0 | 87.4M | 0 |
| Current Ratio | 0.22x | 0.04x | 0.15x | 0.12x | 1.93x | 0.70x | 1.37x | 1.19x | 1.00x | 1.00x |
| Quick Ratio | 0.19x | 0.02x | 0.02x | 0.11x | 1.07x | 0.22x | 1.37x | 1.19x | 1.00x | 1.00x |
| Cash Conversion Cycle | -105.48 | -364.93 | 14.35K | -10.88K | 1.98K | 609.22 | - | - | - | -6.55 |
| Total Non-Current Liabilities | 306.01M | 341.07M | 355.3M | 351.51M | 2.57M | 7.41M | 19.53M | 3.53M | 7.82M | 3.53M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 16.75M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 6.25M | 2.46M | 2.57M | 7.41M | 2.79M | 1.6M | 7.82M | 10.69M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 306.01M | 341.07M | 349.05M | 349.05M | 0 | 0 | 0 | 1.92M | 0 | 9.64M |
| Total Liabilities | 1.13B | 1.25B | 1.41B | 715.88M | 546.86M | 571.57M | 182.39M | 209.13M | 351.44M | 209.13M |
| Total Debt | 369.31M | 487.72M | 604.51M | 26.85M | 99.72M | 87.64M | 75.1M | 136.61M | 234.78M | 136.61M |
| Net Debt | 226.68M | 483.46M | 594.4M | -4.84M | -328.7M | 16.12M | 29.88M | 125.7M | 176.26M | 125.7M |
| Debt / Equity | - | - | - | - | 0.13x | 3.18x | 0.41x | 0.32x | 0.97x | 0.97x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | -0.34x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | -0.31x |
| Interest Coverage | -1.32x | -1.15x | -3.76x | -26.02x | -2.23x | -18.02x | -7.64x | -4.76x | -10.65x | -9.65x |
| Total Equity | -802.35M▲ 0% | -1.08B▼ 35.2% | -1.23B▼ 13.6% | -667.44M▲ 45.8% | 763.46M▲ 214.4% | 27.54M▼ 96.4% | 181.34M▲ 558.5% | 427.51M▲ 135.8% | 242.69M▼ 43.2% | 427.51M▲ 0% |
| Equity Growth % | -76.23% | -35.2% | -13.56% | 45.82% | 214.39% | -96.39% | 558.49% | 135.75% | -43.23% | 814.16% |
| Book Value per Share | -7201.07 | -5239.39 | -3473.23 | -1223.92 | 462.42 | 11.47 | 36.82 | 91.41 | 32.02 | 83.76 |
| Total Shareholders' Equity | -473.8M | -711.62M | -839.04M | -287.72M | 776.47M | 45.31M | 206.27M | 441.29M | 263.75M | 441.29M |
| Common Stock | 3.33M | 6.5M | 7.97M | 18.1M | 46.18M | 57.6M | 96.32M | 365.61M | 322.1M | 365.61M |
| Retained Earnings | -3.02B | -3.23B | -3.41B | -2.99B | -3.4B | -4.38B | -4.36B | -4.43B | -4.84B | -4.43B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 11.63M | 18.87M | 24.29M | -9.35M | -5.37M | -5.2M | -4.42M | -4.56M | -4.6M | -4.56M |
| Minority Interest | -328.55M | -373.19M | -392.88M | -379.72M | -13.02M | -17.77M | -24.94M | -13.78M | -21.06M | -13.78M |
NCTY Cash Flow Statement
The9 Limited (NCTY) 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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -86.65M | -101.2M | -54.18M | -106.25M | -687.69M | -154.74M | -46.32M | -44.2M | -30.89M | -30.89M |
| Operating CF Margin % | -121.52% | -558.75% | -15907.25% | -17968.13% | -512.76% | -140.73% | -26.62% | -39.01% | -29.43% | - |
| Operating CF Growth % | 52.12% | -16.79% | 46.47% | -96.13% | -547.22% | 77.5% | 70.07% | 4.58% | 30.11% | -100% |
| Net Income | -112.09M | -239.28M | -196.17M | 393.43M | -416.83M | -979.49M | 12.58M | -73.64M | -391.48M | -228.38M |
| Depreciation & Amortization | 7.22M | 5.57M | 4.22M | 447.78K | 47.44M | 91.38M | 86.87M | 61.46M | 14.73M | 61.46M |
| Stock-Based Compensation | 38.03M | 3.9M | 21.75M | 55.06M | 150.17M | 202.35M | 70.76M | 44.67M | 0 | 115.43M |
| Deferred Taxes | -80.37M | 49.8M | 39.03M | -476.18M | -21.79M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 90.45M | 102.48M | 68.65M | -24.54M | 125.71M | 449.47M | -190.34M | -70.97M | 349.2M | -117.53M |
| Working Capital Changes | -29.88M | -23.66M | 8.34M | -54.47M | -572.38M | 81.56M | -26.18M | -5.73M | -3.34M | -5.73M |
| Change in Receivables | 5.74M | 1.9M | 313.04K | 3.96K | -13.63M | 3.53M | 95.36K | -54K | -10.67M | 0 |
