NetEase (NTES) FCF Margin (2009 - 2026)
NetEase (NTES) recorded FCF Margin of 33.19% in the quarter ended Jun 30, 2026, down 6.44 percentage points from 39.62% a year earlier and down 12.72 percentage points from the prior quarter.
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Analysis
NetEase (NTES) FCF Margin (2009 - 2026) Analysis & Trends
On a TTM basis, NetEase's FCF Margin came in at 44.66% as of Jun 30, 2026, up 0.99 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 44.11%, up 7.64 percentage points from the prior year.
- Annual FCF Margin has increased for three straight years, with a five-year change of +11.75 percentage points (years ended Dec 2020 to Dec 2025).
- Across earlier years, FCF Margin came in at 36.47% in the year ended Dec 31, 2024 (+4.55 pp), 31.92% in the year ended Dec 31, 2023 (+5.38 pp), 26.54% in the year ended Dec 31, 2022 (-0.09 pp) and 26.62% in the year ended Dec 31, 2021 (-5.73 pp).
- The figure for the quarter ended Jun 30, 2026 is the lowest quarterly FCF Margin since the quarter ended Jun 30, 2024.
- On a year-over-year basis, FCF Margin rose in seven of the last eight quarters, with an average year-over-year change of +4.11 percentage points.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 13.33 percentage points in the quarter ended Jun 30, 2025, against a drop of 7.85 percentage points in the quarter ended Jun 30, 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at 45.91% (quarter ended Mar 31, 2026), 54.31% (quarter ended Dec 31, 2025) and 46.66% (quarter ended Sep 30, 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,624.96 Bn | 3,359.86 Bn | 76.16 Bn | -7.11% |
| 2 | Meta Platforms | 1,640.16 Bn | 1,304.68 Bn | 51.23 Bn | -1.79% |
| 3 | Netflix | 255.21 Bn | 216.51 Bn | 6.80 Bn | 22.40% |
| 4 | Alibaba Group Holding | 219.23 Bn | 41.30 Bn | 15.16 Bn | 33.69% |
| 5 | Shopify | 189.29 Bn | 174.44 Bn | 1.78 Bn | 21.81% |
| 6 | Uber Technologies | 142.08 Bn | 113.28 Bn | 6.42 Bn | 17.17% |
| 7 | AppLovin | 135.54 Bn | 124.07 Bn | 1.94 Bn | 65.40% |
| 8 | Spotify Technology | 126.14 Bn | 83.06 Bn | 1.89 Bn | 15.01% |
| 9 | Booking Holdings | 119.69 Bn | 53.43 Bn | - | 12.02% |
| 10 | NetEase | 78.00 Bn | 36.89 Bn | 3.13 Bn | 33.19% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 33.19% |
| Mar 31, 2026 | 45.91% |
| Dec 31, 2025 | 54.31% |
| Sep 30, 2025 | 46.66% |
| Jun 30, 2025 | 39.62% |
| Mar 31, 2025 | 43.57% |
| Dec 31, 2024 | 49.81% |
| Sep 30, 2024 | 41.80% |
| Jun 30, 2024 | 26.29% |
| Mar 31, 2024 | 37.14% |
| Dec 31, 2023 | 45.30% |
| Sep 30, 2023 | 38.46% |
| Jun 30, 2023 | 34.15% |
| Mar 31, 2023 | 26.57% |
| Dec 31, 2022 | 36.91% |
| Sep 30, 2022 | 32.93% |
| Jun 30, 2022 | 30.55% |
| Mar 31, 2022 | 22.64% |
| Dec 31, 2021 | 36.15% |
| Sep 30, 2021 | 30.19% |
API Access
NetEase 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=NTES&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "NTES", "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=NTES&period=max&api_key=YOUR_API_KEY");
const data = await res.json();