NetEase, Inc.

HK$200.40As of Sun 8 Nov 2026, 12:00 UTC

HKEX:9999Communication

Country Hong Kong

PE (Fwd) •••

TSR 6Y CAGR 8.62%

Div yield 2.33%

ROE 20.37%

Electronic Gaming & Multimedia

Beta (5Y) 0.81

PE TTM 17.22

TSR TTM (5.42%)

Mkt cap HK$641.5B

ROIC 14.69%

SE Grade™

Value

Quality

Moat

Consensus

Reference

$258

28.69%

(83.55%)

Hold 7|7|7|11|12

TTM

FYE 31 Dec CNY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

96.62

Revenue¥B

70.42

73.01

73.78

75.00

77.97

81.42

85.76

87.67

88.96

93.75

100.5

3.76%

3.13%

6.46

Revenue growth%

14.75

12.36

14.14

11.44

9.31

9.66

6.95

4.17

2.56

2.20

8.73

4.17

9.49

5.01

Gross margin%

3.22

2.17

4.43

5.77

4.63

4.77

5.58

7.37

10.21

9.89

16.49

7.37

5.18

19.23

Operating margin%

7.98

10.73

7.91

8.67

8.76

6.25

7.27

5.90

5.07

7.99

17.08

6.25

7.95

7.04

Net margin%

14.44

15.58

14.84

17.77

18.03

20.93

22.00

24.63

24.87

24.45

25.17

24.45

19.48

14.52

P/E ratio (avg)x

12.99

13.84

12.58

12.89

12.91

13.96

13.03

12.99

13.98

12.61

27.61

13.03

12.99

9.084

EV/EBITx

9.244

9.502

9.902

10.12

9.714

10.36

9.663

10.36

10.39

10.12

17.62

10.36

10.01

7.66

FCF yield (avg)%

18.02

20.46

18.26

16.49

16.22

15.16

14.56

15.59

15.21

14.32

28.38

15.16

15.91

10.95

FCF margin%

9.96

9.93

9.42

9.02

6.72

8.80

7.21

9.30

12.04

14.54

9.67

9.30

9.36

0.929

FCF / Net incomex

2.232

2.472

2.405

2.493

2.343

2.379

2.629

2.636

2.658

3.050

1.443

2.636

2.483

29.18

ROIC%

20.45

21.15

22.25

24.38

24.82

24.45

21.78

22.85

20.82

19.46

8.94

21.78

22.02

12.55

Return on equity%

20.76

17.81

15.10

12.83

14.18

16.30

18.05

16.15

13.16

10.72

26.41

16.15

15.62

3.68

Return on assets%

28.54

31.52

30.93

29.49

31.27

30.48

33.31

31.47

32.48

35.32

5.81

32.48

31.37

5.65

EPS¥

13.18

13.28

15.72

19.05

20.92

24.70

28.94

33.49

35.56

39.80

6.17

13.73%

12.56%

—

17.99

EPS growth%

20.78

21.53

22.44

24.72

23.06

25.64

28.11

27.97

27.30

28.71

18.38

27.97

25.18

11.59

Bookvalue per sh¥

16.89

18.12

20.99

24.12

27.27

27.80

30.76

31.23

31.62

33.47

3.51

4.18%

8.16%

—

3.87

FCF per share¥

5.45

5.23

5.51

6.05

6.32

6.52

7.18

7.39

7.98

8.14

11.60

5.21%

4.27%

—

14.27

Dividend per sh¥

20.76

22.90

22.77

23.79

22.03

21.20

20.20

21.21

19.37

18.12

5.81

(3.84%)

(1.69%)

—

15.46

Div yield (avg)%

25.26

27.35

27.88

25.95

26.60

26.22

29.08

31.43

31.73

28.82

29.68

29.08

27.61

21.98

Payout ratio%

11.70

10.74

11.28

10.73

10.66

8.97

7.65

10.46

9.63

10.75

24.37

9.63

10.69

3.276

Shares (diluted)B

4.867

5.659

5.599

6.016

6.759

6.997

8.004

7.917

8.351

9.480

3.207

7.00%

8.38%

3.93

Buyback yield%

25.76

27.67

29.76

32.29

31.61

29.02

26.47

27.53

30.00

28.19

4.19

28.19

28.60

0.428

D/E ratiox

2.268

2.211

2.541

2.757

2.855

3.022

3.388

3.793

4.119

4.179

0.732

3.793

2.938

74.83

Enterprise value¥B

108.7

103.4

112.7

105.9

103.2

116.4

130.3

123.6

138.7

153.2

118.6

8.24%

4.06%

111.8

LT debt¥B

63.78

60.00

63.12

65.76

57.36

50.25

52.25

48.30

53.28

57.86

28.23

0.17%

(0.03%)

Peers (US$81.83B)

Cap (US$)

Meituan

63.30B

—

JD.com, Inc.

39.13B

19.90x

Kingsoft Corporation…

4.452B

10.83x

DoorDash, Inc.

78.33B

74.58x

Capital

TTM

10Y

Leveragex

1.118

0.333

0.289

EBIT/Intx

0.977

0.230

0.190

Own earn%

(3.49)

65.01

75.06

Sh yield%

19.39

57.01

57.32

Owners

Insiders/Inst%

5.58

70.44

Short interest%

0.75

SBC / revenue%

0.62

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

5–11

$1 testx

0.0

Incr. ROIC%

NetEase, Inc. provides online games, music streaming, online intelligent learning and internet content services in China and internationally, developing and operating mobile and PC games, licensed games and related value-added services. It also offers Youdao learning content and courses, AI-driven language and translation tools, online marketing and advertising services, NetEase Cloud Music, and smart learning devices.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

¥93.75B

3.13%

1.00×

Cost of revenue

¥51.51B

3.24%

1.01×

Operating expenses

¥20.50B

2.85%

0.97×