Full history for every metric is available with a Kvantra account
Key financial summary
Financials in CNY| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Total revenue | CNY bn | 74 | 88 | 96 | 103 | 105 | 113 | 117 | 121 |
| Operating profit | CNY bn | 35.8 | 41.0 | ||||||
| Net profit | CNY bn | 12.1 | 16.9 | 20.3 | 29.4 | 29.7 | 33.8 | 32.5 | 39.8 |
| EPS reported | CNY | 52.25 | 50.20 | ||||||
| Operating cashflow per share | CNY | 77.32 | 80.58 | ||||||
| Capex per share | CNY | 1.62 | 1.94 | ||||||
| FCF per share | CNY | 75.70 | 78.64 | ||||||
| Free cash flow | CNY bn | 48.3 | 49.9 | ||||||
| Net debt | CNY bn | -161 | -167 | ||||||
| Book value equity | CNY bn | 160 | 167 | ||||||
| Book value per share | CNY | 248.5 | 259.4 | ||||||
| Number of shares | m | 645.58 | 644.33 | ||||||
| DPS (TTM paid) | CNY | 21.80 | 20.12 |
Financial summary
Financials in CNY| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | 2026E | ||
|---|---|---|---|---|---|---|---|---|---|
| Value | |||||||||
| P/E TTM | x | 18.42 | 17.72 | ||||||
| P/B LTM | x | 3.83 | 3.26 | ||||||
| P/S LTM | x | 5.45 | 4.67 | ||||||
| P/FCF LTM | x | 12.71 | 10.90 | ||||||
| EV/EBITDA LTM | x | 13.22 | 8.31 | ||||||
| EV/Sales LTM | x | 5.05 | 3.24 | ||||||
| Earnings Yield LTM | % | 5.43% | 5.64% | ||||||
| FCF Yield | % | 7.87% | 9.17% | ||||||
| Quality | |||||||||
| ROE | % | 21.05% | 20.04% | ||||||
| ROIC | % | 17.40% | 17.67% | ||||||
| Operating margin | % | 31.82% | 35.22% | ||||||
| Gross margin | % | 64.29% | 67.15% | ||||||
| FCF/Sales | % | 42.90% | 43.25% | ||||||
| Growth and momentum | |||||||||
| EPS Growth YoY | % | +13.71% | -5.64% | ||||||
| Sales Growth YoY | % | +6.96% | +6.24% | ||||||
| Net Income Growth YoY | % | +13.68% | -5.01% | ||||||
| FCF Growth | % | +28.96% | +12.75% | ||||||
| Operating Profit Growth | % | +21.13% | +19.07% | ||||||
| Dividend and capital structure | |||||||||
| Dividend Yield | % | 2.19% | 2.36% | ||||||
| Dividend Growth | % | +24.12% | -3.82% | ||||||
| Payout Ratio | % | 39.87% | 41.44% | ||||||
| FCF/Debt | x | 7.56 | 3.96 | ||||||
| Net Debt/EBITDA | x | -1.05 | -0.32 | ||||||
| EBIT/Net interest | x | - | - | ||||||
| Net debt/market cap | % | -26.15% | -30.74% | ||||||
| Net debt/Equity | x | -1.00 | -1.00 | ||||||
| Gross debt/equity | x | 0.04 | 0.08 | ||||||
ETFs that hold NetEase
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| VanEck Video Gaming and eSports UCITS ETF | ESP0.DE | 3 | 7.16% |
| Dimensional - Emerging Markets High Profitability ETF | DEHP | 10 | 1.02% |
| VanEck Video Gaming and eSports ETF | ESPO | 2 | 7.26% |
| Roundhill Ball Metaverse ETF | METV | 8 | 4.85% |
| Invesco Golden Dragon China ETF | PGJ | 4 | 7.06% |
| Global X - Social Media ETF | SOCL | 7 | 5.16% |
| Global X Video Games & Esports ETF | HERO | 4 | 5.57% |
| Guinness Atkinson Asia Pacific Dividend Builder ETF | ADIV | 7 | 3.12% |
Funds with NetEase among their ten largest holdings, largest fund first.
Price target estimates
Based on consensus from external analysts. Not Kvantra's opinion.
Ratings
Based on consensus from external analysts. Not Kvantra's opinion.
