NetEase, Inc. NTES
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Market cap
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52-week range
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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 EPS1.50
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.11B | $14.43B | $14.57B | $13.99B | $13.75B | $11.29B | $8.51B | $9.77B | $8.32B | $5.50B |
| Cost of revenue | $5.75B | $5.41B | $5.69B | $6.34B | $6.38B | $5.32B | $3.98B | $5.64B | $4.33B | $2.38B |
| Gross profit | $10.35B | $9.02B | $8.88B | $7.65B | $7.37B | $5.97B | $4.53B | $4.13B | $3.98B | $3.12B |
| R&D | $2.53B | $2.40B | $2.32B | $2.18B | $2.21B | $1.59B | $1.21B | $1.13B | $671.9M | $438.9M |
| SG&A | $604.6M | $623.4M | $690.1M | $680.8M | $669.0M | $516.8M | $449.6M | $464.2M | $373.5M | $216.9M |
| Total operating expenses | $5.23B | $4.96B | $4.98B | $4.80B | $4.79B | $3.75B | $2.55B | $2.98B | $2.11B | $1.30B |
| Operating income | $5.12B | $4.05B | $3.90B | $2.85B | $2.58B | $2.23B | $1.98B | $1.15B | $1.87B | $1.82B |
| Pre-tax income | $5.84B | $4.89B | $4.80B | $3.52B | $3.31B | $2.36B | $2.35B | $1.30B | $2.00B | $2.00B |
| Income tax | $862.7M | $748.2M | $661.9M | $729.5M | $647.8M | $466.2M | $418.7M | $358.8M | $332.3M | $302.8M |
| Net income | $4.98B | $4.15B | $4.13B | $2.88B | $2.66B | $1.89B | $3.08B | $942.1M | $1.67B | $1.67B |
| EPS, basic | 1.52 | 1.27 | 1.29 | 0.90 | 0.80 | 0.56 | 0.95 | 0.28 | 0.50 | 0.51 |
| EPS, diluted | 1.50 | 1.26 | 1.27 | 0.89 | 0.79 | 0.55 | 0.94 | 0.27 | 0.50 | 0.51 |
| Shares, diluted (wtd. avg.) | $3.22B | $3.23B | $3.25B | $3.30B | $3.37B | $3.35B | $3.25B | $3.25B | $3.32B | $3.31B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.74B | $7.04B | $3.02B | $3.61B | $2.28B | $1.40B | $466.3M | $783.8M | $1.26B | $836.0M |
| Short-term investments | $3.26B | $1.47B | $624.8M | $1.11B | $1.93B | $2.03B | $2.20B | $1.70B | $1.50B | $1.67B |
| Receivables | $763.3M | $776.7M | $904.6M | $725.3M | $864.3M | $701.4M | $598.9M | $623.7M | $556.3M | $612.3M |
| Inventory | $98.6M | $78.3M | $97.9M | $144.1M | $151.4M | $95.2M | $93.4M | $729.8M | $841.5M | $227.3M |
| Total current assets | $25.83B | $21.01B | $20.10B | $19.08B | $17.75B | $16.53B | $12.22B | $9.99B | $9.52B | $7.19B |
| Property, plant and equipment | $1.20B | $1.17B | $1.14B | $919.6M | $852.7M | $698.1M | $663.9M | $782.3M | $579.3M | $348.5M |
| Total assets | $31.66B | $26.85B | $26.19B | $25.05B | $24.11B | $21.74B | $16.11B | $12.65B | $10.92B | $8.36B |
| Accounts payable | $92.0M | $98.7M | $124.1M | $218.5M | $154.6M | $173.9M | $174.1M | $346.9M | $375.4M | $201.1M |
| Total current liabilities | $7.49B | $6.80B | $7.58B | $8.24B | $7.92B | $7.16B | $5.49B | $5.11B | $3.65B | $2.81B |
| Long-term debt | — | $58.6M | $60.3M | $529.9M | $200.1M | — | — | — | — | — |
| Total liabilities | $8.05B | $7.33B | $8.15B | $9.26B | $8.51B | $7.37B | $5.61B | $5.17B | $3.69B | $2.82B |
| Retained earnings | $21.41B | $17.86B | $15.81B | $13.20B | $12.16B | $9.83B | $8.10B | $6.40B | $6.57B | $5.09B |
| Total equity | $22.92B | $19.00B | $17.51B | $15.18B | $14.96B | $12.59B | $8.83B | $6.58B | $7.03B | $5.50B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.26B | $5.44B | $4.98B | $4.02B | $3.91B | $3.81B | $2.47B | $1.95B | $1.83B | $2.23B |
| Depreciation and amortisation | $321.4M | $331.2M | $430.3M | $414.4M | $514.0M | $529.9M | $375.4M | $303.0M | $123.2M | $47.2M |
| Stock-based compensation | $521.6M | $532.0M | $456.7M | $460.2M | $477.3M | $408.2M | $345.3M | $367.9M | $308.1M | $142.6M |
| Capital expenditure | $152.3M | $174.7M | $324.2M | $304.5M | $251.4M | $161.8M | $173.7M | $367.7M | $283.3M | $163.6M |
| Investing cash flow | -$4.74B | $2.45B | -$2.40B | -$1.07B | -$1.11B | -$4.47B | -$3.18B | -$1.97B | -$2.04B | -$2.02B |
| Financing cash flow | -$2.88B | -$3.74B | -$3.02B | -$1.48B | -$1.97B | $1.52B | $155.5M | $230.9M | -$200.2M | -$324.1M |
| Dividends paid | $1.98B | $1.53B | $1.13B | $974.8M | $550.5M | $656.0M | $1.27B | $209.5M | $500.7M | $366.7M |
| Buybacks | — | — | — | — | — | — | — | $1.09B | $316.9M | $172.7M |
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 0001104659-26-043468.
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