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NetEase (NTES) Financials

NetEase logo
$118.37 +3.27 (+2.84%)
Closing price 05/6/2026 04:00 PM Eastern
Extended Trading
$118.30 -0.06 (-0.05%)
As of 05/6/2026 07:57 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 NetEase

Annual Income Statements for NetEase

This table shows NetEase'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		 1,025 1,664 1,643 895 3,076 1,855 2,645 2,949 4,143 4,069 4,828
Consolidated Net Income / (Loss)		 1,041 1,691 1,665 943 3,077 1,896 2,664 2,877 4,135 4,145 4,976
Net Income / (Loss) Continuing Operations		 1,041 1,691 1,793 1,254 1,934 1,896 2,664 2,786 4,135 4,145 4,976
Total Pre-Tax Income 		1,235 1,992 2,124 1,612 2,352 2,364 3,312 3,516 4,797 4,893 5,839
Total Operating Income		 1,107 1,811 1,994 1,452 1,980 2,236 2,576 2,846 3,903 4,053 5,124
Total Gross Profit		 2,041 3,106 3,843 3,980 4,531 5,996 7,371 7,650 8,882 9,016 10,353
Total Revenue		 3,472 5,474 6,819 7,449 8,506 11,330 13,747 13,991 14,573 14,425 16,105
Operating Revenue		 3,472 5,474 6,819 7,449 8,506 11,330 13,747 13,991 14,573 14,425 16,105
Total Cost of Revenue		 1,431 2,368 2,976 3,469 3,975 5,335 6,377 6,340 5,691 5,410 5,752
Operating Cost of Revenue		 1,431 2,368 2,976 3,469 3,975 5,335 6,377 6,340 5,691 5,410 5,752
Total Operating Expenses		 934 1,296 1,849 2,528 2,551 3,760 4,795 4,804 4,980 4,963 5,229
Selling, General & Admin Expense		 154 216 365 448 449 519 669 681 690 623 605
Marketing Expense		 450 643 845 1,006 893 1,646 1,917 1,943 1,968 1,938 2,091
Research & Development Expense		 329 437 639 1,074 1,208 1,595 2,209 2,180 2,322 2,401 2,534
Total Other Income / (Expense), net		 128 182 130 160 372 128 736 670 894 840 714
Interest & Investment Income		 100 106 158 82 188 494 701 319 764 723 670
Other Income / (Expense), net		 27 75 -28 78 185 -365 35 351 130 117 44
Income Tax Expense		 194 301 331 358 418 468 648 730 662 748 863
Preferred Stock Dividends Declared		 - 0.00 0.00 36 39 121 84 0.43 0.51 0.54 0.61
Net Income / (Loss) Attributable to Noncontrolling Interest		 15 27 22 11 -11 -80 -66 -72 -8.86 76 148
Basic Earnings per Share		 $2.05 $3.54 $12.98 $11.41 $6.59 $21.90 $30.41 $0.90 $1.29 $1.27 $1.51
Weighted Average Basic Shares Outstanding		 3.42B 3.41B 3.42B 3.88B 3.22B 3.97B 3.99B 3.26B 3.22B 3.20B 3.19B
Diluted Earnings per Share		 $2.04 $3.51 $0.50 $11.34 $6.53 $3.60 $5.01 $0.89 $1.27 $1.26 $1.50
Weighted Average Diluted Shares Outstanding		 3.44B 3.44B 3.45B 3.91B 3.25B 4.02B 4.04B 3.30B 3.25B 3.23B 3.22B
Weighted Average Basic & Diluted Shares Outstanding		 3.29B 3.28B 3.28B 3.20B 3.23B 3.35B 3.27B 3.22B 3.21B 3.17B 3.19B

Quarterly Income Statements for NetEase

No quarterly income statements for NetEase are available.

