Saturday 17 October 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. In the quarter to June 2026, revenue grew 14.0%, EPS fell 14.4%, free cash flow grew 1.53% and total debt rose 18.0%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.
126.06
1.05
−0.83%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
16.54 | 28.93 | 33.15 | 13.08 | 34.35 | 25.90 | 16.66 | 14.43 | 13.83 | 18.55 |
Piotroski F-Score |
7 | 6 | 5 | 6 | 5 | 6 | 7 | 8 | 7 | 9 |
Altman Z-Score |
8.87 | 10.02 | 5.31 | 5.47 | 6.22 | 6.88 | 5.26 | 6.87 | 7.27 | 9.21 |
P/S ratio |
5.21 | 5.51 | 3.12 | 4.64 | 5.61 | 4.92 | 3.57 | 4.08 | 3.96 | 5.45 |
P/FCF ratio |
6.61 | 8.71 | 9.91 | 11.57 | 19.11 | 19.71 | 13.71 | 13.60 | 11.12 | 12.59 |
Altman Z″-Score (non-manufacturers) |
8.95 | 8.62 | 5.97 | 6.53 | 6.47 | 6.95 | 7.10 | 8.42 | 9.44 | 10.16 |
Beneish M-Score |
(2.42) | (2.51) | (2.40) | (2.57) | (2.74) | (2.47) | (2.90) | (2.42) | (2.81) | (2.86) |
P/Operating CF |
12.84 | 25.09 | 15.61 | 15.97 | 46.61 | 50.46 | 35.93 | 33.95 | 34.90 | 39.68 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 69 |
P/B ratio |
5.17 | 6.42 | 4.55 | 4.39 | 4.98 | 4.35 | 3.17 | 3.30 | 2.93 | 3.72 |
Price to Tangible BV |
5.25 | 6.51 | 4.92 | 4.67 | 5.24 | 4.53 | 3.29 | 3.41 | 3.02 | 3.81 |
EV/Sales |
4.26 | 4.73 | 2.51 | 3.66 | 4.56 | 4.01 | 2.61 | 3.02 | 2.74 | 4.02 |
EV/EBITDA |
12.89 | 20.82 | 20.29 | 15.04 | 18.68 | 17.86 | 11.19 | 10.16 | 9.01 | 12.18 |
EV/Operating CF |
4.95 | 6.68 | 5.24 | 5.95 | 13.50 | 14.11 | 9.08 | 8.85 | 7.27 | 8.93 |
EV/FCF |
5.41 | 7.47 | 7.97 | 9.12 | 15.55 | 16.07 | 10.02 | 10.06 | 7.69 | 9.30 |
Quick Ratio |
2.26 | 2.22 | 1.68 | 2.08 | 2.16 | 2.10 | 2.20 | 2.52 | 2.95 | 3.29 |
Current Ratio |
2.56 | 2.61 | 1.96 | 2.23 | 2.31 | 2.24 | 2.32 | 2.65 | 3.09 | 3.45 |
Net Debt/EBITDA |
(2.78) | (3.27) | (4.12) | (3.54) | (4.25) | (4.05) | (4.12) | (3.57) | (4.01) | (4.22) |
Debt/Assets |
6.58% | 9.32% | 15.71% | 15.26% | 14.08% | 13.43% | 15.94% | 10.58% | 6.24% | 2.88% |
Debt/Equity |
0.10 | 0.14 | 0.30 | 0.27 | 0.24 | 0.21 | 0.25 | 0.15 | 0.09 | 0.04 |
Asset Turnover |
0.75 | 0.86 | 0.83 | 0.59 | 0.60 | 0.60 | 0.57 | 0.57 | 0.54 | 0.55 |
Operating CF/Net income |
1.33 | 1.11 | 2.18 | 0.81 | 2.06 | 1.48 | 1.36 | 1.20 | 1.34 | 1.50 |
Capex/Depreciation |
(3.47) | (3.14) | (3.30) | (1.25) | (0.95) | (0.93) | (0.91) | (1.40) | (0.91) | (0.89) |
| 33.21% | 25.97% | 12.94% | 38.90% | 17.03% | 18.69% | 18.81% | 24.52% | 21.68% | 22.40% | |
| 22.72% | 17.08% | 7.59% | 21.22% | 9.77% | 11.54% | 12.00% | 16.17% | 15.34% | 16.50% | |
ROIC |
325.80% | 188.89% | 100.62% | 191.35% | 140.75% | 52.63% | 76.15% | 95.48% | 132.30% | 501.39% |
Return on Tangible Assets |
35.38% | 25.52% | 15.78% | 41.25% | 18.38% | 24.77% | 25.07% | 30.35% | 26.47% | 24.70% |
Average Days of Receivables |
40.64 | 24.42 | 23.31 | 25.69 | 22.68 | 22.95 | 18.92 | 22.66 | 19.65 | 17.30 |
Research and Development Expense of Revenue |
7.98% | 8.08% | 11.60% | 14.20% | 14.08% | 16.07% | 15.59% | 15.93% | 16.64% | 15.73% |
Selling, General and Administrative Expense of Revenue |
15.68% | 17.35% | 18.94% | 15.79% | 19.11% | 18.81% | 18.76% | 18.24% | 17.76% | 16.73% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.04 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 |
Share Based Compensation of Revenue |
