NCTY Nasdaq Finance Services Financials FY2016βFY2025
The9 LTD had $15.0M of revenue in fiscal 2025, down 3.3% on the year before. Over five years, revenue changed +177.9% a year on average.
Hi! I read The9 LTDβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β3.3%
No. Sales fell 3.3% last year.
Does it make a profit?
β379.0%
No. It lost money last year.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· The9 LTD had $15.0M of revenue in fiscal 2025, down 3.3% on the year before. Over five years, revenue changed +177.9% a year on average. Its operating margin was β260.5%, down 207.9Β pts: of every 100 in sales, about β261 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· The9 LTD lost $56.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· The9 LTD owes $16.6M more than it holds in cash.
Cash, debt and the ratios that show how comfortably The9 LTD can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $67.6M | $8.4M | $6.4M | $1.5M | $8.4M |
| Debt incl. finance leases | β | β | $0.0M | $12.2M | $24.9M |
| Debt / equity | β | β | 0.0x | 0.3x | 0.9x |
| Interest coverage | β2.6x | β28.3x | β10.1x | β1.7x | β12.1x |
| Current ratio | 1.9x | 0.7x | 1.1x | 1.2x | 1.0x |
| Quick ratio | 1.9x | 0.7x | 1.1x | 1.2x | 1.0x |
| Total assets | $206M | $86.8M | $51.2M | $87.2M | $84.8M |
| Total liabilities | $86.1M | $82.9M | $25.7M | $28.7M | $50.2M |
| Shareholders' equity | $122M | $6.6M | $29.0M | $46.4M | $27.3M |
| Net debt (β = net cash) | β | β | β$6.4M | $10.7M | $16.6M |
KIRA Β· Its return on capital was β70.5%: every 100 invested in the business earned about β70 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· The9 LTD passes 2 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 5 / 9 | 1 / 9 | 4 / 9 | 4 / 8 | 3 / 8 | 3 / 8 | 5 / 8 | 3 / 9 | 2 / 9 |
| Accruals ratio | β123.3% | β9.3% | β47.6% | β71.5% | 436.4% | 42.5% | β83.2% | 13.6% | β5.9% | β61.0% |
| Altman Z'' | β42.36 | β46.23 | β104.13 | β100.88 | β201.56 | β6.00 | β33.21 | β43.43 | β21.22 | β29.07 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $8.5M | $10.8M | $2.6M | $0.0M | $0.1M | $21.0M | $15.6M | $24.6M | $15.5M | $15.0M |
| Gross profit | $1.2M | $7.3M | $0.2M | β$0.1M | β$0.0M | $7.4M | β$7.0M | β$5.5M | β$0.2M | $0.3M |
| Research and development | $11.7M | $6.7M | $3.7M | $1.9M | $0.4M | $0.3M | $0.4M | $0.3M | $0.1M | $1.4M |
| Operating income | β$44.5M | β$16.8M | β$15.8M | β$23.7M | $48.8M | β$47.7M | β$98.3M | β$44.9M | β$8.2M | β$39.1M |
| Interest expense | $8.5M | $12.4M | $15.8M | $5.0M | $0.6M | $18.5M | $3.5M | $4.4M | $4.8M | $3.2M |
| Pretax income | β$84.7M | β$25.1M | β$35.5M | β$28.0M | $58.4M | β$60.6M | β$103M | $1.8M | β$10.2M | β$56.9M |
| Income tax | β$0.9M | $0.0M | $0.0M | $0.0M | $1.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$89.4M | β$17.5M | β$32.8M | β$25.7M | $57.6M | β$63.8M | β$145M | $2.8M | β$10.2M | β$56.9M |
| Net income to common | β$102M | β$25.9M | β$39.0M | β$27.6M | $57.5M | β$63.8M | β$145M | $2.8M | β$10.2M | β$56.0M |
| Diluted EPS | β$4.27 | β$0.78 | β$0.63 | β$0.26 | $0.35 | β$0.13 | β$0.20 | $0.00 | β$0.01 | β$0.03 |
| Diluted shares | 0.02B | 0.03B | 0.06B | 0.11B | 0.16B | 0.50B | 0.00B | 1.01B | 1.40B | 2.27B |
| Cash flow | ||||||||||
| Cash from operations | β$27.1M | β$12.8M | β$15.3M | β$7.8M | β$15.4M | β$109M | β$22.9M | β$6.5M | β$6.1M | β$4.4M |
| Depreciation and amortization | $1.1M | $0.8M | $0.6M | β | β | $7.4M | $13.6M | $12.3M | β | β |