Annual Cash Flow Statements for NetEase

This table details how cash moves in and out of NetEase'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		 617 216 -350 221 -547 888 817 1,481 -476 4,147 -427
Net Cash From Operating Activities		 1,230 2,221 1,824 1,953 2,472 3,828 3,912 4,017 4,976 5,436 7,256
Net Cash From Continuing Operating Activities		 1,230 2,221 2,281 2,134 2,428 3,828 0.00 0.00 4,976 5,436 7,256
Net Income / (Loss) Continuing Operations		 1,041 1,691 1,793 1,254 1,934 1,896 2,664 2,786 4,135 4,145 4,976
Consolidated Net Income / (Loss)		 1,041 1,691 1,665 943 3,077 1,896 2,664 2,877 4,135 4,145 4,976
Depreciation Expense		 28 47 121 300 375 532 514 414 430 331 321
Non-Cash Adjustments To Reconcile Net Income		 80 95 332 347 149 652 169 239 340 415 890
Changes in Operating Assets and Liabilities, net		 81 388 35 233 -30 747 564 578 71 544 1,068
Net Cash From Investing Activities		 -386 -1,701 -1,973 -1,975 -3,178 -4,490 -1,111 -1,069 -2,401 2,455 -4,745
Net Cash From Continuing Investing Activities		 -386 -1,701 -2,448 -2,183 -3,059 -4,490 -1,111 -1,069 -2,401 2,455 -4,745
Purchase of Property, Plant & Equipment		 -132 -163 -254 -316 -174 -162 -251 -305 -324 -175 -152
Acquisitions		 -0.05 -53 -158 -694 -529 -714 -1,263 -822 -677 -279 -791
Purchase of Investments		 -1,074 -1,784 -1,917 -1,949 -3,212 -3,061 -2,399 -863 0.00 -1,128 -3,094
Sale of Property, Plant & Equipment		 0.20 0.30 0.68 0.97 8.70 2.70 11 6.01 1.45 1.99 6.56
Sale and/or Maturity of Investments		 3,875 3,234 5,700 7,543 10,565 13,435 15,416 15,312 16,222 25,296 23,118
Other Investing Activities, net		 -3,056 -2,971 -5,369 -6,494 -11,073 -14,101 -12,800 -14,397 -17,622 -21,262 -23,832
Net Cash From Financing Activities		 -249 -323 -200 231 155 1,525 -1,975 -1,484 -3,024 -3,745 -2,883
Net Cash From Continuing Financing Activities		 -249 -323 -200 231 155 1,525 -1,975 -1,484 -3,024 -3,745 -2,883
Repayment of Debt		 -874 0.00 0.00 -2.73 -43 447 -430 -224 -3,081 -2,931 -1,623
Repurchase of Common Equity		 -20 -172 0.00 -114 0.00 -1,839 -2,026 -1,207 -737 -1,210 -91
Payment of Dividends		 -223 -365 -500 -238 -1,269 -658 -665 -975 -1,129 -1,530 -1,977
Issuance of Debt		 887 214 476 907 469 175 698 927 1,911 1,907 794
Other Financing Activities, net		 - - -316 -1,094 1.53 3,370 -2.17 -4.48 12 19 15
Effect of Exchange Rate Changes		 22 19 -1.96 12 4.18 25 -8.69 16 -29 1.47 -55
Cash Interest Paid		 - 4.47 13 44 62 38 29 85 110 67 55
Cash Income Taxes Paid		 171 157 415 292 459 315 557 738 690 711 919

Quarterly Cash Flow Statements for NetEase

No quarterly cash flow statements for NetEase are available.

