The9 (NCTY) Stock Price, Financials & Analysis

Key Stats

Market Cap20.69 Mn

P/E0.45

FCF (Yr)-4.75 Mn

ROA (Yr)-67.94

EV to EBIT-0.08

Net Income (Yr)-58.47 Mn

Enterprise Value2.49 Mn

Add ratio to table…

About

The9 Limited is a Cayman Islands incorporated company that conducts its operations through subsidiaries in Hong Kong and Singapore and a variable interest entity in mainland China. The company’s core activities include the development and publishing of online games cryptocurrency mining and strategic investments in AI powered businesses. It operates the9bit gaming platform which combines gameplay top ups creator rewards and community spaces. Through its variable interest entity Shanghai IT it holds licenses for game distribution and publishing in China. The company also engages in joint ventures that provide proprietary game titles such as Glory All Stars and Ultraman Hero Beyond Time.

The9 Limited generates revenue from several sources. In its online gaming business it earns income from publishing licenses from game sales in app purchases and advertising on the9bit platform. Cryptocurrency mining contributes revenue through the receipt of Bitcoin rewards from mining pools which can be sold or held as digital assets. Strategic investments in AI powered companies may generate returns through dividends or equity appreciation. Joint venture arrangements provide a share of after tax profits from the games Glory All Stars and Ultraman Hero Beyond Time. Additionally the company may receive service fees from technology collaborations and licensing agreements.

The9 Limited operates in a competitive landscape that includes major domestic online game publishers such as Tencent and NetEase as well as global cryptocurrency mining firms like Marathon Digital Holdings and Riot Blockchain Inc. The company differentiates itself through its proprietary the9bit platform which integrates gameplay with creator incentives and community features. Its joint venture partnerships grant access to established intellectual property such as the Ultraman IP and Glory All Stars. The variable interest entity structure allows the company to maintain necessary licenses for game publishing in China despite foreign ownership restrictions. These elements give The9 Limited a distinct position in both the gaming and mining sectors.

The company serves individual gamers in mainland China who play its online games and use the9bit platform for top ups and community interaction. It also serves business partners such as Wemade Co. Ltd. ZhongShun and Chengdu Lumosi which collaborate on game publishing and technology development. In the cryptocurrency mining area its customers are mining pool operators and investors who purchase or hold the Bitcoin rewards generated by its mining fleet. Additionally institutional investors and strategic allies participate in its joint ventures and AI powered investments.

How The9 ranks

Ranked against the 185 companies in Internet Platforms58 metrics · as of Nov 6, 2026

Valuation

12 metrics · Lower multiples rank higher; a negative multiple ranks last

P/EImplausibly low multiple 0.42xMedian 18.0x Not meaningful —
P/FCFNegative free cash flow −4.89xMedian 11.4x 18^th
P/Operating cash flowNegative operating cash flow −4.89xMedian 9.95x 16^th
P/S 1.72xMedian 1.32x 45^th
P/B 0.22xMedian 1.69x 90^th
P/Tangible book 0.22xMedian 1.89x 90^th
EV/EBITDANegative EBITDA −1.29xMedian 15.5x 5^th
EV/EBITNegative EBIT −1.17xMedian 18.2x 6^th
EV/Revenue 3.44xMedian 1.52x 29^th
EV/FCFNegative free cash flow −9.80xMedian 11.0x 17^th
EV/Operating cash flowNegative operating cash flow −9.80xMedian 9.88x 17^th
PEG (3Y EPS CAGR) —Median 0.38 No data —

Growth

14 metrics · Year-on-year growth and three-year compound annual growth

Revenue growth (1Y) −39.5%Median 10.0% 2^nd
Revenue CAGR (3Y) —Median 6.1% No data —
Gross profit growth (1Y) 148%Median 11.0% 96^th
Gross profit CAGR (3Y) —Median 7.2% No data —
Operating income growth (1Y) 31.3%Median 14.8% 62^nd
Operating income CAGR (3Y) —Median 25.9% No data —
Net income growth (1Y) 186%Median 17.1% 88^th
Net income CAGR (3Y) —Median 26.5% No data —
EPS growth (1Y) 156%Median 24.9% 87^th
EPS CAGR (3Y) —Median 30.5% No data —
Operating cash flow growth (1Y) —Median 15.0% No data —
Operating cash flow CAGR (3Y) —Median 14.3% No data —
Free cash flow growth (1Y) —Median 14.3% No data —
Free cash flow CAGR (3Y) —Median 16.3% No data —

Profitability

14 metrics · Margins, returns on capital and the quality of earnings

Gross margin 4.5%Median 60.9% 1^st
EBITDA margin −266%Median 4.7% 7^th
Operating margin −293%Median −0.8% 8^th
Pretax margin 411%Median 0.5% 99^th
Net margin 410%Median 0.5% 99^th
FCF margin −35.1%Median 8.2% 15^th
Operating cash flow margin −35.1%Median 10.1% 15^th
Return on equity 67.5%Median 2.3% 96^th
Return on assets 36.1%Median 0.1% 99^th
Return on invested capital —Median 2.9% No data —
Return on capital employed −42.3%Median 0.8% 17^th
Asset turnover 0.09xMedian 0.75x 7^th
Cash conversion (OCF / net income) −0.09xMedian 1.66x 3^rd
Stock comp / revenue 63.5%Median 5.2% 8^th

Financial Health

11 metrics · Leverage, liquidity and solvency; less debt ranks higher

Debt / assets 14.7%Median 21.1% 61^st
Debt / equity 0.25xMedian 0.38x 63^rd
Net debt / EBITDAEBITDA is not positive −0.65xMedian 0.00x Not meaningful —
Debt / FCFFree cash flow is not positive −5.49xMedian 2.20x Not meaningful —
Liabilities / assets 41.5%Median 48.9% 58^th
Equity / assets 58.5%Median 51.3% 58^th
Interest coverage −7.69xMedian 0.02x 18^th
Current ratio 2.57xMedian 1.54x 72^nd
Quick ratio 0.07xMedian 1.19x 7^th
Cash ratio 0.05xMedian 0.68x 9^th
Altman Z-score −6.12Median 1.29 15^th

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	GOOGL	Alphabet Inc.	3,564.98 Bn	15.15	7.57	125.10 Bn
2	META	Meta Platforms, Inc.	1,632.64 Bn	21.70	6.76	80.92 Bn
3	NFLX	Netflix Inc	263.18 Bn	17.82	5.29	15.13 Bn
4	BABA	Alibaba Group Holding Ltd	245.84 Bn	23.35	1.63	21.57 Bn
5	SHOP	Shopify Inc.	192.71 Bn	90.64	13.60	-
6	UBER	Uber Technologies, Inc	141.33 Bn	40.79	2.50	15.66 Bn
7	APP	AppLovin Corp	135.82 Bn	27.09	17.85	3.52 Bn
8	NCTY	The9 LTD	0.02 Bn	0.45	1.86	0.02 Bn

S.No.

Ticker

Company

Market Cap

P/E

P/S

Total Debt (Qtr)

GOOGL

Alphabet Inc.

3,564.98 Bn

15.15

7.57

125.10 Bn

The9 NCTY

About

Segments Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

How The9 ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

The9 NCTY

About

Segments Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

How The9 ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

Create an account

Sign In

Reset Password