What is The9 Ltd's earnings per share (EPS)?

The9 Ltd (NCTY) reported diluted earnings per share of $-0.03 for fiscal year 2025. This represents a -200.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

The9 Ltd Financials

NCTY

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows The9 Ltd (NCTY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NCTY FY2025 2026-04-22

Near-break-even gross economics are being overwhelmed by a corporate cost base that remains outsized for the company's revenue level.

FY2025 shows gross margin turned slightly positive at 1.7% while operating margin fell to -260.5%. With revenue essentially unchanged from FY2024, that split indicates an overhead-heavy model where SG&A and platform costs, not the direct cost of delivering revenue, are the main force behind losses.

In FY2025, cash burn was far smaller than the reported loss: operating cash flow was -$4.5M versus net income of -$58.5M. Because FY2023 also showed profit without cash generation, the earnings line looks less informative here than cash flow for judging whether the business is truly self-funding from customers.

The balance sheet is less cushioned than in FY2024: debt-to-equity rose to 1.8x and the current ratio slipped to 1.0x. Cash increased to $8.4M only because financing inflow of $11.2M more than covered operating burn, so year-end liquidity depended on external capital rather than on the business replenishing its own cash.

Financial Health Signals

Financial Profile 13/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of The9 Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

The9 Ltd has an operating margin of -260.5%, meaning the company retains $-261 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -52.6% the prior year.

Growth

The9 Ltd's revenue grew a modest 0.8% year-over-year to $15.4M. This slow but positive growth earns a score of 0/100.

Leverage

The9 Ltd has a moderate D/E ratio of 1.84. This balance of debt and equity financing earns a leverage score of 64/100.

Liquidity

The9 Ltd's current ratio of 1.00 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

The9 Ltd generates a -214.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -21.7% the prior year.

Piotroski F-Score Weak

3/9

The9 Ltd passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.08x

For every $1 of reported earnings, The9 Ltd generates $0.08 in operating cash flow (-$4.5M OCF vs -$58.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-12.1x

The9 Ltd earns $-12.1 in operating income for every $1 of interest expense (-$40.2M vs $3.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$15.4M

YoY+0.8%

5Y CAGR+176.3%

10Y CAGR+7.9%

The9 Ltd generated $15.4M in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.

EBITDA

N/A

Net Income

-$58.5M

YoY-481.3%

The9 Ltd reported -$58.5M in net income in fiscal year 2025. This represents a decrease of 481.3% from the prior year.

EPS (Diluted)

$-0.03

YoY-200.0%

The9 Ltd earned $-0.03 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 200.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$8.4M

YoY+459.5%

5Y CAGR+11.0%

10Y CAGR+1.7%

The9 Ltd held $8.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

4.57B

10Y CAGR+61.7%

The9 Ltd had 4.57B shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

1.7%

YoY+3.1pp

5Y CAGR+31.8pp

10Y CAGR+47.4pp

The9 Ltd's gross margin was 1.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.

Operating Margin

-260.5%

YoY-207.9pp

10Y CAGR+440.0pp

The9 Ltd's operating margin was -260.5% in fiscal year 2025, reflecting core business profitability. This is down 207.9 percentage points from the prior year.

Net Margin

-379.0%

YoY-313.3pp

10Y CAGR+446.2pp

The9 Ltd's net profit margin was -379.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 313.3 percentage points from the prior year.

Return on Equity

-214.2%

YoY-192.5pp

The9 Ltd's ROE was -214.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 192.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.4M

YoY+1097.4%

5Y CAGR+30.3%

10Y CAGR-23.7%

The9 Ltd invested $1.4M in research and development in fiscal year 2025. This represents an increase of 1097.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