ESG
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| ESG-score | |||
| Environmental score | |||
| Social score | |||
| Governance score | |||
| Risk rating |
Company overview
NetEase, Inc., a prominent technology firm founded in 1997 and headquartered in Hangzhou, People's Republic of China, delivers a broad spectrum of online services both within China and across international markets. Its core operations encompass online gaming, music streaming, intelligent online learning solutions, and diverse internet content services. The company organizes its activities into several key divisions: Games and Related Value-Added Services; Youdao, focusing on educational technology; Cloud Music for its audio streaming offerings; and a segment for Innovative Businesses and Others. Within its gaming division, NetEase is responsible for creating and managing both PC and mobile games, and it also publishes titles licensed from external game developers. The Youdao segment provides a comprehensive suite of online learning and translation tools, including Youdao Dictionary, Youdao Translation, U-Dictionary, and Youdao Kids' Dictionary. It also manufactures smart devices like the Youdao Dictionary Pen, Smart Learning Pad, and Listening Pod. Furthermore, Youdao offers online courses, interactive educational applications, and advanced digitalization solutions for education, such as the Youdao Smart Learning Terminal for automated homework processing, Youdao Smart Cloud (a platform offering OCR capabilities to third parties), and Youdao Sports, a sports-focused educational system. Beyond these, NetEase manages an array of other popular internet services. These include NetEase Cloud Music, a significant music streaming platform; Yanxuan, an e-commerce platform specializing in private label products; the www.163.com portal and its companion mobile app, Wangyi Xinwen, which deliver news, sports, technology, fashion, and entertainment content; NetEase Mail, an email service; NetEase CC Live, a live streaming platform primarily dedicated to game broadcasting; and NetEase Pay, a secure payment system. The company, originally known as NetEase.com, Inc., officially adopted its current name, NetEase, Inc., in March 2012.
Similar companies
For informational purposes only. Kvantra provides data and quantitative analysis, not investment advice. KvantraRank is a mechanical model output. Analyst price targets and ratings are sourced from third parties and are not Kvantra recommendations. Past performance does not guarantee future results; all investments carry risk.
| Fund | Ticker | Position# | Weight |
|---|---|---|---|
| VanEck Video Gaming and eSports UCITS ETF | ESP0.DE | 3 | 7.16% |
| Dimensional - Emerging Markets High Profitability ETF | DEHP | 10 | 1.02% |
| VanEck Video Gaming and eSports ETF | ESPO | 2 | 7.26% |
| Roundhill Ball Metaverse ETF | METV | 8 | 4.85% |
| Invesco Golden Dragon China ETF | PGJ | 4 | 7.06% |
| Global X - Social Media ETF | SOCL | 7 | 5.16% |
| Global X Video Games & Esports ETF | HERO | 4 | 5.57% |
| Guinness Atkinson Asia Pacific Dividend Builder ETF | ADIV | 7 | 3.12% |
Funds with NetEase among their ten largest holdings, largest fund first.
Consensus from external analysts. Not Kvantra's opinion.
Based on consensus from external analysts. Not Kvantra's opinion.
NetEase, Inc., a prominent technology firm founded in 1997 and headquartered in Hangzhou, People's Republic of China, delivers a broad spectrum of online services both within China and across international markets. Its core operations encompass online gaming, music streaming, intelligent online learning solutions, and diverse internet content services. The company organizes its activities into several key divisions: Games and Related Value-Added Services; Youdao, focusing on educational technology; Cloud Music for its audio streaming offerings; and a segment for Innovative Businesses and Others. Within its gaming division, NetEase is responsible for creating and managing both PC and mobile games, and it also publishes titles licensed from external game developers. The Youdao segment provides a comprehensive suite of online learning and translation tools, including Youdao Dictionary, Youdao Translation, U-Dictionary, and Youdao Kids' Dictionary. It also manufactures smart devices like the Youdao Dictionary Pen, Smart Learning Pad, and Listening Pod. Furthermore, Youdao offers online courses, interactive educational applications, and advanced digitalization solutions for education, such as the Youdao Smart Learning Terminal for automated homework processing, Youdao Smart Cloud (a platform offering OCR capabilities to third parties), and Youdao Sports, a sports-focused educational system. Beyond these, NetEase manages an array of other popular internet services. These include NetEase Cloud Music, a significant music streaming platform; Yanxuan, an e-commerce platform specializing in private label products; the www.163.com portal and its companion mobile app, Wangyi Xinwen, which deliver news, sports, technology, fashion, and entertainment content; NetEase Mail, an email service; NetEase CC Live, a live streaming platform primarily dedicated to game broadcasting; and NetEase Pay, a secure payment system. The company, originally known as NetEase.com, Inc., officially adopted its current name, NetEase, Inc., in March 2012.
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