What is Netease's earnings per share (EPS)?

Netease (NETTF) reported diluted earnings per share of $1.50 for fiscal year 2025. This represents a 19.0% 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.

Netease (NETTF) Financials

NETTF

FY2025 annual

Revenue $16.1B +11.6% YoY

Net Income $5.0B +20.0% YoY

EPS (Diluted) $1.50 +19.0% YoY

Free Cash Flow $7.1B +35.0% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Apr 15, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Apr 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NETTF SEC filings page.

Netease (NETTF) reported $16.1B in revenue for fiscal year 2025, up 11.6% 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).

Rhea AI NETTF FY2025 2026-08-30

Margin expansion and cash conversion are accelerating faster than sales, while reinvestment remains modest relative to the earnings base.

The margin step-up from 26.8% operating margin in FY2023 to 31.8% in FY2025 outpaced sales growth, pointing to improved economics beyond mere volume. FY2025 operating cash flow of $7.3B exceeded net income of $5.0B, while free cash flow stayed close, so reported earnings were not dependent on heavy reinvestment.

Gross margin climbed from 53.6% in FY2021 to 64.3% in FY2025, while operating margin also widened; the pattern is consistent with a structurally better revenue mix or lower unit costs, not just growth. Revenue dipped in FY2024 before rebounding in FY2025, yet margins continued to widen, so profitability did not rely on uninterrupted top-line expansion.

Liquidity flexibility improved as the current ratio rose from 2.2x in FY2021 to 3.4x in FY2025, giving working capital more room relative to near-term obligations. Assets rose from $24.1B in FY2021 to $31.7B in FY2025 while liabilities declined over the same period, indicating that retained equity—not expanding creditor claims—financed most balance-sheet growth.

Financial Health Signals

Financial health score not available

Netease does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/8

Netease passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.46x

For every $1 of reported earnings, Netease generates $1.46 in operating cash flow ($7.3B OCF vs $5.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$6.7B

YoY-4.2%

QoQ-4.2%

Netease held $6.7B in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

3.19B

YoY+0.8%

QoQ+0.8%

Netease had 3.19B shares outstanding in Q4 2025. This represents an increase of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 0.8%.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

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.

NETTF 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.

