Pricing Log in Create free account
Friday 6 November 2026 Export NTES’s income statement to Excel — free account

NetEase, Inc.

NTES Communication Services Electronic Gaming & Multimedia

NetEase, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 billion, up 11.6% from fiscal 2024.

Revenue
+14.0%
EPS
−14.4%
Free cash flow
+1.53%
Total debt
+18.0%

Quarter to June 2026, against a year earlier

126.73 5.47 +4.51%
Market cap
$80.6B
P/E
16.9×
Fwd P/E
12.5×
Dividend yield
2.31%
F-score
9/9
Altman Z
9.21
Beneish M
−2.86
Dividend safety
69/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.37
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — — 1 — —
Insider Ownership 0.61%

Capital & Financial Ratios $m

Size
Market Cap 80,610.00
Revenue ttm 17,111.03
Net income ttm 4,889.71
Free cash flow ttm 7,330.26
Net debt Q (24,647.55)
Valuation
P/E 16.92
Forward P/E 12.50
Price / sales 4.74
Forward P/S Powerpack
Price / FCF 11.08
Price / book 3.21
Financial health
Current ratio Q 3.45 (at or above 1.5: strong)
Debt / equity Q 0.07 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +13.96% (above 0%: growing)
Operating income growth Q +40.86% (above 0%: growing)
EPS, this year +5.70%
EPS, next year A +16.08% (at or above 15%: strong)
Revenue, next year A +12.42% (at or above 10%: strong)
EPS, past 5 yrs +22.13% (at or above 15%: strong)
EPS, next 5 yrs A +10.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 3.7×; over the ten years it ranged from 1.6× in 2022 to 6.5× in 2020.
P/E against its own 10 years 29.34%
10-year low 10-year high
P/S against its own 10 years 50.90%
10-year low 10-year high
P/B against its own 10 years 10.63%
10-year low 10-year high
EV/Sales against its own 10 years 39.38%
10-year low 10-year high
EV/FCF against its own 10 years 27.43%
10-year low 10-year high

Dividends raised 4 years running

Yield
2.31%
Annual rate
2.93
Payout ratio
39.5%
Growth, 2017–25
+19.5%/yr
  1. 0.73 ’17
  2. 0.33 ’18 −54
  3. 0.44 ’19 +32
  4. 2.41 ’20 +446
  5. 0.83 ’21 −66
  6. 1.52 ’22 +84
  7. 1.76 ’23 +15
  8. 2.44 ’24 +39
  9. 3.04 ’25 +24
  10. 0.63 ’26e −79
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 18,239 19,271 23,871 26,505
Receivables 905 777 763 847
Inventory 98 78 99 75
Other — — — —
20,098 21,005 25,828 28,307
2023 2024 2025 Q'26
Payables 124 99 92 104
ST’ Debt 2,710 1,617 913 1,858
Other 1,882 2,096 2,934 2,844
7,584 6,804 7,489 8,197

Compound Annual Growth %

10y 5y 3y
Sales 16.42% 7.36% 4.80%
Cash Flow 19.26% 13.72% 21.78%
Earnings 16.60% 21.16% 17.86%
Book Value 17.95% 13.15% 14.39%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 2.35 Actual 1.77

