NetEase, inc. (NTES) 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 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
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 NTES SEC filings page.
NetEase, inc. (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).
NetEase’s expanding margins convert into substantial cash with modest reinvestment, while liquidity strengthens despite a changing debt mix.
In FY2025, operating cash flow reached$7.3B , well above net income of$5.0B , showing that reported earnings were accompanied by substantial cash generation rather than remaining mainly accounting profit. Free cash flow reached$7.1B because capital expenditures were only$152M , so the conversion from earnings to cash required relatively little reinvestment.
Revenue increased to
The balance sheet combines a 3.4x current ratio with a reported debt-to-equity ratio of 0.4x, indicating strong short-term coverage even as the financing mix became more debt-bearing than in FY2024. This gives the business substantial financial flexibility without making debt the dominant source of capital.
Financial Health Signals
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, inc.'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.
NetEase, inc. 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.
NetEase, inc.'s revenue grew 11.6% year-over-year to $16.1B, a solid pace of expansion. This earns a growth score of 50/100.
NetEase, inc. 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 67/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.45, NetEase, inc. holds $3.45 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
NetEase, inc. converts 44.1% of revenue into free cash flow ($7.1B). This strong cash generation earns a score of 97/100.
NetEase, inc. 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 90/100. This is down from 21.8% the prior year.
NetEase, inc. scores 8.64, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($79.9B) 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.
NetEase, inc. 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.
For every $1 of reported earnings, NetEase, inc. 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
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
NetEase, inc. held $6.7B 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.
NTES 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).
NTES 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 | Q4'2510-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.
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. 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.
NTES 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.
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 |
|---|---|---|---|---|---|---|
| NetEase, inc. NTES | FY2025 | $16.1B | $5.0B | 30.9% | $79.9B | 79/100 |
| Roblox Corporation RBLX | FY2025 | $4.9B | -$1.1B | -21.9% | $35.4B | 46/100 |
| Electronic Arts Inc EA | FY2026 | $7.5B | $887.0M | 11.8% | $52.9B | 44/100 |
| Take-Two Interactive Software Inc TTWO | FY2026 | $6.7B | -$298.2M | -4.5% | $39.0B | 27/100 |
| Playtika Holding Corp. PLTK | FY2025 | $2.8B | -$206.4M | -7.5% | $850.6M | 46/100 |
| Sohu.com Limited SOHU | FY2025 | $584.3M | $394.1M | 67.4% | $326.9M | 58/100 |
Where NetEase, inc. Ranks
Frequently Asked Questions
What is NetEase, inc.'s annual revenue?
NetEase, inc. (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, inc.'s revenue growing?
NetEase, inc. (NTES) revenue grew by 11.6% year-over-year, from $14.4B to $16.1B in fiscal year 2025.
Is NetEase, inc. profitable?
Yes, NetEase, inc. (NTES) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 30.9%.
What is NetEase, inc.'s EBITDA?
NetEase, inc. (NTES) had EBITDA of $5.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is NetEase, inc.'s gross margin?
NetEase, inc. (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, inc.'s operating margin?
NetEase, inc. (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, inc.'s net profit margin?
NetEase, inc. (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, inc.'s return on equity (ROE)?
NetEase, inc. (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, inc.'s free cash flow?
NetEase, inc. (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, inc.'s operating cash flow?
NetEase, inc. (NTES) generated $7.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are NetEase, inc.'s total assets?
NetEase, inc. (NTES) had $31.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are NetEase, inc.'s capital expenditures?
NetEase, inc. (NTES) invested $152.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does NetEase, inc. spend on research and development?
NetEase, inc. (NTES) invested $2.5B in research and development during fiscal year 2025.
What is NetEase, inc.'s current ratio?
NetEase, inc. (NTES) had a current ratio of 3.45 as of fiscal year 2025, which is generally considered healthy.
What is NetEase, inc.'s debt-to-equity ratio?
NetEase, inc. (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, inc.'s return on assets (ROA)?
NetEase, inc. (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, inc.'s P/E ratio?
NetEase, inc. (NTES) trades at 16.1x earnings, its market capitalization divided by net income of $5.0B net income, FY2025. The market capitalization is $79.9B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NetEase, inc.'s price-to-sales ratio?
NetEase, inc. (NTES) trades at 5.0x sales, its market capitalization divided by revenue of $16.1B revenue, FY2025. The market capitalization is $79.9B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is NetEase, inc.'s Altman Z-Score?
NetEase, inc. (NTES) has an Altman Z-Score of 8.64, 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, inc.'s Piotroski F-Score?
NetEase, inc. (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, inc.'s earnings high quality?
NetEase, inc. (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, inc.?
NetEase, inc. (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.