The9 Limited (NCTY) Financial Ratios
25 years of historical data (2001–2025) · Technology · Electronic Gaming & Multimedia
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
N/A
—
5yr avg: N/A
30Y Low0.3·High23.0
P/B Ratio
↑
1.05
↑+335% vs avg
5yr avg: 0.24
30Y Low0.0·High3.5
ROE
↑
-116.8%
↓+57% vs avg
5yr avg: -274.1%
30Y Low-251%·High27%
Debt/EBITDA
N/A
—
5yr avg: N/A
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NCTY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The9 Limited currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23M | $48M | $68M | $37M | $14M | $111M | $19M | $32M | $21M | $21M | $30M |
| Enterprise Value | $49M | $225M | $194M | $67M | $30M | $-218081316 | $14M | $627M | $505M | $248M | $331M |
| P/E Ratio → | -0.66 | — | — | 1.25 | — | — | 0.05 | — | — | — | — |
| P/S Ratio | 1.50 | 0.46 | 0.60 | 0.21 | 0.12 | 0.82 | 32.65 | 94.77 | 1.18 | 0.30 | 0.51 |
| P/B Ratio | 1.05 | 0.20 | 0.16 | 0.20 | 0.50 | 0.14 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
NCTY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.14 | 1.71 | 0.38 | 0.27 | -1.63 | 24.45 | 1840.08 | 27.87 | 3.48 | 5.63 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
NCTY Profitability
Margins and return-on-capital ratios measuring operating efficiency
The9 Limited earns an operating margin of -229.6%. Operating margins have compressed from -137.7% to -229.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -116.8% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.7% | 1.7% | -1.4% | -22.5% | -43.7% | 35.2% | -30.2% | -835.5% | 5.7% | 67.5% | 13.7% |
| Operating Margin | -229.6% | -229.6% | -143.7% | -137.7% | -382.4% | -198.2% | -17909.4% | -38089.6% | -662.4% | -155.4% | -392.6% |
| Net Profit Margin | -373.0% | -373.0% | -65.7% | -79.8% | -902.2% | -302.7% | 63421.5% | -55820.6% | -1480.1% | -239.6% | -1204.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -116.8% | -116.8% | -24.5% | -132.9% | -250.8% | -845.5% | — | — | — | — | — |
| ROA | -63.6% | -63.6% | -14.9% | -28.8% | -103.9% | -59.7% | 326.3% | -109.8% | -109.9% | -50.7% | -159.2% |
| ROIC | -37.2% | -37.2% | -31.9% | -133.9% | -128.2% | — | — | — | — | — | — |
| ROCE | -70.7% | -70.7% | -51.5% | -203.2% | -105.0% | -118.1% | — | — | — | — | — |
NCTY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $176M ($235M total debt minus $59M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 0.32 | 0.41 | 3.18 | 0.13 | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.73 | 0.29 | 0.16 | 0.59 | -0.43 | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -10.65 | -10.65 | -4.76 | -7.64 | -18.02 | -2.23 | -26.02 | -3.76 | -1.15 | -1.32 | -4.09 |
NCTY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 1.00x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.37x to 1.00x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 1.19 | 1.37 | 0.70 | 1.93 | 0.12 | 0.15 | 0.04 | 0.22 | 0.15 |
| Quick Ratio | 1.00 | 1.00 | 1.19 | 1.37 | 0.22 | 1.07 | 0.11 | 0.02 | 0.02 | 0.19 | 0.14 |
| Cash Ratio | 0.90 | 0.90 | 0.05 | 0.28 | 0.10 | 0.79 | 0.09 | 0.01 | 0.00 | 0.17 | 0.07 |
| Asset Turnover | — | 0.18 | 0.18 | 0.48 | 0.18 | 0.10 | 0.01 | 0.00 | 0.11 | 0.22 | 0.17 |
| Inventory Turnover | — | — | — | — | 0.59 | 0.19 | 0.20 | 0.02 | 0.92 | 0.81 | 5.59 |
| Days Sales Outstanding | — | 73.43 | 24.81 | 0.12 | 7.20 | 179.68 | 4164.72 | 3304.79 | 49.20 | 26.11 | 53.44 |
NCTY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The9 Limited does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 80.1% | — | — | 2050.8% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $8M | $5M | $5M | $2M | $2M | $545333 | $354690 | $207049 | $111421 | $79580 |
Peer Comparison
Compare NCTY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NCTYYou | $23M | -0.7 | — | — | 1.7% | -229.6% | -116.8% | -37.2% | — |
 SOHU | $373M | 0.9 | — | — | 77.5% | -9.6% | 35.8% | -4.3% | — |
 GRVY | $455M | 10.3 | 5.5 | 9.2 | 35.0% | 14.2% | 11.2% | 15.5% | — |
 NTES | $77B | 15.7 | 12.6 | 10.9 | 64.3% | 31.8% | 21.9% | 24.0% | 0.2 |
 GIGM | $15M | -6.7 | — | — | 49.7% | -124.6% | -5.5% | -45.9% | — |
 BILI | $7B | 45.0 | 14.0 | 9.2 | 36.6% | 3.7% | 8.0% | 7.7% | 2.9 |
 HUYA | $517M | -31.9 | — | — | 13.4% | -2.5% | -1.8% | -2.3% | — |
 DOYU | $142M | -35.1 | -18.6 | — | 12.8% | 0.3% | -0.9% | 0.5% | 0.2 |
 GDEV | $230M | 3.4 | 2.2 | 7.9 | 65.0% | 17.6% | — | — | 0.0 |
 NVDA | $5.1T | 43.0 | 38.3 | 52.8 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
 AMD | $876B | 202.8 | 130.6 | 130.1 | 49.5% | 10.7% | 7.2% | 4.7% | 0.7 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 25 years · Updated daily
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NCTY — Frequently Asked Questions
Quick answers to the most common questions about buying NCTY stock.
What is The9 Limited's P/E ratio?
The9 Limited's current P/E ratio is -0.7x. The historical average is 5.2x.
What is The9 Limited's ROE?
The9 Limited's return on equity (ROE) is -116.8%. The historical average is -50.5%.
Is NCTY stock overvalued?
Based on historical data, The9 Limited is trading at a P/E of -0.7x. Compare with industry peers and growth rates for a complete picture.
What are The9 Limited's profit margins?
The9 Limited has 1.7% gross margin and -229.6% operating margin.