Growth & profitability
- Revenue has grown 176.3% per year over the past 5 years.
- Operating margin has contracted, at -260.5% in the latest year.
Financial health
- Operating income covered interest expense -12.1× in the latest year.
NCTY Financials The9 LTD
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $15M | -$58M | 1.7% | -260.5% | — | — | $8M |
| 2024 | $15M | -$10M | -1.4% | -52.6% | — | — | $1M |
| 2023 | $25M | $2M | -18.3% | -177.5% | — | — | $6M |
| 2022 | $17M | -$142M | -55.3% | -556.4% | — | — | $8M |
| 2021 | $21M | -$65M | 35.2% | -226.4% | — | — | $67M |
| 2020 | $95860 | $60M | -30.2% | 53831.4% | — | — | $5M |
| 2019 | $49053 | -$28M | -293.1% | -47940.8% | — | — | $2M |
| 2018 | — | -$35M | — | — | — | — | $611401 |
| 2017 | — | -$17M | — | — | — | — | $21M |
| 2016 | — | -$96M | — | — | — | — | $6M |
| 2015 | — | -$55M | — | — | — | — | $7M |
| 2014 | — | -$21M | — | — | — | — | $28M |
| 2013 | — | -$93M | — | — | — | — | $25M |
| 2012 | — | -$90M | — | — | — | — | $92M |
| 2011 | — | -$50M | — | — | — | — | $172M |
Valuation over time
How the market has priced NCTY against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 6854.7× (Jan '24) to 19152.0× (Nov '24).
- The price-to-sales ratio has risen from 102.8× (Mar '23) to 714.7× (Jun '26).
P/E
P/S
Frequently asked questions
Is NCTY growing its revenue and profit?
Over the past 5 years, The9 LTD's revenue has grown 176.3% per year. These are computed facts, not advice.
How much debt does NCTY have?
As of FY2025, The9 LTD reported — of total debt against $8M of cash; operating income covered interest expense -12.1×.
What is NCTY's profit margin?
In FY2025, gross margin was 1.7%, operating margin -260.5%, and net margin -379.0%.
What is NCTY's P/E ratio?
As of Jun '26, The9 LTD traded at a price-to-earnings ratio of about 19152.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.