NetEase, Inc. (NTES)
割安ファンダメンタル
81
株価
$121.16
時価総額
$75.27B
パート1 · 企業の価値
概要
NetEase is a Chinese internet company built mainly around online games: it develops and publishes titles for PC and mobile, largely under its own intellectual property, and also licenses some external franchises. Beyond gaming it runs Youdao, an online education and dictionary business, and NetEase Cloud Music, a streaming service that competes with Tencent Music. Because China restricts foreign ownership of internet businesses, NetEase controls its Chinese operations through contractual variable interest entities rather than direct equity ownership.
収益の仕組み
Nearly all revenue comes from games, sold under a free-to-play model: players download for free and pay for virtual items, characters and in-game advantages, so a small share of players funds most of the business. Youdao earns from subscriptions, learning devices and advertising; Cloud Music from streaming subscriptions, live-streaming gifts and advertising. Games carry by far the highest margins, so the mix between hit and declining titles moves group profitability more than revenue.
セグメント別売上高
Self-developed and licensed PC and mobile games plus in-game services; the core profit engine and by far the largest share of revenue.
Music and podcast streaming subscriptions, live-streaming gifts and advertising, competing against the market leader Tencent Music.
A mix of smaller ventures including Yanxuan retail, advertising and other services that do not fit the other segments.
Online education, dictionary and translation tools, learning hardware sales and advertising; a separately listed subsidiary.
競争優位性（moat）
特許・ライセンス · 狭いNetEase's edge rests on a handful of long-running, self-owned game franchises with loyal domestic player bases, which gives it more control over updates and monetization than publishers that depend on licensed IP. That said, the business is still hit-driven: a new title's success is never guaranteed, and China's dominant games company, Tencent, outspends and out-distributes NetEase in most categories.
需要を左右する要因
中程度の景気循環性Spending on games and streaming is discretionary, but the bigger swing factor is regulatory: Chinese authorities approve every game before it can launch and restrict how much time minors can play, so a change in policy can delay a release or cut a whole customer segment overnight. Demand also depends on a steady pipeline of hits rather than the broader economic cycle.
主なリスク
- VIE structure and PRC regulatory uncertainty — NetEase operates its Chinese businesses through variable interest entities because of foreign-ownership limits in the internet sector; any tightening of the rules governing this structure, or a finding of non-compliance, could force a material change in operations.
- Game approval and content regulation — Every game must be approved by Chinese regulators before it can be monetized, and rules on playtime for minors and permissible content can change with little notice, directly affecting when and how new titles can generate revenue.
- Revenue concentrated in a small number of hit titles — A large share of games revenue comes from a handful of long-running franchises; the fading popularity of any one of them, without a new hit to replace it, would have an outsized effect on results.
- US listing and audit-access risk — As a foreign private issuer audited outside the US, NetEase is subject to rules that can lead to trading prohibition or delisting from US exchanges if regulators cannot fully inspect its auditor's work papers.
強気材料
Buyers argue that NetEase's self-owned game franchises generate unusually high and durable margins, that its pipeline of new titles and overseas expansion reduce reliance on any single hit, and that the current valuation undervalues a large net cash position built up over many profitable years.
弱気材料
Sellers fear that Chinese gaming regulation can change without warning, that the VIE structure gives foreign shareholders only a contractual claim rather than direct ownership of the underlying business, and that revenue still depends on a small number of games whose popularity could fade.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Bilibili publishes and distributes mobile games to the same young Chinese audience and competes with NetEase for their entertainment time and in-game spending.
Tencent is NetEase's closest rival in Chinese PC and mobile games, competing for the same players, the same top-grossing chart positions and the same third-party development studios and licences.
Privately held miHoYo competes head-on for the same free-to-play gacha audience in China and abroad, with Genshin Impact and Honkai facing NetEase titles such as Naraka: Bladepoint and Identity V.
Through its Century Games and DianDian Interactive studios it has overtaken NetEase in global mobile game revenue, competing for the same overseas mobile players and the same user-acquisition budgets.
Its QQ Music and Kugou apps are the direct rivals of NetEase Cloud Music for Chinese streaming subscribers, label licensing deals and digital-gifting revenue.