NETTF quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$16.1B+11.6%	$14.4B-1.0%	$14.6B+4.2%	$14.0B+1.8%	$13.7B+21.8%	$11.3B+32.7%	$8.5B-12.9%	$9.8B+17.5%	$8.3B+51.2%	$5.5B+56.2%	$3.5B+75.0%	$2.0B+24.6%	$1.6B+20.0%	$1.3B+13.3%	$1.2B
Cost of Revenue	$5.8B+6.3%	$5.4B-4.9%	$5.7B-10.2%	$6.3B-0.6%	$6.4B+20.0%	$5.3B+33.7%	$4.0B-29.4%	$5.6B+30.1%	$4.3B+82.1%	$2.4B+63.9%	$1.5B+176.0%	$525.7M+28.4%	$409.4M-1.1%	$413.8M+9.8%	$376.9M
Gross Profit	$10.4B+14.8%	$9.0B+1.5%	$8.9B+16.1%	$7.7B+3.8%	$7.4B+23.4%	$6.0B+31.8%	$4.5B+9.7%	$4.1B+3.7%	$4.0B+27.6%	$3.1B+50.8%	$2.1B+51.9%	$1.4B+22.7%	$1.1B+23.0%	$902.5M+15.5%	$781.4M
R&D Expenses	$2.5B+5.5%	$2.4B+3.4%	$2.3B+6.5%	$2.2B-1.3%	$2.2B+39.0%	$1.6B+31.5%	$1.2B+6.6%	$1.1B+68.7%	$671.9M+53.1%	$438.9M+31.7%	$333.3M+56.2%	$213.3M+40.1%	$152.2M+32.0%	$115.3M+55.9%	$74.0M
SG&A Expenses	$604.6M-3.0%	$623.4M-9.7%	$690.1M+1.4%	$680.8M+1.8%	$669.0M+29.5%	$516.8M+14.9%	$449.6M-3.1%	$464.2M+24.3%	$373.5M+72.2%	$216.9M+38.5%	$156.6M+107.8%	$75.4M+30.4%	$57.8M+25.8%	$45.9M+3.2%	$44.5M
Operating Income	$5.1B+26.4%	$4.1B+3.8%	$3.9B+37.1%	$2.8B+10.5%	$2.6B+15.6%	$2.2B+12.5%	$2.0B+72.6%	$1.1B-38.5%	$1.9B+2.7%	$1.8B+62.0%	$1.1B+46.2%	$768.0M+6.8%	$719.0M+20.7%	$595.8M+12.8%	$528.0M
EBITDA	$5.4B+24.2%	$4.4B+1.2%	$4.3B+32.9%	$3.3B+5.5%	$3.1B+12.0%	$2.8B+17.0%	$2.4B+62.4%	$1.5B-27.1%	$2.0B+6.7%	$1.9B+62.2%	$1.2B+44.5%	$796.1M+6.8%	$745.2M+17.7%	$633.2M+10.2%	$574.6M
Income Tax	$862.7M+15.3%	$748.2M+13.0%	$661.9M-9.3%	$729.5M+12.6%	$647.8M+39.0%	$466.2M+11.3%	$418.7M+16.7%	$358.8M+7.9%	$332.3M+9.8%	$302.8M+54.0%	$196.6M+84.0%	$106.8M+21.9%	$87.7M-21.0%	$111.0M+77.9%	$62.4M
Net Income	$5.0B+20.0%	$4.1B+0.2%	$4.1B+43.7%	$2.9B+8.0%	$2.7B+41.0%	$1.9B-38.6%	$3.1B+226.8%	$942.1M-43.5%	$1.7B-0.2%	$1.7B+60.8%	$1.0B+35.6%	$766.6M+4.4%	$734.1M+25.7%	$583.9M+13.6%	$513.9M
EPS (Basic)	$1.52+19.7%	$1.27-1.6%	$1.29+43.3%	$0.90+12.5%	$0.80+42.9%	$0.56-41.1%	$0.95+239.3%	$0.28-44.0%	$0.50-2.0%	$0.51+59.4%	$0.32+33.3%	$0.24+4.3%	$0.23+27.8%	$0.18+12.5%	$0.16
EPS (Diluted)	$1.50+19.0%	$1.26-0.8%	$1.27+42.7%	$0.89+12.7%	$0.79+43.6%	$0.55-41.5%	$0.94+248.1%	$0.27-46.0%	$0.50-2.0%	$0.51+64.5%	$0.31+34.8%	$0.230.0%	$0.23+27.8%	$0.18+12.5%	$0.16
Diluted Shares (Avg)	3.22B-0.4%	3.23B-0.7%	3.25B-1.3%	3.30B-2.1%	3.37B+0.5%	3.35B+3.1%	3.25B-0.1%	3.25B-1.8%	3.32B+0.3%	3.31B+0.1%	3.31B+0.9%	3.28B+0.6%	3.26B-1.0%	3.29B+0.4%	3.28B

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

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).

