The9 Ltd ADR
NASDAQ: NCTY · FINANCIAL SERVICES · CAPITAL MARKETS
Updated 2026-06-04
The9 Ltd ADR (NCTY) Financial statements
SEC filings — annual and quarterly data.
Balance sheet — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $1.62B | $3.25B | $3.26B | $2.32B | $1.86B | $1.63B | $1.11B | $546.68M | $517.33M | $538.09M | $350.89M | $323.11M | $164.69M | $181.46M | $48.44M | $1.31B | $599.11M | $363.73M | $636.64M | $594.13M |
| Cash & equivalents | $937.05M | $2.22B | $2.15B | $1.68B | $1.42B | $1.07B | $554.28M | $156.99M | $181.48M | $49.01M | $38.88M | $142.62M | $4.26M | $10.11M | $31.70M | $428.42M | $58.06M | $45.22M | $10.91M | $58.53M |
| Current assets | $1.09B | $2.42B | $2.49B | $1.80B | $1.56B | $1.17B | $664.62M | $218.06M | $255.85M | $77.26M | $88.04M | $183.11M | $33.01M | $154.47M | $42.32M | $1.05B | $397.67M | $222.80M | $243.69M | $342.66M |
| Total liabilities | $288.18M | $440.64M | $543.77M | $311.51M | $322.12M | $377.06M | $363.13M | $356.55M | $320.95M | $600.57M | $806.18M | $1.13B | $1.25B | $1.41B | $715.88M | $546.86M | $571.57M | $182.39M | $209.13M | $351.44M |
| Current liabilities | $288.18M | $440.64M | $543.77M | $311.51M | $316.32M | $311.52M | $317.71M | $330.09M | $296.59M | $427.97M | $573.75M | $819.45M | $908.42M | $1.06B | $364.37M | $544.30M | $564.16M | $162.85M | $205.61M | $343.62M |
| Long-term debt | — | — | — | — | — | — | — | — | $493270.00 | $166.91M | $232.43M | $0.00 | $0.00 | — | — | — | — | $16.75M | — | — |
| Shareholder equity | $1.34B | $2.81B | $2.72B | $2.01B | $1.53B | $1.26B | $785.47M | $260.72M | $98.03M | $-62.47M | $-455.28M | $-473.80M | $-711.62M | $-839.04M | $-287.72M | $776.47M | $45.31M | $206.27M | $441.29M | $263.75M |
| Retained earnings | $371.27M | $551.63M | $549.96M | $-88.36M | $-587.98M | $-872.31M | $-1.39B | $-1.91B | $-2.00B | $-2.30B | $-2.90B | $-3.02B | $-3.23B | $-3.41B | $-2.99B | $-3.40B | $-4.38B | $-4.36B | $-4.43B | $-4.84B |
| Accounts receivable | $10.17M | $26.65M | $8.96M | $2.03M | $10.71M | $39.54M | $32.70M | $19.14M | $52.23M | $17.89M | $28.45M | $2.61M | $2.44M | $3.08M | $2981.00 | $66.02M | $5.43M | $56067.00 | $7.70M | $21.11M |
| Inventory | $9.09M | $116.29M | — | $224.19M | — | — | $2.10M | $33.73M | $743084.00 | $1.00 | $9.09M | $28.77M | $18.66M | $134.64M | $3.87M | $469.15M | $267.84M | $82.92M | — | — |
| Goodwill | $30.17M | $30.24M | $30.20M | $30.20M | $10.55M | $10.04M | $10.01M | $9.71M | $9.75M | $10.34M | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
Frequently asked questions
What is The9 Ltd ADR's revenue?
The9 Ltd ADR's trailing twelve-month revenue is $107.90M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is NCTY?
In its most recent fiscal year, NCTY ran a gross margin of 1.68%, an operating margin of -229.62%, and a net margin of -372.99%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does NCTY generate?
NCTY produced $-32.30M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is NCTY's balance sheet healthy?
NCTY holds $58.53M in cash and equivalents against — in long-term debt, on $263.75M of shareholder equity. That debt is best read against the cash flow the business throws off each year.