The9 Limited (NCTY) Key Metrics
NCTY key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanNCTY returns How much profit the business earns on the capital it uses.
NCTY financial health Debt, liquidity and how easily interest is covered.
NCTY efficiency & capital use Working capital cycle and where the cash goes.
NCTY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NCTY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NCTY key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −114.2% | −23.0% | −110.3% | −237.3% | −166.1% | — | — | — | — | — |
| Return on invested capital (ROIC) | −51.9% | −32.0% | −127.2% | −205.6% | −272.0% | — | — | — | — | — |
| Return on assets (ROA) | −65.4% | −14.9% | −28.8% | −102.1% | −59.7% | 346.1% | −109.8% | −109.9% | −50.7% | −159.2% |
| Return on tangible assets | −69.6% | −11.9% | −38.2% | −162.7% | −31.0% | 821.4% | −104.8% | −262.6% | −66.1% | −248.8% |
| Free cash flow margin | −29.9% | −54.9% | −27.8% | −389.2% | −581.4% | — | — | −560.0% | −122.2% | −322.1% |
| Income quality (OCF / net income) | — | — | — | — | — | −0.27 | — | — | — | — |
| Financial health | ||||||||||
| Total debt | CN¥234.8M | CN¥136.6M | CN¥75.1M | CN¥74.2M | CN¥99.7M | CN¥26.9M | CN¥604.5M | CN¥487.7M | CN¥369.3M | CN¥339.9M |
| Cash & short-term investments | CN¥310.9M | CN¥10.9M | CN¥45.2M | CN¥58.1M | CN¥429.2M | CN¥31.7M | CN¥10.1M | CN¥4.3M | CN¥142.6M | CN¥38.9M |
| Net debt | −CN¥76.1M | CN¥125.7M | CN¥29.9M | CN¥16.1M | −CN¥329.5M | −CN¥4.8M | CN¥594.4M | CN¥483.5M | CN¥226.7M | CN¥301.1M |
| Debt / equity | 0.89 | 0.31 | 0.36 | 1.64 | 0.13 | — | — | — | — | — |
| Debt / assets | 0.40 | 0.21 | 0.21 | 0.12 | 0.08 | 0.55 | 3.33 | 2.96 | 1.14 | 0.97 |
| Current ratio | 1.00 | 1.19 | 1.37 | 0.70 | 1.93 | 0.12 | 0.15 | 0.04 | 0.22 | 0.15 |
| Quick ratio | 1.00 | 1.19 | 0.86 | 0.23 | 1.07 | 0.11 | 0.02 | 0.02 | 0.19 | 0.14 |
| Interest coverage | -10.6 | -4.8 | -7.6 | -28.3 | -2.2 | 82.7 | -3.8 | -1.1 | -1.3 | -4.1 |
| Working capital | −CN¥958,615 | CN¥38.1M | CN¥59.9M | −CN¥166.5M | CN¥506.2M | −CN¥322.1M | −CN¥903.6M | −CN¥875.4M | −CN¥636.3M | −CN¥485.7M |
| Invested capital | CN¥187.6M | CN¥567.0M | CN¥236.2M | CN¥61.4M | CN¥447.0M | −CN¥292.6M | −CN¥244.6M | −CN¥228.2M | −CN¥247.1M | −CN¥154.2M |
| Tangible asset value | CN¥226.9M | CN¥418.5M | CN¥181.3M | CN¥27.5M | CN¥763.5M | −CN¥667.4M | −CN¥1.23B | −CN¥1.15B | −CN¥866.9M | −CN¥521.7M |
| Net current asset value | −CN¥8.8M | CN¥34.6M | CN¥40.4M | −CN¥173.9M | CN¥503.6M | −CN¥673.6M | −CN¥1.26B | −CN¥1.22B | −CN¥942.3M | −CN¥718.1M |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 |
| Share buybacks (net) | — | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 |
| Capex / revenue | 1.3% | 15.9% | 1.2% | 241.7% | 68.6% | 57.5% | 234.0% | 1.3% | 0.6% | 14.2% |
