NetEase, Inc (NTES) Key Metrics
NTES key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanNTES returns How much profit the business earns on the capital it uses.
NTES financial health Debt, liquidity and how easily interest is covered.
NTES efficiency & capital use Working capital cycle and where the cash goes.
NTES returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NTES debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NTES cash returned to shareholders
NTES key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 22.3% | 22.0% | 24.8% | 19.5% | 18.5% | 16.6% | 39.1% | 13.3% | 25.2% | 34.2% |
| Return on invested capital (ROIC) | — | 128.5% | 117.1% | 75.3% | 84.1% | 142.1% | 132.6% | 78.9% | 138.4% | 181.4% |
| Return on assets (ROA) | 16.2% | 15.6% | 16.4% | 12.5% | 11.4% | 9.5% | 21.3% | 7.8% | 16.6% | 23.4% |
| Return on tangible assets | 15.7% | 15.6% | 16.5% | 12.2% | 11.3% | 8.8% | 19.6% | 7.4% | 15.2% | 20.2% |
| Free cash flow margin | 42.9% | 35.6% | 30.0% | 26.0% | 24.9% | 29.3% | 23.4% | 12.8% | 22.6% | 37.6% |
| Income quality (OCF / net income) | 1.46 | 1.34 | 1.20 | 1.36 | 1.48 | 2.06 | 0.81 | 2.18 | 1.11 | 1.33 |
| Financial health | ||||||||||
| Total debt | CN¥6.39B | CN¥12.23B | CN¥20.48B | CN¥27.53B | CN¥20.63B | CN¥19.50B | CN¥16.83B | CN¥13.66B | CN¥6.62B | CN¥3.82B |
| Cash & short-term investments | CN¥167.04B | CN¥137.58B | CN¥126.72B | CN¥117.46B | CN¥97.53B | CN¥93.47B | CN¥72.05B | CN¥49.96B | CN¥43.11B | CN¥36.38B |
| Net debt | −CN¥160.65B | −CN¥125.35B | −CN¥106.24B | −CN¥89.93B | −CN¥76.91B | −CN¥73.96B | −CN¥55.22B | −CN¥36.31B | −CN¥36.49B | −CN¥32.57B |
| Debt / equity | 0.04 | 0.09 | 0.16 | 0.25 | 0.21 | 0.24 | 0.27 | 0.30 | 0.14 | 0.10 |
| Debt / assets | 0.03 | 0.06 | 0.11 | 0.16 | 0.13 | 0.14 | 0.15 | 0.16 | 0.09 | 0.07 |
| Net debt / EBITDA | −3.73 | −3.29 | −2.86 | −3.32 | −3.15 | −4.11 | −3.37 | −3.02 | −2.65 | −2.51 |
| Current ratio | 3.45 | 3.09 | 2.65 | 2.32 | 2.24 | 2.31 | 2.23 | 1.96 | 2.61 | 2.56 |
| Quick ratio | 3.44 | 3.08 | 2.64 | 2.30 | 2.22 | 2.29 | 2.21 | 1.81 | 2.38 | 2.47 |
| Interest coverage | — | — | — | 9.1 | 2.3 | 15.5 | 1.2 | 17.0 | 19.5 | 23.3 |
| Working capital | CN¥128.33B | CN¥103.66B | CN¥88.85B | CN¥74.77B | CN¥62.62B | CN¥61.09B | CN¥46.86B | CN¥33.61B | CN¥38.20B | CN¥30.38B |
| Invested capital | −CN¥249.8M | CN¥17.15B | CN¥21.85B | CN¥18.94B | CN¥22.37B | CN¥9.03B | CN¥7.38B | CN¥9.72B | CN¥9.95B | CN¥5.90B |
| Tangible asset value | CN¥159.31B | CN¥136.47B | CN¥120.27B | CN¥102.59B | CN¥94.58B | CN¥78.50B | CN¥58.89B | CN¥42.52B | CN¥45.84B | CN¥37.87B |
| Net current asset value | CN¥124.38B | CN¥99.83B | CN¥84.85B | CN¥67.72B | CN¥58.75B | CN¥48.95B | CN¥35.57B | CN¥27.77B | CN¥37.35B | CN¥30.35B |
| Capital allocation | ||||||||||
| Dividends paid | CN¥13.45B | CN¥11.17B | CN¥8.01B | CN¥6.72B | CN¥3.51B | CN¥4.28B | CN¥8.84B | CN¥1.44B | CN¥3.26B | CN¥2.55B |
| Share buybacks (net) | CN¥621.9M | CN¥8.83B | CN¥5.23B | CN¥8.33B | CN¥12.92B | CN¥0 | CN¥0 | CN¥7.52B | CN¥2.06B | CN¥1.20B |
| Dividend payout ratio | 39.8% | 37.6% | 27.2% | 33.1% | 20.8% | 35.5% | 41.6% | 23.4% | 30.4% | 21.9% |
| Dividends + buybacks / free cash flow | 29.1% | 53.4% | 42.7% | 60.0% | 75.3% | 19.8% | 63.7% | 137.2% | 53.0% | 26.1% |