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 2.08 2.07 Miss by 0.01
Dec 2025 2.03 1.57 Miss by 0.46
Mar 2026 2.10 2.53 Beat by 0.43
Jun 2026 2.35 1.77 Miss by 0.58
Sep 2026 2.58 — Reports 19 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.40 1.60 — — —
’25 2.21 1.87 1.88 1.54 7.50
’24 1.63 1.43 1.44 1.87 6.29
’23 1.51 1.75 1.65 1.42 6.37
’22 1.05 1.19 1.43 0.88 4.47
’21 1.00 0.81 0.73 1.34 3.93
’20 0.77 0.98 0.64 0.37 2.76
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,435 4,437 — — —
’25 3,973 3,894 3,984 4,256 16,105
’24 3,719 3,507 3,735 3,465 14,425
’23 3,647 3,311 3,738 3,877 14,573
’22 3,716 3,458 3,434 3,383 13,991
’21 3,132 3,179 3,444 3,993 13,747
’20 2,410 2,574 2,748 3,558 11,290
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,991 1,503 — — —
’25 1,668 1,538 1,839 2,211 7,256
’24 1,324 890 1,586 1,636 5,436
’23 874 1,013 1,338 1,752 4,976
’22 723 951 955 1,389 4,017
’21 846 744 980 1,342 3,912
’20 918 678 860 1,358 3,814
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,904 1,492 — — —
’25 1,565 1,469 1,771 2,163 6,969
’24 1,241 813 1,494 1,588 5,135
’23 659 914 1,150 1,653 4,376
’22 584 883 867 1,306 3,640
’21 731 590 884 1,231 3,435
’20 852 526 689 1,246 3,313
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten 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 5,499 8,315 9,768 8,509 11,290 13,747 13,991 14,573 14,425 16,105 17,111 +12.7% 18,106 19,471 20,700 +8.7%
Gross margin, % 56.74 47.90 42.29 53.27 52.92 53.62 54.68 60.95 62.50 64.29 67.15 +7.6 pt
EBT 2,001 2,000 1,301 2,353 2,356 3,312 3,516 4,797 4,893 5,839 5,993 +12.6%
EBT margin, % 36.40 24.05 13.32 27.66 20.87 24.09 25.13 32.92 33.92 36.25 35.02 (0.2) pt
Net income 1,699 1,667 942 1,935 1,890 2,664 2,786 4,135 4,145 4,976 4,890 +12.7%
Per share, $
Per share, $ Revenue 8.38 12.64 15.10 13.21 17.08 20.67 21.44 22.65 22.54 25.27 26.71 +13.1%
Earnings 2.55 2.50 1.38 4.74 2.80 3.98 4.52 6.44 6.36 7.58 7.49 +12.9%
Cash flow 3.40 2.78 3.02 3.84 5.77 5.88 6.16 7.74 8.49 11.39 11.78 +14.4%
Capex (0.25) (0.59) (1.55) (0.73) (0.76) (0.72) (0.58) (0.93) (0.47) (0.45) (0.33) +6.8%
Free cash flow 3.15 2.19 1.47 3.11 5.01 5.16 5.58 6.80 8.02 10.94 11.44 +14.8%
Book value 8.44 10.85 10.35 13.96 19.24 23.42 24.15 28.02 30.48 37.03 39.45 +17.9%
Shares, m 656 658 647 644 661 665 653 643 640 637 639 (0.3%)
Valuation, ×
Valuation, × P/E 16.54 28.93 33.15 13.08 34.35 25.90 16.66 14.43 13.83 18.15 16.92 21.5
P/S 5.21 5.51 3.12 4.64 5.61 4.92 3.57 4.08 3.96 5.45 4.74 4.6
P/B 5.17 6.42 4.55 4.39 4.98 4.35 3.17 3.30 2.93 3.72 3.21 4.3
EV/Sales 4.26 4.73 2.51 3.66 4.56 4.01 2.61 3.02 2.74 4.02 3.31 3.6
EV/FCF 5.41 7.47 7.97 9.12 15.55 16.07 10.02 10.06 7.69 9.30 7.72 9.9
Cash, $m
Cash, $m Operating cash flow 2,231 1,827 1,951 2,473 3,814 3,912 4,017 4,976 5,436 7,256 7,543 +14.0%
Capex (164) (387) (1,001) (469) (502) (477) (377) (601) (300) (287) (213) +6.4%
Free cash flow 2,067 1,440 951 2,004 3,313 3,435 3,640 4,376 5,135 6,969 7,330 +14.5%
Balance, $m
Balance, $m Working capital 4,376 5,871 4,888 6,731 9,362 9,826 10,841 12,514 14,201 18,339 20,110 +17.3%
Net debt (5,191) (6,519) (5,981) (8,344) (11,731) (12,520) (13,430) (15,469) (17,595) (22,958) (24,648) +18.0%
Shareholders’ equity 5,540 7,137 6,694 8,991 12,720 15,579 15,765 18,024 19,510 23,597 25,271 +17.5%
Returns, %
Returns, % ROA 22.72 17.08 7.59 21.22 9.77 11.54 12.00 16.17 15.34 16.50 15.11 (6.2) pt
ROIC 325.80 188.89 100.62 191.35 140.75 52.63 76.15 95.48 132.30 501.39 605.16 +175.6 pt
ROE 33.21 25.97 12.94 38.90 17.03 18.69 18.81 24.52 21.68 22.40 22.94 (10.8) pt
People
People Employees 17,248 19,762 24,648 20,797 28,239 32,064 31,119 29,128 26,028 25,382 — +4.4%
Revenue/emp, $m 0.32 0.42 0.40 0.41 0.40 0.43 0.45 0.50 0.55 0.63 — +7.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

