NetEase, Inc.
NTES · Price history
Price at last available close
$114.09
−$6.95 (-5.74%) 1M
2026-10-27
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Company & revenue
About NetEase, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 10, 2026. A research update is not a new financial filing.
Who they are
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.
How they make money
NetEase generates revenue primarily through the development and operation of online games for mobile, PC, and console platforms. Additionally, the company earns income through its intelligent learning services via Youdao, its online music streaming platform NetEase Cloud Music, and its private-label e-commerce brand Yanxuan.
Products & services
Online and mobile games, intelligent learning services, online music streaming, and private-label consumer lifestyle products.
Brands & revenue mix
The company's primary gaming division and brand.
Separate brand revenue is not available in this research.Source
Online music streaming platform.
Separate brand revenue is not available in this research.Source
Private-label consumer lifestyle brand.
Separate brand revenue is not available in this research.Source
Intelligent learning services brand.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Customer concentration
The company does not rely on any single customer for a significant portion of its total net revenues as of the fiscal year ended December 31, 2025.
Suppliers, materials & equipment
- Cloud service providers — Various third-party providers of internet data center and cloud computing infrastructure services.Source
Competitors
Strengths
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
61
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
88
Strong
Financial Strength
94
Business Quality / Moat
97
Management
100
Growth Quality
42
Risk / Durability
95
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
53
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
59/100
Building Historical Record
Model Score 59/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
- •Balance-sheet / debt profile scores strongly
- •Recent buyback activity is present
- •Revenue fundamentals are weak
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for NTES
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can NTES maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is NTES's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •How is NTES likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
Essential Investment Snapshot
Wall Street Score
61
Opportunity Score
53
Market Cap
$72.67B
P/E Ratio
15.8
EPS
$7.55
52-Week High
$156.44
52-Week Low
$106.06
Beta
0.77
Intrinsic Value
$144.07
Analyst Target
$166.00
Shares Outstanding
645.6M
Total Revenue
$17.36B
Total Debt
$1.88B
Dividend Yield (TTM)
2.57%
Liquidation Value / Share
$39.60
Dividend / Share (TTM)
$2.93
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Strong downward momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for NTES
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total callsNo personal call yet on NTES.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Large in-house game research and development capabilities.
- +Strong portfolio of self-developed and licensed game titles.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Electronic Gaming & Multimedia industry.
- −Regulatory risks related to the online gaming industry in China.
- −Dependence on contractual arrangements with variable interest entities (VIEs).
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
5 historical score records availablePrevious Score
60
Oct 1, 2026
Change
+0.7
points
Current Score
61
Oct 8, 2026
Category Changes
NTES increased 0.7 points because Valuation improved by 3.1 points.
Positive Contributors
- + Valuation improved by 3.1 points
Projected Score
Projected Score
55
Projected Change
-6.2 points
Preliminary comparable-period financial changes suggest decline of approximately 6.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
UndervaluedCurrent Price
$114.09
Model Intrinsic Value
$144.07
Difference
−$29.98
-20.8% vs IV
Margin of Safety
20.8%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.36B | $16.78B | $15.69B | $15.41B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $5.70B | $5.99B | $5.88B | $6.02B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $11.66B | $10.79B | $9.80B | $9.39B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $2.69B | $2.64B | $2.61B | $2.46B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $2.85B | $2.81B | $2.79B | $2.81B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $5.54B | $5.45B | $5.40B | $5.27B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $6.76B | $6.42B | $5.68B | $5.53B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $6.11B | $5.34B | $4.41B | $4.13B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $6.06B | $6.08B | $5.32B | $5.07B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $1.12B | $898.7M | $813.6M | $700.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $4.84B | $5.03B | $4.42B | $4.38B | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $7.55 | $7.88 | $6.85 | $6.82 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 641M | 638M | 646M | 650M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 644M | 646M | 646M | 650M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$4.47B
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$1.61
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+11.8%
Cash Change
-49.9%
Margin Change
-7.7 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Margins contracted
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth. Pressure indicators included EPS growth, cash levels, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 7.6%. EPS declined 19.1%. Cash declined 49.9%. Total debt increased 11.8%. Net income margin declined by 7.7 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
31
Smart Money
31
Number of Gurus
2
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
5 historical recordsHistorical Score Chart
3 of 5 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · NTES
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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