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The9 (NCTY) Financials

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$3.81 -0.03 (-0.78%)
Closing price 04:00 PM Eastern
Extended Trading
$3.78 -0.04 (-0.92%)
As of 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for The9

Annual Income Statements for The9

This table shows The9's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -59 -97 -27 -38 -27 61 -65 -141 2.82 -10 -58
Consolidated Net Income / (Loss)		 -54 -96 -17 -35 -28 61 -65 -142 1.77 -10 -58
Net Income / (Loss) Continuing Operations		 -54 -96 -17 -35 -28 60 -62 -101 -20 -10 -58
Total Pre-Tax Income 		-52 -81 -26 -34 -28 62 -61 -101 -20 -9.94 -58
Total Operating Income		 -50 -42 -17 -15 -24 52 -48 -96 -45 -8.05 -40
Total Gross Profit		 -3.25 1.10 7.58 0.15 -0.14 -0.03 7.50 -6.87 -5.51 -0.22 0.26
Total Revenue		 7.07 8.06 11 2.55 0.05 0.10 21 15 25 15 15
Operating Revenue		 6.14 6.95 11 2.55 0.05 0.10 21 15 25 15 15
Total Cost of Revenue		 10 6.96 3.66 2.40 0.19 0.13 14 22 30 16 15
Operating Cost of Revenue		 10 6.96 3.66 2.40 0.19 0.13 14 22 30 16 15
Total Operating Expenses		 46 43 25 15 23 -51 56 89 39 7.83 40
Selling, General & Admin Expense		 20 19 17 13 16 17 46 52 28 22 29
Marketing Expense		 4.83 3.05 1.39 0.34 0.30 0.10 0.11 0.51 0.24 0.03 4.85
Research & Development Expense		 21 11 6.92 3.57 1.88 0.37 0.30 0.35 0.28 0.12 1.40
Other Operating Expenses / (Income)		 1.52 -0.52 -0.05 -0.03 -0.00 -0.00 0.00 -1.58 -12 -15 3.65
Impairment Charge		 0.00 11 0.00 0.00 5.01 5.14 9.81 38 23 1.00 1.12
Total Other Income / (Expense), net		 -2.23 -38 -8.65 -19 -4.25 10 -13 -4.62 24 -1.88 -18
Interest Expense		 0.97 8.10 13 15 4.95 -8.10 19 3.38 4.42 4.69 3.15
Interest & Investment Income		 0.12 -0.55 -1.38 -1.31 -0.57 -0.09 3.87 -2.94 0.19 -1.59 -6.10
Other Income / (Expense), net		 -1.38 -30 5.60 -2.40 1.27 2.14 1.76 1.70 29 4.40 -8.92
Income Tax Expense		 0.00 -0.87 0.00 0.00 0.00 1.10 0.00 0.00 0.00 0.00 0.02
Other Gains / (Losses), net		 -1.98 -16 8.84 -0.62 -0.41 -0.33 -0.27 0.00 0.00 -0.15 -0.08
Net Income / (Loss) Discontinued Operations		 - - - - - - -3.79 -41 22 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 -7.51 1.37 9.70 2.73 -0.80 -0.50 -0.88 -0.67 -1.05 -0.03 -0.93
Basic Earnings per Share		 ($16.55) ($28.34) ($5.24) ($0.60) ($1.79) $2.42 - ($0.20) $0.00 ($0.01) $0.00
Weighted Average Basic Shares Outstanding		 23.24M 23.87M 33.43M 9.04M 106.41M 163.60M 495.30M 720.24M 1.01B 1.40B 2.27B
Diluted Earnings per Share		 ($16.55) ($28.34) ($5.24) ($0.60) ($1.79) $2.42 - ($0.20) $0.00 ($0.01) $0.00
Weighted Average Diluted Shares Outstanding		 23.24M 23.87M 33.43M 9.04M 106.41M 163.60M 495.30M 720.24M 1.01B 1.40B 2.27B
Weighted Average Basic & Diluted Shares Outstanding		 23.24M 23.87M 33.43M 9.04M 15.28M 25.16M 851.93M 1.02B 1.56B 3.79B 9.55B

Quarterly Income Statements for The9

No quarterly income statements for The9 are available.

