The9 (NCTY) Stock Price, Financials & Analysis

Key Stats

Market Cap24.86 Mn

P/E0.55

P/S2.24

Div. Yield0.00

Total Debt (Qtr)21.42 Mn

Revenue Growth (1y) (Qtr)-79.49

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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 Oct 16, 2026

Valuation

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

P/EImplausibly low multiple 0.57xMedian 17.8x Not meaningful —
P/FCFNegative free cash flow −6.61xMedian 11.4x 22^nd
P/Operating cash flowNegative operating cash flow −6.58xMedian 10.4x 17^th
P/S 2.31xMedian 1.50x 40^th
P/B 0.30xMedian 1.86x 90^th
P/Tangible book 0.30xMedian 2.08x 89^th
EV/EBITDANegative EBITDA −1.52xMedian 15.1x 7^th
EV/EBITNegative EBIT −1.38xMedian 21.5x 7^th
EV/Revenue 4.03xMedian 1.73x 30^th
EV/FCFNegative free cash flow −11.5xMedian 11.5x 15^th
EV/Operating cash flowNegative operating cash flow −11.5xMedian 9.83x 14^th
PEG (3Y EPS CAGR) —Median 0.44 No data —

Growth

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

Revenue growth (1Y) −39.5%Median 9.8% 2^nd
Revenue CAGR (3Y) —Median 6.5% No data —
Gross profit growth (1Y) 148%Median 9.6% 96^th
Gross profit CAGR (3Y) —Median 7.4% No data —
Operating income growth (1Y) 31.3%Median 14.3% 60^th
Operating income CAGR (3Y) —Median 24.1% No data —
Net income growth (1Y) 187%Median 12.2% 88^th
Net income CAGR (3Y) —Median 26.6% No data —
EPS growth (1Y) 153%Median 24.0% 87^th
EPS CAGR (3Y) —Median 29.5% No data —
Operating cash flow growth (1Y) —Median 14.5% No data —
Operating cash flow CAGR (3Y) —Median 18.6% No data —
Free cash flow growth (1Y) —Median 15.0% No data —
Free cash flow CAGR (3Y) —Median 17.2% No data —

Profitability

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

Gross margin 4.5%Median 61.4% 1^st
EBITDA margin −266%Median 4.7% 7^th
Operating margin −293%Median −0.8% 8^th
Pretax margin 411%Median 0.0% 99^th
Net margin 409%Median 1.2% 99^th
FCF margin −34.9%Median 8.9% 14^th
Operating cash flow margin −35.1%Median 10.1% 13^th
Return on equity 67.5%Median 2.4% 96^th
Return on assets 36.1%Median 0.0% 99^th
Return on invested capital —Median 2.7% No data —
Return on capital employed −42.2%Median 1.1% 18^th
Asset turnover 0.09xMedian 0.75x 7^th
Cash conversion (OCF / net income) −0.09xMedian 1.55x 5^th
Stock comp / revenue 63.5%Median 5.2% 7^th

Financial Health

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

Debt / assets 14.6%Median 19.3% 61^st
Debt / equity 0.25xMedian 0.40x 64^th
Net debt / EBITDAEBITDA is not positive −0.65xMedian 0.05x Not meaningful —
Debt / FCFFree cash flow is not positive −5.51xMedian 2.04x Not meaningful —
Liabilities / assets 41.5%Median 49.7% 59^th
Equity / assets 58.5%Median 50.4% 58^th
Interest coverage −7.69xMedian 0.10x 16^th
Current ratio 2.57xMedian 1.52x 71^st
Quick ratio 0.07xMedian 1.07x 7^th
Cash ratio 0.05xMedian 0.68x 9^th
Altman Z-score −6.05Median 1.39 14^th

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1	GOOGL	Alphabet Inc.	4,185.47 Bn	17.15	9.39	98.17 Bn
2	META	Meta Platforms, Inc.	1,794.56 Bn	26.35	7.86	83.66 Bn
3	NFLX	Netflix Inc	292.71 Bn	21.44	6.05	14.31 Bn
4	BABA	Alibaba Group Holding Ltd	251.74 Bn	23.91	1.67	21.54 Bn
5	SHOP	Shopify Inc.	221.57 Bn	114.92	16.70	-
6	UBER	Uber Technologies, Inc	142.45 Bn	14.87	2.58	12.72 Bn
7	BKNG	Booking Holdings Inc.	124.83 Bn	17.32	4.42	20.18 Bn
8	NCTY	The9 LTD	0.02 Bn	0.55	2.24	0.02 Bn

The9 NCTY

About

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

How The9 ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

The9 NCTY

About

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

How The9 ranks

Valuation

Growth

Profitability

Financial Health

Shareholder Returns

Peer Comparison

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