| Capex / revenue | 0.9% | 2.1% | 4.1% | 2.7% | 3.5% | 4.5% | 5.6% | 13.5% | 4.2% | 3.0% |
| Capex / operating cash flow | 2.1% | 5.6% | 12.1% | 9.5% | 12.5% | 13.2% | 19.3% | 51.3% | 15.6% | 7.4% |
| Capex / depreciation | 0.46 | 0.91 | 1.40 | 0.92 | 0.95 | 0.95 | 1.27 | 3.34 | 2.34 | 3.48 |
| Stock-based compensation / revenue | 3.2% | 3.7% | 3.1% | 3.3% | 3.5% | 3.6% | 4.1% | 4.8% | 4.5% | 2.6% |
| R&D / revenue | 15.7% | 16.6% | 15.9% | 15.6% | 16.1% | 14.1% | 14.2% | 15.2% | 9.8% | 8.0% |
| SG&A / revenue | 16.7% | 17.8% | 18.2% | 18.8% | 18.8% | 19.1% | 15.8% | 19.7% | 17.9% | 15.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 17.8 | 25.8 | 25.1 | 19.9 | 21.0 | 21.7 | 26.1 | 28.2 | 32.3 | 32.8 |
| Days of inventory on hand | 5.7 | 5.9 | 7.6 | 8.2 | 7.1 | 6.7 | 37.4 | 49.4 | 45.7 | 26.5 |
| Days payables outstanding | 6.2 | 7.4 | 10.8 | 10.4 | 9.5 | 12.3 | 23.7 | 22.7 | 24.9 | 23.2 |
| Cash conversion cycle (days) | 17.4 | 24.3 | 22.0 | 17.7 | 18.6 | 16.0 | 39.7 | 54.9 | 53.1 | 36.1 |
| Receivables turnover | 20.46 | 14.13 | 14.54 | 18.36 | 17.37 | 16.85 | 14.01 | 12.94 | 11.29 | 11.12 |
| Payables turnover | 58.97 | 49.31 | 33.84 | 35.09 | 38.34 | 29.56 | 15.39 | 16.06 | 14.69 | 15.75 |
| Inventory turnover | 63.79 | 62.34 | 47.84 | 44.66 | 51.24 | 54.54 | 9.77 | 7.39 | 7.99 | 13.79 |
| Asset turnover | 0.54 | 0.55 | 0.58 | 0.59 | 0.59 | 0.58 | 0.60 | 0.65 | 0.69 | 0.77 |
| Average receivables | CN¥5.51B | CN¥7.45B | CN¥7.12B | CN¥5.26B | CN¥5.04B | CN¥4.37B | CN¥4.23B | CN¥3.95B | CN¥3.94B | CN¥3.43B |
| Average payables | CN¥682.1M | CN¥800.8M | CN¥1.19B | CN¥1.25B | CN¥1.06B | CN¥1.17B | CN¥1.80B | CN¥2.41B | CN¥1.92B | CN¥1.05B |
| Average inventory | CN¥630.6M | CN¥633.5M | CN¥844.5M | CN¥979.2M | CN¥793.0M | CN¥635.9M | CN¥2.83B | CN¥5.25B | CN¥3.53B | CN¥1.20B |
| Intangibles / total assets | 2.7% | 3.1% | 4.2% | 3.6% | 3.1% | 3.2% | 3.3% | 4.0% | 0.8% | 1.0% |
Computed from NTES's annual financial statements (latest annual report filed April 15, 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.
NTES valuation and financial ratios
NetEase earned a return on equity of 22.3% in fiscal 2025. It ended the year with CN¥6.4 billion of debt and CN¥167.0 billion in cash and short-term investments, a net cash position of CN¥160.6 billion. It returned CN¥14.1 billion to shareholders: CN¥13.4 billion in dividends and CN¥621.9 million in share buybacks, 29% of free cash flow.
See the NTES income statement, the NTES chart for price history, or the NTES stock overview for the latest quote and news.
NTES key metrics FAQ
What is NetEase's return on equity?
NetEase's return on equity (ROE) was 22.3% in fiscal 2025: net income of CN¥33.8 billion on average shareholders' equity of CN¥151.4 billion.
How much debt does NetEase have?
NetEase had total debt of CN¥6.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.04 and more cash than debt.
Does NetEase buy back its shares?
Yes. NetEase spent CN¥621.9 million on net share repurchases in fiscal 2025.
What is NetEase's current ratio?
NetEase's current ratio was 3.45 at the end of fiscal 2025: current assets were 3.45 times current liabilities.