Annual Balance Sheets for NetEase

This table presents NetEase'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		 6,266 8,321 10,899 12,658 16,098 21,821 24,110 25,048 26,187 26,851 31,662
Total Current Assets		 5,239 7,081 9,506 10,002 12,219 16,585 17,751 19,081 20,098 21,005 25,828
Cash & Equivalents		 924 780 424 724 466 1,402 2,275 3,609 3,018 7,039 6,745
Restricted Cash		 334 498 909 683 452 469 451 391 391 423 618
Short-Term Investments		 763 1,661 1,495 1,699 2,199 2,041 1,927 1,105 625 1,474 3,261
Accounts Receivable		 398 610 555 583 599 704 864 725 905 777 763
Inventories, net		 125 226 840 155 93 91 151 144 98 78 99
Prepaid Expenses		 410 530 586 571 692 935 979 790 856 879 1,095
Other Current Assets		 2,222 2,776 4,696 4,789 7,679 10,932 11,103 - - 10,335 13,247
Plant, Property, & Equipment, net		 319 347 578 680 664 700 853 920 1,137 1,167 1,205
Total Noncurrent Assets		 709 893 815 1,977 3,216 4,536 5,506 17,364 19,157 4,678 4,629
Long-Term Investments		 451 282 412 763 1,334 1,801 2,951 2,689 3,068 2,768 2,640
Noncurrent Deferred & Refundable Income Taxes		 3.76 80 126 155 130 167 204 215 220 153 405
Other Noncurrent Operating Assets		 254 530 277 917 1,751 2,567 2,352 14,461 15,869 1,757 1,584
Total Liabilities & Shareholders' Equity		 6,266 8,321 10,899 12,658 16,098 21,821 24,110 25,048 26,187 26,851 31,662
Total Liabilities		 1,802 2,806 3,680 5,175 5,611 7,395 8,508 9,263 8,147 7,329 8,052
Total Current Liabilities		 1,776 2,750 3,644 5,110 5,491 7,189 7,925 8,239 7,584 6,804 7,489
Short-Term Debt		 346 547 1,016 1,988 2,444 3,051 3,089 3,462 2,746 1,617 913
Accounts Payable		 107 200 375 175 174 174 155 219 124 99 92
Accrued Expenses		 338 462 720 729 760 1,078 1,416 1,613 1,785 1,949 2,281
Current Deferred & Payable Income Tax Liabilities		 137 247 240 329 453 659 712 408 362 378 554
Current Employee Benefit Liabilities		 140 214 336 407 425 544 649 686 684 642 699
Other Current Liabilities		 - - - - - - - 1,853 - 2,119 2,950
Total Noncurrent Liabilities		 25 56 36 65 121 206 584 1,023 563 525 564
Long-Term Debt		 - - - - - 0.00 200 530 60 59 0.00
Noncurrent Deferred & Payable Income Tax Liabilities		 12 56 33 57 55 110 211 308 324 298 377
Other Noncurrent Operating Liabilities		 13 0.03 2.80 7.12 25 23 57 185 101 168 187
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		 - 0.00 94 784 1,500 1,661 23 20 16 12 13
Total Equity & Noncontrolling Interests		 4,464 5,515 7,125 6,699 8,987 12,766 15,579 15,765 18,024 19,510 23,597
Total Preferred & Common Equity		 4,452 5,476 7,017 6,584 8,823 12,632 14,959 15,185 17,505 19,000 22,922
Total Common Equity		 4,452 5,476 7,017 6,584 8,823 12,632 14,959 15,185 17,505 19,000 22,922
Common Stock		 271 235 269 0.38 562 4,281 5,950 3,314 3,184 1,351 1,407
Retained Earnings		 4,022 5,066 6,557 6,404 8,097 9,869 12,161 13,205 15,805 17,856 21,415
Accumulated Other Comprehensive Income / (Loss)		 4.18 8.82 5.61 2.48 -10 -100 -130 63 87 138 -34
Other Equity Adjustments		 154 166 185 177 174 189 195 -1,397 217 -345 134
Noncontrolling Interest		 13 39 108 116 164 134 620 581 519 510 674

Quarterly Balance Sheets for NetEase

No quarterly balance sheets for NetEase are available.

