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) Piotroski F-score
NetEase, Inc.'s Piotroski F-score for fiscal 2025 is 9 out of 9: 9 of nine tests of profitability, leverage and efficiency passed, up from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 9 | 2.00 |
| FY2024 | 7 | (1.00) |
| FY2023 | 8 | 1.00 |
| FY2022 | 7 | 1.00 |
| FY2021 | 6 | 1.00 |
| FY2020 | 5 | (1.00) |
| FY2019 | 6 | 1.00 |
| FY2018 | 5 | (1.00) |
| FY2017 | 6 | (1.00) |
| FY2016 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 16.50% | 15.34% | Pass | 1 |
| Positive operating cash flow | 7.26b | 5.44b | Pass | 1 |
| Rising return on assets | 16.50% | 15.34% | Pass | 1 |
| Cash flow above net income | 2.43b | 1.37b | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 3.45 | 3.09 | Pass | 1 |
| No new shares issued | 637,291,000 | 640,091,000 | Pass | 1 |
| Rising gross margin | 64.29% | 62.50% | Pass | 1 |
| Rising asset turnover | 0.55 | 0.54 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 9 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NTES NetEase, Inc. | 9 |
| GRVY GRAVITY Co., Ltd. compare | 7 |
| DDI DoubleDown Interactive Co., Ltd. Sponsored ADR compare | 6 |
| RBLX Roblox Corporation compare | 6 |
| TTWO Take-Two Interactive Software, Inc. compare | 6 |
| GDEV GDEV Inc. compare | 6 |
| SOHU Sohu.com Inc. compare | 6 |
| FIRY Firy Inc. compare | 5 |
| PLTK Playtika Holding Corp. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover