NetEase Cloud Music - Public Comps and Valuation Multiples

NetEase Cloud Music Overview

About NetEase Cloud Music

Cloud Music is the second-largest online music service provider in China, founded in 2013 by NetEase. NetEase currently holds approximately 58% of Cloud Music’s equity stake and controls 90% of its voting power. The platform’s business model is similar to its main competitor, Tencent Music, as both offer music streaming services along with social entertainment features like live streaming to engage users and drive additional revenue.

Founded

2016

HQ

Employees

1.3K+

Website

ir.music.163.com

Sectors

Streaming
Music
Consumer SaaS

Financials

LTM Revenue $1.2B

LTM EBITDA $248M

EV

$5.1B

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NetEase Cloud Music Financials

As of September 2025, NetEase Cloud Music reported last 12-month revenue of $1.2B and EBITDA of $248M.

In the same period, NetEase Cloud Music generated $431M in LTM gross profit and $380M in net income.

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NetEase Cloud Music P&L

In the most recent fiscal year, NetEase Cloud Music reported revenue of $1.0B and EBITDA of $204M.

NetEase Cloud Music expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.2B	XXX	$1.0B	XXX	XXX	XXX
Gross Profit	$431M	XXX	$345M	XXX	XXX	XXX
Gross Margin	36%	XXX	34%	XXX	XXX	XXX
EBITDA	$248M	XXX	$204M	XXX	XXX	XXX
EBITDA Margin	21%	XXX	20%	XXX	XXX	XXX
EBIT	$242M	XXX	$146M	XXX	XXX	XXX
EBIT Margin	20%	XXX	14%	XXX	XXX	XXX
Net Profit	$380M	XXX	$201M	XXX	XXX	XXX
Net Margin	32%	XXX	20%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for NetEase Cloud Music including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.2B. EBITDA for the last twelve months was $248M. In the most recent fiscal year, NetEase Cloud Music achieved $1.0B in revenue and $204M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.2B	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$431M	Analyst estimates available to subscribers	$345M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	35.9% gross margin	Analyst estimates available to subscribers	33.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$248M	Analyst estimates available to subscribers	$204M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	20.7% EBITDA margin	Analyst estimates available to subscribers	20.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$242M	Analyst estimates available to subscribers	$146M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	20.2% EBIT margin	Analyst estimates available to subscribers	14.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$380M	Analyst estimates available to subscribers	$201M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	31.6% net profit margin	Analyst estimates available to subscribers	19.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for NetEase Cloud Music

This financial data table provides comprehensive performance metrics for NetEase Cloud Music, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

NetEase Cloud Music generated $1.2B in revenue over the last twelve months.
The company achieved $248M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $431M.
Net income over the last twelve months reached $380M.

Fiscal Year Performance

In the most recent fiscal year, NetEase Cloud Music reported $1.0B in total revenue.
Fiscal year EBITDA was $204M.
The company maintained a gross profit margin of 33.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 20.0%.
Net profit margin reached 19.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for NetEase Cloud Music. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

NetEase Cloud Music Stock Performance

NetEase Cloud Music has current market cap of HKD 51.5B (or $6.6B), and EV of HKD 39.4B (or $5.1B).

Market Cap Evolution

NetEase Cloud Music Stock Data

As of October 17, 2025, NetEase Cloud Music's stock price is HKD 244 (or $31).

See NetEase Cloud Music trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.1B	$6.6B	XXX	XXX	XXX	XXX	$1.66

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NetEase Cloud Music Valuation Multiples

NetEase Cloud Music's trades at 5.0x EV/Revenue multiple, and 24.8x EV/EBITDA.

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NetEase Cloud Music Financial Valuation Multiples

As of October 17, 2025, NetEase Cloud Music has market cap of $6.6B and EV of $5.1B.

Equity research analysts estimate NetEase Cloud Music's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

NetEase Cloud Music has a P/E ratio of 19.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$6.6B	XXX	$6.6B	XXX	XXX	XXX
EV (current)	$5.1B	XXX	$5.1B	XXX	XXX	XXX
EV/Revenue	4.6x	XXX	5.0x	XXX	XXX	XXX
EV/EBITDA	22.3x	XXX	24.8x	XXX	XXX	XXX
EV/EBIT	22.9x	XXX	34.8x	XXX	XXX	XXX
EV/Gross Profit	12.8x	XXX	n/a	XXX	XXX	XXX
P/E	19.0x	XXX	33.0x	XXX	XXX	XXX
EV/FCF	17.0x	XXX	22.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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NetEase Cloud Music Margins & Growth Rates

NetEase Cloud Music's last 12 month revenue growth is 8%

NetEase Cloud Music's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.1M for the same period.

NetEase Cloud Music's rule of 40 is 18% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

NetEase Cloud Music's rule of X is 41% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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NetEase Cloud Music Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	21%	XXX	20%	XXX	XXX	XXX
EBITDA Growth	24%	XXX	55%	XXX	XXX	XXX
Rule of 40	18%	XXX	28%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	41%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	8%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	10%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	19%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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