NetEase, Inc.

NetEase, Inc.

NTES
NetEase, Inc.US flagNASDAQ Global Select
126.09
USD
+0.27
- -
80.50BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
14.16
17.94
34.71
58.17
67.53
79.09
91.98
111.43
131.7
147.84
160.84
164.5
176.73
179.15
Basic EPS, GAAP
6.84
7.29
10.25
17.68
16.27
9.51
32.97
18.25
25.34
31.16
45.73
46.4
52.97
53.46
Free Cash Flow per Basic Share
7.72
8.05
10.73
21.86
14.34
10.17
21.56
32.67
32.8
38.4
48.28
58.54
76.4
79.04
Dividend per Share
1.26
3.04
2.23
3.88
4.95
2.23
13.73
6.47
5.27
10.3
12.46
17.44
21.69
20.98
Book Value per Share
28.5
32.51
40.22
53.83
64.94
68
87.56
97.06
116.51
139.54
174.44
203.62
234.99
- -
Tangible Book Value per Share
31.01
35.7
43.99
57.32
69.35
70.59
102
128.83
138.47
153.93
186.96
210.99
248.32
258.95
Basic Weighted Avg Shares
650
653
657
656
658
647
644
661
665
653
643
640
637
638
Sales/Revenue/Turnover
9,196
11,713
22,803
38,179
44,437
51,179
59,241
73,667
87,606
96,496
103,468
105,295
112,626
114,389
Operating Margin (%)
47.33
40.68
31.89
33.08
29.24
19.5
23.28
19.74
18.74
20.34
26.78
28.1
31.82
33.26
Depreciation Expense
158
174
182
328
792
2,060
2,614
3,458
3,276
2,858
3,055
2,418
2,247
2,197
Net Income, GAAP
4,444
4,757
6,735
11,605
10,708
6,152
21,238
12,063
16,857
20,338
29,417
29,698
33,760
34,133
Effective Tax Rate (%)
10.66
12.14
15.7
15.13
15.58
22.21
17.79
19.79
19.56
20.75
13.8
15.29
14.77
15.93
Profit Margin (%)
48.32
40.61
29.54
30.4
24.1
12.02
35.85
16.37
19.24
21.08
28.43
28.2
29.98
29.84
Working Capital
18,565
20,976
22,742
30,207
38,198
33,607
46,862
61,088
62,619
74,774
88,850
103,657
128,247
131,221
LT Debt
- -
- -
- -
- -
- -
- -
280
475
2,007
4,328
984
841
232
- -
Total Equity
20,168
23,492
29,324
38,463
47,050
51,412
73,041
93,794
99,424
108,873
128,084
142,494
165,104
169,349
Return on Invested Capital (%)
20.82
17.69
20.97
27.89
22.03
12.66
14.1
11.01
10.82
11.7
16.4
16.21
18.3
18.37
Return on Capital (%)
26.41
22.05
25.44
33.48
23.46
10.18
28.22
13
16.79
18.36
22.66
20.56
21.23
225.32
Return on Common Equity (%)
27.08
23.94
28.27
37.58
27.43
14.19
42.31
20.01
23.8
24.13
28.94
24.49
24.11
- -

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
7,350
6,498
10,955
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
232
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,192
3,192
3,204
Market Capitalization
688,781
613,474
493,152

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
171,210
180,615
188,659
Cash, Cash Equivalents & STI
149,093
162,611
170,904
Accounts Receivable, Net
5,962
5,338
6,493
Inventories
637
689
546
Total Current Liabilities
50,089
52,369
57,437
Payables & Accruals
23,265
19,389
24,670
ST Debt
7,350
6,498
10,955
Deferred Revenue
19,474
26,482
21,812

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
19.35%
12.05%
15.87%
Free Cash Flow
29.61%
18.08%
29.94%
Net Income, GAAP
34.37%
23.93%
13.68%
Sales/Revenue/Turnover
18.41%
9.01%
6.96%
Total Cash Common Dividend
66.38%
31.19%
23.83%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
26,852
25,486
26,210
26,748
105,295
2025
28,829
27,892
28,359
27,547
112,626
2026
30,591
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
11.88
10.5
10.22
13.81
46.4
2025
16.23
13.49
13.5
9.78
52.97
2026
16.69
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7.7
3.52
3.08
3.12
17.44
2025
8.8
4.83
4.05
4.03
21.69
2026
8.06
- -
- -
- -
- -

Company Description

MCPAPIChat
CEO
Lei Ding
Full Time Employees
26,028
Sector
Technology
Industry
Electronic Gaming & Multimedia
Address
NetEase Building Hangzhou People's Republic of China 310052
IPO Date
Jun 30, 2000
Business
NetEase, Inc. (NASDAQ: NTES; HKEX: 9999) operates as a leading Chinese internet technology company focused on premium online services encompassing content, community, communication, and commerce; it develops and publishes PC-client, mobile, and console games including flagship titles such as Fantasy Westward Journey, Westward Journey series, Justice series, Eggy Party, Identity V, Onmyoji, Marvel Rivals, FragPunk, Where Winds Meet, Once Human, and Ashfall; it also provides music streaming through NetEase Cloud Music, intelligent learning services via Youdao featuring online courses, AI-driven tools, and educational devices, e-commerce via Yanxuan private-label consumer products, advertising services, email platforms including 163.com and 126.com, live streaming through NetEase CC, and news portals. Founded in 1997 by Ding Lei and headquartered in Hangzhou, Zhejiang Province, China, the company maintains primary operations in China with global expansion through R&D centers, game studios, and offices in Japan, South Korea, Singapore, the United States, Canada, and Europe, targeting gamers, music listeners, students, professionals, and consumers across domestic and international markets. In recent developments, NetEase showcased advancements at its 2024 annual product launch event unveiling over 40 game updates and new titles like All People's Anthem: Three Kingdoms and The Forgotten Sea, launched Marvel Rivals in collaboration with Marvel and FragPunk with a March 2025 release, expanded Western development teams while consolidating R&D in Hangzhou and closing certain overseas studios including Bad Brain and Fantastic Pixel Castle, extended its US$5.0 billion share repurchase program to January 2029 after repurchasing US$2.0 billion worth, and reported Q3 2025 revenues of RMB 28.4 billion with games and related value-added services up 12% year-over-year driven by established titles and international growth.

Company News

MCPAPIChat
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  • NetEase: Fairly Valued, But China Re-Rating Could Unlock Upside (Rating Downgrade)

  • NetEase Q1 Earnings Call Highlights

  • NetEase Announces First Quarter 2026 Unaudited Financial Results

  • Youdao Reports First Quarter 2026 Unaudited Financial Results

  • NTES DCF Analysis: Intrinsic Value $187 vs Price $117

  • Youdao to Report First Quarter 2026 Financial Results on May 21

  • NetEase to Report First Quarter 2026 Financial Results on May 21

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