Latest Ratios: P/E Ratio -0.7x · EV/EBITDA N/A · ROE -120.1%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24M | $48M | $68M | $37M | $14M | $111M | $19M | $32M | $21M | $21M | $30M |
| Enterprise Value | $50M | $225M | $194M | $67M | $30M | $-218081316 | $14M | $627M | $505M | $248M | $331M |
| P/E Ratio → | -0.67 | — | — | 1.25 | — | — | 0.05 | — | — | — | — |
| P/S Ratio | 1.48 | 0.45 | 0.60 | 0.21 | 0.13 | 0.82 | 30.86 | 94.77 | 1.18 | 0.30 | 0.51 |
| P/B Ratio | 1.07 | 0.20 | 0.16 | 0.20 | 0.50 | 0.14 | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.08 | 1.71 | 0.38 | 0.28 | -1.63 | 23.12 | 1840.08 | 27.87 | 3.48 | 5.63 |
| EV / EBITDA | — | — | — | — | — | — | 0.04 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 1.7% | 1.7% | -1.4% | -22.5% | -45.2% | 35.2% | -30.2% | -835.5% | 5.7% | 67.5% | 13.7% |
| Operating Margin | -229.6% | -229.6% | -143.7% | -137.7% | -630.5% | -198.2% | 53831.3% | -38089.6% | -662.4% | -155.4% | -392.6% |
| Net Profit Margin | -373.0% | -373.0% | -65.7% | -79.8% | -929.1% | -302.7% | 63611.7% | -55820.6% | -1480.1% | -239.6% | -1204.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -120.1% | -120.1% | -24.5% | -132.9% | -246.5% | -845.5% | — | — | — | — | — |
| ROA | -65.4% | -65.4% | -14.9% | -28.8% | -102.1% | -59.7% | 346.1% | -109.8% | -109.9% | -50.7% | -159.2% |
| ROIC | -38.2% | -38.2% | -31.9% | -141.0% | -207.4% | — | — | — | — | — | — |
| ROCE | -72.7% | -72.7% | -51.5% | -203.2% | -165.2% | -118.1% | — | — | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 0.32 | 0.41 | 2.69 | 0.13 | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | 0.08 | — | — | — | — |
| Net Debt / Equity | — | 0.73 | 0.29 | 0.16 | 0.59 | -0.43 | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | -0.01 | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -16.55 | -16.55 | -4.76 | -7.64 | -19.75 | -2.23 | -27.52 | -3.76 | -1.15 | -1.32 | -4.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 1.19 | 1.37 | 0.70 | 1.93 | 0.12 | 0.15 | 0.04 | 0.22 | 0.15 |
| Quick Ratio | 1.00 | 1.00 | 1.19 | 1.37 | 0.70 | 1.07 | 0.11 | 0.02 | 0.04 | 0.19 | 0.14 |
| Cash Ratio | 0.90 | 0.90 | 0.05 | 0.28 | 0.10 | 0.79 | 0.09 | 0.01 | 0.00 | 0.17 | 0.07 |
| Asset Turnover | — | 0.18 | 0.18 | 0.48 | 0.18 | 0.10 | 0.01 | 0.00 | 0.11 | 0.22 | 0.17 |
| Inventory Turnover | — | — | — | — | — | 0.19 | 0.20 | 0.02 | — | 0.81 | 5.59 |
| Days Sales Outstanding | — | 71.43 | 24.81 | 0.12 | 18.87 | 179.68 | 1.74 | 3304.79 | 49.20 | 13.35 | 53.44 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 80.1% | — | — | 2050.8% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $8M | $5M | $5M | $2M | $2M | $545333 | $354690 | $207049 | $111421 | $79580 |
Operational insolvency and liquidity
According to recent market data, NCTY trades at a P/S ratio of 1.50, which appears disconnected from its negative earnings profile and suggests investors are pricing the firm as a speculative digital asset option rather than a traditional technology company with sustainable cash-generating capabilities.
The lack of a positive P/E or EV/EBITDA multiple reflects the market's difficulty in assigning fundamental value to a business model that consistently destroys capital. Investors should monitor whether this valuation premium persists as the company's core mining and NFT initiatives continue to struggle against industry-wide headwinds.
As reported in financial statements, the company's gross margin has deteriorated to a negative 43.7% in 2024Q4, indicating that the cost of revenue, primarily driven by energy and hardware maintenance, far exceeds the value generated from its digital asset mining and NFT platform operations.
This deeply negative margin profile suggests that the company lacks the operational scale or technological efficiency to compete with specialized mining peers. The inability to achieve positive gross margins implies that the current business model is fundamentally unviable under existing market conditions.
Based on reported figures, NCTY's ROIC has remained consistently negative, reaching -14.9% in 2024Q4, which highlights a long-term trend of value destruction as the company fails to generate returns that exceed the cost of its capital investments in mining infrastructure.
The persistent negative ROIC suggests that management's capital allocation strategy has failed to pivot effectively into profitable ventures. This trend warrants further investigation into whether future capital raises will continue to be deployed into assets that do not contribute to long-term shareholder value creation.
As indicated by the company's recent filings, the current ratio has hovered near 1.19, yet with cash reserves plummeting to $10.9 million, the firm faces an acute liquidity risk that leaves it with minimal buffer to absorb further operational losses or market volatility.
The reliance on external financing to maintain operations is evident, as the company lacks the internal cash generation to support its current cost structure. Investors should monitor the company's ability to secure additional funding, as the current liquidity position appears insufficient for long-term operational stability.
Market participants frequently misapply the Price-to-Sales ratio to NCTY, which obscures the company's inability to convert revenue into gross profit and ignores the high fixed-cost burden inherent in its current digital asset mining and NFT platform business model.
Instead of P/S, analysts should focus on the gross margin and cash burn rate to assess the company's true economic viability. Relying on revenue multiples in this context may lead to an overestimation of the firm's potential, as top-line figures do not reflect the underlying operational insolvency.
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying NCTY stock.
The9 Limited's current P/E ratio is -0.7x. The historical average is 5.2x.
The9 Limited's return on equity (ROE) is -120.1%. The historical average is -50.4%.
Based on historical data, The9 Limited is trading at a P/E of -0.7x. Compare with industry peers and growth rates for a complete picture.
The9 Limited has 1.7% gross margin and -229.6% operating margin.