Netease, Inc.Netease, Inc.
Netease, Inc.

Netease, Inc.

NTES
Communication Services·Entertainment

NetEase, Inc. is an internet technology company, which engages in the provision of premium online services centered around content, community, communication and commerce. It develops and operates some of the most popular PC-client and mobile games in China. The firm also operates some of the most popular international online games in China by partnering with Blizzard Entertainment, Mojang AB (a Microsoft subsidiary) and other global game developers. NetEase also offers other services, including the intelligent learning services of its majority-controlled subsidiary, Youdao, its music streaming platform, NetEase Cloud Music, and its private label e-commerce platform, Yanxuan. The company operates through the following business segments: Online Game Services, Youdao, Cloud Music, and Innovative Businesses and Others. The Online Game Services segment produces online PC-client games. The Youdao segment is an online education service provider in China. The Cloud Music segment represents revenue from online music services through the sales of membership subscriptions in various content and service packages. The Innovative Businesses and Others segment offers other services, which includes live video streaming and its private label e-commerce platform, Yanxuan. The company was founded by Lei Ding in June 1997 and is headquartered in Beijing, China.

Market cap
$76.4BNo data
Revenue
$16.1B+11.6% YoY
Net income
$5B+22.3% YoY
Free cash flow
$7.1B+38.3% YoY

Market

Listed stock
Tokenized stocks
NTESPriceNasdaq
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Financial performance

Revenue
$16.1B+11.6% YoY
Operating income
$5.1B+26.4% YoY
Net income
$5B+22.3% YoY
Free cash flow
$7.1B+38.3% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $13.7B, 2022 $13.8B, 2023 $14.6B, 2024 $14.4B, 2025 $16.1B. Operating income: 2021 $2.6B, 2022 $2.8B, 2023 $3.9B, 2024 $4.1B, 2025 $5.1B. Net income: 2021 $2.6B, 2022 $2.9B, 2023 $4.1B, 2024 $4.1B, 2025 $5B. Free cash flow: 2021 $3.4B, 2022 $3.6B, 2023 $4.4B, 2024 $5.1B, 2025 $7.1B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
11.6%+1278 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $2.6B, 2022-12-31 $2.8B, 2023-12-31 $3.9B, 2024-12-31 $4.1B, 2025-12-31 $5.1B. Net income: 2021-12-31 $2.6B, 2022-12-31 $2.9B, 2023-12-31 $4.1B, 2024-12-31 $4.1B, 2025-12-31 $5B. Free cash flow: 2021-12-31 $3.4B, 2022-12-31 $3.6B, 2023-12-31 $4.4B, 2024-12-31 $5.1B, 2025-12-31 $7.1B

Growth heatmap

2022202320242025CAGR
Revenue
+1.1%
+5.4%
-1.2%
+11.6%
+4.1%
Gross profit
+3.2%
+17.5%
+1.3%
+14.8%
+9.0%
Operating income
+9.8%
+38.8%
+3.7%
+26.4%
+18.9%
Free cash flow
+5.3%
+21.6%
+17.2%
+38.3%
+20.0%

Earnings quality

Operating cash flow
$7.3B+33.4% YoY
Net income
$5B+22.3% YoY
Free cash flow
$7.1B+38.3% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 146%, 2024-12-31 134%, 2023-12-31 120%, 2022-12-31 136%, 2021-12-31 148%. Free cash flow: 2025-12-31 143%, 2024-12-31 126%, 2023-12-31 106%, 2022-12-31 123%, 2021-12-31 130%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
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Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
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Free cash flow yield
No data
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No data