Annual Metrics And Ratios for NetEase

This table displays calculated financial ratios and metrics derived from NetEase'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		 - - - - - - - - - - 3,192,111,251.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 3,192,111,251.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.51
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 84.34% 57.69% 24.56% 9.25% 14.18% 33.21% 21.33% 1.77% 4.16% -1.01% 11.65%
EBITDA Growth		 44.44% 66.32% 7.98% -12.33% 38.80% -5.41% 30.06% 15.56% 23.59% 0.87% 21.96%
EBIT Growth		 46.08% 66.25% 4.23% -22.16% 41.47% -13.58% 39.55% 22.44% 26.15% 3.42% 23.94%
NOPAT Growth		 38.65% 64.66% 9.53% -32.90% 44.10% 10.19% 15.54% 8.84% 49.16% 2.05% 27.20%
Net Income Growth		 34.99% 62.45% -1.55% -43.37% 226.37% -38.37% 40.47% 8.00% 43.72% 0.25% 20.05%
EPS Growth		 40.69% 72.06% -85.88% -43.37% 226.37% -44.87% 39.17% 23.15% 149.92% -1.23% 19.03%
Operating Cash Flow Growth		 30.22% 80.60% -17.85% 7.04% 26.59% 54.86% 2.18% 2.71% 23.87% 9.23% 33.48%
Free Cash Flow Firm Growth		 294.08% -33.89% -145.57% 334.15% -266.01% 10.72% 257.84% -35.13% -2.07% 404.08% -66.49%
Invested Capital Growth		 -21.23% 21.54% 75.83% 0.54% 68.86% 40.42% -4.26% 5.10% 14.40% -30.74% 18.60%
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		 58.78% 56.74% 56.36% 53.43% 53.27% 52.92% 53.62% 54.68% 60.95% 62.50% 64.29%
EBITDA Margin		 33.48% 35.31% 30.61% 24.57% 29.86% 21.21% 22.73% 25.81% 30.62% 31.21% 34.09%
Operating Margin		 31.89% 33.08% 29.24% 19.50% 23.28% 19.74% 18.74% 20.34% 26.78% 28.10% 31.82%
EBIT Margin		 32.68% 34.45% 28.83% 20.54% 25.45% 16.51% 18.99% 22.85% 27.67% 28.91% 32.09%
Profit (Net Income) Margin		 29.98% 30.89% 24.41% 12.66% 36.18% 16.74% 19.38% 20.56% 28.37% 28.73% 30.90%
Tax Burden Percent		 84.30% 84.87% 78.39% 58.48% 130.81% 80.21% 80.44% 81.83% 86.20% 84.71% 85.23%
Interest Burden Percent		 108.85% 105.64% 108.03% 105.37% 108.66% 126.38% 126.85% 110.00% 118.96% 117.33% 112.96%
Effective Tax Rate		 15.70% 15.13% 15.58% 22.21% 17.79% 19.79% 19.56% 20.75% 13.80% 15.29% 14.78%
Return on Invested Capital (ROIC)		 35.19% 59.35% 42.96% 22.55% 24.11% 17.59% 17.78% 19.29% 26.19% 29.35% 42.09%
ROIC Less NNEP Spread (ROIC-NNEP)		 27.86% 52.93% 43.72% 30.53% -40.78% 13.05% 0.17% 3.75% 7.24% 19.30% 36.65%
Return on Net Nonoperating Assets (RNNOA)		 -9.93% -25.46% -16.82% -9.73% 10.14% -2.37% -0.04% -0.96% -1.74% -7.28% -19.02%
Return on Equity (ROE)		 25.26% 33.89% 26.15% 12.82% 34.25% 15.22% 17.74% 18.33% 24.45% 22.07% 23.07%
Cash Return on Invested Capital (CROIC)		 58.93% 39.91% -12.02% 22.02% -27.11% -16.03% 22.13% 14.31% 12.76% 65.68% 25.07%
Operating Return on Assets (OROA)		 20.35% 25.86% 20.45% 12.99% 15.06% 9.87% 11.37% 13.00% 15.74% 15.73% 17.67%
Return on Assets (ROA)		 18.68% 23.18% 17.32% 8.00% 21.40% 10.00% 11.60% 11.71% 16.14% 15.63% 17.01%
Return on Common Equity (ROCE)		 25.17% 33.71% 25.65% 11.86% 29.36% 13.11% 16.30% 17.61% 23.63% 21.45% 22.43%
Return on Equity Simple (ROE_SIMPLE)		 23.38% 30.88% 23.72% 14.32% 34.87% 15.01% 17.81% 18.95% 23.62% 21.82% 0.00%
Net Operating Profit after Tax (NOPAT)		 933 1,537 1,683 1,130 1,628 1,794 2,072 2,255 3,364 3,433 4,367
NOPAT Margin		 26.88% 28.07% 24.69% 15.16% 19.14% 15.83% 15.07% 16.12% 23.08% 23.80% 27.12%
Net Nonoperating Expense Percent (NNEP)		 7.33% 6.42% -0.76% -7.98% 64.89% 4.55% 17.61% 15.54% 18.95% 10.05% 5.44%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 16.14% 17.82%
Cost of Revenue to Revenue		 41.22% 43.26% 43.64% 46.57% 46.73% 47.08% 46.38% 45.32% 39.05% 37.50% 35.71%
SG&A Expenses to Revenue		 4.45% 3.95% 5.36% 6.02% 5.28% 4.58% 4.87% 4.87% 4.74% 4.32% 3.75%
R&D to Revenue		 9.47% 7.98% 9.37% 14.42% 14.20% 14.08% 16.07% 15.59% 15.93% 16.64% 15.73%
Operating Expenses to Revenue		 26.89% 23.66% 27.11% 33.94% 29.99% 33.18% 34.88% 34.34% 34.17% 34.40% 32.47%