NETTF Balance Sheet

NETTF quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$31.7B+17.9%	$26.9B+2.5%	$26.2B+4.5%	$25.0B+3.9%	$24.1B+10.9%	$21.7B+35.0%	$16.1B+27.3%	$12.6B+15.9%	$10.9B+30.6%	$8.4B+31.6%	$6.4B+29.9%	$4.9B+20.7%	$4.1B+31.0%	$3.1B+26.1%	$2.5B
Current Assets	$25.8B+23.0%	$21.0B+4.5%	$20.1B+5.3%	$19.1B+7.5%	$17.8B+7.4%	$16.5B+35.2%	$12.2B+22.3%	$10.0B+5.0%	$9.5B+32.4%	$7.2B+35.4%	$5.3B+18.8%	$4.5B+18.7%	$3.8B+31.3%	$2.9B+24.7%	$2.3B
Cash & Equivalents	$6.7B-4.2%	$7.0B+133.2%	$3.0B-16.4%	$3.6B+58.6%	$2.3B+62.8%	$1.4B+199.6%	$466.3M-40.5%	$783.8M+84.5%	$424.8M-49.2%	$836.0M-4.4%	$874.5M+180.2%	$312.1M+32.8%	$235.0M-10.6%	$262.8M-26.1%	$355.5M
Short-Term Investments	$3.3B+121.3%	$1.5B+135.8%	$624.8M-43.5%	$1.1B-42.7%	$1.9B-5.3%	$2.0B-7.5%	$2.2B+29.5%	$1.7B+13.4%	$1.5B-10.2%	$1.7B+115.5%	$774.0M+133.3%	$331.8M+122.9%	$148.9M-13.6%	$172.3M+9.2%	$157.9M
Inventory	$98.6M+25.9%	$78.3M-20.1%	$97.9M-32.0%	$144.1M-4.8%	$151.4M+59.0%	$95.2M+1.9%	$93.4M-87.2%	$729.8M-13.3%	$841.5M+270.2%	$227.3M+80.1%	$126.2M	N/A	N/A	N/A	N/A
Accounts Receivable	$763.3M-1.7%	$776.7M-14.1%	$904.6M+24.7%	$725.3M-16.1%	$864.3M+23.2%	$701.4M+17.1%	$598.9M-4.0%	$623.7M+12.1%	$556.3M-9.1%	$612.3M+51.7%	$403.6M+186.8%	$140.7M+111.6%	$66.5M+53.7%	$43.3M+18.3%	$36.6M
Long-Term Investments	$2.6B-4.6%	$2.8B-9.8%	$3.1B+14.1%	$2.7B-8.9%	$3.0B+64.4%	$1.8B+34.4%	$1.3B+75.0%	$763.0M+84.9%	$412.6M+45.4%	$283.7M+4.2%	$272.4M	$0	$0	$0	$0
Total Liabilities	$8.1B+9.9%	$7.3B-10.0%	$8.1B-12.0%	$9.3B+8.9%	$8.5B+15.5%	$7.4B+31.3%	$5.6B+8.6%	$5.2B+40.3%	$3.7B+30.8%	$2.8B+54.3%	$1.8B+65.2%	$1.1B+52.9%	$723.2M+22.6%	$590.1M+58.3%	$372.8M
Current Liabilities	$7.5B+10.1%	$6.8B-10.3%	$7.6B-8.0%	$8.2B+4.0%	$7.9B+10.6%	$7.2B+30.4%	$5.5B+7.6%	$5.1B+39.9%	$3.7B+29.7%	$2.8B+56.2%	$1.8B+65.4%	$1.1B+55.7%	$699.3M+21.8%	$574.1M+58.3%	$362.7M
Non-Current Liabilities	$563.7M+7.4%	$524.7M-6.8%	$563.2M-45.0%	$1.0B+75.4%	$583.5M+184.8%	$204.9M+69.9%	$120.6M+85.4%	$65.1M+82.9%	$35.6M+628.1%	$4.9M-81.0%	$25.7M+49.8%	$17.2M-28.3%	$23.9M+49.2%	$16.0M+58.1%	$10.2M
Long-Term Debt	N/A	$58.6M-2.7%	$60.3M-88.6%	$529.9M+164.8%	$200.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$22.9B+20.6%	$19.0B+8.5%	$17.5B+15.3%	$15.2B+1.5%	$15.0B+18.9%	$12.6B+42.6%	$8.8B+34.2%	$6.6B-6.4%	$7.0B+27.8%	$5.5B+21.9%	$4.5B+19.7%	$3.8B+12.7%	$3.3B+32.9%	$2.5B+20.7%	$2.1B
Retained Earnings	$21.4B+19.9%	$17.9B+13.0%	$15.8B+19.7%	$13.2B+8.6%	$12.2B+23.7%	$9.8B+21.4%	$8.1B+26.6%	$6.4B-2.6%	$6.6B+29.1%	$5.1B+24.8%	$4.1B+19.2%	$3.4B+11.9%	$3.1B+33.1%	$2.3B+24.1%	$1.9B

