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Side-by-side financial comparison of FirstEnergy (FE) 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 $3.8B, roughly 1.0× FirstEnergy). NetEase, Inc. runs the higher net margin — 31.0% vs -1.3%, a 32.3% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $-30.0M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs 7.5%).
FirstEnergy Corp. is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison merged with Centerior Energy in 1997.
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.
FE vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.8B | $4.0B |
| Net Profit | $-49.0M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | -0.6% | 28.3% |
| Net Margin | -1.3% | 31.0% |
| Revenue YoY | 19.6% | — |
| Net Profit YoY | -118.8% | — |
| EPS (diluted) | $-0.08 | — |
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 | $3.8B | — | ||
| Q3 25 | $4.1B | $4.0B | ||
| Q2 25 | $3.4B | $3.9B | ||
| Q1 25 | $3.8B | $4.0B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.7B | $3.7B | ||
| Q2 24 | $3.3B | $3.5B | ||
| Q1 24 | $3.3B | $3.7B |
| Q4 25 | $-49.0M | — | ||
| Q3 25 | $441.0M | $1.2B | ||
| Q2 25 | $268.0M | $1.3B | ||
| Q1 25 | $360.0M | $1.5B | ||
| Q4 24 | $261.0M | — | ||
| Q3 24 | $419.0M | $955.7M | ||
| Q2 24 | $45.0M | $939.6M | ||
| Q1 24 | $253.0M | $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 | -0.6% | — | ||
| Q3 25 | 20.0% | 28.3% | ||
| Q2 25 | 19.1% | 32.5% | ||
| Q1 25 | 20.0% | 36.2% | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 19.5% | 27.3% | ||
| Q2 24 | 12.9% | 27.4% | ||
| Q1 24 | 18.6% | 28.4% |
| Q4 25 | -1.3% | — | ||
| Q3 25 | 10.6% | 31.0% | ||
| Q2 25 | 7.9% | 32.6% | ||
| Q1 25 | 9.6% | 36.6% | ||
| Q4 24 | 8.2% | — | ||
| Q3 24 | 11.2% | 25.6% | ||
| Q2 24 | 1.4% | 26.8% | ||
| Q1 24 | 7.7% | 29.1% |
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.76 | — | ||
| Q2 25 | $0.46 | — | ||
| Q1 25 | $0.62 | — | ||
| Q4 24 | $0.45 | — | ||
| Q3 24 | $0.73 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $0.44 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $57.0M | $31.3B |
| Total DebtLower is stronger | $25.5B | — |
| Stockholders' EquityBook value | $12.5B | $160.8B |
| Total Assets | $55.9B | $214.5B |
| Debt / EquityLower = less leverage | 2.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.0M | — | ||
| Q3 25 | $1.4B | $31.3B | ||
| Q2 25 | $569.0M | $54.4B | ||
| Q1 25 | $132.0M | $41.7B | ||
| Q4 24 | $111.0M | — | ||
| Q3 24 | $439.0M | $20.2B | ||
| Q2 24 | $60.0M | $19.0B | ||
| Q1 24 | $888.0M | $43.0B |
| Q4 25 | $25.5B | — | ||
| Q3 25 | $25.5B | — | ||
| Q2 25 | $23.7B | — | ||
| Q1 25 | $21.2B | — | ||
| Q4 24 | $22.5B | — | ||
| Q3 24 | $21.6B | — | ||
| Q2 24 | $20.8B | — | ||
| Q1 24 | $21.7B | — |
| Q4 25 | $12.5B | — | ||
| Q3 25 | $12.8B | $160.8B | ||
| Q2 25 | $12.9B | $154.0B | ||
| Q1 25 | $12.6B | $147.8B | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $12.4B | $135.6B | ||
| Q2 24 | $12.5B | $134.2B | ||
| Q1 24 | $12.4B | $130.5B |
| Q4 25 | $55.9B | — | ||
| Q3 25 | $55.9B | $214.5B | ||
| Q2 25 | $54.2B | $208.5B | ||
| Q1 25 | $52.8B | $200.9B | ||
| Q4 24 | $52.0B | — | ||
| Q3 24 | $50.8B | $184.9B | ||
| Q2 24 | $51.0B | $183.3B | ||
| Q1 24 | $51.3B | $195.1B |
| Q4 25 | 2.04× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.69× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 1.67× | — | ||
| Q1 24 | 1.75× | — |
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 | $1.1B | $1.8B |
| Free Cash FlowOCF − Capex | $-30.0M | $1.8B |
| FCF MarginFCF / Revenue | -0.8% | 44.7% |
| Capex IntensityCapex / Revenue | 30.7% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.0B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $845.0M | $1.8B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $637.0M | $1.7B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $775.0M | $1.5B | ||
| Q2 24 | $1.1B | $898.8M | ||
| Q1 24 | $-40.0M | $1.3B |
| Q4 25 | $-30.0M | — | ||
| Q3 25 | $-471.0M | $1.8B | ||
| Q2 25 | $-136.0M | $1.5B | ||
| Q1 25 | $-368.0M | $1.6B | ||
| Q4 24 | $-250.0M | — | ||
| Q3 24 | $-229.0M | $1.5B | ||
| Q2 24 | $170.0M | $875.6M | ||
| Q1 24 | $-830.0M | $1.3B |
| Q4 25 | -0.8% | — | ||
| Q3 25 | -11.4% | 44.7% | ||
| Q2 25 | -4.0% | 38.3% | ||
| Q1 25 | -9.8% | 40.4% | ||
| Q4 24 | -7.9% | — | ||
| Q3 24 | -6.1% | 38.9% | ||
| Q2 24 | 5.2% | 25.0% | ||
| Q1 24 | -25.3% | 34.0% |
| Q4 25 | 30.7% | — | ||
| Q3 25 | 31.7% | 1.0% | ||
| Q2 25 | 36.0% | 0.7% | ||
| Q1 25 | 26.7% | 1.6% | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | 26.9% | 1.4% | ||
| Q2 24 | 28.7% | 0.7% | ||
| Q1 24 | 24.0% | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | 1.92× | 1.47× | ||
| Q2 25 | 4.04× | 1.20× | ||
| Q1 25 | 1.77× | 1.15× | ||
| Q4 24 | 4.00× | — | ||
| Q3 24 | 1.85× | 1.58× | ||
| Q2 24 | 24.71× | 0.96× | ||
| Q1 24 | -0.16× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
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% |
