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

Netease (NTES) 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 Financials

NTES

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

Netease (NTES) 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 NTES FY2025 2026-08-15

NetEase shows a high-margin, low-capital-intensity model turning more of each sales dollar into cash and balance-sheet strength.

From FY2023 to FY2025, gross margin rose from 60.9% to 64.3% even as R&D continued to increase, which means the company kept spending on product development while extracting more gross profit from each revenue dollar. With free cash flow also climbing to $7.10B and operating cash flow to $7.26B, the business appears to be widening profitability without sacrificing investment or needing heavy fixed-asset reinvestment.

Cash economics are stronger than profit margins alone suggest, with free cash flow margin at 44.1% versus net margin at 30.9%, a gap that reflects both good cash conversion and limited upkeep spending. Free cash flow of $7.10B came with only $152M of capital spending, so cash is not being swallowed by a plant-and-equipment heavy model.

The balance-sheet posture is conservative, shown by a 3.4x current ratio and liabilities of $8.05B, leaving more room to fund operations from internal resources. Against equity of $22.9B, that helps explain how dividends paid could rise to $1.98B without leaning on a heavily borrowed capital structure.

Financial Health Signals

Financial Health Score 79/100

Scored against operating companies 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 Netease'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

Netease has an operating margin of 31.8%, meaning the company retains $32 of operating profit per $100 of revenue. This strong profitability earns a score of 89/100, reflecting efficient cost management and pricing power. This is up from 28.1% the prior year.

Growth

Netease's revenue grew 11.6% year-over-year to $16.1B, a solid pace of expansion. This earns a growth score of 51/100.

Leverage

Netease carries a low D/E ratio of 0.35, meaning only $0.35 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.45, Netease holds $3.45 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 81/100.

Cash Flow

Netease converts 44.1% of revenue into free cash flow ($7.1B). This strong cash generation earns a score of 97/100.

Returns

Netease earns a strong 21.7% return on equity (ROE), meaning it generates $22 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 91/100. This is down from 21.8% the prior year.

Altman Z-Score Safe

8.54

Netease scores 8.54, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($78.6B) relative to total liabilities ($8.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

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

Revenue

$16.1B

YoY+11.6%

5Y CAGR+7.4%

10Y CAGR+16.4%

Netease generated $16.1B in revenue in fiscal year 2025. This represents an increase of 11.6% from the prior year.

EBITDA

$5.4B

YoY+24.2%

5Y CAGR+14.6%

10Y CAGR+16.8%

Netease's EBITDA was $5.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 24.2% from the prior year.

Net Income

$5.0B

YoY+20.0%

5Y CAGR+21.4%

10Y CAGR+16.9%

Netease reported $5.0B in net income in fiscal year 2025. This represents an increase of 20.0% from the prior year.

EPS (Diluted)

$1.50

YoY+19.0%

5Y CAGR+22.2%

10Y CAGR+17.1%

Netease earned $1.50 per diluted share (EPS) in fiscal year 2025. This represents an increase of 19.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$7.1B

YoY+35.0%

5Y CAGR+14.2%

10Y CAGR+20.4%

Netease generated $7.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 35.0% from the prior year.

Cash & Debt

$6.7B

YoY-4.2%

5Y CAGR+37.0%

10Y CAGR+22.7%

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

Shares Outstanding

3.19B

YoY+0.8%

5Y CAGR-1.0%

10Y CAGR-0.3%

Netease had 3.19B shares outstanding in fiscal year 2025. This represents an increase of 0.8% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin

64.3%

YoY+1.8pp

5Y CAGR+11.4pp

10Y CAGR+5.5pp

Netease's gross margin was 64.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.

Operating Margin

31.8%

YoY+3.7pp

5Y CAGR+12.1pp

10Y CAGR-0.1pp

Netease's operating margin was 31.8% in fiscal year 2025, reflecting core business profitability. This is up 3.7 percentage points from the prior year.

Net Margin

30.9%

YoY+2.2pp

5Y CAGR+14.2pp

10Y CAGR+1.4pp

Netease's net profit margin was 30.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.2 percentage points from the prior year.

Return on Equity

21.7%

YoY-0.1pp

5Y CAGR+6.7pp

10Y CAGR-1.3pp

Netease's ROE was 21.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.5B

YoY+5.5%

5Y CAGR+9.8%

10Y CAGR+22.5%

Netease invested $2.5B in research and development in fiscal year 2025. This represents an increase of 5.5% from the prior year.

Capital Expenditures

$152.3M

YoY-12.8%

5Y CAGR-1.2%

10Y CAGR+1.3%

Netease invested $152.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.8% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

NTES Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NTES quarterly income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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
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 (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

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).

NTES Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NTES quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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
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
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
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	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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
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
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
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
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
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
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
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
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

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

NTES Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NTES quarterly cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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
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	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18

Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

NTES Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

NTES quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
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
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	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
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
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

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.

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Where Netease Ranks

Frequently Asked Questions

What is Netease's annual revenue?

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

Is Netease profitable?

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

What is Netease's gross margin?

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

How many shares does Netease have outstanding?

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

What is Netease's current ratio?

Netease (NTES) 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 (NTES) 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 (NTES) 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 Altman Z-Score?

Netease (NTES) has an Altman Z-Score of 8.54, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Netease's Piotroski F-Score?

Netease (NTES) 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 (NTES) 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.

How financially healthy is Netease?

Netease (NTES) scores 79 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.