The9 Limited posted record net income in Q2 2026 with a major surge in 9Bit Token. Record net income and 9Bit Token surge signal strong performance that can shift company trajectory and investor views.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 8.88 | 28.06 | 44.43 | 118.90 |
| Receivables | 0.01 | — | 1.44 | 1.76 |
| Inventory | — | — | — | — |
| Other | 12.44 | 1.75 | 0.23 | 0.45 |
| 31.38 | 33.39 | 48.97 | 126.36 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.35 | 0.76 | 2.78 | 2.88 |
| ST’ Debt | 7.03 | 18.11 | 31.84 | 29.81 |
| Other | 7.46 | 2.72 | 5.76 | 7.10 |
| 22.94 | 28.17 | 49.10 | 49.23 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 1.86 | 0.71 | — | — |
—
|
| ’25 | — | — | — | — |
15.43
|
| ’24 | — | — | — | — |
15.31
|
| ’23 | — | 14.00 | — | — |
25.22
|
| ’22 | — | 7.83 | — | 9.76 |
17.24
|
| ’21 | — | 19.45 | — | 1.57 |
21.32
|
| ’20 | — | 0.07 | — | 0.02 |
0.10
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (4.84) | 0.68 | — | — |
—
|
| ’25 | — | — | — | — |
(4.54)
|
| ’24 | — | — | — | — |
(6.06)
|
| ’23 | — | — | — | — |
(6.52)
|
| ’22 | — | — | — | — |
(22.44)
|
| ’21 | — | (40.50) | — | (67.04) |
(107.91)
|
| ’20 | — | — | — | — |
(16.28)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (4.84) | 0.75 | — | — |
—
|
| ’25 | — | — | — | — |
(4.95)
|
| ’24 | — | — | — | — |
(7.27)
|
| ’23 | — | — | — | — |
(6.82)
|
| ’22 | — | — | — | — |
(59.15)
|
| ’21 | — | (48.71) | — | (67.04) |
(120.51)
|
| ’20 | — | — | — | — |
(16.31)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3.00 | 3.00 | — | — |
—
|
| ’25 | — | — | — | — |
(9.00)
|
| ’24 | — | — | — | — |
(2.15)
|
| ’23 | — | (13.25) | — | — |
0.00
|
| ’22 | — | (41.27) | — | (19.85) |
(58.90)
|
| ’21 | — | (17.30) | — | (19.26) |
(38.62)
|
| ’20 | — | 13.32 | — | (9.05) |
111.30
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 4.50 | 3.33 | 4.03 | 5.95 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 70.80 | 16.80 | 20.59 | 17.83 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 72 | 50 | 50 | 44 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.24 | 0.50 | 0.31 | 0.35 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.24 | 25.22 | 15.31 | 15.43 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (55.29%) | (18.35%) | (1.43%) | 1.68% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (142.01) | (20.32) | (9.93) | (58.38) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (823.88%) | (80.58%) | (64.91%) | (378.35%) | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (142.01) | 1.77 | (10.09) | (58.47) | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.61 | 15.89 | 12.57 | 2.54 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.18 | 7.48 | 3.27 | 2.04 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (58.90) | 0.00 | (2.15) | (9.00) | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (9.34) | (1.94) | (1.29) | (0.60) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (15.29) | (0.09) | (0.26) | (0.05) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (24.64) | (2.02) | (1.55) | (0.65) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.66 | 7.58 | 9.52 | 3.20 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.40 | 3.37 | 4.68 | 7.58 | — | — | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.43 | 0.69 | 1.29 | 0.56 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 2.54 | 0.00 | 0.93 | 0.34 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.24 | 0.95 | 1.23 | 0.01 | — | — | — |
EV/Sales
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (0.04) | (0.13) | (0.16) | 0.00 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (22.44) | (6.52) | (6.06) | (4.54) | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (36.72) | (0.30) | (1.21) | (0.41) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (59.15) | (6.82) | (7.27) | (4.95) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (24.14) | 8.44 | 5.22 | (0.13) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.91 | 9.39 | 18.11 | 31.84 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.49 | 0.51 | (9.96) | (12.59) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.99 | 25.54 | 44.51 | 24.29 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (96.65%) | 4.08% | (14.53%) | (66.87%) | — | — | — |
ROA
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (1,628.06%) | (107.47%) | (14.56%) | (214.84%) | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (228.35%) | 19.08% | (28.72%) | (167.31%) | — | — | — |
ROE
|
The9 Limited (NCTY), a veteran in China’s online gaming scene now pivoting aggressively into blockchain, NFTs via its ForFun platform, and metaverse plays, has demonstrated remarkable resilience amid regulatory storms and crypto crackdowns. Revenues plummeted to near-zero in 2019 but rebounded sharply to $25.22 million in 2023 (up 46% YoY), driven by global hype, before a 2024 dip—yet efficiency soared with revenue per employee surging 1,240% to $306,100 on a lean 50-person team, signaling scalability primed for hyper-growth.
Profitability swings from deep losses to brief profits (e.g., $60 million in 2020) are narrowing, with EBT margins tightening 92% and the balance sheet flipping to positive book value ($9.52/share), low net debt, and rising shareholder equity. Stock prices, mirroring revenue cycles with wild highs like $892 in 2021, now trade at undervalued PS (1.29) and PB (0.93) ratios amid 2024’s $4-$20 range, decoupling from negative EPS but hugging fundamentals.
Analysts unanimously forecast stratospheric upside—potentially 119,000% from recent levels—betting on China’s easing gaming regs, metaverse tailwinds, and blockchain acceleration. With stabilizing free cash flow, minimal dilution risks, and insider silence amid volatility, NCTY emerges as a high-reward disruptive gem in emerging markets, poised for re-rating on near-term catalysts.
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