| Capex / depreciation | 0.09 | 0.29 | 0.02 | 2.78 | 1.94 | 0.80 | 0.29 | 0.04 | 0.06 | 0.43 |
| Stock-based compensation / revenue | 107.6% | 39.4% | 40.7% | 192.8% | 112.0% | 8,802.2% | 6,386.5% | 21.5% | 53.3% | 47.7% |
| R&D / revenue | 9.1% | 0.8% | 1.1% | 2.3% | 1.4% | 368.5% | 3,562.1% | 140.9% | 61.7% | 138.8% |
| SG&A / revenue | 222.2% | 139.5% | 114.1% | 346.4% | 219.1% | 17,386.1% | 34,055.1% | 507.5% | 165.4% | 255.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 48.7 | 12.5 | 5.7 | 124.3 | 89.8 | 900.6 | 2,960.7 | 50.9 | 79.5 | 143.8 |
| Days of inventory on hand | — | — | 300.3 | 883.1 | 993.5 | 32,841.6 | 8,780.7 | 506.9 | 298.0 | 32.7 |
| Days payables outstanding | 36.8 | 24.0 | 150.3 | 246.6 | 158.6 | 17,505.7 | 4,368.6 | 803.3 | 583.8 | 281.5 |
| Cash conversion cycle (days) | 11.9 | -11.5 | 155.8 | 760.7 | 924.8 | 16,236.5 | 7,372.9 | -245.5 | -206.4 | -105.0 |
| Receivables turnover | 7.49 | 29.22 | 63.49 | 2.94 | 4.06 | 0.41 | 0.12 | 7.17 | 4.59 | 2.54 |
| Payables turnover | 9.92 | 15.19 | 2.43 | 1.48 | 2.30 | 0.02 | 0.08 | 0.45 | 0.63 | 1.30 |
| Inventory turnover | — | — | 1.22 | 0.41 | 0.37 | 0.01 | 0.04 | 0.72 | 1.22 | 11.17 |
| Asset turnover | 0.18 | 0.23 | 0.36 | 0.11 | 0.20 | 0.01 | 0.00 | 0.07 | 0.21 | 0.13 |
| Average receivables | CN¥14.4M | CN¥3.9M | CN¥2.7M | CN¥35.7M | CN¥33.0M | CN¥1.5M | CN¥2.8M | CN¥2.5M | CN¥15.5M | CN¥23.2M |
| Average payables | CN¥10.7M | CN¥7.6M | CN¥87.8M | CN¥102.9M | CN¥37.7M | CN¥36.9M | CN¥38.1M | CN¥37.6M | CN¥37.1M | CN¥39.1M |
| Average inventory | — | — | CN¥175.4M | CN¥368.5M | CN¥236.5M | CN¥69.3M | CN¥76.6M | CN¥23.7M | CN¥18.9M | CN¥4.5M |
| Intangibles / total assets | 2.7% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 38.0% | 20.0% | 18.9% |
Computed from NCTY's annual financial statements (latest annual report filed April 16, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
NCTY valuation and financial ratios
The9 earned a return on equity of −114.2% and a return on invested capital of −51.9% in fiscal 2025. It ended the year with CN¥234.8 million of debt and CN¥310.9 million in cash and short-term investments, a net cash position of CN¥76.1 million.
See the NCTY income statement, the NCTY chart for price history, or the NCTY stock overview for the latest quote and news.
NCTY key metrics FAQ
What is The9's return on equity?
The9's return on equity (ROE) was −114.2% in fiscal 2025: net income of -CN¥402.4 million on average shareholders' equity of CN¥352.5 million.
What is The9's ROIC?
The9's return on invested capital was −51.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does The9 have?
The9 had total debt of CN¥234.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.89 and more cash than debt.
What is The9's current ratio?
The9's current ratio was 1.00 at the end of fiscal 2025: current assets were 1.00 times current liabilities.