| Change in Inventory | -48.49M | -18.72M | 7.95M | -50.32M | -600.73M | 2.75M | 30.34K | 0 | 0 | 0 |
| Change in Payables | 2.07M | 905.99K | 246.76K | -2.64M | 38.8M | 121.76M | 2.37M | -1.26M | 6.76M | -1.26M |
| Cash from Investing | 161.92M | -17.32M | 60.88M | 438.26M | -141.08M | -248.79M | 4.73M | -57.02M | 1.72M | -57.02M |
| Capital Expenditures | -454.56K | -226.72K | -796.92K | -359.57K | -92.02M | -253.65M | -2.11M | -18M | -11.63M | -18M |
| CapEx % of Revenue | 0.64% | 1.25% | 234% | 60.81% | 68.62% | 230.68% | 1.21% | 15.89% | 11.08% | - |
| Acquisitions | 292.07K | 0 | -34.19M | 440.6M | -14.17M | 0 | 0 | -10.72M | 308.36K | -10.72M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1M | -11.79M | 56.19M | 5.84M | -4.68M | 10.58M | 1.68M | 145K | 10.57M | 145K |
| Cash from Financing | 44.07M | -18.36M | 40.92M | -310.69M | 1.23B | 33.03M | 32.2M | 69.77M | 75.69M | 0 |
| Debt Issued (Net) | 24.07M | -18.36M | 40.92M | -358.12M | 155.21M | 33.03M | 42.45M | 50.89M | -31.17M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 47.43M | 1.01B | 40K | 262K | 18.88M | 106.87M | 18.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 20M | 0 | 0 | 0 | 59.95M | -40K | -10.51M | 0 | 0 | -18.88M |
| Net Change in Cash | 103.75M▲ 0% | -138.37M▼ 233.4% | 5.86M▲ 104.2% | 21.58M▲ 268.5% | 396.72M▲ 1738.1% | -370.36M▼ 193.4% | -12.84M▲ 96.5% | -34.31M▼ 167.2% | 48.07M▲ 240.1% | 10.91M▲ 0% |
| Free Cash Flow | -87.11M▲ 0% | -101.43M▼ 16.4% | -54.97M▲ 45.8% | -106.61M▼ 93.9% | -779.71M▼ 631.4% | -408.39M▲ 47.6% | -48.43M▲ 88.1% | -62.2M▼ 28.4% | -32.3M▲ 48.1% | -62.2M▲ 0% |
| FCF Margin % | -122.15% | -560.01% | -16141.25% | -18028.94% | -581.37% | -371.42% | -27.83% | -54.9% | -30.77% | -21.5% |
| FCF Growth % | 53.99% | -16.44% | 45.8% | -93.94% | -631.35% | 47.62% | 88.14% | -28.42% | 48.07% | 88.91% |
| FCF per Share | -781.78 | -489.87 | -154.99 | -195.50 | -472.27 | -170.09 | -9.83 | -13.30 | -4.26 | -4.26 |
| FCF Conversion (FCF/Net Income) | 0.51x | 0.38x | 0.28x | -0.28x | 1.69x | 0.16x | 0.33x | 0.59x | 0.08x | 0.27x |
| Interest Paid | 0 | 0 | 0 | 47.7M | 0 | 0 | 0 | 1.56M | 0 | 1.56M |
| Taxes Paid | 0 | 0 | 0 | 7.17M | 0 | 0 | 0 | 0 | 0 | 0 |
NCTY Key Ratios
The9 Limited (NCTY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | - | - | - | -845.53% | -250.82% | -132.89% | -24.46% | -116.83% | -120.59% |
| Return on Invested Capital (ROIC) | - | - | - | - | - | -128.24% | -133.94% | -31.95% | -37.19% | -37.19% |
| Gross Margin | 67.49% | 5.72% | -835.54% | -30.16% | 35.21% | -43.75% | -22.48% | -1.44% | 1.68% | -14.08% |
| Net Margin | -239.64% | -1480.12% | -55820.58% | 63421.47% | -302.66% | -902.18% | -79.75% | -65.72% | -372.99% | -78.94% |
| Debt / Equity | - | - | - | - | 0.13x | 3.18x | 0.41x | 0.32x | 0.97x | 0.97x |
| Interest Coverage | -1.32x | -1.15x | -3.76x | -26.02x | -2.23x | -18.02x | -7.64x | -4.76x | -10.65x | -9.65x |
| FCF Conversion | 0.51x | 0.38x | 0.28x | -0.28x | 1.69x | 0.16x | 0.33x | 0.59x | 0.08x | 0.27x |
| Revenue Growth | 21.3% | -74.6% | -98.12% | 73.63% | 22579.91% | -18.02% | 58.27% | -34.89% | -7.36% | 18.53% |
NCTY Frequently Asked Questions
The9 Limited (NCTY) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
The9 Limited (NCTY) reported $289.3M in revenue for fiscal year 2025. This represents a 5134% increase from $5.5M in 2001.
The9 Limited (NCTY) saw revenue decline by 7.4% over the past year.
The9 Limited (NCTY) reported a net loss of $228.4M for fiscal year 2025.
Dividend & Returns
The9 Limited (NCTY) has a return on equity (ROE) of -116.8%. Negative ROE indicates the company is unprofitable.
The9 Limited (NCTY) had negative free cash flow of $62.2M in fiscal year 2025, likely due to heavy capital investments.
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