Annual Cash Flow Statements for The9

This table details how cash moves in and out of The9's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -20 -1.45 16 -20 0.84 2.07 62 -54 -1.81 -4.70 6.80
Net Cash From Operating Activities		 -27 -26 -13 -15 -7.78 -16 -111 -22 -6.52 -6.05 -4.54
Net Cash From Continuing Operating Activities		 -27 -26 -13 -15 -14 -16 -111 -22 -6.52 -6.05 -4.54
Net Income / (Loss) Continuing Operations		 -54 -96 -17 -35 -28 61 -65 -142 1.77 -10 -58
Consolidated Net Income / (Loss)		 -54 -96 -17 -35 -28 61 -65 -142 1.77 -10 -58
Depreciation Expense		 1.76 1.05 0.81 0.53 0.40 0.07 7.44 13 12 8.42 1.94
Amortization Expense		 3.60 8.68 12 14 4.97 0.45 19 3.36 0.00 0.00 0.59
Non-Cash Adjustments To Reconcile Net Income		 10 61 -4.16 8.70 7.44 -71 0.71 86 -17 -3.60 52
Changes in Operating Assets and Liabilities, net		 11 -1.02 -4.59 -3.44 1.40 -5.89 -72 17 -3.69 -0.78 -0.16
Net Cash From Investing Activities		 -32 -1.43 25 -2.52 8.74 67 -20 -36 0.63 -7.81 0.16
Net Cash From Continuing Investing Activities		 -32 -1.43 25 -2.52 8.74 67 -20 -36 0.63 -7.81 0.16
Purchase of Property, Plant & Equipment		 -1.62 -0.25 -0.07 -0.03 -0.11 -0.06 -12 -36 -0.30 0.00 -0.21
Acquisitions		 0.00 -0.95 0.00 0.00 -5.01 -0.51 -2.22 0.00 -0.01 -1.47 -1.56
Purchase of Investments		 -34 0.00 -0.61 -0.77 0.00 -1.23 -7.31 -3.36 0.00 -3.90 -0.48
Sale of Property, Plant & Equipment		 0.05 0.00 0.04 0.01 7.46 0.03 1.84 0.06 0.00 0.02 0.01
Sale and/or Maturity of Investments		 0.00 0.06 0.18 0.41 5.32 0.00 0.00 2.41 0.73 0.00 0.84
Other Investing Activities, net		 1.91 -0.40 25 -2.14 0.99 0.90 -0.13 0.77 0.21 -2.47 1.55
Net Cash From Financing Activities		 39 27 6.76 -2.67 5.88 -48 193 4.79 4.57 9.56 11
Net Cash From Continuing Financing Activities		 39 27 6.76 -2.67 5.88 -49 193 4.79 4.57 9.56 11
Repayment of Debt		 -7.73 -4.99 -11 -4.28 -1.44 -56 -1.00 -0.46 -7.69 6.86 -4.58
Issuance of Debt		 49 24 14 1.61 7.31 0.52 25 5.24 12 0.11 11
Issuance of Common Equity		 0.69 0.00 3.07 0.00 0.00 7.30 159 - 0.00 2.44 4.67
Other Financing Activities, net		 -2.56 8.70 - - 0.00 0.00 10 0.01 0.04 0.15 -0.07
Effect of Exchange Rate Changes		 -0.89 -1.50 0.69 -0.22 0.18 - -0.15 0.04 -0.49 -0.39 -0.04
Cash Interest Paid		 0.08 0.15 0.14 - 0.00 7.34 0.00 0.00 0.78 0.21 0.20
Cash Income Taxes Paid		 0.00 0.00 0.00 - 0.00 1.10 - - 0.00 0.00 0.02

Quarterly Cash Flow Statements for The9

No quarterly cash flow statements for The9 are available.

