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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. 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
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 (above 10: high)
P/B ratio 123.51
Past 5Y EPS Growth —
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth (95.99%) (below 0%: weak)
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.

Target Price Range

Analyst price targets

Recommendation Rating

4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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
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%)

All 93 Capital Markets stocks →

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.

The9 Limited (NCTY) Latest News

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stockrow.com/NCTY · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com