Saturday 17 October 2026 Export NCTY’s income statement to Excel — free account

The9 Limited

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%

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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

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 99.54%

Capital & Financial Ratios $m

Market Cap 51.05

Revenue 26.33

Net Income 55.38

Free Cash Flow (111.70)

Net Debt (89.09)

Current Ratio 2.57

Debt/Equity 0.35

P/E ratio 1.62

Fwd P/E —

P/S ratio 401.51

P/B ratio 123.51

Past 5Y EPS Growth —

This Y EPS Growth —

Next Y EPS Growth —

Next Y revenue growth (95.99%)

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 92.50%

10-year low 10-year high

P/B against its own 10 years 96.13%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2020	Powerpack
2019	Powerpack
2018	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	9	28	44	119
Receivables	0	—	1	2
Inventory	—	—	—	—
Other	12	2	0	0
	31	33	49	126

	2023	2024	2025	Q'26
Payables	1	1	3	3
ST’ Debt	7	18	32	30
Other	7	3	6	7
	23	28	49	49

Compound Annual Growth %

	10y	5y	3y
Sales	7.97%	176.25%	(3.63%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	82.54%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2	1	—	—	—
’25	—	—	—	—	15
’24	—	—	—	—	15
’23	—	14	—	—	25
’22	—	8	—	10	17
’21	—	19	—	2	21
’20	—	0	—	0	0

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(5)	1	—	—	—
’25	—	—	—	—	(5)
’24	—	—	—	—	(6)
’23	—	—	—	—	(7)
’22	—	—	—	—	(22)
’21	—	(40)	—	(67)	(108)
’20	—	—	—	—	(16)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(5)	1	—	—	—
’25	—	—	—	—	(5)
’24	—	—	—	—	(7)
’23	—	—	—	—	(7)
’22	—	—	—	—	(59)
’21	—	(49)	—	(67)	(121)
’20	—	—	—	—	(16)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.16	0.01	—	—	—
’25	—	—	—	—	(9.00)
’24	—	—	—	—	(2.15)
’23	—	(13.25)	—	—	0.00
’22	—	(41.27)	—	(19.85)	(58.90)
’21	—	(17.30)	—	(19.26)	(39.62)
’20	—	13.32	—	(9.05)	111.30

