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Friday 6 November 2026
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The9 Limited
NCTY Financial Capital Markets
The9 Limited’s revenue for fiscal 2025 (year ended December 2025) was $15.4 million, up 0.81% from fiscal 2024.
- Revenue
- −90.9%
- EPS
- +116.0%
Quarter to June 2026, against a year earlier
2.64
0.07
+2.72%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 8 | 11 | 3 | 0 | 0 | 21 | 17 | 25 | 15 | 15 | 26 | +7.4% | 1 | — | — | (96.0%) | |
| Gross margin, % | 13.67 | 67.49 | 5.72 | (292.87) | (30.14) | 35.21 | (55.29) | (18.35) | (1.43) | 1.68 | (32.19) | (12.0) pt | ||||||
| EBT | (81) | (26) | (34) | (28) | 62 | (65) | (142) | (20) | (10) | (58) | (41) | (3.6%) | ||||||
| EBT margin, % | (1,001.14) | (232.00) | (1,348.04) | (56,555.80) | 64,365.38 | (305.50) | (823.88) | (80.58) | (64.91) | (378.35) | (155.92) | +622.8 pt | ||||||
| Net income | (96) | (17) | (35) | (28) | 60 | (65) | (142) | 2 | (10) | (58) | 55 | (5.4%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 101.69 | 100.92 | 12.24 | 0.05 | 0.18 | 12.91 | 7.18 | 7.48 | 3.27 | 2.04 | 2.50 | (35.2%) | |||||
| Earnings | (1,224.12) | (243.00) | (168.09) | (26.48) | 111.30 | (37.75) | (58.90) | 0.84 | (2.15) | (7.59) | (27.85) | (43.2%) | ||||||
| Cash flow | (327.48) | (119.55) | (71.07) | (7.31) | (29.86) | (65.36) | (9.34) | (1.94) | (1.29) | (0.60) | (10.59) | (50.4%) | ||||||
| Capex | (15.08) | (0.22) | (0.10) | 0.25 | (0.05) | (7.63) | (15.29) | (0.09) | (0.26) | (0.05) | 0.00 | (46.5%) | ||||||
| Free cash flow | (342.56) | (119.78) | (71.17) | (7.06) | (29.91) | (72.99) | (24.64) | (2.02) | (1.55) | (0.65) | (10.59) | (50.1%) | ||||||
| Book value | (1,270.31) | (1,106.99) | (761.85) | (166.29) | (187.58) | 72.56 | 1.66 | 7.58 | 9.52 | 3.20 | 8.11 | n/m | ||||||
| Shares, m | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 3 | 5 | 8 | 7 | +65.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | 1.78 | 0.88 | 0.00 | 67.12 | 979.46 | 7.32 | 0.43 | 0.69 | 1.29 | 0.56 | 1.06 | 106.0 | ||||||
| P/B | 0.40 | 0.20 | 0.00 | 0.00 | 0.00 | 1.27 | 2.54 | 0.00 | 0.93 | 0.34 | 0.33 | 0.6 | ||||||
| EV/Sales | (1.48) | (2.38) | 5.95 | 81.27 | 230.31 | 4.23 | 0.24 | 0.95 | 1.23 | 0.01 | — | 32.0 | ||||||
| EV/FCF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.36) | (0.04) | (0.13) | (0.16) | 0.00 | — | (0.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (26) | (13) | (15) | (8) | (16) | (108) | (22) | (7) | (6) | (5) | (112) | (17.7%) | |||||
| Capex | (1) | 0 | 0 | 0 | 0 | (13) | (37) | 0 | (1) | 0 | (20) | (11.2%) | ||||||
| Free cash flow | (27) | (13) | (15) | (8) | (16) | (121) | (59) | (7) | (7) | (5) | (112) | (17.3%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (70) | (98) | (127) | (130) | (49) | 79 | (24) | 8 | 5 | 0 | 77 | (50.1%) | |||||
| Net debt | 43 | (5) | 70 | 76 | (4) | (52) | 1 | 1 | (10) | (13) | (89) | n/m | ||||||
| Shareholders’ equity | (101) | (123) | (158) | (177) | (102) | 120 | 4 | 26 | 45 | 24 | 86 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (145.89) | (53.78) | (101.95) | (109.49) | 363.08 | (60.58) | (96.65) | 4.08 | (14.53) | (66.87) | (41.27) | +79.0 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (46.08) | (1,628.06) | (107.47) | (14.56) | (214.84) | 0.00 | (214.8) pt | ||||||
| ROE | 140.91 | 24.01 | 26.70 | 16.36 | (43.54) | (736.96) | (228.35) | 19.08 | (28.72) | (167.31) | (133.93) | (308.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 354 | 236 | 105 | 61 | 47 | 74 | 72 | 50 | 50 | 44 | — | (20.7%) | |||||
| Revenue/emp, $m | 0.02 | 0.05 | 0.02 | 0.00 | 0.00 | 0.29 | 0.24 | 0.50 | 0.31 | 0.35 | — | +35.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
The9 Limited vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| BTCS BTCS Inc. | $46.2M | — (loss-making) | 65.0× | −11.87% (below 0%: shrinking) | n/m | +104.59% (above 0%: growing) | 61.08% | (1,361.27%) | Compare |
| HGBL Heritage Global Inc. | $43.7M | — (loss-making) | — (loss-making) | +28.44% (above 0%: growing) | +50.00% (above 0%: growing) | +1,218.88% (above 0%: growing) | 0.00% | 7.16% | Compare |
| NCTY The9 Limited | $38.6M | — (loss-making) | — | −90.91% (below 0%: shrinking) | n/m | −72.45% (below 0%: shrinking) | 44.80% | (1,883.71%) | |
| STEX Streamex Corp. | $37.9M | — (loss-making) | — (loss-making) | +1,116.67% (above 0%: growing) | n/m | −818.54% (below 0%: shrinking) | 100.00% | (10,384.25%) | Compare |
| CANG Cango Inc. Sponsored ADR | $37.5M | — (loss-making) | — (loss-making) | −63.69% (below 0%: shrinking) | n/m | −145,939.21% (below 0%: shrinking) | (33.17%) | (158.75%) | Compare |
| DOMH Dominari Holdings Inc. | $36.4M | — (loss-making) | — (loss-making) | −56.86% (below 0%: shrinking) | n/m | −2,705.10% (below 0%: shrinking) | 100.00% | (6.80%) | Compare |
| VIP Vulcan Infrastructure and Power Inc | $36.0M | 10.8× | — (loss-making) | −73.68% (below 0%: shrinking) | n/m | +32.03% (above 0%: growing) | (141.33%) | (284.79%) | Compare |
| AURE Aurelion Inc. | $33.2M | — (loss-making) | — | — | n/m | −75.78% (below 0%: shrinking) | (38.05%) | 0.00% | Compare |
| COHN Institutional Financial Markets, Inc. | $32.3M | 1.1× | 6.7× | +16.06% (above 0%: growing) | +95.06% (above 0%: growing) | −71.20% (below 0%: shrinking) | 100.00% | 17.86% | Compare |
| Median of peers | $37.0M | — | — | −11.87% | — | −73.49% | 30.54% | (82.77%) |