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
Total Assets	$31.7B+17.9%	$26.9B+2.5%	$26.2B+4.5%	$25.0B+3.9%	$24.1B+10.9%	$21.7B+35.0%	$16.1B+27.3%	$12.6B+15.9%
Current Assets	$25.8B+23.0%	$21.0B+4.5%	$20.1B+5.3%	$19.1B+7.5%	$17.8B+7.4%	$16.5B+35.2%	$12.2B+22.3%	$10.0B+5.0%
Cash & Equivalents	$6.7B-4.2%	$7.0B+133.2%	$3.0B-16.4%	$3.6B+58.6%	$2.3B+62.8%	$1.4B+199.6%	$466.3M-40.5%	$783.8M+84.5%
Short-Term Investments	$3.3B+121.3%	$1.5B+135.8%	$624.8M-43.5%	$1.1B-42.7%	$1.9B-5.3%	$2.0B-7.5%	$2.2B+29.5%	$1.7B+13.4%
Inventory	$98.6M+25.9%	$78.3M-20.1%	$97.9M-32.0%	$144.1M-4.8%	$151.4M+59.0%	$95.2M+1.9%	$93.4M-87.2%	$729.8M-13.3%
Accounts Receivable	$763.3M-1.7%	$776.7M-14.1%	$904.6M+24.7%	$725.3M-16.1%	$864.3M+23.2%	$701.4M+17.1%	$598.9M-4.0%	$623.7M+12.1%
Long-Term Investments	$2.6B-4.6%	$2.8B-9.8%	$3.1B+14.1%	$2.7B-8.9%	$3.0B+64.4%	$1.8B+34.4%	$1.3B+75.0%	$763.0M+84.9%
Total Liabilities	$8.1B+9.9%	$7.3B-10.0%	$8.1B-12.0%	$9.3B+8.9%	$8.5B+15.5%	$7.4B+31.3%	$5.6B+8.6%	$5.2B+40.3%
Current Liabilities	$7.5B+10.1%	$6.8B-10.3%	$7.6B-8.0%	$8.2B+4.0%	$7.9B+10.6%	$7.2B+30.4%	$5.5B+7.6%	$5.1B+39.9%
Non-Current Liabilities	$563.7M+7.4%	$524.7M-6.8%	$563.2M-45.0%	$1.0B+75.4%	$583.5M+184.8%	$204.9M+69.9%	$120.6M+85.4%	$65.1M+82.9%
Long-Term Debt	N/A	$58.6M-2.7%	$60.3M-88.6%	$529.9M+164.8%	$200.1M	N/A	N/A	N/A
Total Equity	$22.9B+20.6%	$19.0B+8.5%	$17.5B+15.3%	$15.2B+1.5%	$15.0B+18.9%	$12.6B+42.6%	$8.8B+34.2%	$6.6B-6.4%
Retained Earnings	$21.4B+19.9%	$17.9B+13.0%	$15.8B+19.7%	$13.2B+8.6%	$12.2B+23.7%	$9.8B+21.4%	$8.1B+26.6%	$6.4B-2.6%

Not reported in any period shown, so not listed: Goodwill.

