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NetEase Valuation Multiples
Discover revenue and EBITDA valuation multiples for NetEase and similar public comparables like Warner Bros. Discovery, Nintendo, Sea, Electronic Arts and more.
NetEase Overview
About NetEase
Founded in the late 1990s as an internet portal, NetEase has evolved into China’s second-largest online gaming company. Its early success was anchored by the massively multiplayer online role-playing game Fantasy Westward Journey, which laid the foundation for a durable franchise strategy. Over the past decade, the company has expanded its portfolio with successful titles such as Justice, Identity V, Naraka: Bladepoint, and Eggy Party, all of which continue to maintain sizable and engaged player bases.In addition to its in-house development capabilities, NetEase partners with global IP holders such as Microsoft and Marvel to develop and publish titles based on established franchises, including World of Warcraft, Diablo Immortal, and Marvel Rivals, further strengthening its global presence.
Founded
1999
HQ
Employees
26.0K
Website
Financials (LTM)
EV
$51B
NetEase Financials
NetEase reported last 12-month revenue of $17B and EBITDA of $6B.
In the same LTM period, NetEase generated $11B in gross profit, $6B in EBITDA, and $5B in net income.
Revenue (LTM)
NetEase P&L
In the most recent fiscal year, NetEase reported revenue of $17B and EBITDA of $6B.
NetEase expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $17B | XXX | $17B | XXX | XXX | XXX |
| Gross Profit | $11B | XXX | $11B | XXX | XXX | XXX |
| Gross Margin | 65% | XXX | 64% | XXX | XXX | XXX |
| EBITDA | $6B | XXX | $6B | XXX | XXX | XXX |
| EBITDA Margin | 34% | XXX | 34% | XXX | XXX | XXX |
| EBIT Margin | 33% | XXX | 32% | XXX | XXX | XXX |
| Net Profit | $5B | XXX | $5B | XXX | XXX | XXX |
| Net Margin | 31% | XXX | 30% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
NetEase Stock Performance
NetEase has current market cap of $74B, and enterprise value of $51B.
Market Cap Evolution
NetEase's stock price is $23.30.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $51B | $74B | -2.2% | XXX | XXX | XXX | $1.55 |
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Start Free TrialNetEase Valuation Multiples
NetEase trades at 3.1x EV/Revenue multiple, and 9.0x EV/EBITDA.
EV / Revenue (LTM)
NetEase Financial Valuation Multiples
As of April 19, 2026, NetEase has market cap of $74B and EV of $51B.
Equity research analysts estimate NetEase's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
NetEase has a P/E ratio of 14.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $74B | XXX | $74B | XXX | XXX | XXX |
| EV (current) | $51B | XXX | $51B | XXX | XXX | XXX |
| EV/Revenue | 3.1x | XXX | 3.1x | XXX | XXX | XXX |
| EV/EBITDA | 9.0x | XXX | 9.2x | XXX | XXX | XXX |
| EV/EBIT | 9.5x | XXX | 9.8x | XXX | XXX | XXX |
| EV/Gross Profit | 4.8x | XXX | 4.8x | XXX | XXX | XXX |
| P/E | 14.4x | XXX | 15.0x | XXX | XXX | XXX |
| EV/FCF | 8.3x | XXX | 7.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified NetEase Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
NetEase Margins & Growth Rates
NetEase's revenue in the last 12 month grew by 7%.
NetEase's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.2M for the same period.
NetEase's rule of 40 is 41% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
NetEase's rule of X is 49% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
NetEase Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 34% | XXX | 34% | XXX | XXX | XXX |
| EBITDA Growth | 12% | XXX | 11% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 41% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 49% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.6M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 13% | XXX | 13% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 4% | XXX | 4% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 16% | XXX | 16% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 32% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
NetEase Public Comps
See public comps and valuation multiples for other Gaming - Console & PC and Gaming - Mobile comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| NetEase | XXX | XXX | XXX | XXX | XXX | XXX |
| Warner Bros. Discovery | XXX | XXX | XXX | XXX | XXX | XXX |
| Nintendo | XXX | XXX | XXX | XXX | XXX | XXX |
| Sea | XXX | XXX | XXX | XXX | XXX | XXX |
| Electronic Arts | XXX | XXX | XXX | XXX | XXX | XXX |
| Roblox | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
NetEase M&A Activity
NetEase acquired XXX companies to date.
Last acquisition by NetEase was on XXXXXXXX, XXXXX. NetEase acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by NetEase
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNetEase Investment Activity
NetEase invested in XXX companies to date.
NetEase made its latest investment on XXXXXXXX, XXXXX. NetEase invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by NetEase
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout NetEase
| When was NetEase founded? | NetEase was founded in 1999. |
| Where is NetEase headquartered? | NetEase is headquartered in China. |
| How many employees does NetEase have? | As of today, NetEase has over 26K employees. |
| Who is the CEO of NetEase? | NetEase's CEO is Lie William Ding. |
| Is NetEase publicly listed? | Yes, NetEase is a public company listed on HKEX. |
| What is the stock symbol of NetEase? | NetEase trades under 09999 ticker. |
| When did NetEase go public? | NetEase went public in 2020. |
| Who are competitors of NetEase? | NetEase main competitors are Warner Bros. Discovery, Nintendo, Sea, Electronic Arts. |
| What is the current market cap of NetEase? | NetEase's current market cap is $74B. |
| What is the current revenue of NetEase? | NetEase's last 12 months revenue is $17B. |
| What is the current revenue growth of NetEase? | NetEase revenue growth (NTM/LTM) is 7%. |
| What is the current EV/Revenue multiple of NetEase? | Current revenue multiple of NetEase is 3.1x. |
| Is NetEase profitable? | Yes, NetEase is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of NetEase? | NetEase's last 12 months EBITDA is $6B. |
| What is NetEase's EBITDA margin? | NetEase's last 12 months EBITDA margin is 34%. |
| What is the current EV/EBITDA multiple of NetEase? | Current EBITDA multiple of NetEase is 9.0x. |
| What is the current FCF of NetEase? | NetEase's last 12 months FCF is $6B. |
| What is NetEase's FCF margin? | NetEase's last 12 months FCF margin is 37%. |
| What is the current EV/FCF multiple of NetEase? | Current FCF multiple of NetEase is 8.3x. |
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