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.
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NetEase, Inc. (NTES) Beneish M-score
NetEase, Inc.'s Beneish M-score for fiscal 2025 is −2.86; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.86 | (0.05) |
| FY2024 | −2.81 | (0.39) |
| FY2023 | −2.42 | 0.48 |
| FY2022 | −2.90 | (0.43) |
| FY2021 | −2.47 | 0.27 |
| FY2020 | −2.74 | (0.16) |
| FY2019 | −2.57 | (0.17) |
| FY2018 | −2.40 | 0.11 |
| FY2017 | −2.51 | (0.09) |
| FY2016 | −2.42 | (1.81) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.88 | — | 0.81 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.84 | — | 0.34 | |
| Sales growth index | 1.12 | — | 1.00 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 0.94 | — | −0.16 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.86 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PLTK Playtika Holding Corp. compare | −3.7× |
| RBLX Roblox Corporation compare | −3.5× |
| TTWO Take-Two Interactive Software, Inc. compare | −2.9× |
| NTES NetEase, Inc. | −2.9× |
| DDI DoubleDown Interactive Co., Ltd. Sponsored ADR compare | −2.7× |
| GRVY GRAVITY Co., Ltd. compare | −2.5× |
| SOHU Sohu.com Inc. compare | −1.6× |
| GDEV GDEV Inc. compare | −1.6× |
| FIRY Firy Inc. compare | −0.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI