The9 Limited (NCTY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 16, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NCTY SEC filings page.
The9 Limited (NCTY) reported $15.4M in revenue for fiscal year 2025, up 0.8% from the prior fiscal year. This page shows its 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).
Barely covering direct costs, the business remains dependent on external financing while overhead drives substantial losses.
FY2025's net loss of$58.5M was far larger than operating cash flow of-$4.5M , meaning reported earnings contained substantial items that did not require current-period operating cash, although operations still consumed cash. That gap is not new: FY2023 reported net income of$2.8M alongside operating cash flow of-$6.5M , making earnings-to-cash conversion a poor guide to the company's underlying cash generation.
Gross margin moved from
Debt-to-equity rose from 0.6x to 1.8x between FY2024 and FY2025, indicating greater reliance on liabilities. Financing cash flow of
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of The9 Limited'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.
The9 Limited earned a return on assets of -68.9% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from -11.5% the prior year. Earnings ranks banks on that return over three years, and The9 Limited scores 4/100 among other banks.
The9 Limited reported revenue of $15.4M in fiscal year 2025, against $15.3M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and The9 Limited scores 4/100 among other banks.
The9 Limited funded 32.1% of its assets with shareholders' equity at the end of fiscal year 2025, holding $27.3M of equity against $84.9M of assets. Capital ranks banks on that cushion, and The9 Limited scores 90/100 among other banks.
Not available for The9 Limited, and counted as zero in the overall score.
Not available for The9 Limited, and counted as zero in the overall score.
The9 Limited reported a net loss of $58.5M in fiscal year 2025, against a loss of $10.1M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and The9 Limited scores 20/100 among other banks.
The9 Limited passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
The9 Limited reported a net loss of $58.5M while operations used $4.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
The9 Limited reported an operating loss of $40.2M against $3.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
The9 Limited held $8.4M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
NCTY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
NCTY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q2'2110-Q | Q4'2010-K | Q4'1910-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $84.9M-2.7% | $87.2M+70.3% | $51.2M-41.0% | $86.9M-57.8% | $205.6M+2669.6% | $202.5M | $7.4M-71.5% | $26.1M+8.8% |
| Current Assets | $49.0M+46.7% | $33.4M+6.4% | $31.4M-45.6% | $57.7M-65.0% | $164.8M+2442.0% | $169.5M | $6.5M-70.8% | $22.2M+362.1% |
| Cash & Equivalents | $8.4M+459.5% | $1.5M-76.5% | $6.4M-24.3% | $8.4M-87.5% | $67.2M+1251.6% | $130.0M | $5.0M+220.9% | $1.5M+153.5% |
| Short-Term Investments | $0 | $0 | $0 | $0-100.0% | $126K | $0 | $0 | $0 |
| Accounts Receivable | N/A | N/A | $8K-64.0% | $22K-96.2% | $578K+126339.8% | $462 | $457-97.1% | $16K-81.6% |
| Long-Term Investments | $24.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $50.2M+75.3% | $28.7M+11.5% | $25.7M-69.0% | $82.9M-3.4% | $85.8M+66.6% | $69.7M | $51.5M-66.3% | $152.9M+15.7% |
| Current Liabilities | $49.1M+74.3% | $28.2M+22.8% | $22.9M-72.0% | $81.8M-4.2% | $85.4M | $69.7M | N/A | $152.0M+15.0% |
| Non-Current Liabilities | $1.1M+131.5% | $483K-82.4% | $2.8M+156.2% | $1.1M+166.5% | $403K+109.3% | $0 | -$4.3M-581.5% | $898K |
| Total Equity | $27.3M-41.2% | $46.4M+59.7% | $29.1M+342.3% | $6.6M-94.6% | $121.8M+376.3% | $134.5M | -$44.1M+63.4% | -$120.5M-16.4% |
| Retained Earnings | -$691.1M-13.9% | -$606.9M+1.1% | -$613.6M+3.3% | -$634.8M-18.9% | -$534.1M-16.5% | -$482.9M | -$458.6M+6.4% | -$489.9M-4.2% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
NCTY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
NCTY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Note: The current ratio is below 1.0 (1.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| The9 Limited NCTY | FY2025 | $15.4M | -$58.5M | N/A | $50.4M | 20/100 |
| Fold Holdings, Inc. FLD | FY2025 | $31.8M | -$69.6M | N/A | $29.7M | 33/100 |
| Metalpha Technology Holding Limited MATH | FY2021 | $226K | -$5.1M | N/A | $52.8M | — |
| Siebert Financial Corp SIEB | FY2025 | $94.2M | $5.1M | 5.4% | $90.4M | 43/100 |
| Dominari Holdings Inc. DOMH | FY2025 | $123.1M | -$22.4M | -18.2% | $54.3M | 40/100 |
| BTCS Inc. BTCS | FY2025 | $16.5M | -$33.4M | N/A | $75.0M | 37/100 |
Where The9 Limited Ranks
Frequently Asked Questions
What is The9 Limited's annual revenue?
The9 Limited (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 Limited's revenue growing?
The9 Limited (NCTY) revenue grew by 0.8% year-over-year, from $15.3M to $15.4M in fiscal year 2025.
Is The9 Limited profitable?
No, The9 Limited (NCTY) reported a net income of -$58.5M in fiscal year 2025.
What is The9 Limited's gross margin?
The9 Limited (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 Limited's return on equity (ROE)?
The9 Limited (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 Limited's operating cash flow?
The9 Limited (NCTY) recorded an outflow of $4.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are The9 Limited's total assets?
The9 Limited (NCTY) had $84.9M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does The9 Limited spend on research and development?
The9 Limited (NCTY) invested $1.4M in research and development during fiscal year 2025.
What is The9 Limited's current ratio?
The9 Limited (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 Limited's debt-to-equity ratio?
The9 Limited (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 Limited's return on assets (ROA)?
The9 Limited (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 Limited's P/E ratio?
The9 Limited (NCTY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $50.4M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The9 Limited's price-to-sales ratio?
The9 Limited (NCTY) trades at 3.3x sales, its market capitalization divided by revenue of $15.4M revenue, FY2025. The market capitalization is $50.4M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The9 Limited's Piotroski F-Score?
The9 Limited (NCTY) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Limited's earnings high quality?
The9 Limited (NCTY) reported a net loss of $58.5M while operations used $4.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Limited cover its interest payments?
The9 Limited (NCTY) reported an operating loss of $40.2M against $3.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Limited?
The9 Limited (NCTY) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.