NETTF Cash Flow Statement

NETTF quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$7.3B+33.5%	$5.4B+9.2%	$5.0B+23.9%	$4.0B+2.7%	$3.9B+2.6%	$3.8B+54.2%	$2.5B+26.7%	$2.0B+6.8%	$1.8B-18.1%	$2.2B+78.9%	$1.2B+31.7%	$946.6M+9.4%	$864.9M+27.6%	$678.0M+4.8%	$647.1M
Depreciation & Amortization	$321.4M-3.0%	$331.3M-23.0%	$430.3M+3.8%	$414.4M-19.4%	$514.0M-3.0%	$529.9M+41.1%	$375.4M+23.9%	$303.0M+145.9%	$123.2M+161.2%	$47.2M+67.5%	$28.2M+0.2%	$28.1M+7.5%	$26.2M-30.2%	$37.5M-19.6%	$46.6M
Stock-Based Compensation	$521.6M-1.9%	$532.0M+16.5%	$456.7M-0.8%	$460.2M-3.6%	$477.3M+16.9%	$408.2M+18.2%	$345.3M-6.1%	$367.9M+19.4%	$308.1M+116.0%	$142.6M+35.0%	$105.7M+87.7%	$56.3M+11.3%	$50.6M+55.3%	$32.6M+68.1%	$19.4M
Capital Expenditures	$152.3M-12.8%	$174.7M-46.1%	$324.2M+6.5%	$304.5M+21.1%	$251.4M+55.4%	$161.8M-6.9%	$173.7M-52.8%	$367.7M+29.8%	$283.3M+73.2%	$163.6M+22.3%	$133.7M+54.4%	$86.6M+139.5%	$36.2M+26.1%	$28.7M-56.0%	$65.2M
Free Cash Flow	$7.1B+35.0%	$5.3B+13.1%	$4.7B+25.3%	$3.7B+1.4%	$3.7B+0.2%	$3.7B+58.9%	$2.3B+45.2%	$1.6B+2.6%	$1.5B-25.3%	$2.1B+85.7%	$1.1B+29.4%	$860.0M+3.8%	$828.7M+27.6%	$649.4M+11.6%	$582.0M
Investing Cash Flow	-$4.7B-293.3%	$2.5B+202.3%	-$2.4B-124.7%	-$1.1B+3.8%	-$1.1B+75.2%	-$4.5B-40.7%	-$3.2B-61.1%	-$2.0B+3.1%	-$2.0B	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$2.9B+23.0%	-$3.7B-23.9%	-$3.0B-103.7%	-$1.5B+24.8%	-$2.0B-230.0%	$1.5B+877.0%	$155.5M-32.7%	$230.9M+215.3%	-$200.2M	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$2.0B+29.2%	$1.5B+35.5%	$1.1B+15.8%	$974.8M+77.1%	$550.5M-16.1%	$656.0M-48.3%	$1.3B+506.2%	$209.5M-58.2%	$500.7M+36.5%	$366.7M+61.8%	$226.6M-29.1%	$319.6M+137.3%	$134.7M	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.1B+245.0%	$316.9M+83.5%	$172.7M+746.3%	$20.4M	N/A	$17.6M-73.5%	$66.6M	N/A

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K

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.

NETTF 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.

NETTF quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	64.3%+1.8pp	62.5%+1.5pp	61.0%+6.3pp	54.7%+1.1pp	53.6%+0.7pp	52.9%-0.3pp	53.3%+11.0pp	42.3%-5.6pp	47.9%-8.8pp	56.7%-2.0pp	58.8%-8.9pp	67.7%-1.0pp	68.8%+1.6pp	67.1%+1.3pp	65.8%
Operating Margin	31.8%+3.7pp	28.1%+1.3pp	26.8%+6.4pp	20.3%+1.6pp	18.7%-1.0pp	19.7%-3.5pp	23.3%+11.5pp	11.8%-10.7pp	22.5%-10.6pp	33.1%+1.2pp	31.9%-6.3pp	38.2%-6.4pp	44.5%+0.3pp	44.3%-0.2pp	44.5%
Net Margin	30.9%+2.2pp	28.7%+0.4pp	28.4%+7.8pp	20.6%+1.2pp	19.4%+2.6pp	16.7%-19.4pp	36.2%+26.5pp	9.7%-10.4pp	20.1%-10.3pp	30.4%+0.9pp	29.5%-8.6pp	38.1%-7.4pp	45.5%+2.1pp	43.4%+0.1pp	43.3%
Return on Equity	21.7%-0.1pp	21.8%-1.8pp	23.6%+4.7pp	18.9%+1.1pp	17.8%+2.8pp	15.0%-19.9pp	34.9%+20.6pp	14.3%-9.4pp	23.7%-6.7pp	30.4%+7.4pp	23.0%+2.7pp	20.3%-1.6pp	21.9%-1.3pp	23.2%-1.4pp	24.6%
Return on Assets	15.7%+0.3pp	15.4%-0.4pp	15.8%+4.3pp	11.5%+0.4pp	11.1%+2.4pp	8.7%-10.4pp	19.1%+11.7pp	7.4%-7.8pp	15.3%-4.7pp	20.0%+3.6pp	16.4%+0.7pp	15.7%-2.4pp	18.1%-0.8pp	18.9%-2.1pp	20.9%
Current Ratio	3.45+0.4x	3.09+0.4x	2.65+0.3x	2.32+0.1x	2.24-0.1x	2.31+0.1x	2.23+0.3x	1.96-0.7x	2.61+0.1x	2.56-0.4x	2.95-1.2x	4.10-1.3x	5.39+0.4x	5.00-1.3x	6.34
Debt-to-Equity	0.35+0.3x	0.000.0x	0.000.0x	0.030.0x	0.01-0.6x	0.59-0.1x	0.64-0.2x	0.79+0.3x	0.520.0x	0.51+0.1x	0.40+0.1x	0.29+0.1x	0.220.0x	0.23+0.1x	0.18
Asset Turnover	0.510.0x	0.540.0x	0.560.0x	0.560.0x	0.57+0.1x	0.520.0x	0.53-0.2x	0.770.0x	0.76+0.1x	0.66+0.1x	0.55+0.1x	0.410.0x	0.400.0x	0.430.0x	0.48
FCF Margin	44.1%+7.6pp	36.5%+4.6pp	31.9%+5.4pp	26.5%-0.1pp	26.6%-5.7pp	32.4%+5.3pp	27.0%+10.8pp	16.2%-2.4pp	18.6%-19.0pp	37.6%+6.0pp	31.6%-11.1pp	42.8%-8.6pp	51.3%+3.1pp	48.3%-0.7pp	49.0%

