The9 Limited(NCTY)Earnings, Financials & Key Ratios
NCTY•NASDAQ
$5.04
Price updated Jul 7, 2026
AboutThe9 Limited, together with its subsidiaries, operates as an Internet company in the People's Republic of China. It engages in the operation of cryptocurrency mining; and NFTSTAR, a NFT trading and community platform that provides users with purchase, trade, and interactive activities. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004. The9 Limited was incorporated in 1999 and is headquartered in Shanghai, the People's Republic of China.Show more
- Revenue$108M-4.8%
- EBITDA-$233M-131.6%
- Net Income-$402M-440.5%
- EPS (Diluted)-51.00-225.0%
- Gross Margin1.68%+216.8%
- EBITDA Margin-215.6%-143.2%
- Operating Margin-229.62%-59.8%
- Net Margin-372.99%-467.5%
- ROE-120.1%-391.0%
NCTY Price & Volume
The9 Limited (NCTY) stock price & volume — 10-year historical chart
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Persistent Operational Decay Masks Structural Liquidity Risks
Investment Thesis • Updated 2024Q4
VerdictNegative
Growth:Contracting
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Operational insolvency and liquidity
Key Thesis Takeaways
- The9 Limited faces a precarious outlook as its strategic pivot into digital asset mining has failed to yield sustainable profitability, evidenced by a 75.7% year-over-year revenue contraction in 2024Q4.
- The company's reliance on significant stock-based compensation, totaling $44.7 million in the most recent quarter, obscures underlying operational losses and dilutes shareholder value.
- Given the rapid depletion of cash reserves to $10.9 million and a deeply negative retained earnings balance of -$4.4 billion, the firm's long-term viability remains highly questionable without a fundamental shift in business strategy.
Verdict Logic
the company's inability to generate positive operating cash flow, coupled with a 90.2% capital expenditure-to-revenue ratio, suggests an unsustainable path toward insolvency.
NCTY Growth Metrics
The9 Limited (NCTY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years8.46%
5 Years180.13%
3 Years0.93%
TTM19.53%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM96.08%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM86.81%
Return on Capital
10 Years-122.14%
5 Years-122.14%
3 Years-109.15%
Last Year-72.7%
Peers Comparison
Key metrics vs top competitors for The9 Limited (NCTY)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $5.04 | $23.57M | -0.67 | -4.77% | -372.99% | -120.1% | — | |
| $12.59 | $378.52M | 0.90 | -2.35% | 67.35% | 35.1% | — | |
| $63.24 | $439.45M | 9.78 | 11.92% | 14.91% | 12.25% | — | |
| $130.82 | $83.52B | 17.01 | 6.96% | 29.84% | 21.02% | — | |
| $1.41 | $15.58M | -10.07 | 17.01% | -44.72% | -3.97% | — | |
| $17.60 | $7.38B | 46.17 | 13.1% | 0.75% | 1.56% | — |
Compare NCTY vs Peers
The9 Limited (NCTY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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NCTY Frequently Asked Questions
The9 Limited (NCTY) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is The9 Limited's revenue?
The9 Limited (NCTY) reported $291.7M in revenue for fiscal year 2025. This represents a 5178% increase from $5.5M in 2001.
How fast is The9 Limited growing?
The9 Limited (NCTY) saw revenue decline by 4.8% over the past year.
Is NCTY profitable?
The9 Limited (NCTY) reported a net loss of $54.7M for fiscal year 2025.
Dividend & Returns
What is NCTY's return on equity?
The9 Limited (NCTY) has a return on equity (ROE) of -120.1%. Negative ROE indicates the company is unprofitable.
What is The9 Limited's free cash flow?
The9 Limited (NCTY) had negative free cash flow of $62.2M in fiscal year 2025, likely due to heavy capital investments.