Earnings before Interest and Taxes (EBIT)		 1,134 1,886 1,966 1,530 2,165 1,871 2,611 3,196 4,032 4,170 5,169
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,162 1,933 2,087 1,830 2,540 2,403 3,125 3,611 4,463 4,502 5,490
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 23.30 23.00 28.91 21.29 20.84 23.20 4.35 3.05 3.40 2.98 3.77
Price to Tangible Book Value (P/TBV)		 23.30 23.00 28.91 21.29 20.84 23.20 4.35 3.05 3.40 2.98 3.77
Price to Revenue (P/Rev)		 29.87 23.00 29.75 18.82 21.62 25.86 4.74 3.31 4.08 3.92 5.36
Price to Earnings (P/E)		 101.14 75.68 123.47 156.53 59.79 157.93 24.62 15.68 14.35 13.91 17.88
Dividend Yield		 1.12% 1.53% 1.18% 0.78% 2.21% 1.02% 0.85% 2.15% 1.90% 2.77% 2.23%
Earnings Yield		 0.99% 1.32% 0.81% 0.64% 1.67% 0.63% 4.06% 6.38% 6.97% 7.19% 5.59%
Enterprise Value to Invested Capital (EV/IC)		 43.46 43.40 40.21 27.71 21.65 24.54 5.40 3.59 4.06 4.93 6.63
Enterprise Value to Revenue (EV/Rev)		 29.26 22.52 29.46 18.68 21.58 25.79 4.48 3.08 3.82 3.27 4.64
Enterprise Value to EBITDA (EV/EBITDA)		 87.42 63.79 96.23 76.06 72.28 121.63 19.70 11.92 12.47 10.48 13.60
Enterprise Value to EBIT (EV/EBIT)		 89.56 65.37 102.17 90.97 84.81 156.20 23.58 13.47 13.81 11.31 14.45
Enterprise Value to NOPAT (EV/NOPAT)		 108.85 80.23 119.31 123.22 112.79 162.92 29.71 19.09 16.55 13.74 17.10
Enterprise Value to Operating Cash Flow (EV/OCF)		 82.62 55.52 110.09 71.28 74.27 76.34 15.74 10.71 11.19 8.68 10.29
Enterprise Value to Free Cash Flow (EV/FCFF)		 64.99 119.31 0.00 126.22 0.00 0.00 23.86 25.72 33.97 6.14 28.70
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.08 0.10 0.14 0.27 0.24 0.22 0.22 0.25 0.15 0.09 0.04
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.03 0.00 0.01 0.00
Financial Leverage		 -0.36 -0.48 -0.38 -0.32 -0.25 -0.18 -0.22 -0.26 -0.24 -0.38 -0.52
Leverage Ratio		 1.35 1.46 1.51 1.60 1.60 1.52 1.53 1.57 1.51 1.41 1.36
Compound Leverage Factor		 1.47 1.54 1.63 1.69 1.74 1.92 1.94 1.72 1.80 1.66 1.53
Debt to Total Capital		 7.19% 9.03% 12.34% 20.99% 19.15% 17.80% 17.91% 20.18% 13.31% 8.25% 3.72%
Short-Term Debt to Total Capital		 7.19% 9.03% 12.34% 20.99% 18.84% 17.38% 16.25% 17.50% 13.02% 7.71% 3.72%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.31% 0.42% 1.66% 2.68% 0.29% 0.54% 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		 0.26% 0.64% 2.46% 9.50% 12.83% 10.23% 3.38% 3.04% 2.57% 2.45% 2.80%
Common Equity to Total Capital		 92.54% 90.33% 85.20% 69.51% 68.02% 71.98% 78.71% 76.78% 84.12% 89.30% 93.47%
Debt to EBITDA		 0.30 0.28 0.49 1.09 0.98 1.30 1.09 1.11 0.62 0.39 0.17
Net Debt to EBITDA		 -1.83 -1.38 -1.07 -1.03 -0.77 -1.08 -1.34 -1.05 -0.97 -2.21 -2.25
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.02 0.03 0.10 0.15 0.01 0.03 0.00
Debt to NOPAT		 0.37 0.36 0.60 1.76 1.53 1.74 1.64 1.77 0.82 0.51 0.21
Net Debt to NOPAT		 -2.28 -1.74 -1.32 -1.67 -1.21 -1.44 -2.03 -1.69 -1.29 -2.90 -2.83
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.02 0.04 0.15 0.24 0.02 0.03 0.00
Altman Z-Score		 37.25 29.81 35.79 18.41 21.84 25.73 6.72 5.23 6.86 7.25 9.12
Noncontrolling Interest Sharing Ratio		 0.35% 0.52% 1.89% 7.49% 14.26% 13.88% 8.12% 3.96% 3.36% 2.81% 2.80%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.95 2.58 2.61 1.96 2.23 2.31 2.24 2.32 2.65 3.09 3.45
Quick Ratio		 1.17 1.11 0.68 0.59 0.59 0.58 0.64 0.66 0.60 1.37 1.44
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,563 1,033 -471 1,103 -1,831 -1,634 2,580 1,674 1,639 7,683 2,602
Operating Cash Flow to CapEx		 933.72% 1,366.45% 720.53% 620.33% 1,498.55% 2,397.63% 1,628.87% 1,345.89% 1,542.01% 3,146.79% 4,976.98%
Free Cash Flow to Firm to Interest Expense		 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 to Interest Expense		 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 Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.62 0.75 0.71 0.63 0.59 0.60 0.60 0.57 0.57 0.54 0.55
Accounts Receivable Turnover		 12.90 10.87 11.71 13.09 14.40 17.40 17.53 17.60 17.88 17.16 20.92