Metric	Q4'2510-K	Q4'2410-K	Q4'2310-K	Q4'2210-K	Q4'2110-K	Q4'2010-K	Q4'1910-K	Q4'1810-K
Current Ratio	3.45+0.4x	3.09+0.4x	2.65+0.3x	2.32+0.1x	2.24-0.1x	2.31+0.1x	2.23+0.3x	1.96-0.7x
Debt-to-Equity	0.35+0.3x	0.000.0x	0.000.0x	0.030.0x	0.01-0.6x	0.59-0.1x	0.64-0.2x	0.79+0.3x

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.

Where Netease Ranks

Frequently Asked Questions

What is Netease's annual revenue?

Netease (NETTF) reported $16.1B in total revenue for fiscal year 2025. This represents a 11.6% 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 Netease's revenue growing?

Netease (NETTF) revenue grew by 11.6% year-over-year, from $14.4B to $16.1B in fiscal year 2025.

Is Netease profitable?

Yes, Netease (NETTF) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 30.9%.

What is Netease's EBITDA?

Netease (NETTF) had EBITDA of $5.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Netease's gross margin?

Netease (NETTF) had a gross margin of 64.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Netease's operating margin?

Netease (NETTF) had an operating margin of 31.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Netease's net profit margin?

Netease (NETTF) had a net profit margin of 30.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Netease's return on equity (ROE)?

Netease (NETTF) has a return on equity of 21.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Netease's free cash flow?

Netease (NETTF) generated $7.1B in free cash flow during fiscal year 2025. This represents a 35.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Netease's operating cash flow?

Netease (NETTF) generated $7.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Netease's total assets?

Netease (NETTF) had $31.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Netease's capital expenditures?

Netease (NETTF) invested $152.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Netease spend on research and development?

Netease (NETTF) invested $2.5B in research and development during fiscal year 2025.

How many shares does Netease have outstanding?

Netease (NETTF) had 3.19B shares outstanding as of fiscal year 2025.

What is Netease's current ratio?

Netease (NETTF) had a current ratio of 3.45 as of fiscal year 2025, which is generally considered healthy.

What is Netease's debt-to-equity ratio?

Netease (NETTF) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Netease's return on assets (ROA)?

Netease (NETTF) had a return on assets of 15.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Netease's Piotroski F-Score?

Netease (NETTF) has a Piotroski F-Score of 6 out of 8 computable signals; 1 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 Netease's earnings high quality?

Netease (NETTF) has an earnings quality ratio of 1.46x, considered cash-backed (high quality). 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.