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Earnings transcript
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NTES
NetEase, Inc.
$112.81
0.15
(0.13%)
| Exchange: | NASDAQ |
| Market Cap: | 72.014B |
| Shares Outstanding: | 1.76B |
About The Company
| Sector: | Technology | |||||
| Industry: | Electronic Gaming & Multimedia | |||||
| CEO: | Lei Ding | |||||
| Full Time Employees: | 26028 | |||||
| Address: |
| |||||
| Website: | https://netease.gcs-web.com |
NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. The company operates through Games and Related Value-Added Services; Youdao; Cloud Music; and Innovative Businesses and Others segments. It develops and operates PC and mobile games, as well as offers games licensed from other game developers. The company’s products and services include Youdao Dictionary, an online knowledge tool; Youdao Translation, a tool specifically designed to support translation needs of business and leisure travelers; U-Dictionary, an online dictionary and translation app; Youdao Kids’ Dictionary, a smart and fun tool; smart devices, such as Youdao Dictionary Pen, Youdao Smart Learning Pad, and Youdao Listening Pod; online courses; interactive learning apps; and education digitalization solutions, such as Youdao Smart Learning Terminal, a device that automates paper-based homework processing; Youdao Smart Cloud, a cloud-based platform that allows third-party app developers, smart device brands, and manufacturers to the company’s OCR capabilities; and Youdao Sports, a sports-centric educational system. Its products and services include NetEase Cloud Music, a music streaming platform; Yanxuan, an e-commerce platform, which sells private label products; www.163.com portal and related mobile app, Wangyi Xinwen, which deliver information such as news, sports events, technology, fashion trends, and online entertainment; NetEase Mail, an email service; NetEase CC Live streaming, a live streaming platform with a focus on game broadcasting; and NetEase Pay, a payment platform. The company was formerly known as NetEase.com, Inc. and changed its name to NetEase, Inc. in March 2012. NetEase, Inc. was founded in 1997 and is headquartered in Hangzhou, the People’s Republic of China.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 103,468,159 | 105,295,236 | 112,625,807 |
| Gross Profit | 63,063,394 | 65,807,084 | 72,401,868 |
| EBITDA | 30,764,404 | 32,001,884 | 38,072,351 |
| Operating Income | 27,709,144 | 29,583,990 | 35,834,867 |
| Net Income | 29,416,552 | 29,697,609 | 33,759,800 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 185,924,978 | 195,991,550 | 221,556,055 |
| Total Liabilities | 57,840,897 | 53,497,412 | 56,346,909 |
| Total Stockholders Equity | 124,285,776 | 138,685,606 | 160,398,194 |
| Total Debt | 20,483,482 | 12,817,257 | 6,388,483 |
| Cash and Cash Equivalents | 21,428,902 | 51,383,310 | 51,520,035 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 35,331,275 | 39,676,813 | 49,357,402.651 |
| Capital Expenditure | -4,275,877 | -1,275,400 | -1,036,349.995 |
| Free Cash Flow | 31,055,398 | 38,401,413 | 48,321,052.655 |
| Net Income | 29,357,223 | 29,697,609 | 32,840,019.907 |
| Net Change in Cash | -3,381,667 | 30,268,265 | -661,344.101 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 145,798,917.144 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 164,137,604.130 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 153,822,560.452 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 67,287,377.165 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 75,750,829.241 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 70,990,353.319 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 51,513,289.902 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 60,077,876.191 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 55,260,515.497 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 26,329,665.396 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 29,641,428.622 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 27,778,646.279 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 85.600 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 93.060 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 79.790 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 11 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: NetEase reported strong revenue and net income growth in the 2024 fourth quarter and fiscal year earnings call, reflecting operational efficiency and profitability. Key metrics such as return on equity (ROE) and net profit margin (TTM) indicate solid financial health compared to industry benchmarks.
- Strong Cash Flow Generation: The company demonstrates significant free cash flow (TTM) as per cash flow statements, supported by consistent net cash provided by operating activities. This provides financial flexibility for reinvestment and shareholder returns through dividends.
- Innovation in Core Segments: Earnings call transcripts highlight NetEase’s focus on innovation, particularly in gaming and cloud music services, driving user engagement and revenue diversification within the technology and entertainment sectors.
- Stable Balance Sheet: Balance sheet data shows a healthy current ratio (TTM) and manageable debt-to-equity ratio (TTM), indicating liquidity and a conservative approach to leverage, which supports long-term stability.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates NTES intrinsic value between $121.15 – $174.91 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about NTES valuation
Is NetEase, Inc. (NTES) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for NetEase, Inc. (NTES) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is NTES a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether NTES trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is NTES’s P/E ratio?
You can see NTES’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for NTES?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is NTES a good long-term investment?
Whether NTES fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
NTES
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Daily snapshot
0.13
Trading Metrics:
| Open: | 111.36 | Previous Close: | 112.66 | |
| Day Low: | 110.85 | Day High: | 113.44 | |
| Year Low: | 88.54 | Year High: | 159.55 | |
| Price Avg 50: | 119.24 | Price Avg 200: | 134.36 | |
| Volume: | 440510 | Average Volume: | 830603 |
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Login — it's freeNTES full analysis
Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of NetEase, Inc., ticker symbol NTES, a major player in the tech and gaming space out of China. If you’re looking to understand what’s driving this company, whether it’s a solid investment for your portfolio, or just curious about its future, stick around. We’ve got a lot to unpack, from financials to recent performance and everything in between. Let’s get started! So, first off, why…