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	360.00	189.00	78.00	82.00	20.40	52.50	4.50	3.33	4.03	5.95	Analyst estimates 2026–2028 Powerpack
	High	984.00	408.00	813.00	390.00	123.00	892.00	70.80	16.80	20.59	17.83
People
People	Employees	354	236	105	61	47	74	72	50	50	44
	Revenue/emp, $m	0.02	0.05	0.02	0.00	0.00	0.29	0.24	0.50	0.31	0.35
Income, $m
Income, $m	Revenue	8	11	3	0	0	21	17	25	15	15
	Gross margin, %	13.67	67.49	5.72	(292.87)	(30.14)	35.21	(55.29)	(18.35)	(1.43)	1.68
	EBT	(81)	(26)	(34)	(28)	62	(65)	(142)	(20)	(10)	(58)
	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)
	Net income	(96)	(17)	(35)	(28)	60	(65)	(142)	2	(10)	(58)
	Depreciation	10	13	15	5	1	26	17	16	13	3
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
	Earnings	(1,224.12)	(243.00)	(168.09)	(26.48)	111.30	(37.75)	(58.90)	0.00	(2.15)	(9.00)
	Cash flow	(327.48)	(119.55)	(71.07)	(7.31)	(29.86)	(65.36)	(9.34)	(1.94)	(1.29)	(0.60)
	Capex	(15.08)	(0.22)	(0.10)	0.25	(0.05)	(7.63)	(15.29)	(0.09)	(0.26)	(0.05)
	Free cash flow	(342.56)	(119.78)	(71.17)	(7.06)	(29.91)	(72.99)	(24.64)	(2.02)	(1.55)	(0.65)
	Book value	(1,270.31)	(1,106.99)	(761.85)	(166.29)	(187.58)	72.56	1.66	7.58	9.52	3.20
	Shares, m	0	0	0	1	1	2	2	3	5	8
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	1.78	0.88	0.00	66.97	258.18	7.32	0.43	0.69	1.29	0.56
	P/B	0.40	0.20	0.00	0.00	0.00	1.27	2.54	0.00	0.93	0.34
	EV/Sales	(1.48)	(2.38)	5.95	81.27	230.31	4.23	0.24	0.95	1.23	0.01
	EV/FCF	0.00	0.00	0.00	0.00	0.00	(0.36)	(0.04)	(0.13)	(0.16)	0.00
Cash, $m
Cash, $m	Operating cash flow	(26)	(13)	(15)	(8)	(16)	(108)	(22)	(7)	(6)	(5)
	Capex	(1)	0	0	0	0	(13)	(37)	0	(1)	0
	Free cash flow	(27)	(13)	(15)	(8)	(16)	(121)	(59)	(7)	(7)	(5)
Balance, $m
Balance, $m	Working capital	(70)	(98)	(127)	(130)	(49)	79	(24)	8	5	0
	Total debt	49	17	71	77	1	15	10	9	18	32
	Net debt	43	(5)	70	76	(4)	(52)	1	1	(10)	(13)
	Shareholders’ equity	(101)	(123)	(158)	(177)	(102)	120	4	26	45	24
Returns, %
Returns, %	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)
	ROE	140.91	24.01	26.70	16.36	(43.54)	(736.96)	(228.35)	19.08	(28.72)	(167.31)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SRL Scully Royalty Ltd.	$72.3M	— (loss-making)	— (loss-making)	−47.57% (below 0%: shrinking)	n/m	+1,200.58% (above 0%: growing)	0.00%	0.00%	Compare
BTCS BTCS Inc.	$63.2M	— (loss-making)	65.0×	−11.87% (below 0%: shrinking)	n/m	+104.59% (above 0%: growing)	61.08%	(1,361.27%)	Compare
NCTY The9 Limited	$51.1M	1.6×	—	−90.91% (below 0%: shrinking)	n/m	−72.45% (below 0%: shrinking)	44.80%	(1,883.71%)
MATH Metalpha Technology Holding Limited	$50.6M	— (loss-making)	— (loss-making)	+162.83% (above 0%: growing)	−83.33% (below 0%: shrinking)	−28.12% (below 0%: shrinking)	11.31%	0.00%	Compare
DOMH Dominari Holdings Inc.	$49.5M	— (loss-making)	— (loss-making)	−56.86% (below 0%: shrinking)	n/m	−2,705.10% (below 0%: shrinking)	100.00%	(6.80%)	Compare
MEGL Magic Empire Global Limited	$49.5M	—	—	—	—	—	—	—	Compare
STEX Streamex Corp.	$47.5M	— (loss-making)	— (loss-making)	+1,116.67% (above 0%: growing)	n/m	−818.54% (below 0%: shrinking)	100.00%	(10,384.25%)	Compare
VIP Vulcan Infrastructure and Power Inc	$47.0M	14.4×	— (loss-making)	−73.68% (below 0%: shrinking)	n/m	+32.03% (above 0%: growing)	(141.33%)	(284.79%)	Compare
HGBL Heritage Global Inc.	$43.3M	— (loss-making)	9.3×	−14.25% (below 0%: shrinking)	n/m	−18.14% (below 0%: shrinking)	68.01%	(170.49%)	Compare
Median of peers	$49.5M	—	—	−14.25%	—	−18.14%	61.08%	(170.49%)

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The9 Limited (NCTY) key facts

Strength: The9 Limited’s revenue for fiscal 2025 (year ended December 2025) was $15.4 million, up 0.81% from fiscal 2024.
The9 Limited (NCTY) is a Capital Markets company in the Financial sector, traded in the US as an ADR.
As of October 16, 2026, NCTY traded at $3.34, a market capitalization of $51.1 million.
Return on equity was −167.3% and debt-to-equity 0.35.
Its Piotroski F-score is 3 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.