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. In the quarter to June 2026, revenue fell 90.9% and EPS grew 107.3%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.

3.34 0.05 −1.47%
Market cap
$51.1M
P/E
1.6×
Fwd P/E
—
Dividend yield
—
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25
P/E ratio
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Piotroski F-Score
3 6 2 2 6 4 1 5 3 3
P/S ratio
1.78 0.88 0.00 66.97 258.18 7.32 0.43 0.69 1.29 0.56
P/FCF ratio
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/Operating CF
0.00 0.00 0.00 0.00 0.00 (2.30) (0.25) (0.34) (0.64) (0.28)
P/B ratio
0.40 0.20 0.00 0.00 0.00 1.27 2.54 0.00 0.93 0.34
Price to Tangible BV
0.82 0.41 0.00 0.00 0.00 1.37 0.00 0.00 1.16 0.35
EV/Sales
(1.48) (2.38) 5.95 81.27 230.31 4.23 0.24 0.95 1.23 0.01
EV/EBITDA
0.27 0.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EV/Operating CF
0.00 0.00 0.00 0.00 0.00 (0.39) (0.04) (0.14) (0.18) 0.00
EV/FCF
0.00 0.00 0.00 0.00 0.00 (0.36) (0.04) (0.13) (0.16) 0.00
Quick Ratio
0.08 0.18 0.01 0.01 0.09 0.80 0.12 0.39 1.00 0.93
Current Ratio
0.15 0.22 0.04 0.15 0.12 1.93 0.70 1.37 1.19 1.00
Net Debt/EBITDA
(1.33) 1.16 (545.51) (4.18) (0.07) 2.24 (0.01) (0.02) (2.20) 0.33
Debt/Assets
96.88% 33.66% 296.15% 296.43% 12.88% 7.28% 11.41% 18.33% 20.76% 37.50%
Debt/Equity
(0.48) (0.14) (0.45) (0.44) (0.01) 0.13 2.48 0.37 0.41 1.31
Asset Turnover
0.12 0.22 0.07 0.00 0.01 0.20 0.12 0.37 0.22 0.18
Operating CF/Net income
0.27 0.49 0.39 0.28 (0.27) 1.67 0.16 (2.32) 0.60 0.08
Capex/Depreciation
(0.12) 0.00 0.00 0.05 (0.05) (0.48) (2.21) (0.02) (0.10) (0.16)
Interest Coverage
(2.56) (0.69) (0.49) (2.36) 42.52 (1.34) (41.43) (10.14) (1.72) (12.08)
ROE
140.91% 24.01% 26.70% 16.36% (43.54%) (736.96%) (228.35%) 19.08% (28.72%) (167.31%)
ROA
(145.89%) (53.78%) (101.95%) (109.49%) 363.08% (60.58%) (96.65%) 4.08% (14.53%) (66.87%)
ROIC
0.00% 0.00% 0.00% 0.00% 0.00% (46.08%) (1,628.06%) (107.47%) (14.56%) (214.84%)
Return on Tangible Assets
147.44% 28.47% 30.07% 21.12% (123.55%) (60.55%) 4,123.74% 12.97% (134.41%) (943.89%)
Average Days of Receivables
55.90 13.01 12.41 118.20 1.90 9.89 21.97 0.11 0.00 34.04
Research and Development Expense of Revenue
138.78% 61.67% 140.86% 3,829.53% 389.68% 1.41% 2.05% 1.10% 0.76% 9.08%
Selling, General and Administrative Expense of Revenue
267.50% 161.20% 527.24% 33,930.14% 17,482.17% 231.97% 416.33% 114.38% 141.50% 222.22%
Intangible Assets out of Total Assets
0.19 0.20 0.38 0.00 0.00 0.00 0.00 0.00 0.01 0.03
Share Based Compensation of Revenue
49.91% 51.99% 22.36% 6,363.14% 8,798.54% 110.52% 170.20% 39.52% 39.99% 107.56%
Graham Net Nets
