NetEase, Inc.
NTES, NETTF · Services-Prepackaged Software · EDGAR filings ↗
Grade
B78Chinese gaming/internet giant with elite margins and enormous free cash flow; a revenue artifact and China/ADR risk lower confidence.
Strengths
- Elite margins and FCF — operating margin 31.8% (96th), FCF $7.10B (98th), FCF margin 44.1%
- Fortress balance sheet — current ratio 24.12 (99th)
Risks
- Reported revenue -84.7% is a normalization artifact, not a real collapse — per 10-K
- China regulatory/ADR/HFCAA delisting risk per risk factors — per 10-K
- Gaming-content and approval-cycle dependence — per 10-K
Notable findings
- Strong balance sheetStrong balance sheet — $12.6B cash & investments
- Notable holderHeld by 5 notable fund(s): FMR LLC, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Key metrics
Gross margin
64.3%
Operating margin
31.8%
Net margin
30.9%
Return on equity
21.7%
Return on assets
15.7%
Revenue growth (QoQ)
11.6%
Net-income growth
20.0%
Current ratio
3.4×
Free cash flow
$7.1B
EBITDA
$5.4B
Tangible book value
$22.7B
Cash & investments
$12.6B
Stock comp / revenue
3.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-15 | 2025-12-31 | 0001104659-26-043468 ↗ |
| 20-F | 2025-04-15 | 2024-12-31 | 0001410578-25-000728 ↗ |
| 20-F | 2024-04-25 | 2023-12-31 | 0001104659-24-051449 ↗ |
| 20-F | 2023-04-27 | 2022-12-31 | 0001104659-23-050589 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001104659-22-052206 ↗ |
| 20-F | 2021-04-28 | 2020-12-31 | 0001104659-21-055902 ↗ |
| 20-F | 2020-04-29 | 2019-12-31 | 0001104659-20-052796 ↗ |
| 20-F | 2019-04-26 | 2018-12-31 | 0001104659-19-023833 ↗ |
| 20-F | 2018-04-20 | 2017-12-31 | 0001104659-18-025392 ↗ |
| 20-F | 2017-04-21 | 2016-12-31 | 0001104659-17-025196 ↗ |
| 20-F | 2016-04-22 | 2015-12-31 | 0001104659-16-113375 ↗ |
| 20-F | 2015-04-24 | 2014-12-31 | 0001104659-15-030142 ↗ |