NetEase
NTES
120.61
+1.54
+1.29%
NetEase
US · NTES
#316 by market cap
Listed 2000
120.61
+1.54
+1.29%
Live - 5344 symbols - heartbeat 537s ago
· 2026-10-08 06:51
Pre-market
119.23
-1.14%
After-hours
120.61
0.00%
Overnight
118.56
-1.70%
- Market cap
- 76.96B
- P/E (TTM)i
- 16.06
- P/Bi
- 3.09
- EPSi
- 7.82
- Div yieldi
- 2.56%
- 52W posi
- 35%
Reader sentiment
Are you bullish or bearish on NTES?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Good
- Altman Z-Score is 3.50, above the 3.0 "safe zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +6.96% YoY
Margins
- Gross margin
- 64.29%
- Operating margin
- 31.82%
- Net margin
- 29.98%
Key ratios & quality
- PEG ratioi
- 0.87
- Altman Z-Scorei
- 3.50
PEG uses trailing P/E against the 3-year net income growth rate (18.40%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51.18B | 59.24B | 73.67B | 87.61B | 96.50B | 103.47B | 105.30B | 112.63B |
| Gross profit | 27.35B | 31.56B | 38.98B | 46.97B | 52.77B | 63.06B | 65.81B | 72.40B |
| Selling & admin expenses | 9.99B | 9.35B | 14.08B | 16.48B | 18.10B | 18.87B | 18.70B | 18.85B |
| Research & development | 7.38B | 8.41B | 10.37B | 14.08B | 15.04B | 16.48B | 17.52B | 17.72B |
| Operating profit | 9.98B | 13.79B | 14.54B | 16.42B | 19.63B | 27.71B | 29.58B | 35.83B |
| Pretax profit | 11.08B | 16.38B | 15.37B | 21.10B | 24.25B | 34.06B | 35.72B | 40.83B |
| Tax | 2.46B | 2.91B | 3.04B | 4.13B | 5.03B | 4.70B | 5.46B | 6.03B |
| Net profit | 6.48B | 21.43B | 12.33B | 16.98B | 19.84B | 29.36B | 30.26B | 34.80B |
| Basic EPS | 10 | 33 | 18 | 25 | 31 | 46 | 46 | 53 |
| Diluted EPS | 9.45 | 32.65 | 18.00 | 25.05 | 30.85 | 45.25 | 45.95 | 52.40 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 28.83B | 27.89B | 28.36B | 27.55B | 30.59B | 30.11B |
| Gross profit | 18.48B | 18.05B | 18.18B | 17.69B | 21.22B | 21.22B |
| Selling & admin expenses | 3.65B | 4.63B | 5.62B | 4.94B | 4.08B | 4.48B |
| Research & development | 4.39B | 4.36B | 4.54B | 4.43B | 4.48B | 4.64B |
| Operating profit | 10.44B | 9.06B | 8.01B | 8.32B | 12.66B | 12.09B |
| Pretax profit | 12.45B | 10.65B | 10.11B | 7.62B | 13.37B | 9.63B |
| Tax | 1.91B | 1.56B | 1.32B | 1.25B | 2.52B | 2.46B |
| Net profit | 10.55B | 9.09B | 8.79B | 6.37B | 10.85B | 7.17B |
| Basic EPS | 16 | 14 | 14 | 10 | 17 | 11 |
| Diluted EPS | 16.05 | 13.35 | 13.35 | 9.65 | 16.55 | 10.85 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 68.72B | 85.11B | 107.83B | 113.12B | 131.60B | 142.69B | 153.32B | 180.62B |
| Cash & ST investments | 49.55B | 72.05B | 93.47B | 97.53B | 117.46B | 126.72B | 137.58B | 162.61B |
| Inventory | 1.07B | 650.56M | 591.51M | 964.73M | 993.64M | 695.37M | 571.55M | 689.18M |
| Total assets | 86.97B | 112.12B | 141.87B | 153.64B | 172.76B | 185.92B | 195.99B | 221.42B |
| Total current liabilities | 35.11B | 38.24B | 46.74B | 50.50B | 56.83B | 53.84B | 49.67B | 52.37B |
| Short-term debt | 13.66B | 17.02B | 19.84B | 19.69B | 24.13B | 19.50B | 11.98B | 6.50B |
| Long-term debt | -- | -- | -- | 1.28B | 3.65B | 428.00M | 428.00M | -- |
| Total liabilities | 35,556,347,000.00 | 39,082,916,000.00 | 48,080,658,000.00 | 54,220,048,000.00 | 63,887,505,000.00 | 57,840,897,000.00 | 53,497,412,000.00 | 56,311,051,000.00 |
| Total equity | 51.41B | 73.04B | 93.79B | 99.42B | 108.87B | 128.08B | 142.49B | 165.10B |
| Retained earnings | 44.00B | 56.39B | 64.16B | 77.49B | 91.07B | 112.21B | 130.33B | 149.76B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 157.67B | 162.95B | 171.21B | 180.62B | 188.66B | 192.06B |
| Cash & ST investments | 140.11B | 146.69B | 149.09B | 162.61B | 170.90B | 175.39B |
| Inventory | 517.79M | 591.76M | 637.33M | 689.18M | 546.03M | 511.90M |
| Total assets | 200.86B | 208.50B | 214.49B | 221.42B | 231.40B | 232.21B |
| Total current liabilities | 49.14B | 50.45B | 50.09B | 52.37B | 57.44B | 55.62B |
