The9 LTD NCTY
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.03
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.4M | $15.3M | $174.0M | $15.7M | $21.3M | $95.9K | $49.1K | $2.5M | $11.3M | $8.1M |
| Cost of revenue | $15.2M | $15.5M | $29.8M | $26.8M | $13.8M | $124.8K | $192.8K | $2.4M | $3.7M | $7.0M |
| Gross profit | $259.0K | -$219.0K | -$4.6M | -$9.5M | $7.5M | -$28.9K | -$143.8K | $144.9K | $7.6M | $1.1M |
| R&D | $1.4M | $117.0K | $277.5K | $352.7K | $300.9K | $373.7K | $1.9M | $3.6M | $6.9M | $11.2M |
| SG&A | $29.4M | $21.6M | $28.6M | $54.6M | $46.0M | $16.7M | $16.4M | $13.0M | $16.7M | $18.6M |
| Total operating expenses | $40.5M | $7.8M | $40.1M | $129.9M | $57.2M | -$51.6M | $23.4M | $15.4M | $25.1M | $44.2M |
| Operating income | -$40.2M | -$8.1M | -$44.8M | -$95.9M | -$48.3M | $51.6M | -$23.5M | -$15.2M | -$17.4M | -$42.6M |
| Interest expense | $3.3M | $4.7M | $4.4M | $3.4M | $18.7M | $623.8K | $5.0M | $15.2M | $12.9M | $8.1M |
| Pre-tax income | -$58.5M | -$9.9M | -$20.3M | -$142.0M | -$65.1M | $61.7M | -$27.8M | -$34.2M | -$26.1M | -$81.0M |
| Income tax | $16.0K | $0 | $0 | — | $0 | $1.1M | $0 | $0 | — | $875.6K |
| Net income | -$58.5M | -$10.1M | $2.8M | -$141.3M | -$64.5M | $61.0M | -$25.5M | -$31.6M | -$26.9M | -$97.5M |
| EPS, basic | -0.03 | -0.01 | — | -0.20 | -0.13 | — | — | — | — | — |
| EPS, diluted | -0.03 | -0.01 | — | -0.20 | -0.13 | 0.37 | -0.26 | -0.60 | -0.81 | -4.08 |
| Shares, diluted (wtd. avg.) | 2.27B | 1.40B | 1.01B | 720,237 | 495.3M | 163.6M | 106.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.4M | $1.6M | $6.2M | $8.2M | $62.1M | $5.0M | $1.5M | $611.4K | $20.7M | $6.0M |
| Short-term investments | — | — | — | — | $125.5K | — | — | — | — | — |
| Receivables | — | — | $7.9K | $22.0K | $577.8K | $457 | $15.9K | $86.2K | $400.8K | $1.2M |
| Total current assets | $49.0M | $33.4M | $31.4M | $57.7M | $164.8M | $6.5M | $22.2M | $4.8M | $28.1M | $12.7M |
| Property, plant and equipment | $6.2M | $2.3M | $13.3M | $20.7M | $27.1M | $149.7K | $175.0K | $2.5M | $3.2M | $3.9M |
| Goodwill | — | — | — | — | — | — | — | $0 | $0 | — |
| Other intangibles | $2.3M | $1.2M | — | — | — | — | — | — | $0 | — |
| Total assets | $84.9M | $87.2M | $51.2M | $86.9M | $205.6M | $7.4M | $26.1M | $24.0M | $49.7M | $50.5M |
| Accounts payable | — | $758.0K | $1.4M | $24.1M | $6.3M | $5.5M | $5.5M | $5.5M | $5.7M | $5.3M |
| Short-term debt | $24.9M | $12.2M | — | — | — | — | $16.9M | $16.4M | $16.7M | $15.5M |
| Total current liabilities | $49.1M | $28.2M | $22.9M | $81.8M | $85.4M | $55.8M | $152.0M | $132.1M | $125.9M | $82.6M |
| Total liabilities | $50.2M | $28.7M | $25.7M | $82.9M | $85.8M | $56.2M | $152.9M | $132.1M | $125.9M | $116.1M |
| Retained earnings | -$691.1M | -$606.9M | -$613.6M | -$634.8M | -$534.1M | -$458.6M | -$489.9M | -$470.2M | -$463.5M | -$417.4M |
| Total equity | $27.3M | $46.4M | $29.1M | $4.0M | $121.8M | -$44.1M | -$120.5M | -$103.5M | -$72.8M | -$101.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.5M | -$6.1M | -$6.5M | -$22.4M | -$107.9M | -$16.3M | -$7.8M | -$14.7M | -$13.3M | -$26.1M |
| Stock-based compensation | $16.6M | $6.1M | $10.0M | $29.3M | $23.6M | $8.4M | $3.1M | $567.0K | $5.8M | $4.0M |
| Investing cash flow | $159.0K | -$7.8M | $666.5K | -$36.1M | -$22.1M | $67.2M | $8.7M | -$2.5M | $24.9M | -$1.5M |
| Financing cash flow | $11.2M | $9.6M | $4.5M | $4.8M | $192.5M | -$47.6M | $5.9M | -$2.7M | $6.8M | $27.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-043910.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.1M | $11.3M | $2.5M | $49.1K | $95.9K | $21.3M | $15.7M | $174.0M | $15.3M | $15.4M |
| Gross profit | $1.1M | $7.6M | $144.9K | -$143.8K | -$28.9K | $7.5M | -$9.5M | -$4.6M | -$219.0K | $259.0K |
| Net income | -$97.5M | -$26.9M | -$31.6M | -$25.5M | $61.0M | -$64.5M | -$141.3M | $2.8M | -$10.1M | -$58.5M |
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $211.52B | 20.4x | 6.4% |
| MSTR | Strategy Inc | $51.47B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $43.32B | 37.0x | 9.4% |
| SYF | Synchrony Financial | $23.96B | 7.9x | — |
| CRCL | Circle Internet Group, Inc. | $21.32B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $18.88B | 37.5x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $13.51B | 1.7x | 84.1% |
| CHYM | Chime Financial, Inc. | $11.23B | — | 30.7% |