Annual Balance Sheets for The9

This table presents The9's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 82 50 50 24 26 7.45 206 87 51 87 85
Total Current Assets		 12 13 28 4.81 22 6.51 165 57 25 33 49
Cash & Equivalents		 7.46 5.57 22 0.62 1.45 4.88 67 8.42 6.37 1.49 8.36
Restricted Cash		 - - - - - - - 0.61 2.51 27 34
Note & Lease Receivable		 - - - - - - - - 0.00 0.00 0.00
Accounts Receivable		 2.72 4.08 0.78 0.99 0.12 0.11 0.67 0.11 0.09 0.08 1.44
Prepaid Expenses		 1.44 1.67 1.02 0.89 1.27 1.52 83 40 4.07 3.57 2.87
Other Current Assets		 0.14 1.30 1.24 2.30 1.61 0.00 14 8.39 12 1.67 2.19
Plant, Property, & Equipment, net		 5.15 3.84 3.18 2.53 0.17 0.15 27 21 13 2.27 6.23
Total Noncurrent Assets		 65 34 18 17 3.70 0.79 14 9.11 13 52 30
Long-Term Investments		 41 23 7.40 6.58 1.44 0.00 12 5.12 4.97 41 25
Noncurrent Note & Lease Receivables		 - - - - - - - - - 0.00 1.04
Intangible Assets		 12 0.00 - - - 0.00 - - 0.00 0.00 2.26
Other Noncurrent Operating Assets		 11 10 11 10 2.26 0.79 2.03 3.99 7.57 11 1.87
Total Liabilities & Shareholders' Equity		 82 50 50 24 26 7.45 206 87 51 87 85
Total Liabilities		 91 116 126 132 153 56 86 83 26 29 50
Total Current Liabilities		 65 82 126 132 152 56 85 82 23 28 49
Short-Term Debt		 0.00 15 57 71 76 0.00 15 9.68 7.03 18 32
Accounts Payable		 18 21 19 16 16 10 9.99 1.04 1.35 0.76 2.79
Accrued Expenses		 5.46 13 13 12 13 13 22 9.63 6.22 5.71 7.12
Current Deferred Revenue		 5.81 6.11 8.15 5.79 14 5.85 2.98 2.57 1.79 0.08 0.23
Other Taxes Payable		 0.08 0.04 0.26 0.43 0.17 0.20 0.24 0.24 0.21 0.20 0.21
Other Current Liabilities		 9.81 2.35 0.57 0.22 0.52 0.87 8.13 11 6.29 3.11 6.36
Other Current Nonoperating Liabilities		 0.00 0.06 1.81 2.23 7.19 0.00 0.15 23 0.04 0.20 0.56
Total Noncurrent Liabilities		 26 33 0.00 0.00 0.90 0.38 0.40 1.07 2.75 0.48 1.12
Other Noncurrent Operating Liabilities		 - - - 0.00 0.90 0.38 0.40 1.07 0.39 0.48 1.12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 27 35 47 50 50 54 0.00 0.00 0.00 14 10
Total Equity & Noncontrolling Interests		 -37 -101 -123 -158 -177 -103 120 3.99 26 45 24
Total Preferred & Common Equity		 -30 -49 -73 -104 -120 -44 122 6.57 29 46 27
Total Common Equity		 -30 -49 -73 -104 -120 -44 122 6.57 29 46 27
Common Stock		 317 362 388 364 366 417 657 642 643 654 719
Retained Earnings		 -351 -416 -463 -471 -490 -460 -534 -635 -614 -607 -691
Accumulated Other Comprehensive Income / (Loss)		 -0.51 0.37 -2.52 -1.34 -0.54 -2.57 -1.99 -1.82 -1.65 -1.63 -1.71
Other Equity Adjustments		 4.27 4.03 4.31 4.09 4.03 1.13 1.15 1.06 1.03 1.00 1.05
Noncontrolling Interest		 -6.66 -52 -50 -54 -56 -58 -2.04 -2.58 -3.51 -1.89 -3.01

Quarterly Balance Sheets for The9

No quarterly balance sheets for The9 are available.

