The9 (NCTY) FCF Margin (2025 - 2026)
The9 (NCTY) recorded FCF Margin of 105.46% in Q2 2026, up 74.58 percentage points from 30.88% a year earlier and up 366.43 percentage points from the prior quarter.
Powered by 
Analysis
The9 (NCTY) FCF Margin (2025 - 2026) Analysis & Trends
On a TTM basis, The9's FCF Margin came in at -35.10% as of Jun 30, 2026, down 53.42 percentage points year-over-year; for FY2025, it was -27336.34%, up 12852.60 percentage points from FY2024.
- Annual FCF Margin has a five-year change of -11319.42 percentage points (FY2020 to FY2025).
- Across earlier years, FCF Margin came in at -40188.93% in FY2024 (-40277.74 pp), 88.80% in FY2023 (+2.89 pp), 85.91% in FY2022 (+544.03 pp) and -458.12% in FY2021 (+15558.80 pp).
- The Q2 2026 figure is the highest quarterly FCF Margin since Q4 2012.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,039.48 Bn | 3,797.00 Bn | 73.85 Bn | -4.89% |
| 2 | Meta Platforms | 1,805.35 Bn | 1,507.87 Bn | 49.47 Bn | 2.87% |
| 3 | Netflix | 273.18 Bn | 233.38 Bn | 6.52 Bn | 12.14% |
| 4 | Alibaba Group Holding | 240.83 Bn | 54.60 Bn | 15.11 Bn | 33.57% |
| 5 | Shopify | 229.60 Bn | 206.79 Bn | 1.71 Bn | 18.25% |
| 6 | Uber Technologies | 139.79 Bn | 111.59 Bn | 6.38 Bn | 19.67% |
| 7 | Booking Holdings | 121.65 Bn | 54.70 Bn | - | 49.55% |
| 8 | PDD Holdings | 109.23 Bn | -134.54 Bn | 9.45 Bn | 22.77% |
| 9 | Spotify Technology | 107.43 Bn | 64.93 Bn | 1.86 Bn | 17.50% |
| 10 | The9 | 25.13 Mn | 6.92 Mn | 319,000.00 | 105.46% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 105.46% |
| Mar 31, 2026 | -260.03% |
| Jun 30, 2025 | 30.88% |
| Mar 31, 2025 | -17.49% |
API Access
The9 FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=NCTY&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "NCTY", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=NCTY&period=max&api_key=YOUR_API_KEY");
const data = await res.json();