The9 LTD
NCTY Nasdaq· Finance Services
KIRA · Stoqly’s AI analyst, in plain words
- 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 −260.5%, down 207.9 pts: of every 100 in sales, about −261 is left after running the business.
- The9 LTD lost $56.9M in fiscal 2025.
- The9 LTD owes $16.6M more than it holds in cash.
Market cap
—
P/E
—
Revenue
$15.0M
Net income
−$56.9M
Free cash flow
—
Operating margin
−260.5%
The9 LTD in 30 seconds · fiscal 2025
Are sales growing?
−3.3%
No. Sales fell 3.3% last year.
Does it make a profit?
−379.0%
No. It lost money last year.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
What The9 LTD does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 16, 2026
- Legal name
- The9 LTD
- CIK
- 0001296774
The9 LTD · NCTY
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $21.0M | $15.6M | $24.6M | $15.5M | $15.0M |
| Revenue growth | 23,101.5% | −25.9% | 57.7% | −36.8% | −3.3% |
| Gross margin | 35.2% | −45.2% | −22.5% | −1.4% | 1.7% |
| Operating margin | −226.9% | −630.5% | −182.6% | −52.6% | −260.5% |
| Net income | −$63.8M | −$145M | $2.8M | −$10.2M | −$56.9M |
| Net margin | −303.3% | −929.1% | 11.5% | −65.7% | −379.0% |
| Diluted EPS | −$0.13 | −$0.20 | $0.00 | −$0.01 | −$0.03 |
| Cash | |||||
| Cash from operations | −$109M | −$22.9M | −$6.5M | −$6.1M | −$4.4M |
| Share count change | 202.8% | −99.9% | 140,263.1% | 38.8% | 62.0% |
| Debt and strength | |||||
| Cash and short-term investments | $67.6M | $8.4M | $6.4M | $1.5M | $8.4M |
| Debt incl. finance leases | — | — | $0.0M | $12.2M | $24.9M |
| Shareholders' equity | $122M | $6.6M | $29.0M | $46.4M | $27.3M |
| Current ratio | 1.9x | 0.7x | 1.1x | 1.2x | 1.0x |
| Interest coverage | −2.6x | −28.3x | −10.1x | −1.7x | −12.1x |
| Returns and quality | |||||
| Return on capital | — | — | −197.9% | −11.3% | −70.5% |
| Return on equity | −163.0% | −224.8% | 15.9% | −27.1% | −154.5% |
| Return on tangible equity | −52.2% | −2,204.6% | 9.7% | −22.6% | −223.9% |
| Piotroski F-score | 3 | 3 | 5 | 3 | 2 |
| Altman Z'' | −6.0 | −33.2 | −43.4 | −21.2 | −29.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
The9 LTD · NCTY
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Source: SEC EDGAR XBRL filings (CIK 0001296774). Data updated October 24, 2026. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.