Annual Metrics And Ratios for The9

This table displays calculated financial ratios and metrics derived from The9's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - 57,283,929.00 96,583,929.00 146,652,558.00 121,761,675.00 137,100,235.00 851,933,765.00 1,021,360,024.00 1,557,945,334.00 - 9,548,051,831.00
DEI Adjusted Shares Outstanding		 - 190,946.00 321,946.00 1,466,526.00 1,217,617.00 13,710,023.00 85,193,377.00 102,136,002.00 1,557,945,334.00 - 9,548,051,831.00
DEI Earnings Per Adjusted Shares Outstanding		 - -508.14 -83.55 -25.61 -22.48 4.45 -0.76 -1.38 0.00 - -0.01
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -31.63% 14.04% 39.29% -77.32% -98.07% 96.21% 22,014.57% -28.49% 61.13% -37.57% 0.81%
EBITDA Growth		 -146.50% -36.24% 101.35% -434.41% -500.88% 422.78% -137.00% -285.14% 95.02% 4,468.06% -1,077.59%
EBIT Growth		 -96.36% -40.99% 83.63% -49.72% -26.00% 342.55% -186.26% -102.51% 82.91% 77.29% -1,243.72%
NOPAT Growth		 -92.21% 14.73% 58.98% 12.30% -54.15% 409.14% -166.44% -98.66% 53.34% 82.01% -399.32%
Net Income Growth		 -160.08% -77.39% 82.02% -102.49% 19.13% 314.85% -208.09% -117.12% 101.25% -669.58% -479.59%
EPS Growth		 -255.91% -77.39% 82.02% -102.49% 19.13% 235.20% 0.00% 0.00% 101.42% -150.00% 36.76%
Operating Cash Flow Growth		 38.22% 3.58% 48.42% -10.78% 47.19% -110.10% -576.27% 79.79% 70.79% 7.19% 25.00%
Free Cash Flow Firm Growth		 62.78% -157.79% 54.89% -149.11% 127.72% 693.43% -452.06% 76.49% 12.75% 125.04% -372.30%
Invested Capital Growth		 -725.79% -40.68% -10.37% 15.77% -51.15% 15.66% 204.45% -59.23% -7.91% -61.67% -99.07%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -45.96% 13.67% 67.49% 5.70% -293.05% -30.16% 35.24% -45.15% -22.49% -1.44% 1.68%
EBITDA Margin		 -647.07% -773.00% 7.48% -110.27% -34,405.28% 56,599.06% -94.70% -510.06% -15.75% 58.25% -301.92%
Operating Margin		 -703.49% -526.00% -154.90% -598.92% -47,940.74% 53,831.52% -226.93% -630.46% -182.57% -52.60% -260.54%
EBIT Margin		 -722.98% -893.78% -105.02% -693.14% -45,349.32% 56,060.10% -218.66% -619.26% -65.66% -23.88% -318.35%
Profit (Net Income) Margin		 -763.14% -1,187.01% -153.24% -1,367.93% -57,443.60% 62,900.54% -307.45% -933.48% 7.23% -65.92% -378.98%
Tax Burden Percent		 103.81% 118.57% 66.05% 101.83% 101.47% 97.68% 106.61% 141.26% -8.72% 101.55% 100.17%
Interest Burden Percent		 101.68% 112.01% 220.92% 193.81% 124.83% 114.86% 131.88% 106.71% 126.25% 271.79% 118.85%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 1.78% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2,820.24% -169.60% -142.24% -38.58% -688.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2,727.85% 166.01% 313.76% -22.36% -617.61%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,635.56% -59.83% 154.23% 14.59% 563.50%
Return on Equity (ROE)		 -488.74% 255.78% 24.32% 37.77% 23.97% -68.87% -184.69% -229.43% 12.00% -23.99% -125.41%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -255.83% -85.45% -134.00% 50.59% -492.59%
Operating Return on Assets (OROA)		 -61.88% -108.93% -23.60% -47.99% -88.90% 321.94% -43.67% -64.42% -23.31% -5.28% -57.07%
Return on Assets (ROA)		 -65.32% -144.67% -34.44% -94.71% -112.61% 361.23% -61.40% -97.11% 2.57% -14.57% -67.94%
Return on Common Equity (ROCE)		 316.41% 269.29% 20.87% 36.11% 22.85% -64.55% -202.32% -237.99% 14.47% -21.52% -99.11%
