Last 48 quarters of trend data · Technology · Electronic Gaming & Multimedia
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
NetEase, Inc.'s quarterly P/E stands at 1.7x, up 5.5% year-over-year. EV/EBITDA has compressed 20.7% YoY to 0.6x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 15.74 | 1.69 | 3.62 | 2.85 | 2.52 | 1.60 | 1.63 | 2.30 | 2.30 | 2.20 | 2.31 | 2.08 | 1.90 |
| — | +5.5% | +121.7% | +23.6% | +9.7% | -27.2% | -29.1% | +10.8% | +20.7% | +3.1% | -23.2% | +11.6% | -34.8% | |
| P/S Ratio | 4.66 | 0.59 | 0.81 | 0.86 | 0.78 | 0.57 | 0.53 | 0.58 | 0.61 | 0.63 | 0.56 | 0.60 | 0.65 |
| — | +3.2% | +50.8% | +48.7% | +27.0% | -8.6% | -4.2% | -2.7% | -6.6% | +8.9% | +19.2% | +17.1% | -1.8% | |
| P/B Ratio | 3.21 | 0.43 | 0.54 | 0.61 | 0.56 | 0.45 | 0.40 | 0.45 | 0.46 | 0.51 | 0.47 | 0.53 | 0.53 |
| — | -4.4% | +34.0% | +35.7% | +21.2% | -13.3% | -15.2% | -14.6% | -12.8% | +0.6% | +8.5% | +15.5% | -9.8% | |
| P/FCF | 10.86 | 1.38 | 1.55 | 1.96 | 2.09 | 1.45 | 1.13 | 1.53 | 2.61 | 1.88 | 1.35 | 1.92 | 2.28 |
| — | -5.3% | +37.6% | +28.7% | -20.0% | -22.6% | -16.8% | -20.7% | +14.2% | -41.1% | -3.2% | +4.7% | -9.7% | |
| EV / EBITDA | 12.60 | 0.62 | 1.21 | 2.14 | 1.14 | 0.78 | 0.55 | 1.69 | 1.86 | 1.51 | 1.98 | 1.88 | 2.45 |
| — | -20.7% | +121.3% | +27.1% | -38.7% | -48.4% | -72.4% | -10.1% | -23.9% | -33.1% | -19.2% | -32.6% | -29.0% | |
| EV / EBIT | 13.39 | 0.64 | 1.31 | 2.31 | 1.20 | 0.82 | 0.60 | 1.81 | 2.03 | 1.62 | 2.17 | 2.04 | 2.72 |
| — | -21.6% | +120.5% | +27.6% | -41.2% | -49.7% | -72.6% | -11.2% | -25.2% | -37.5% | -24.6% | -36.4% | -29.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
NetEase, Inc.'s operating margin was 41.4% in Q1 2026, up 11.2 pp QoQ and up 5.2 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 33.1% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 8.2% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.3% | 69.4% | 64.2% | 64.1% | 64.7% | 64.1% | 60.8% | 62.9% | 62.9% | 63.4% | 62.0% | 62.2% | 59.9% |
| — | +8.2% | +5.6% | +2.0% | +2.8% | +1.2% | -1.9% | +1.0% | +5.1% | +6.5% | +18.7% | +10.6% | +7.1% | |
| Operating Margin | 31.8% | 41.4% | 30.2% | 28.3% | 32.5% | 36.2% | 29.2% | 27.3% | 27.4% | 28.4% | 25.3% | 27.7% | 25.2% |
| — | +14.2% | +3.3% | +3.6% | +18.4% | +27.6% | +15.5% | -1.6% | +8.7% | -1.5% | +44.7% | +42.8% | +18.2% | |
| Net Margin | 30.0% | 34.9% | 22.7% | 30.4% | 30.8% | 35.7% | 32.8% | 24.9% | 26.5% | 28.4% | 24.3% | 28.7% | 34.3% |
| — | -2.4% | -30.9% | +21.8% | +16.3% | +25.7% | +35.1% | -13.2% | -22.7% | +5.4% | +55.6% | +4.8% | +50.2% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.9% | 6.4% | 3.8% | 5.5% | 5.7% | 7.1% | 6.3% | 4.8% | 5.1% | 5.9% | 5.2% | 6.5% | 7.1% |
| — | -10.1% | -39.3% | +13.0% | +11.7% | +20.2% | +20.6% | -25.2% | -28.6% | -3.3% | +44.3% | +3.5% | +39.3% | |
| ROA | 16.2% | 4.7% | 2.9% | 4.1% | 4.2% | 5.2% | 4.6% | 3.6% | 3.6% | 4.0% | 3.7% | 4.6% | 4.8% |
| — | -9.2% | -37.8% | +14.7% | +17.6% | +29.5% | +25.0% | -23.1% | -25.0% | +4.1% | +60.9% | +17.5% | +47.4% | |
| ROIC | 24.0% | 7.6% | 4.9% | 4.8% | 6.0% | 7.1% | 5.1% | 4.2% | 4.3% | 4.8% | 4.2% | 4.7% | 3.6% |
| — | +6.8% | -4.6% | +15.6% | +38.1% | +49.5% | +22.3% | -10.5% | +19.8% | +6.6% | +45.7% | +58.3% | +15.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
NetEase, Inc.'s Debt/EBITDA ratio is 0.8x, up from 0.7x last quarter — comfortably within a safe range.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.06 | 0.04 | 0.05 | 0.07 | 0.07 | 0.09 | 0.08 | 0.10 | 0.19 | 0.16 | 0.09 | 0.13 |
| — | -2.6% | -57.0% | -43.8% | -27.8% | -65.7% | -43.8% | -13.6% | -24.3% | -30.1% | -38.8% | -64.5% | -55.3% | |
| Debt / EBITDA | 0.17 | 0.84 | 0.71 | 0.85 | 1.19 | 0.90 | 1.50 | 1.44 | 1.79 | 3.09 | 2.72 | 1.42 | 2.36 |
| — | -6.9% | -53.0% | -40.8% | -33.4% | -70.8% | -44.7% | +1.3% | -24.2% | -17.7% | -50.3% | -73.3% | -58.3% | |
| Current Ratio | 3.45 | 3.28 | 3.45 | 3.42 | 3.23 | 3.21 | 3.09 | 3.08 | 3.01 | 2.53 | 2.65 | 2.91 | 2.93 |
| — | +2.4% | +11.7% | +11.1% | +7.4% | +26.9% | +16.5% | +5.8% | +2.5% | +8.5% | +14.4% | +26.0% | +31.7% | |
| Quick Ratio | 3.44 | 3.28 | 3.44 | 3.41 | 3.22 | 3.20 | 3.08 | 3.06 | 3.00 | 2.52 | 2.64 | 2.89 | 2.91 |
| — | +2.4% | +11.7% | +11.2% | +7.4% | +27.0% | +16.6% | +5.9% | +2.8% | +8.8% | +14.7% | +26.2% | +31.7% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying NTES stock.
NetEase, Inc.'s current P/E is 15.7x. The average P/E over the last 4 quarters is 2.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
NetEase, Inc.'s current operating margin is 31.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking NetEase, Inc.'s business trajectory between earnings reports.