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 →
Growth & profitability
Revenue has grown 7.4% per year over the past 5 years.
Net income has grown faster than revenue (21.4% vs 7.4% per year).
Operating margin has expanded, at 31.8% in the latest year.
Free cash flow has grown 14.2% per year over the past 5 years.
Financial health
Total debt has grown slower than revenue (-33.6% vs 7.4% per year).
Shareholder returns
Dividends have been paid for 13 consecutive years, consuming 39.7% of earnings and 27.8% of free cash flow.
The dividend has grown 24.7% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$16.1B
$5.0B
64.3%
31.8%
$7.1B
—
$6.7B
2024
$14.4B
$4.1B
62.5%
28.1%
$5.3B
$59M
$7.0B
2023
$14.6B
$4.1B
60.9%
26.8%
$4.7B
$60M
$3.0B
2022
$14.0B
$2.9B
54.7%
20.3%
$3.7B
$530M
$3.6B
2021
$13.7B
$2.7B
53.6%
18.7%
$3.7B
$200M
$2.3B
2020
$11.3B
$1.9B
52.9%
19.7%
$3.7B
—
$1.4B
2019
$8.5B
$3.1B
53.3%
23.3%
$2.3B
—
$466M
2018
$9.8B
$942M
42.3%
11.8%
$1.6B
—
$784M
2017
—
$1.7B
—
—
$1.5B
—
$425M
2016
—
$1.7B
—
—
—
—
$836M
2015
—
$1.1B
—
—
—
—
$874M
2014
—
$773M
—
—
—
—
$312M
2013
—
$734M
—
—
—
—
$235M
2012
—
$576M
—
—
—
—
$263M
2011
—
$512M
—
—
—
—
$355M
Valuation over time
How the market has priced NTES 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 fallen from 99.0× (Mar '23) to 74.2× (Jun '26).
The price-to-sales ratio has risen from 20.4× (Mar '23) to 22.9× (Jun '26).
The dividend yield has risen from 0.3% (Mar '23) to 0.5% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is NTES growing its revenue and profit?
Over the past 5 years, Netease, Inc.'s revenue has grown 7.4% per year, and net income grown 21.4% per year. These are computed facts, not advice.
How much debt does NTES have?
As of FY2025, Netease, Inc. reported — of total debt against $6.7B of cash.
What is NTES's profit margin?
In FY2025, gross margin was 64.3%, operating margin 31.8%, and net margin 30.9%.
What is NTES's P/E ratio?
As of Jun '26, Netease, Inc. traded at a price-to-earnings ratio of about 74.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield 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.