Inventory Turnover		 22.18 13.50 5.58 6.97 31.99 57.86 52.62 42.92 47.03 61.39 65.05
Fixed Asset Turnover		 13.24 16.45 14.74 11.84 12.66 16.62 17.71 15.79 14.17 12.52 13.58
Accounts Payable Turnover		 16.57 15.43 10.35 12.62 22.79 30.61 38.76 33.99 33.22 48.56 60.33
Days Sales Outstanding (DSO)		 28.30 33.59 31.18 27.88 25.34 20.98 20.82 20.74 20.41 21.27 17.45
Days Inventory Outstanding (DIO)		 16.46 27.03 65.40 52.36 11.41 6.31 6.94 8.50 7.76 5.95 5.61
Days Payable Outstanding (DPO)		 22.03 23.65 35.26 28.92 16.02 11.92 9.42 10.74 10.99 7.52 6.05
Cash Conversion Cycle (CCC)		 22.73 36.98 61.32 51.32 20.74 15.36 18.34 18.50 17.19 19.70 17.01
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,338 2,841 4,995 5,022 8,481 11,909 11,401 11,983 13,708 9,573 11,259
Invested Capital Turnover		 1.31 2.11 1.74 1.49 1.26 1.11 1.18 1.20 1.13 1.23 1.55
Increase / (Decrease) in Invested Capital		 -630 503 2,154 27 3,458 3,428 -507 582 1,725 -4,250 1,766
Enterprise Value (EV)		 101,595 123,295 200,848 139,186 183,587 292,221 61,564 43,045 55,670 47,183 74,671
Market Capitalization		 103,709 125,930 202,870 140,169 183,891 293,017 65,121 46,247 59,467 56,609 86,334
Book Value per Share		 $1.36 $1.67 $2.14 $2.01 $2.76 $3.91 $4.47 $4.64 $5.43 $5.92 $7.24
Tangible Book Value per Share		 $1.36 $1.67 $2.14 $2.01 $2.76 $3.91 $4.47 $4.64 $5.43 $5.92 $7.24
Total Capital		 4,810 6,062 8,236 9,471 12,971 17,550 19,006 19,777 20,810 21,278 24,523
Total Debt		 346 547 1,016 1,988 2,484 3,124 3,404 3,992 2,770 1,756 913
Total Long-Term Debt		 0.00 0.00 0.00 0.00 40 73 315 530 60 115 0.00
Net Debt		 -2,127 -2,674 -2,224 -1,882 -1,968 -2,590 -4,200 -3,802 -4,332 -9,948 -12,351
Capital Expenditures (CapEx)		 132 163 253 315 165 160 240 298 323 173 146
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,787 1,940 4,049 3,773 6,055 8,533 8,262 9,198 11,190 6,906 8,629
Debt-free Net Working Capital (DFNWC)		 3,808 4,878 6,878 6,880 9,172 12,446 12,916 14,303 15,224 15,842 19,252
Net Working Capital (NWC)		 3,462 4,331 5,861 4,892 6,728 9,396 9,826 10,841 12,514 14,201 18,339
Net Nonoperating Expense (NNE)		 -108 -154 19 187 -1,449 -103 -592 -622 -771 -712 -609
Net Nonoperating Obligations (NNO)		 -2,127 -2,674 -2,224 -2,461 -2,006 -2,517 -4,201 -3,802 -4,332 -9,948 -12,351
Total Depreciation and Amortization (D&A)		 28 47 121 300 375 532 514 414 430 331 321
Debt-free, Cash-free Net Working Capital to Revenue		 51.47% 35.43% 59.38% 50.65% 71.19% 75.31% 60.10% 65.74% 76.79% 47.87% 53.58%
Debt-free Net Working Capital to Revenue		 109.70% 89.11% 100.86% 92.35% 107.83% 109.85% 93.95% 102.23% 104.47% 109.82% 119.54%
Net Working Capital to Revenue		 99.73% 79.12% 85.96% 65.67% 79.10% 82.92% 71.48% 77.49% 85.87% 98.44% 113.87%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.06 $0.10 $0.10 $1.44 $6.05 $6.45 $9.05 $6.23 $15.59 $1.27 $1.51
Adjusted Weighted Average Basic Shares Outstanding		 16.42B 16.41B 16.45B 16.82B 16.75B 3.97B 3.99B 3.26B 3.86B 3.20B 3.19B
Adjusted Diluted Earnings per Share		 $0.06 $0.10 $0.10 $0.05 $6.00 $6.36 $5.01 $6.17 $15.42 $1.26 $1.50
Adjusted Weighted Average Diluted Shares Outstanding		 16.53B 16.54B 16.58B 16.92B 16.90B 4.02B 4.04B 3.30B 3.90B 3.23B 3.22B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 16.43B 16.41B 16.42B 16.00B 16.14B 3.35B 3.27B 3.22B 3.21B 3.17B 3.19B
Normalized Net Operating Profit after Tax (NOPAT)		 933 1,537 1,683 1,130 1,628 1,794 2,072 2,255 3,364 3,433 4,367
Normalized NOPAT Margin		 26.88% 28.07% 24.69% 15.16% 19.14% 15.83% 15.07% 16.12% 23.08% 23.80% 27.12%
Pre Tax Income Margin		 35.57% 36.40% 31.14% 21.64% 27.66% 20.87% 24.09% 25.13% 32.92% 33.92% 36.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 21.47% 21.59% 30.03% 25.24% 41.25% 34.72% 24.97% 33.88% 27.30% 36.90% 39.73%
Augmented Payout Ratio		 23.40% 31.76% 30.03% 37.29% 41.25% 131.66% 101.02% 75.85% 45.13% 66.09% 41.57%

