NetEase, Inc. (NTES)

NASDAQ: NTES · USD

$113

-1.59 (-1.4%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-05-20

Our latest published analysis: NTES rated Strong Buy

NetEase, Inc.'s published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$178 / share

Potential value

$219 / share

Upside to FV

+55.3%

from $113

Moat

8/10

Strong

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$73.4B
Revenue (ttm)	17.2B
Net income (ttm)	4.8B
EPS (ttm)	$7.42
Shares out	3.2B
P/E (trailing)	15.2x
P/E (forward)	11.2x
Dividend	$2.92 (2.60%)
Volume	670,087
Beta	0.77

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 17.2B
Net income (ttm): 4.8B
EPS (ttm): $7.42
P/E (trailing): 15.2x
P/E (forward): 11.2x
Market cap: $73.4B

Item	P1	P2	P3	P4	Trend
Period	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$96.50B	$103.47B	$105.30B	$112.63B	+5.3%
Gross profit	$52.77B	$63.06B	$65.81B	$72.40B	+11.1%
Operating income	$19.63B	$27.71B	$29.58B	$35.83B	+22.2%
Net income	$20.34B	$29.42B	$29.70B	$33.76B	+18.4%
EPS (diluted)	$30.85	$45.25	$45.95	$52.40	+19.3%
EBITDA	$22.49B	$30.76B	$32.00B	$38.08B	+19.2%
R&D	$15.04B	$16.48B	$17.52B	$17.72B	+5.6%
SG&A	$18.10B	$18.87B	$18.70B	$18.85B	+1.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	Sat
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Sat
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	Güçlü Al
APP	AppLovin Corporation	87B	20.0x	12.7x	132.7%	+25.8%	-59.6%	Tut
BIDU	Baidu, Inc.	27.1B	—	1.4x	3.4%	+1.5%	-38.7%	Al
CHTR	Charter Communications, Inc.	17.2B	2.7x	0.3x	8.5%	+1.7%	-57.3%	Güçlü Al

Base and Bull scenarios

Bull20%

Price target

$218.83

+91.1% from spot

A Bull case assumes NetEase successfully diversifies its revenue away from China with global hits, leading to a valuation re-rating toward international peer multiples (18x+).

Successful international IP launches drive 10%+ revenue growth
Terminal P/E multiple expands to 18x global peer levels
Domestic regulatory environment remains benign

Base60%

Price target

$177.78

+55.3% from spot

The Base case reflects continued domestic dominance and modest international progress, valued using a 15-year moat-fade model and conservative terminal growth.

Stable domestic RPG performance with 3-4% long-term growth
Continued 30% operating margins
Consistent capital returns via buybacks

Sensitivity: Ke × terminal growth

The highlighted base cell is anchored to composite fair-value midpoint ($177.78). It is the reference value for this grid, not a separate standalone fair-value claim.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
6.7%	$216	$241	$274	$311	$311
7.7%	$178	$195	$216	$241	$274
8.7%	$151	$163	$178	$195	$216
9.7%	$132	$141	$151	$163	$178
10.7%	$116	$124	$132	$141	$151