NCTY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$15.4M+0.8%	$15.3M-39.3%	$25.2M+61.0%	$15.7M-26.4%	$21.3M+22093.7%	$96K
Cost of Revenue	$15.2M-2.3%	$15.5M-48.0%	$29.8M+11.5%	$26.8M+93.8%	$13.8M+10971.8%	$125K
Gross Profit	$259K+218.3%	-$219K+95.3%	-$4.6M+51.5%	-$9.5M-227.0%	$7.5M+26065.8%	-$29K
R&D Expenses	$1.4M+1097.4%	$117K-57.8%	$278K-21.3%	$353K+17.2%	$301K-19.5%	$374K
SG&A Expenses	$29.4M+36.1%	$21.6M-24.4%	$28.6M-47.6%	$54.6M+18.6%	$46.0M+176.0%	$16.7M
Operating Income	-$40.2M-399.3%	-$8.1M+82.0%	-$44.8M+53.3%	-$95.9M-98.7%	-$48.3M	N/A
Interest Expense	$3.3M-29.0%	$4.7M+6.1%	$4.4M+31.3%	$3.4M-82.0%	$18.7M+2898.0%	$624K
Income Tax	$16K	$0	$0	N/A	$0-100.0%	$1.1M
Net Income	-$58.5M-481.3%	-$10.1M-457.0%	$2.8M+102.0%	-$141.3M-119.0%	-$64.5M	N/A
EPS (Diluted)	$-0.03-200.0%	$-0.01+50.0%	$-0.02+90.0%	$-0.20-53.8%	$-0.13	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NCTY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$84.9M-2.7%	$87.2M+70.3%	$51.2M-41.0%	$86.9M-57.8%	$205.6M+2669.6%	$7.4M
Current Assets	$49.0M+46.7%	$33.4M+6.4%	$31.4M-45.6%	$57.7M-65.0%	$164.8M+2442.0%	$6.5M
Cash & Equivalents	$8.4M+459.5%	$1.5M-76.5%	$6.4M-24.3%	$8.4M-87.5%	$67.2M+1251.6%	$5.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$8K-64.0%	$22K-96.2%	$578K+126339.8%	$457
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.2M+75.3%	$28.7M+11.5%	$25.7M-69.0%	$82.9M-3.4%	$85.8M+66.6%	$51.5M
Current Liabilities	$49.1M+74.3%	$28.2M+22.8%	$22.9M-72.0%	$81.8M-4.2%	$85.4M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$27.3M-41.2%	$46.4M+59.7%	$29.1M+342.3%	$6.6M-94.6%	$121.8M+376.3%	-$44.1M
Retained Earnings	-$691.1M-13.9%	-$606.9M+1.1%	-$613.6M+3.3%	-$634.8M-18.9%	-$534.1M-16.5%	-$458.6M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q4'19
Total Assets	$84.9M-2.7%	$87.2M+70.3%	$51.2M-41.0%	$86.9M-57.8%	$205.6M+1.5%	$202.5M+2627.9%	$7.4M-71.5%	$26.1M
Current Assets	$49.0M+46.7%	$33.4M+6.4%	$31.4M-45.6%	$57.7M-65.0%	$164.8M-2.8%	$169.5M+2514.2%	$6.5M-70.8%	$22.2M
Cash & Equivalents	$8.4M+459.5%	$1.5M-76.5%	$6.4M-24.3%	$8.4M-87.5%	$67.2M-48.3%	$130.0M+2513.2%	$5.0M+220.9%	$1.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$8K-64.0%	$22K-96.2%	$578K+124971.4%	$462+1.1%	$457-97.1%	$16K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.2M+75.3%	$28.7M+11.5%	$25.7M-69.0%	$82.9M-3.4%	$85.8M+23.1%	$69.7M+35.3%	$51.5M-66.3%	$152.9M
Current Liabilities	$49.1M+74.3%	$28.2M+22.8%	$22.9M-72.0%	$81.8M-4.2%	$85.4M+22.5%	$69.7M	N/A	$152.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$27.3M-41.2%	$46.4M+59.7%	$29.1M+342.3%	$6.6M-94.6%	$121.8M-9.4%	$134.5M+405.0%	-$44.1M+63.4%	-$120.5M
Retained Earnings	-$691.1M-13.9%	-$606.9M+1.1%	-$613.6M+3.3%	-$634.8M-18.9%	-$534.1M-10.6%	-$482.9M-5.3%	-$458.6M+6.4%	-$489.9M