2.59% | 3.70% | 3.77% | 4.06% | 3.62% | 3.47% | 3.29% | 3.13% | 3.69% | 3.24% |
Graham Net Nets |
0.15 | 0.13 | 0.13 | 0.13 | 0.12 | 0.14 | 0.20 | 0.20 | 0.24 | 0.20 |
Graham Number |
22.38 | 24.24 | 18.18 | 38.37 | 34.74 | 45.51 | 49.95 | 63.57 | 66.51 | 78.62 |
Earnings Yield |
6.05% | 3.46% | 3.02% | 7.64% | 2.91% | 3.86% | 6.00% | 6.93% | 7.23% | 5.39% |
Free Cash Flow Yield |
15.13% | 11.48% | 10.09% | 8.64% | 5.23% | 5.07% | 7.30% | 7.36% | 8.99% | 7.95% |
Revenue per Share |
8.38 | 12.64 | 15.10 | 13.21 | 17.08 | 20.67 | 21.44 | 22.65 | 22.54 | 25.27 |
Operating CF per Share |
3.40 | 2.78 | 3.02 | 3.84 | 5.77 | 5.88 | 6.16 | 7.74 | 8.49 | 11.39 |
Capex per Share |
(0.25) | (0.59) | (1.55) | (0.73) | (0.76) | (0.72) | (0.58) | (0.93) | (0.47) | (0.45) |
Free Cash Flow per Share |
3.15 | 2.19 | 1.47 | 3.11 | 5.01 | 5.16 | 5.58 | 6.80 | 8.02 | 10.94 |
Cash per Share |
8.75 | 11.45 | 12.31 | 16.77 | 22.38 | 23.69 | 26.69 | 28.35 | 30.11 | 37.46 |
Shareholders Equity per Share |
8.44 | 10.85 | 10.35 | 13.96 | 19.24 | 23.42 | 24.15 | 28.02 | 30.48 | 37.03 |
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 |
8.44 | 10.85 | 10.35 | 13.96 | 19.24 | 23.42 | 24.15 | 28.02 | 30.48 | 37.03 |
Free Cash Flow |
2,066.87 | 1,440.06 | 950.70 | 2,003.55 | 3,312.68 | 3,434.74 | 3,640.20 | 4,375.51 | 5,135.42 | 6,968.76 |
Working Capital |
4,376.31 | 5,870.87 | 4,887.89 | 6,731.31 | 9,362.08 | 9,826.28 | 10,841.26 | 12,514.27 | 14,200.95 | 18,339.01 |
Capital Expenditures |
(163.90) | (387.29) | (1,000.56) | (469.44) | (501.60) | (476.80) | (377.26) | (600.79) | (300.28) | (286.94) |
Net Current Asset Value |
4,371.42 | 5,740.82 | 4,039.51 | 5,109.81 | 7,502.57 | 9,219.94 | 9,798.07 | 11,934.81 | 13,664.73 | 17,762.24 |
EV/EBIT |
12.89 | 21.05 | 21.32 | 15.71 | 23.12 | 21.42 | 12.81 | 11.28 | 9.75 | 12.65 |
Capex to Sales |
0.03 | 0.05 | 0.10 | 0.06 | 0.04 | 0.03 | 0.03 | 0.04 | 0.02 | 0.02 |
Price to Operating Income |
15.74 | 24.54 | 26.53 | 19.94 | 28.42 | 26.28 | 17.53 | 15.24 | 14.09 | 17.12 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.14 | 0.21 | 0.39 | 0.57 | 0.76 | 0.60 | 0.45 | 0.38 | 0.28 | 0.27 |
Cash ROIC |
17.47% | 9.18% | 5.71% | 9.00% | 10.83% | 9.93% | 9.79% | 11.21% | 12.69% | 14.40% |
Accounts Receivable Turnover |
10.83 | 14.23 | 16.55 | 13.92 | 17.37 | 17.56 | 17.60 | 17.88 | 17.16 | 20.92 |
Accounts Payable Turnover |
15.38 | 15.03 | 15.61 | 15.27 | 30.55 | 38.83 | 33.99 | 33.22 | 48.56 | 60.33 |
Inventory Turnover |
13.46 | 8.11 | 7.17 | 9.66 | 56.35 | 51.72 | 42.92 | 47.03 | 61.39 | 65.05 |
Average Days of Payables |
30.86 | 31.63 | 22.46 | 15.98 | 11.94 | 8.85 | 12.58 | 7.96 | 6.66 | 5.84 |
Days of Inventory on Hand |
34.88 | 70.89 | 47.26 | 8.58 | 6.54 | 8.67 | 8.29 | 6.28 | 5.28 | 6.25 |
Average Receivables |
507.93 | 584.33 | 590.04 | 611.31 | 650.13 | 782.85 | 794.84 | 814.96 | 840.62 | 769.98 |
Average Payables |
154.62 | 288.25 | 361.13 | 260.50 | 174.00 | 164.22 | 186.55 | 171.30 | 111.40 | 95.34 |
Average Inventory |
176.77 | 534.39 | 785.65 | 411.63 | 94.33 | 123.30 | 147.73 | 121.00 | 88.12 | 88.43 |
Average Assets |
7,355.97 | 9,637.83 | 11,783.15 | 14,377.31 | 18,924.45 | 22,926.66 | 24,579.04 | 25,617.49 | 26,518.86 | 29,256.33 |
Average Common Equity |
5,033.30 | 6,338.38 | 6,915.57 | 7,842.54 | 10,855.44 | 14,149.48 | 15,672.19 | 16,894.68 | 18,767.02 | 21,553.29 |
Columns are period end dates