KRAFTON competes with NetEase in the global battle-royale and premium PC/console segments where NetEase is expanding, targeting the same international players.
貸借対照表と流動性
売上高
$116.60B
直近12か月（2026/6/30まで）
純利益
$32.51B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$32.77B
自己資本合計
$4.98B
負債合計
$12.60B
流動比率
3.45
利払い倍率
-
負債/EBITDA
0.29
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$899.74
現在株価
$121.16
安全マージン
+86.5%
適正価値レンジ
$584.83 - $1214.65
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
15.55
ROE
20.4%
P/B レシオ
15.10
P/FCF
2.30
粗利益率
67.2%
ROIC
210.3%
収益性レーダー
価値創造（経済的モート）
ROICの外れ値ROIC
210.3%
WACC
6.9%
ROIC − WACC
+203.4 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（15）
- Price CAGR 10.51%
- ROIC 210.3%
- Gross Margin 67.2%
- P/FCF 2.30
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- DCF valuation (Undervalued)
- ROE 20.1%
- Revenue Growth 5Y 8.9%
- Analyst Consensus 91% Buy
- PEG Ratio 0.65
- Earnings Quality (OCF/NI) 1.52
- Net Margin Trend 30.0% vs 28.2%
不合格（4）
- P/B Ratio 15.10
- CapEx intensity
- Earnings Surprise avg -9.0%
- Piotroski F-Score 2/9
データなし（8）
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Lei Ding | Founder, CEO & Director | 53 |
| Ms. Aileen Bin Mo | Vice President of Finance | 45 |
| Ms. Margaret Shi | IR Director | - |
| Mr. Paul W. Boltz Jr. | General Counsel | 55 |
| Mr. Bill Pang | Vice President of Corporate Development | - |
| Mr. Yingfeng Ding | Consultant | 53 |
| Ryutaro Ichimura | President & Representative Director of PinCool Inc. | - |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for NTES, sourced from Markets Gazette.
- 6/15/2026POSITIVEIf You Invested $100 In NetEase Stock 15 Years Ago, You Would Have This Much Today
An investment of $100 in NetEase Inc. (NTES) 15 years ago would have yielded a substantial return, highlighting the company's long-term growth trajectory. While specific figures are not provided in the title, the implication of significant appreciation suggests strong performance in gaming and online services. Investors considering NetEase should analyze its recent product launches, user acquisition strategies, and competitive positioning within the global gaming market to assess future potential. The historical performance indicates a robust business model capable of generating considerable shareholder value over extended periods.
- 5/21/2026NEUTRALFull Transcript: NetEase Q1 2026 Earnings Call
NetEase, Inc. (NTES) released its Q1 2026 earnings call transcript on May 21, 2026. While the transcript provides detailed insights into the company's performance, strategic initiatives, and future outlook, it does not contain specific financial results or forward-looking guidance that would allow for an immediate assessment of its market impact. Investors will need to analyze the full earnings report, which typically accompanies such calls, to determine the company's financial health and growth prospects. The transcript serves as a resource for understanding management's perspective on operational achievements and challenges.
- 3/23/2026POSITIVEHere's How Much $100 Invested In NetEase 20 Years Ago Would Be Worth Today
An investment of $100 in NetEase Inc. (NTES) twenty years ago would have grown to an estimated $12,500 today, representing a staggering 12,400% return. This performance highlights the company's significant growth trajectory and its ability to generate substantial shareholder value over the long term. For investors, this historical data underscores the potential of well-performing technology stocks in emerging markets and the power of compounding returns. NetEase, a leading online game developer and publisher, has consistently expanded its product offerings and market reach, contributing to its impressive financial performance.
- 3/4/2026POSITIVE$100 Invested In NetEase 15 Years Ago Would Be Worth This Much Today
An investment of $100 in NetEase Inc. (NTES) 15 years ago today would be worth a substantial amount, highlighting the stock's extraordinary long-term performance. While the article doesn't specify the exact figure, its nature implies exponential growth, likely tied to the expansion of the gaming and tech sectors in China. For investors, this historical data underscores the high return potential of well-selected growth stocks and NetEase's ability to innovate and dominate rapidly evolving markets, justifying potential further future gains.
via Markets Gazette