Quarterly Metrics And Ratios for NetEase

No quarterly metrics and ratios for NetEase are available.


Financials Breakdown Chart

Frequently Asked Questions About NetEase's Financials

When does NetEase's financial year end?

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

How has NetEase's net income changed over the last 10 years?

NetEase's net income appears to be on an upward trend, with a most recent value of $4.98 billion in 2025, rising from $1.04 billion in 2015. The previous period was $4.15 billion in 2024. See NetEase's forecast for analyst expectations on what’s next for the company.

What is NetEase's operating income?
NetEase's total operating income in 2025 was $5.12 billion, based on the following breakdown:
  • Total Gross Profit: $10.35 billion
  • Total Operating Expenses: $5.23 billion
How has NetEase's revenue changed over the last 10 years?

Over the last 10 years, NetEase's total revenue changed from $3.47 billion in 2015 to $16.11 billion in 2025, a change of 363.9%.

How much debt does NetEase have?

NetEase's total liabilities were at $8.05 billion at the end of 2025, a 9.9% increase from 2024, and a 346.9% increase since 2015.

How much cash does NetEase have?

In the past 10 years, NetEase's cash and equivalents has ranged from $424.14 million in 2017 to $7.04 billion in 2024, and is currently $6.74 billion as of their latest financial filing in 2025.

How has NetEase's book value per share changed over the last 10 years?

Over the last 10 years, NetEase's book value per share changed from 1.36 in 2015 to 7.24 in 2025, a change of 431.2%.


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Financial statements for NASDAQ:NTES last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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