| Short-term debt | 9.82B | 11.28B | 7.35B | 6.50B | 10.96B | 12.60B |
| Long-term debt | -- | -- | -- | -- | -- | -- |
| Total liabilities | 52,988,888,000.00 | 54,394,501,000.00 | 53,556,881,000.00 | 56,311,051,000.00 | 62,047,582,000.00 | 60,646,442,000.00 |
| Total equity | 147.87B | 154.10B | 160.93B | 165.10B | 169.35B | 171.56B |
| Retained earnings | -- | -- | -- | 149.76B | -- | 159.11B |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 13.42B | 17.22B | 24.89B | 24.93B | 27.71B | 35.33B | 39.68B | 50.74B |
| Depreciation & amortization | 2.06B | 2.61B | 3.46B | 3.28B | 2.86B | 3.06B | 2.42B | 2.25B |
| Free cash flow | 6.58B | 13.89B | 21.60B | 21.82B | 25.07B | 31.06B | 37.47B | 48.69B |
| Dividends paid | -1.44B | -8.84B | -4.28B | -3.51B | -6.72B | -8.01B | -11.17B | -13.83B |
| Stock buybacks / issuance | 0 | 0 | 21.91B | -12.92B | -8.33B | -5.23B | -8.83B | -639.34M |
| Ending cash balance | 10.21B | 6.40B | 12.17B | 17.38B | 27.59B | 24.21B | 54.47B | 51.49B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 12.11B | 10.86B | 12.95B | 14.82B | 13.73B | 9.97B |
| Depreciation & amortization | 480.76M | 428.43M | 617.87M | 720.37M | 430.58M | 439.44M |
| Free cash flow | 11.35B | 10.36B | 12.47B | 14.50B | 13.13B | 9.89B |
| Dividends paid | -5.58B | -3.08B | -2.58B | -2.58B | -5.16B | -3.14B |
| Stock buybacks / issuance | -303.60M | -355.56M | 35.23M | -15.40M | -1.31B | -1.80B |
| Ending cash balance | 45.40B | 58.17B | 39.98B | 51.49B | 55.32B | 27.27B |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 13.53 | 39.81 | 16.80 | 19.00 | 20.33 | 25.69 | 22.59 | 22.58 |
| ROA %i | 7.79 | 21.33 | 9.50 | 11.41 | 12.46 | 16.40 | 15.55 | 16.18 |
| ROIC %i | 10.30 | 29.82 | 11.90 | 14.25 | 14.89 | 18.61 | 17.23 | 19.08 |
| 5-year avg ROE %i | 24.17 | 27.77 | 26.02 | 22.93 | 21.89 | 24.33 | 20.88 | 22.04 |
| EBIT margin %i | 11.75 | 23.28 | 19.74 | 18.74 | 20.34 | 26.78 | 28.10 | 31.82 |
| FCF / sales %i | 9.72 | 23.44 | 29.32 | 24.90 | 25.98 | 30.01 | 35.59 | 43.23 |
| Current ratioi | 1.96 | 2.23 | 2.31 | 2.24 | 2.32 | 2.65 | 3.09 | 3.45 |
| Quick ratioi | 1.54 | 2.01 | 2.14 | 2.07 | 2.18 | 2.53 | 2.93 | 3.24 |
| Debt / assetsi | 15.71 | 15.43 | 14.32 | 14.12 | 16.48 | 11.02 | 6.54 | 3.04 |
| LT debt / equityi | -- | 0.46 | 0.58 | 2.11 | 4.13 | 0.79 | 0.61 | 0.14 |
| Interest coveragei | -- | -- | -- | -- | -- | -- | -- | -- |
| Revenue CAGR (3Y) %i | 30.93 | 15.77 | 18.35 | 19.62 | 17.66 | 11.99 | 6.32 | 5.29 |
| Net income CAGR (3Y) %i | -2.97 | 22.32 | 4.05 | 39.93 | -1.43 | 34.60 | 20.78 | 18.40 |
| FCF CAGR (3Y) %i | -2.26 | -1.08 | 31.78 | 49.13 | 21.75 | 12.87 | 19.76 | 24.77 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 23.88 | 24.39 | 25.16 | 22.58 | 22.12 | 20.53 |
| ROA %i | 16.35 | 17.46 | 18.17 | 16.18 | 15.79 | 14.75 |
| ROIC %i | 18.56 | 19.94 | 21.38 | 19.08 | 18.80 | 17.33 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 30.21 | 31.43 | 31.60 | 31.82 | 33.26 | 35.23 |
| FCF / sales %i | 37.17 | 40.36 | 41.82 | 43.23 | 44.12 | 42.88 |
| Current ratioi | 3.21 | 3.23 | 3.42 | 3.45 | 3.28 | 3.45 |
| Quick ratioi | 2.99 | 3.02 | 3.10 | 3.24 | 3.09 | 3.26 |
| Debt / assetsi | 4.89 | 5.41 | 3.43 | 3.04 | 4.73 | 5.43 |
| LT debt / equityi | -- | -- | -- | 0.14 | -- | -- |
| Interest coveragei | -- | -- | -- | -- | -- | -- |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Single-engine
- Games and related value-added services is the largest reported line at 83.11% of revenue, across 4 reported segments.
- The next-largest line, NetEase Cloud Music, is a distant second at 6.57% - a sharp slowdown here would have little to offset it.
Revenue breakdown most recent period
Business
Games and related value-added services83.11%
NetEase Cloud Music6.57%
Innovative businesses and others5.45%
Youdao4.87%
Quote time 2026-10-08 06:51:15 · For reference only, not investment advice and not tailored to your situation.