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E11.2

P25 n/aP50 n/aP75 n/a

Trailing P/E14.9

P25 n/aP50 n/aP75 n/a

ROE20.4

P25 n/aP50 n/aP75 n/a

ROIC14.7

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All NTES indicators

Market & fundamental data

Available fields

285

Groups with data

Currency

CNY

Showing 285 of 285 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001110646
Company name	NetEase, Inc.
Country	China
Country code	US
CUSIP number	64110W102
Earnings date	2026-11-19
Earnings time	bmo
Employees	25,382
Employees change	-646
Employees growth	-2.48%
Enterprise value	$47.6B
Exchange	NASDAQ
Financial currency	CNY
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1997
Industry	Electronic Gaming & Multimedia
IPO date	2000-06-30
Is primary listing	No
Is SPAC	No
ISIN number	US64110W1027
Last 10-K release date	2026-04-15
Last earnings date	2026-08-20
Last refreshed	2026-10-28
Last stock split date	2020-10-02
Last stock split type	Forward
Market cap	$70.9B
Market cap category	Large-Cap
Next earnings date	2026-11-19
Options	Yes
Price	$112.50
Price currency	USD
Sector	Communication Services
SIC code	7372
Stock price date	2026-10-28
Symbol	NTES
Tags	gaming, esports
Website	https://ir.netease.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	68.01x
Average P/E ratio (10Y)	20.46x
Average P/E ratio (3Y)	16.01x
Average P/E ratio (5Y)	17.67x
Earnings yield	6.59%
EV/Earnings	10.15x
EV/EBIT	8.03x
EV/EBITDA	7.62x
EV/FCF	6.38x
EV/Sales	2.83x
FCF / EV yield	15.67%
FCF yield	10.59%
Forward EV/Sales	2.61x
Forward P/E	11.37x
Forward P/S	3.87x
Graham number	81.38997
Graham upside	-27.42%
Industry forward P/E	20.6x
Industry P/E	50.29x
Lynch fair value	$165.47
Lynch upside	47.55%
P/(FCF - SBC) ratio	10.07x
P/(OCF - SBC) ratio	9.91x
P/B ratio	2.85x
P/E ratio	15.17x
P/FCF ratio	9.44x
P/OCF ratio	9.31x
P/S ratio	4.19x
Price / tangible book value	2.99x
Price/EBITDA ratio	11.28x
Sector forward P/E	18.4x
Sector P/E	19.11x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	35.23%
EBITDA margin	37.12%
Effective tax rate	18.54%
FCF margin	43.5%
Gross margin	67.15%
Operating margin	35.23%
Pretax margin	34.93%
Profit margin	27.88%
Profit per employee	$188,571
Profitable quarters	65
Profitable years	24
Revenue per employee	$676,296
ROA	11.65%
ROA (5Y)	8.91%
ROCE	23.26%
ROE	20.37%
ROE (5Y)	21.16%
ROIC	14.69%
SBC / revenue	2.7%
Tax / revenue	6.47%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-5.32%
EPS growth (Q)	-18.73%
EPS growth (QoQ)	-34.44%
EPS growth 10Y	13.71%
EPS growth 3Y	8.7%
EPS growth 5Y	23.53%
EPS growth years	5
FCF growth	12.17%
FCF growth (Q)	-6.73%
FCF growth (QoQ)	-25.83%
FCF growth 3Y	21.77%
FCF growth 5Y	17.68%
Gross profit growth	13.02%
Gross profit growth (Q)	17.53%
Gross profit growth 3Y	11.65%
Gross profit growth 5Y	13.24%
Net income growth	-4.95%
Net income growth (Q)	-18.84%
Net income growth (QoQ)	-34.6%
Net income growth 3Y	8.22%
Net income growth 5Y	22.15%
Net income growth years	5
OCF growth	10.57%
OCF growth (Q)	-8.18%
OCF growth (QoQ)	-27.38%
OCF growth 10Y	15.97%
OCF growth 3Y	19.49%
OCF growth 5Y	16.6%
Operating income growth	19.17%
Operating income growth (Q)	33.42%
Operating income growth 3Y	22.3%
Operating income growth 5Y	24.17%
Revenue growth	6.31%
Revenue growth (Q)	7.94%
Revenue growth (QoQ)	-1.58%
Revenue growth 10Y	14%
Revenue growth 3Y	5.66%
Revenue growth 5Y	7.97%
Revenue growth quarters	6
Revenue growth years	24

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-112.9M
Depreciation and amortization	$331.3M
EBIT	$6B
EBITDA	$6.4B
EPS	$7.42
FCF per share	$2.38
Financing cash flow	$-2.2B
Free cash flow	$7.6B
Free cash flow minus SBC	$7.1B
Gross profit	$11.5B
Income taxes	$1.1B
Investing cash flow	$-9.8B
Net borrowing	$246.5M
Net cash flow	$-4.5B
Net income	$4.8B
Operating cash flow minus SBC	$7.3B
Operating income	$6B
Revenue	$17.2B
Stock-based compensation	$463.3M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	8.53
Book value per share	$7.68
Debt / EBITDA	0.29
Debt / equity	0.07
Debt / FCF	0.24
Interest coverage	122.84
Long-term assets	$5.4B
Long-term liabilities	$584.6M
Net cash (debt)	$24B
Net cash / market cap	33.35%
Net cash growth	20.22%
Net debt / EBITDA	-3.76
Net debt / equity	-0.95
Net debt / FCF	-3.15
Piotroski F-Score	6
Property, plant and equipment	$1.2B
Shareholders' equity	$25.3B
Tangible book value	$24B
Tangible book value per share	$7.50
Total assets	$34.2B
Total cash	$25.8B
Total debt	$1.9B
Total liabilities	$8.9B
WACC	8.3%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.53
Current assets	$28.8B
Current liabilities	$8.3B
Current ratio	3.45
Inventory turnover	69.4
Net working capital	$-3.9B
Quick ratio	3.26
Working capital	$20.1B
Working capital turnover	0.14

