NCTYNasdaqFinance ServicesFiscal year ends December 31
The9 LTD
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026
$3.28−0.09 (-2.67%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
1.7%+31.8 pts over 5 years
Operating margin
-260.5%−54091.8 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -3.4% | +0.9% | +180.1% | +8.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 221.2% | -70.6% | – | |
| Return on assets | -133.6% | 346.1% | – | |
| Current ratio | 0.15 | 0.12 | 1.00 | |
| Interest coverage | -5.2× | 82.7× | -12.1× | |
| Diluted shares | 24M | 164M | 2.27B |
Cash use needs five years of cash flow figures
The9 does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-65.7%
×Asset turnover0.22×
×Equity multiplier1.84×
=Return on equity, FY2024-26.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | -65.7% | 0.22× | 1.84× | -26.9% |
| FY2023 | 11.5% | 0.36× | 3.83× | 15.9% |
| FY2022 | -929.1% | 0.11× | 2.32× | -237.3% |
| FY2021 | -303.3% | 0.20× | 2.78× | -168.3% |
| FY2020 | 63611.7% | 0.01× | -0.20× | -70.6% |
| FY2019 | -52063.8% | 0.00× | -0.22× | 22.9% |
| FY2018 | -1245.4% | 0.07× | -0.41× | 36.6% |
| FY2017 | -161.5% | 0.22× | -0.83× | 29.1% |
| FY2016 | -1054.9% | 0.13× | -1.66× | 221.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero-CN¥31.76M
- Return on assets improvedROA up on the prior year-20.2% → –
- Earnings backed by cashOperating cash flow above net income-CN¥31.76M vs –
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.19 → 1.00
- No dilutionShare count did not rise1.40B → 2.27B
- Gross margin improvedGross margin up on the prior year-1.44% → 1.68%
- More efficientAsset turnover rose0.31 → 0.17