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The9 Valuation Multiples
Discover revenue and EBITDA valuation multiples for The9 and similar public comparables like Mawson Infrastructure Group, Soluna Holdings, Greenidge Generation, Ebang and more.
The9 Overview
About The9
The9 Ltd operates a cryptocurrency mining business. It provides computing power, or hash rate, to a Bitcoin mining pool and is entitled to receive a fractional share of Bitcoin award from the Bitcoin mining pool in return. The company generates its revenues from customers in Greater China, Asia/Eastern Europe, and North America. Its segments are: Crypto mining business, and Other, out of which Crypto mining business derives maximum revenue.
Founded
1999
HQ
Employees
50
Website
Sectors
Financials (FY)
EV
$109M
The9 Financials
The9 reported last fiscal year revenue of $16M and negative EBITDA of ($54M).
In the same fiscal year, The9 generated $265K in gross profit, ($54M) in EBITDA losses, and had net loss of ($59M).
The9 P&L
In the most recent fiscal year, The9 reported revenue of $16M and EBITDA of ($54M).
The9 expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | — | XXX | $16M | XXX | XXX | XXX |
| Gross Profit | — | XXX | $265K | XXX | XXX | XXX |
| Gross Margin | — | XXX | 2% | XXX | XXX | XXX |
| EBITDA | — | XXX | ($54M) | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | (343%) | XXX | XXX | XXX |
| EBIT Margin | — | XXX | (230%) | XXX | XXX | XXX |
| Net Profit | — | XXX | ($59M) | XXX | XXX | XXX |
| Net Margin | — | XXX | (373%) | XXX | XXX | XXX |
| Net Debt | — | — | $24M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
The9 Stock Performance
The9 has current market cap of $83M, and enterprise value of $109M.
Market Cap Evolution
The9's stock price is $5.43.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $109M | $83M | 0.0% | XXX | XXX | XXX | $-3.86 |
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Start Free TrialThe9 Valuation Multiples
The9 trades at 6.9x EV/Revenue multiple, and (2.0x) EV/EBITDA.
The9 Financial Valuation Multiples
As of April 19, 2026, The9 has market cap of $83M and EV of $109M.
Equity research analysts estimate The9's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
The9 has a P/E ratio of (1.4x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $83M | XXX | $83M | XXX | XXX | XXX |
| EV (current) | $109M | XXX | $109M | XXX | XXX | XXX |
| EV/Revenue | — | XXX | 6.9x | XXX | XXX | XXX |
| EV/EBITDA | — | XXX | (2.0x) | XXX | XXX | XXX |
| EV/EBIT | — | XXX | (3.0x) | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 409.8x | XXX | XXX | XXX |
| P/E | — | XXX | (1.4x) | XXX | XXX | XXX |
| EV/FCF | — | XXX | (17.0x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified The9 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.
The9 Margins & Growth Rates
The9's revenue in the last fiscal year declined by (3%).
The9's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.7M for the same period.
The9 Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | — | XXX | (3%) | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | (343%) | XXX | XXX | XXX |
| EBITDA Growth | — | XXX | (1696%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.7M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 31% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 191% | XXX | XXX | XXX |
| R&D Expenses to Revenue | — | XXX | 9% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 231% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
The9 Public Comps
See public comps and valuation multiples for other Crypto Mining comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| The9 | XXX | XXX | XXX | XXX | XXX | XXX |
| Mawson Infrastructure Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Soluna Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| Greenidge Generation | XXX | XXX | XXX | XXX | XXX | XXX |
| Ebang | XXX | XXX | XXX | XXX | XXX | XXX |
| BTC Digital | 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.
The9 M&A Activity
The9 acquired XXX companies to date.
Last acquisition by The9 was on XXXXXXXX, XXXXX. The9 acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by The9
| 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 TrialThe9 Investment Activity
The9 invested in XXX companies to date.
The9 made its latest investment on XXXXXXXX, XXXXX. The9 invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by The9
| 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 The9
| When was The9 founded? | The9 was founded in 1999. |
| Where is The9 headquartered? | The9 is headquartered in China. |
| How many employees does The9 have? | As of today, The9 has over 50 employees. |
| Who is the CEO of The9? | The9's CEO is Jun Zhu. |
| Is The9 publicly listed? | Yes, The9 is a public company listed on Nasdaq. |
| What is the stock symbol of The9? | The9 trades under NCTY ticker. |
| When did The9 go public? | The9 went public in 2004. |
| Who are competitors of The9? | The9 main competitors are Mawson Infrastructure Group, Soluna Holdings, Greenidge Generation, Ebang. |
| What is the current market cap of The9? | The9's current market cap is $83M. |
| What is the current revenue of The9? | The9's last fiscal year revenue is $16M. |
| What is the current EV/Revenue multiple of The9? | Current revenue multiple of The9 is 6.9x. |
| Is The9 profitable? | No, The9 is not profitable. |
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