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.39%
Dividend growth	1.03%
Dividend growth (10Y)	18.39%
Dividend growth (3Y)	20.11%
Dividend growth (5Y)	30.05%
Dividend growth years	4
Dividend payment date	2026-09-18
Dividend payment years	14
Dividend payout frequency	Quarterly
Dividend per share	$2.92
Dividend yield	2.6%
Ex-dividend date	2026-09-03
FCF payout ratio	122.91%
Last dividend	$0.48
Payout ratio	39.38%
Shareholder yield	2.22%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	110.64%
10Y return CAGR	9.7%
10Y total return	152.45%
150-day SMA	$121.01
15Y price change	1,034.3%
15Y return CAGR	19.64%
15Y total return	1,373.2%
1D price change	-1.39%
1M price change	-2.52%
1M total return	-2.52%
1W price change	-8.52%
1W total return	-8.52%
1Y price change	-22.97%
1Y return CAGR	-21.12%
1Y total return	-21.11%
20-day SMA	$121.17
200-day SMA	$121.36
20Y price change	3,268.26%
20Y return CAGR	20.79%
20Y total return	4,274.61%
3M price change	-9.11%
3M total return	-8.74%
3Y price change	5.36%
3Y return CAGR	4.34%
3Y total return	13.61%
50-day SMA	$120.44
50-day SMA vs 200-day SMA	50under200
52-week high	$149.11
52-week high date	2026-01-02
52-week low	$106.06
52-week low date	2026-05-21
5Y price change	12.11%
5Y return CAGR	4.56%
5Y total return	24.99%
6M price change	1.02%
6M total return	2.03%
All-time high	$159.55
All-time high date	2025-09-17
All-time low	$0.03
All-time low date	2001-07-26
Average true range (ATR)	$2.73
Average volume	629.5K
Beta (5Y)	0.77
Change from 52-week high	-24.55%
Change from 52-week low	6.07%
Change from all-time high	-29.49%
Change from all-time low	441,076.47%
Change from open	-0.03%
Day's gap	-1.37%
Dollar volume	$75.4M
High price	$112.62
Low price	$111.96
Monthly RSI	47.2
Open price	$112.53
Position in 52-week range	81.82%
Premarket change	-1.22%
Premarket close	$114.09
Premarket price	$112.70
Premarket volume	19.5K
Previous close	$114.09
Price vs 150-day SMA	-7.03%
Price vs 20-day SMA	-7.15%
Price vs 200-day SMA	-7.3%
Price vs 50-day SMA	-6.59%
Relative volume	1.07
RSI	33.01
Sharpe ratio	-0.67
Sharpe ratio (3Y)	0.25
Sharpe ratio (5Y)	0.21
Sortino ratio	-0.79
Sortino ratio (3Y)	0.52
Sortino ratio (5Y)	0.47
Volume	670.1K
Weekly RSI	42.13
YTD price change	-18.25%
YTD total return	-16.62%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1.8B
Float percentage	54.65%
Shares change (QoQ)	-0.18%
Shares change (YoY)	0.39%
Shares held by insiders	45.32%
Shares held by institutions	34.46%
Shares outstanding	3.2B
Short % of shares	0.85%
Short ratio	4.7 days

Deeper analysis on NTES

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this NTES report

What is the latest published NTES stock rating?

NetEase, Inc. is shown with Strong Buy in the latest published report, analyzed 2026-05-20. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full NTES analysis?

The full latest published report, analyzed 2026-05-20, lives at /stocks/NTES/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for NTES?

The latest published report analyzed 2026-05-20 gives NTES a fair value of USD 178 and a potential value of USD 219. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the NTES page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-05-20). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyNTES · Fair value $178+55.3%

Read full analysis →

NetEase, Inc. (NTES)

Our latest published analysis: NTES rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · NTES

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All NTES indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on NTES

Frequently asked questions

Derecelendirme geçmişi

Category	Score	Reading
Valuation	8.5
Management	7.3
Balance Sheet	8.5
Profitability	7.5
Revenue Growth	4.5
Risk Assessment	9.0
Competitive Moat	8.0
Earnings Quality	6.0
Capital Efficiency	7.5