NetEase

NTES

Electronic Gaming & Multimedia · Technology

Price

$131.29

+0.96 (+0.74%)

Market Cap

$83.82B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−4.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 673.5M (2021) → 645.6M (2025)

NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. The company operates through Games and Related Value-Added Services; Youdao; Cloud Music; and Innovative Businesses and Others segments. It develops and operates PC and mobile games, as well as offers games licensed from other game developers. The company's products and services include Youdao Dictionary, an online knowledge tool; Yo

Winston Score History

Politician Trades

7 trades / 12mo

4 Congressional buys and 3 sells on NTES in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-30.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$17.7B/ year

→ Flat (+1% vs prior year)

15.7% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$51.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

NetEase is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

64.2%

Premium pricing power — 64.2% gross margin

Operating Margin

30.2%

Excellent — 30.2% operating margin

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+7.0%

Slow sales growth (7.0% YoY)

EPS YoY

+14.1%

Earnings growing (14.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

149%

Turns 149% of profit into real cash

FCF Margin

43.1%

Converts sales into free cash efficiently (43.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

2.5x

Attractive valuation — P/E 2.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.7

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

2.34%

Moderate income — 2.34% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+9.2%

Dividend growing modestly (9.2% YoY)

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