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Side-by-side financial comparison of AMERICAN FINANCIAL GROUP INC (AFG) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $2.1B, roughly 1.9× AMERICAN FINANCIAL GROUP INC). NetEase, Inc. runs the higher net margin — 31.0% vs 14.5%, a 16.5% gap on every dollar of revenue. Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs 4.0%).
The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
AFG vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $4.0B |
| Net Profit | $299.0M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 18.4% | 28.3% |
| Net Margin | 14.5% | 31.0% |
| Revenue YoY | -4.0% | — |
| Net Profit YoY | 17.3% | — |
| EPS (diluted) | $3.59 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.3B | $4.0B | ||
| Q2 25 | $1.9B | $3.9B | ||
| Q1 25 | $1.9B | $4.0B | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.4B | $3.7B | ||
| Q2 24 | $1.9B | $3.5B | ||
| Q1 24 | $1.9B | $3.7B |
| Q4 25 | $299.0M | — | ||
| Q3 25 | $215.0M | $1.2B | ||
| Q2 25 | $174.0M | $1.3B | ||
| Q1 25 | $154.0M | $1.5B | ||
| Q4 24 | $255.0M | — | ||
| Q3 24 | $181.0M | $955.7M | ||
| Q2 24 | $209.0M | $939.6M | ||
| Q1 24 | $242.0M | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
| Q4 25 | 18.4% | — | ||
| Q3 25 | 11.5% | 28.3% | ||
| Q2 25 | 11.9% | 32.5% | ||
| Q1 25 | 10.6% | 36.2% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | 9.7% | 27.3% | ||
| Q2 24 | 14.3% | 27.4% | ||
| Q1 24 | 15.9% | 28.4% |
| Q4 25 | 14.5% | — | ||
| Q3 25 | 9.2% | 31.0% | ||
| Q2 25 | 9.0% | 32.6% | ||
| Q1 25 | 8.3% | 36.6% | ||
| Q4 24 | 11.9% | — | ||
| Q3 24 | 7.6% | 25.6% | ||
| Q2 24 | 11.0% | 26.8% | ||
| Q1 24 | 12.7% | 29.1% |
| Q4 25 | $3.59 | — | ||
| Q3 25 | $2.58 | — | ||
| Q2 25 | $2.07 | — | ||
| Q1 25 | $1.84 | — | ||
| Q4 24 | $3.03 | — | ||
| Q3 24 | $2.16 | — | ||
| Q2 24 | $2.49 | — | ||
| Q1 24 | $2.89 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $31.3B |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $4.8B | $160.8B |
| Total Assets | $32.6B | $214.5B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | $31.3B | ||
| Q2 25 | $1.3B | $54.4B | ||
| Q1 25 | $1.3B | $41.7B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $20.2B | ||
| Q2 24 | $1.1B | $19.0B | ||
| Q1 24 | $1.1B | $43.0B |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.7B | $160.8B | ||
| Q2 25 | $4.5B | $154.0B | ||
| Q1 25 | $4.4B | $147.8B | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.7B | $135.6B | ||
| Q2 24 | $4.4B | $134.2B | ||
| Q1 24 | $4.2B | $130.5B |
| Q4 25 | $32.6B | — | ||
| Q3 25 | $33.8B | $214.5B | ||
| Q2 25 | $30.7B | $208.5B | ||
| Q1 25 | $30.3B | $200.9B | ||
| Q4 24 | $30.8B | — | ||
| Q3 24 | $32.6B | $184.9B | ||
| Q2 24 | $29.9B | $183.3B | ||
| Q1 24 | $30.0B | $195.1B |
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.35× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $784.0M | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.8B |
| FCF MarginFCF / Revenue | — | 44.7% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 2.62× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.0M | — | ||
| Q3 25 | $216.0M | $1.8B | ||
| Q2 25 | $191.0M | $1.5B | ||
| Q1 25 | $342.0M | $1.7B | ||
| Q4 24 | $674.0M | — | ||
| Q3 24 | $459.0M | $1.5B | ||
| Q2 24 | $-88.0M | $898.8M | ||
| Q1 24 | $107.0M | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $875.6M | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | — | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 34.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | 2.62× | — | ||
| Q3 25 | 1.00× | 1.47× | ||
| Q2 25 | 1.10× | 1.20× | ||
| Q1 25 | 2.22× | 1.15× | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 2.54× | 1.58× | ||
| Q2 24 | -0.42× | 0.96× | ||
| Q1 24 | 0.44× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