NCTY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$4.5M+25.0%	-$6.1M+7.2%	-$6.5M+70.9%	-$22.4M+79.2%	-$107.9M-562.7%	-$16.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$159K+102.0%	-$7.8M-1272.0%	$666K+101.8%	-$36.1M-62.9%	-$22.1M	N/A
Financing Cash Flow	$11.2M+17.4%	$9.6M+110.8%	$4.5M-5.3%	$4.8M-97.5%	$192.5M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NCTY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	1.7%+3.1pp	-1.4%+16.9pp	-18.4%+42.5pp	-60.8%-96.1pp	35.3%+65.5pp	-30.2%
Operating Margin	-260.5%-207.9pp	-52.6%+124.9pp	-177.5%+434.7pp	-612.2%-385.3pp	-226.9%	N/A
Net Margin	-379.0%-313.3pp	-65.7%-76.9pp	11.2%+913.4pp	-902.2%-598.9pp	-303.3%	N/A
Return on Equity	-214.2%-192.5pp	-21.7%-31.4pp	9.7%+2161.3pp	-2151.6%-2098.6pp	-53.0%	N/A
Return on Assets	-68.9%-57.3pp	-11.5%-17.0pp	5.5%+168.2pp	-162.7%-131.3pp	-31.4%	N/A
Current Ratio	1.00-0.2	1.19-0.2	1.37+0.7	0.70-1.2	1.93	N/A
Debt-to-Equity	1.84+1.2	0.62-0.3	0.88-11.7	12.61+11.9	0.70+1.9	-1.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.00-0.2	1.19-0.2	1.37+0.7	0.70-1.2	1.93-0.5	2.43	N/A	0.15
Debt-to-Equity	1.84+1.2	0.62-0.3	0.88-11.7	12.61+11.9	0.70+0.2	0.52+1.7	-1.17+0.1	-1.27
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (1.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is The9 Ltd's annual revenue?

The9 Ltd (NCTY) reported $15.4M in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is The9 Ltd's revenue growing?

The9 Ltd (NCTY) revenue grew by 0.8% year-over-year, from $15.3M to $15.4M in fiscal year 2025.

Is The9 Ltd profitable?

No, The9 Ltd (NCTY) reported a net income of -$58.5M in fiscal year 2025, with a net profit margin of -379.0%.

What is The9 Ltd's gross margin?

The9 Ltd (NCTY) had a gross margin of 1.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is The9 Ltd's operating margin?

The9 Ltd (NCTY) had an operating margin of -260.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is The9 Ltd's net profit margin?

The9 Ltd (NCTY) had a net profit margin of -379.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is The9 Ltd's return on equity (ROE)?

The9 Ltd (NCTY) has a return on equity of -214.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is The9 Ltd's operating cash flow?

The9 Ltd (NCTY) generated -$4.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are The9 Ltd's total assets?

The9 Ltd (NCTY) had $84.9M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does The9 Ltd spend on research and development?

The9 Ltd (NCTY) invested $1.4M in research and development during fiscal year 2025.

How many shares does The9 Ltd have outstanding?

The9 Ltd (NCTY) had 4.57B shares outstanding as of fiscal year 2025.

What is The9 Ltd's current ratio?

The9 Ltd (NCTY) had a current ratio of 1.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is The9 Ltd's debt-to-equity ratio?

The9 Ltd (NCTY) had a debt-to-equity ratio of 1.84 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is The9 Ltd's return on assets (ROA)?

The9 Ltd (NCTY) had a return on assets of -68.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is The9 Ltd's cash runway?

Based on fiscal year 2025 data, The9 Ltd (NCTY) had $8.4M in cash against an annual operating cash burn of $4.5M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is The9 Ltd's Piotroski F-Score?

The9 Ltd (NCTY) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are The9 Ltd's earnings high quality?

The9 Ltd (NCTY) has an earnings quality ratio of 0.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can The9 Ltd cover its interest payments?

The9 Ltd (NCTY) has an interest coverage ratio of -12.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is The9 Ltd?

The9 Ltd (NCTY) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.