NetEase (NTES) FCF Margin (2009 - 2026)
NetEase (NTES) recorded FCF Margin of 33.07% in the quarter ended Jun 30, 2026, down 6.55 percentage points from 39.62% a year earlier and down 12.84 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 44.63% as of Jun 30, 2026, up 0.96 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 46.00%, up 7.10 percentage points from the prior year.
- Annual FCF Margin has increased for four straight years, with a five-year change of +10.78 percentage points (years ended Dec 2020 to Dec 2025).
- Across earlier years, FCF Margin came in at 38.89% in the year ended Dec 31, 2024 (+2.52 pp), 36.37% in the year ended Dec 31, 2023 (+5.48 pp), 30.89% in the year ended Dec 31, 2022 (+0.61 pp) and 30.28% in the year ended Dec 31, 2021 (-4.94 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 +4.10 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 | 4,173.87 Bn | 3,931.39 Bn | 73.85 Bn | -4.89% |
| 2 | Meta Platforms | 1,849.67 Bn | 1,552.19 Bn | 49.47 Bn | 2.87% |
| 3 | Netflix | 279.23 Bn | 239.43 Bn | 6.52 Bn | 12.14% |
| 4 | Alibaba Group Holding | 245.86 Bn | 63.73 Bn | 15.11 Bn | 8.50% |
| 5 | Shopify | 196.08 Bn | 173.27 Bn | 1.71 Bn | 18.25% |
| 6 | Uber Technologies | 138.90 Bn | 110.88 Bn | 6.38 Bn | 19.67% |
| 7 | Booking Holdings | 119.48 Bn | 52.53 Bn | - | 49.55% |
| 8 | PDD Holdings | 107.30 Bn | -144.64 Bn | 9.45 Bn | 22.77% |
| 9 | Spotify Technology | 97.33 Bn | 54.56 Bn | 1.86 Bn | 17.50% |
| 10 | NetEase | 74.83 Bn | 32.10 Bn | 3.13 Bn | 33.07% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 33.07% |
| 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();