NetEase, Inc. vs peers in Electronic Gaming & Multimedia (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
NTES NetEase, Inc. $80.6B 16.9× 12.5× +13.96% (above 0%: growing) −14.36% (below 0%: shrinking) +1.53% (above 0%: growing) 70.47% 40.16%
TTWO Take-Two Interactive Software, Inc. $39.9B — (loss-making) 111× +2.00% (above 0%: growing) n/m −182.48% (below 0%: shrinking) 57.53% (2.31%) Compare
RBLX Roblox Corporation $34.1B — (loss-making) — (loss-making) +15.59% (above 0%: growing) n/m −17.65% (below 0%: shrinking) 79.77% (18.00%) Compare
PLTK Playtika Holding Corp. $881.1M — (loss-making) 5.0× −0.12% (below 0%: shrinking) 0.00% +65.31% (above 0%: growing) 74.03% 17.25% Compare
DDI DoubleDown Interactive Co., Ltd. Sponsored ADR $675.4M 5.4× 5.2× +11.17% (above 0%: growing) +50.00% (above 0%: growing) +24.80% (above 0%: growing) 75.54% 38.72% Compare
GRVY GRAVITY Co., Ltd. $462.0M 8.0× — −17.14% (below 0%: shrinking) +60.28% (above 0%: growing) +3,467.78% (above 0%: growing) 32.33% 17.04% Compare
SOHU Sohu.com Inc. $355.1M 1.6× — (loss-making) +7.34% (above 0%: growing) n/m +65.84% (above 0%: growing) 78.64% (13.50%) Compare
FIRY Firy Inc. $178.7M — (loss-making) — (loss-making) +22.92% (above 0%: growing) n/m +15.94% (above 0%: growing) 87.38% (69.59%) Compare
GDEV GDEV Inc. $159.0M 2.2× 2.0× −18.54% (below 0%: shrinking) +1,000.00% (above 0%: growing) +4,744.48% (above 0%: growing) 84.44% 21.72% Compare
Median of peers $568.7M 3.8× 5.1× +4.67% +55.14% +45.06% 77.09% 7.37%

All 22 Electronic Gaming & Multimedia stocks →

NetEase, Inc. (NTES) Latest News

28 Oct

Impact 3 · · Simply Wall St.

8 Oct

Impact 4 · · PR Newswire

28 Sep

Impact 4 · · MT Newswires
Impact 3 · · Zacks

27 Aug

Impact 3 ·

21 Aug

Impact 3 ·

20 Aug

Impact 4 · · The Motley Fool transcript
Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 · · InvestorsHub
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

14 Aug

Impact 3 ·

17 Jul

Impact 3 ·

16 Jul

Impact 3 ·

3 Jul

Impact 3 · · TheStreet

12 Jun

Impact 3 ·

11 Jun

Impact 3 · · Simply Wall St.

8 Jun

Impact 3 · · 24/7 Wall St.

23 May

Impact 3 · · Simply Wall St.

21 May

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat transcript
Impact 3 ·

17 May

Impact 3 · · Simply Wall St.

3 Apr

Impact 3 · · MarketBeat

10 Mar

Impact 3 · · Insider Monkey

20 Feb

Impact 3 · · Insider Monkey

NTES metrics, ten years each

stockrow.com/NTES · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com