| Stock-based compensation | $4.2M | $5.6M | $0.6M | $3.1M | $8.0M | $23.3M | $30.1M | $10.0M | $6.2M | $16.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.6M | $21.9M | $0.6M | $1.5M | $4.8M | $67.6M | $8.4M | $6.4M | $1.5M | $8.4M |
| Total debt | $15.5M | $21.6M | $20.9M | $21.4M | β | β | β | $0.0M | $12.2M | $24.9M |
| Current assets | $12.7M | $28.1M | $4.8M | $22.2M | $6.5M | $165M | $57.0M | $25.4M | $33.4M | $48.9M |
| Current liabilities | $82.6M | $126M | $132M | $152M | $55.7M | $85.7M | $81.8M | $22.9M | $28.2M | $49.0M |
| Property and equipment, net | $3.9M | $3.2M | $2.5M | $0.2M | $0.1M | $27.2M | $20.7M | $13.3M | $2.3M | $6.2M |
| Goodwill | $0.0M | $0.0M | $0.0M | β | β | β | β | β | β | β |
| Intangible assets | $0.0M | $0.0M | β | β | β | β | β | β | $1.2M | $2.3M |
| Total assets | $50.5M | $49.7M | $23.9M | $26.1M | $7.4M | $206M | $86.8M | $51.2M | $87.2M | $84.8M |
| Total liabilities | $116M | $126M | $132M | $153M | $56.1M | $86.1M | $82.9M | $25.7M | $28.7M | $50.2M |
| Shareholders' equity | β$48.9M | β$72.8M | β$103M | β$121M | β$44.0M | $122M | $6.6M | $29.0M | $46.4M | $27.3M |
| Margins | ||||||||||
| Gross margin | 13.6% | 67.4% | 5.7% | β293.1% | β30.1% | 35.2% | β45.2% | β22.5% | β1.4% | 1.7% |
| Operating margin | β525.2% | β154.8% | β598.9% | β47,959.1% | 53,844.9% | β226.9% | β630.5% | β182.6% | β52.6% | β260.5% |
| EBITDA margin | β512.2% | β147.5% | β578.1% | β | β | β191.9% | β543.4% | β132.7% | β | β |
| Net margin | β1,054.9% | β161.4% | β1,241.1% | β52,083.4% | 63,627.7% | β303.3% | β929.1% | 11.5% | β65.7% | β379.0% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β | β | β197.9% | β11.3% | β70.5% |
| Return on capital employed | 138.6% | 22.0% | 14.6% | 18.8% | β101.0% | β39.6% | β1,939.7% | β158.7% | β13.8% | β109.4% |
| Return on equity | β | β | β | β | β | β163.0% | β224.8% | 15.9% | β27.1% | β154.5% |
| Return on assets | β176.9% | β34.9% | β89.2% | β102.9% | 344.4% | β59.7% | β98.8% | 4.1% | β14.7% | β66.1% |
| Return on tangible equity | β | β | β | β | β | β52.2% | β2,204.6% | 9.7% | β22.6% | β223.9% |
| Growth | ||||||||||
| Revenue growth | β | 27.9% | β75.6% | β98.1% | 83.4% | 23,101.5% | β25.9% | 57.7% | β36.8% | β3.3% |
| Net income growth | β | β | β | β | β | β210.6% | β | β | β461.3% | β |
| EPS growth | β | β | β | β | β | β136.7% | β | β | β346.4% | β |
| Share count change | β | 40.0% | 85.8% | 71.3% | 53.7% | 202.8% | β99.9% | 140,263.1% | 38.8% | 62.0% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | β | β | β | 0.0x | 0.3x | 0.9x |
| Interest coverage | β5.2x | β1.4x | β1.0x | β4.7x | 82.7x | β2.6x | β28.3x | β10.1x | β1.7x | β12.1x |
| Current ratio | 0.2x | 0.2x | 0.0x | 0.1x | 0.1x | 1.9x | 0.7x | 1.1x | 1.2x | 1.0x |
| Quick ratio | 0.2x | 0.2x | 0.0x | 0.1x | 0.1x | 1.9x | 0.7x | 1.1x | 1.2x | 1.0x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 49.8% | 51.9% | 22.3% | 6,371.7% | 8,804.4% | 110.8% | 192.8% | 40.7% | 40.0% | 107.6% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 5.0 | 1.0 | 4.0 | 4.0 | 3.0 | 3.0 | 5.0 | 3.0 | 2.0 |
| Altman Z'' | β42.4 | β46.2 | β104.1 | β100.9 | β201.6 | β6.0 | β33.2 | β43.4 | β21.2 | β29.1 |
| Accruals ratio | β123.3% | β9.3% | β47.6% | β71.5% | 436.4% | 42.5% | β83.2% | 13.6% | β5.9% | β61.0% |
Source: SEC EDGAR XBRL filings (CIK 0001296774). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only β not investment advice. Check the original filings before relying on any figure.
