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Founded in the late 1990s as an internet portal, NetEase has transformed into a leading force in the second-largest online game company gaming in China. While its initial success was built upon the massively multiplayer online role-playing game Fantasy Westward Journey, NetEase has expanded its portfolio with captivating franchises that resonate with both domestic and international players. Over the past decade, the company has created titles such as Justice, Identity V, Naraka: Bladepoint, and Eggy Party, all of which maintain significant player bases today. Beyond in-house development, the company also collaborates with likes of Microsoft and Marvel to create and publish games based on renowned IPs, including World of Warcraft, Diablo Immortal, and Marvel Rivals.
1999
29.1K+
LTM Revenue $14.8B
LTM EBITDA $4.6B
$46.9B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
NetEase has a last 12-month revenue of $14.8B and a last 12-month EBITDA of $4.6B.
In the most recent fiscal year, NetEase achieved revenue of $13.3B and an EBITDA of $4.0B.
NetEase expects next 12-month revenue of XXX and NTM EBITDA of XXX
See NetEase valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $12.4B | $13.3B | XXX | XXX | XXX |
| Gross Profit | $6.0B | $6.8B | XXX | XXX | XXX |
| Gross Margin | 49% | 51% | XXX | XXX | XXX |
| EBITDA | $2.9B | $4.0B | XXX | XXX | XXX |
| EBITDA Margin | 23% | 30% | XXX | XXX | XXX |
| Net Profit | $2.2B | $2.6B | XXX | XXX | XXX |
| Net Margin | 17% | 20% | XXX | XXX | XXX |
| Net Debt | $788M | $340M | XXX | XXX | XXX |
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As of April 15, 2025, NetEase's stock price is HKD 154 (or $20).
NetEase has current market cap of HKD 498B (or $64.0B), and EV of HKD 365B (or $46.9B).
See NetEase trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $46.9B | $64.0B | XXX | XXX | XXX | XXX | $1.45 |
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Sign UpAs of April 15, 2025, NetEase has market cap of $64.0B and EV of $46.9B.
NetEase's trades at 3.2x LTM EV/Revenue multiple, and 10.2x LTM EBITDA.
Analysts estimate NetEase's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for NetEase and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $46.9B | XXX | XXX | XXX |
| EV/Revenue | 3.5x | XXX | XXX | XXX |
| EV/EBITDA | 11.9x | XXX | XXX | XXX |
| P/E | 16.9x | XXX | XXX | XXX |
| P/E/Growth | 1.4x | XXX | XXX | XXX |
| EV/FCF | 11.7x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpNetEase's NTM/LTM revenue growth is 8%
NetEase's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.2M for the same period.
Over next 12 months, NetEase's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate NetEase's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for NetEase and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 7% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 30% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 37% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 37% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.5M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.2M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 14% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 5% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 16% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 34% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Azerion Group | XXX | XXX | XXX | XXX | XXX | XXX |
| PlaySide Studios | XXX | XXX | XXX | XXX | XXX | XXX |
| OnMobile | XXX | XXX | XXX | XXX | XXX | XXX |
| Nazara Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Trophy Games | 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 acquired XXX companies to date.
Last acquisition by NetEase was XXXXXXXX, XXXXX XXXXX XXXXXX . NetEase acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
Sign up to see revenue and EBITDA valuation multiples for 60K+ M&A deals.
Sign Up| When was NetEase founded? | NetEase was founded in 1999. |
| Where is NetEase headquartered? | NetEase is headquartered in Hong Kong. |
| How many employees does NetEase have? | As of today, NetEase has 29.1K+ employees. |
| Who is the CEO of NetEase? | NetEase's CEO is Mr. Lie William Ding. |
| Is NetEase publicy listed? | Yes, NetEase is a public company listed on HKG. |
| 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? | Similar companies to NetEase include e.g. Azerion Group, PlaySide Studios, OnMobile, Nazara Technologies. |
| What is the current market cap of NetEase? | NetEase's current market cap is $64.0B |
| What is the current revenue of NetEase? | NetEase's last 12-month revenue is $14.8B. |
| What is the current EBITDA of NetEase? | NetEase's last 12-month EBITDA is $4.6B. |
| What is the current EV/Revenue multiple of NetEase? | Current revenue multiple of NetEase is 3.2x. |
| What is the current EV/EBITDA multiple of NetEase? | Current EBITDA multiple of NetEase is 10.2x. |
| What is the current revenue growth of NetEase? | NetEase revenue growth between 2023 and 2024 was 7%. |
| Is NetEase profitable? | Yes, NetEase is EBITDA-positive (as of the last 12 months). |
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