Return on Equity Simple (ROE_SIMPLE)		 179.46% 196.42% 23.66% 33.63% 23.38% -136.74% -53.68% -2,161.79% 0.00% -21.75% 0.00%
Net Operating Profit after Tax (NOPAT)		 -35 -30 -12 -11 -16 51 -34 -67 -31 -5.64 -28
NOPAT Margin		 -492.44% -368.20% -108.43% -419.24% -33,558.52% 52,873.87% -158.85% -441.32% -127.80% -36.82% -182.38%
Net Nonoperating Expense Percent (NNEP)		 -65.65% -4,501.32% 21.93% 52.49% 18.17% -33.24% -92.39% -335.60% -456.00% -16.22% -71.31%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -490.98% -89.68% -9.00% -50.14%
Cost of Revenue to Revenue		 145.96% 86.33% 32.59% 94.30% 393.52% 130.16% 64.76% 145.15% 122.49% 101.44% 98.32%
SG&A Expenses to Revenue		 283.91% 229.63% 148.77% 512.13% 33,343.39% 17,386.16% 214.14% 343.03% 113.07% 141.28% 190.75%
R&D to Revenue		 290.97% 138.78% 61.67% 140.38% 3,833.27% 389.79% 1.41% 2.32% 1.13% 0.77% 9.08%
Operating Expenses to Revenue		 657.53% 539.66% 222.39% 604.61% 47,647.68% -52,820.05% 262.17% 585.30% 160.08% 51.17% 262.21%
Earnings before Interest and Taxes (EBIT)		 -51 -72 -12 -18 -22 54 -47 -94 -16 -3.66 -49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -46 -62 0.84 -2.81 -17 54 -20 -78 -3.86 8.91 -47
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.25 2.45 0.88 16.28 29.49
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.25 2.45 0.88 16.72 32.15
Price to Revenue (P/Rev)		 0.43 0.19 0.11 0.43 90.93 14.94 1.44 1.06 1.04 49.34 52.17
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 9.05 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 4,246.52% 0.00% 0.00% 11.05% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.40 0.83 88.53 10,352.84
Enterprise Value to Revenue (EV/Rev)		 0.11 0.59 2.24 23.65 1,460.50 0.00 0.00 0.60 0.72 46.82 50.37
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 29.95 0.00 0.00 0.00 0.00 0.00 0.00 80.38 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 13.90 0.00 0.00 0.00 0.00 96.98 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -2.67 -0.75 -0.74 -0.66 -0.60 0.00 0.13 2.42 0.37 0.31 0.92
Long-Term Debt to Equity		 -2.67 -0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.00
Financial Leverage		 -2.64 0.04 -0.32 -0.50 -0.55 -0.33 -0.97 -0.36 0.49 -0.65 -0.91
Leverage Ratio		 7.48 -1.77 -0.71 -0.40 -0.21 -0.19 3.01 2.36 4.68 1.65 1.85
Compound Leverage Factor		 7.61 -1.98 -1.56 -0.77 -0.27 -0.22 3.97 2.52 5.90 4.47 2.19
Debt to Total Capital		 159.82% -294.73% -290.72% -190.50% -151.37% 0.00% 11.29% 70.80% 26.88% 23.61% 47.86%
Short-Term Debt to Total Capital		 0.00% -93.22% -290.72% -190.50% -151.37% 0.00% 11.29% 70.80% 20.13% 23.61% 47.86%
Long-Term Debt to Total Capital		 159.82% -201.51% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.75% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 129.16% 100.28% 17.74% 12.54% 12.48% 9.64% -1.51% -18.84% -10.05% 15.88% 11.10%
Common Equity to Total Capital		 -188.98% 294.45% 372.98% 277.96% 238.89% 90.36% 90.22% 48.04% 83.17% 60.51% 41.04%
Debt to EBITDA		 -0.56 -0.78 67.50 -25.29 -4.53 0.00 -0.76 -0.12 -2.43 2.03 -0.68
Net Debt to EBITDA		 0.50 -0.32 32.61 -22.72 -4.35 0.00 3.16 0.06 1.16 -5.68 0.76
Long-Term Debt to EBITDA		 -0.56 -0.54 0.00 0.00 0.00 0.00 0.00 0.00 -0.61 0.00 0.00
Debt to NOPAT		 -0.73 -1.64 -4.66 -6.65 -4.64 0.00 -0.45 -0.14 -0.30 -3.21 -1.13
Net Debt to NOPAT		 0.65 -0.67 -2.25 -5.98 -4.46 0.00 1.89 0.07 0.14 8.99 1.25