0.28 0.56 0.00 (0.37) (1.38) 0.51 (1.51) (2.29) (0.27) 0.42
Graham Number
0.00 0.00 0.00 643.36 115.33 0.00 0.00 0.00 0.00 14.30
Earnings Yield
(307.23%) (619.41%) (1,118.55%) (658.38%) (38.64%) (13.03%) (5.69%) (3.99%) (2.13%) (4.87%)
Free Cash Flow Yield
0.00% 0.00% 0.00% 0.00% 0.00% (161.20%) (1,505.02%) (1,091.43%) (582.50%) (1,329.60%)
Revenue per Share
101.69 100.92 12.24 0.05 0.18 12.91 7.18 7.48 3.27 2.04
Operating CF per Share
(327.48) (119.55) (71.07) (7.31) (29.86) (65.36) (9.34) (1.94) (1.29) (0.60)
Capex per Share
(15.08) (0.22) (0.10) 0.25 (0.05) (7.63) (15.29) (0.09) (0.26) (0.05)
Free Cash Flow per Share
(342.56) (119.78) (71.17) (7.06) (29.91) (72.99) (24.64) (2.02) (1.55) (0.65)
Cash per Share
70.35 196.78 2.99 1.37 8.91 40.80 3.51 2.64 6.00 5.86
Shareholders Equity per Share
(1,270.31) (1,106.99) (761.85) (166.29) (187.58) 72.56 1.66 7.58 9.52 3.20
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
(1,270.31) (1,106.99) (761.85) (166.29) (187.58) 72.56 1.66 7.58 9.52 3.20
Free Cash Flow
(27.27) (13.34) (14.74) (7.52) (16.31) (120.51) (59.15) (6.82) (7.27) (4.95)
Working Capital
(69.96) (97.80) (127.32) (129.80) (49.36) 79.44 (24.14) 8.44 5.22 (0.13)
Capital Expenditures
(1.20) (0.02) (0.02) 0.27 (0.03) (12.60) (36.72) (0.30) (1.21) (0.41)
Net Current Asset Value
(138.98) (144.84) (176.93) (180.83) (103.23) 79.03 (25.21) 5.69 (9.33) (11.65)
EV/EBIT
0.27 0.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capex to Sales
0.15 0.00 0.01 (5.42) 0.28 0.59 2.13 0.01 0.08 0.03
Price to Operating Income
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other line items
Depreciation/Fixed assets
2.61 4.06 5.99 30.68 3.45 0.97 0.80 1.20 5.55 0.41
Cash ROIC
58.57% 15.76% 17.10% 7.65% 16.91% (59.62%) (265.04%) (15.57%) (8.02%) (4.92%)
Accounts Receivable Turnover
6.91 13.71 10.41 0.96 11.70 73.74 21.34 48.26 0.00 21.33
Accounts Payable Turnover
1.19 0.66 0.43 0.04 0.02 2.36 1.77 2.35 14.71 8.57
Inventory Turnover
0.00 47.87 31.31 (0.92) (0.08) 0.00 0.00 0.00 0.00 0.00
Average Days of Payables
278.64 569.86 844.68 10,396.63 15,955.59 165.41 328.08 16.54 17.82 66.94
Days of Inventory on Hand
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Receivables
1.17 0.82 0.24 0.05 0.01 0.29 0.81 0.52 — 0.72
Average Payables
5.85 5.52 5.62 5.51 5.47 5.86 15.16 12.71 1.06 1.77
Average Inventory
— 0.08 0.08 (0.21) (1.52) — — — — —
Average Assets
66.80 50.10 36.81 25.01 16.74 106.52 146.24 69.05 69.22 86.06
Average Common Equity
(69.17) (112.22) (140.55) (167.37) (139.62) 8.76 61.90 14.77 35.02 34.40

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Columns are period end dates