Long-Term Debt to NOPAT		 -0.73 -1.12 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 0.00
Altman Z-Score		 -8.73 -17.78 -15.98 -36.18 -35.09 -70.54 -3.60 -13.86 -16.67 6.18 -3.51
Noncontrolling Interest Sharing Ratio		 164.74% -5.28% 14.17% 4.41% 4.67% 6.27% -9.54% -3.73% -20.62% 10.30% 20.98%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.18 0.15 0.22 0.04 0.15 0.12 1.93 0.70 1.11 1.19 1.00
Quick Ratio		 0.16 0.12 0.18 0.01 0.01 0.09 0.80 0.10 0.28 0.06 0.20
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -6.41 -17 -7.46 -19 5.15 41 -144 -34 -30 7.39 -20
Operating Cash Flow to CapEx		 -1,704.18% -10,487.77% -53,327.92% -69,856.20% 0.00% -60,177.18% -1,102.25% -62.01% -2,197.34% 0.00% -2,340.17%
Free Cash Flow to Firm to Interest Expense		 -6.58 -2.04 -0.58 -1.22 1.04 0.00 -7.69 -10.00 -6.68 1.58 -6.38
Operating Cash Flow to Interest Expense		 -27.45 -3.18 -1.03 -0.97 -1.57 0.00 -5.91 -6.60 -1.48 -1.29 -1.44
Operating Cash Flow Less CapEx to Interest Expense		 -29.06 -3.21 -1.03 -0.97 -0.09 0.00 -6.45 -17.25 -1.54 -1.29 -1.50
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.09 0.12 0.22 0.07 0.00 0.01 0.20 0.10 0.36 0.22 0.18
Accounts Receivable Turnover		 2.59 2.37 4.62 2.87 0.09 0.81 54.20 38.97 243.58 175.32 20.28
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.29 1.79 3.20 0.89 0.04 0.59 1.56 0.64 1.44 1.97 3.63
Accounts Payable Turnover		 0.81 0.36 0.18 0.14 0.01 0.01 1.37 4.00 25.14 14.72 8.56
Days Sales Outstanding (DSO)		 141.16 154.06 79.05 127.05 4,148.89 451.39 6.73 9.37 1.50 2.08 18.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 452.88 1,017.74 1,996.78 2,686.04 30,421.26 38,327.29 266.54 91.16 14.52 24.80 42.62
Cash Conversion Cycle (CCC)		 -311.72 -863.68 -1,917.73 -2,558.99 -26,272.37 -37,875.90 -259.81 -81.79 -13.02 -22.71 -24.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -32 -45 -50 -42 -64 -54 56 23 21 8.09 0.08
Invested Capital Turnover		 -0.39 -0.21 -0.23 -0.06 0.00 0.00 17.75 0.38 1.11 1.05 3.78
Increase / (Decrease) in Invested Capital		 -28 -13 -4.71 7.91 -22 10.00 110 -33 -1.81 -13 -8.02
Enterprise Value (EV)		 0.78 4.76 25 60 72 -8.16 -35 9.06 18 717 777
Market Capitalization		 3.02 1.55 1.22 1.11 4.46 1.44 31 16 25 755 805
Book Value per Share		 ($1.04) ($1.31) ($1.27) ($1.07) ($0.82) ($0.36) $0.89 $0.01 $0.03 $0.03 $0.01
Tangible Book Value per Share		 ($1.52) ($1.31) ($1.27) ($1.07) ($0.82) ($0.36) $0.89 $0.01 $0.03 $0.03 $0.01
Total Capital		 16 -17 -19 -37 -50 -49 135 14 35 77 67
Total Debt		 25 49 57 71 76 0.00 15 9.68 9.39 18 32
Total Long-Term Debt		 25 33 0.00 0.00 0.00 0.00 0.00 0.00 2.36 0.00 0.00
Net Debt		 -23 20 27 64 73 -4.88 -64 -4.47 -4.46 -51 -35
Capital Expenditures (CapEx)		 1.57 0.25 0.02 0.02 -7.34 0.03 10 36 0.30 -0.02 0.19
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -61 -60 -63 -57 -55 -54 27 -24 0.61 -4.74 -11
Debt-free Net Working Capital (DFNWC)		 -53 -54 -41 -56 -53 -50 95 -15 9.50 23 32
Net Working Capital (NWC)		 -53 -70 -98 -127 -130 -50 79 -25 2.46 5.22 -0.14
Net Nonoperating Expense (NNE)		 19 66 5.03 24 12 -9.65 32 75 -33 4.45 30
Net Nonoperating Obligations (NNO)		 -23 20 26 66 63 -4.88 -64 19 -4.42 -50 -35
Total Depreciation and Amortization (D&A)		 5.36 9.73 13 15 5.37 0.52 26 17 12 13 2.54
Debt-free, Cash-free Net Working Capital to Revenue		 -861.25% -742.13% -560.03% -2,240.67% -111,881.75% -56,556.70% 128.45% -158.44% 2.51% -30.98% -69.84%
Debt-free Net Working Capital to Revenue		 -755.65% -672.95% -365.05% -2,216.34% -108,920.34% -51,489.24% 445.04% -99.07% 38.74% 152.39% 205.44%
Net Working Capital to Revenue		 -755.65% -864.27% -869.92% -5,004.51% -264,603.26% -51,489.24% 373.38% -162.72% 10.05% 34.09% -0.89%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($768.00) ($1,224.00) ($1,572.00) ($60.00) ($26.00) $0.57 ($1.30) ($2.00) $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 124.28K 190.95K 321.95K 1.47M 1.22M 13.71M 49.53M 72.02M 1.01B 1.40M 2.27B
Adjusted Diluted Earnings per Share		 ($768.00) ($1,224.00) ($1,572.00) ($60.00) ($26.00) $0.57 ($1.30) ($2.00) $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 124.28K 190.95K 321.95K 1.47M 1.22M 13.71M 49.53M 72.02M 1.01B 1.40M 2.27B
Adjusted Basic & Diluted Earnings per Share		 ($768.00) ($1,224.00) ($1,572.00) ($60.00) ($26.00) $0.57 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 77.45K 79.58K 111.42K 621.15K 1.06M 2.52M 85.19M 102.14M 1.56B 3.79B 9.55B
Normalized Net Operating Profit after Tax (NOPAT)		 -35 -22 -12 -12 -13 -16 -27 -41 -15 -4.94 -27
Normalized NOPAT Margin		 -497.48% -270.34% -108.43% -461.15% -26,656.03% -16,563.48% -126.57% -268.43% -63.04% -32.25% -177.31%
Pre Tax Income Margin		 -735.10% -1,001.14% -232.00% -1,343.39% -56,609.85% 64,392.35% -288.37% -660.83% -82.90% -64.92% -378.35%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -52.45 -8.89 -0.92 -1.16 -4.49 0.00 -2.49 -27.84 -3.64 -0.78 -15.57
NOPAT to Interest Expense		 -35.73 -3.66 -0.95 -0.70 -3.32 0.00 -1.81 -19.84 -7.09 -1.20 -8.92
EBIT Less CapEx to Interest Expense		 -54.06 -8.93 -0.92 -1.16 -3.01 0.00 -3.02 -38.49 -3.71 -0.78 -15.63
NOPAT Less CapEx to Interest Expense		 -37.34 -3.69 -0.95 -0.70 -1.84 0.00 -2.34 -30.49 -7.16 -1.20 -8.98
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.19% 0.00% 0.00% 0.00% 0.00% 2.00% -0.89% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for The9

No quarterly metrics and ratios for The9 are available.


Financials Breakdown Chart

The9 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, The9's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

The9's net income appears to be on a downward trend, with a most recent value of -$58.47 million in 2025, rising from -$53.92 million in 2015. The previous period was -$10.09 million in 2024. See The9's forecast for analyst expectations on what's next for the company.

The9's total operating income in 2025 was -$40.20 million, based on the following breakdown:
  • Total Gross Profit: $258.68 thousand
  • Total Operating Expenses: $40.46 million

Over the last 10 years, The9's total revenue changed from $7.07 million in 2015 to $15.43 million in 2025, a change of 118.4%.

The9's total liabilities were at $50.22 million at the end of 2025, a 75.3% increase from 2024, and a 45.1% decrease since 2015.

In the past 10 years, The9's cash and equivalents has ranged from $619.53 thousand in 2018 to $67.23 million in 2021, and is currently $8.36 million as of their latest financial filing in 2025.

Over the last 10 years, The9's book value per share changed from -1.04 in 2015 to 0.01 in 2025, a change of -100.7%.


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Financial statements for NASDAQ:NCTY last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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