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Side-by-side financial comparison of KeyCorp (KEY) 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 $2.0B, roughly 2.0× KeyCorp). NetEase, Inc. runs the higher net margin — 31.0% vs 25.4%, a 5.6% gap on every dollar of revenue. KeyCorp produced more free cash flow last quarter ($2.1B vs $1.8B). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% CAGR vs 9.7%).
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
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.
KEY vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $4.0B |
| Net Profit | $510.0M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 32.3% | 28.3% |
| Net Margin | 25.4% | 31.0% |
| Revenue YoY | 131.8% | — |
| Net Profit YoY | 309.0% | — |
| EPS (diluted) | $0.43 | — |
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 | $2.0B | — | ||
| Q3 25 | $1.9B | $4.0B | ||
| Q2 25 | $1.8B | $3.9B | ||
| Q1 25 | $1.8B | $4.0B | ||
| Q4 24 | $865.0M | — | ||
| Q3 24 | $695.0M | $3.7B | ||
| Q2 24 | $1.5B | $3.5B | ||
| Q1 24 | $1.5B | $3.7B |
| Q4 25 | $510.0M | — | ||
| Q3 25 | $489.0M | $1.2B | ||
| Q2 25 | $425.0M | $1.3B | ||
| Q1 25 | $405.0M | $1.5B | ||
| Q4 24 | $-244.0M | — | ||
| Q3 24 | $-410.0M | $955.7M | ||
| Q2 24 | $274.0M | $939.6M | ||
| Q1 24 | $219.0M | $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 | 32.3% | — | ||
| Q3 25 | 31.8% | 28.3% | ||
| Q2 25 | 29.3% | 32.5% | ||
| Q1 25 | 29.0% | 36.2% | ||
| Q4 24 | -92.6% | — | ||
| Q3 24 | -72.8% | 27.3% | ||
| Q2 24 | 22.0% | 27.4% | ||
| Q1 24 | 18.1% | 28.4% |
| Q4 25 | 25.4% | — | ||
| Q3 25 | 25.8% | 31.0% | ||
| Q2 25 | 23.1% | 32.6% | ||
| Q1 25 | 22.8% | 36.6% | ||
| Q4 24 | -54.7% | — | ||
| Q3 24 | -59.0% | 25.6% | ||
| Q2 24 | 18.0% | 26.8% | ||
| Q1 24 | 14.3% | 29.1% |
| Q4 25 | $0.43 | — | ||
| Q3 25 | $0.41 | — | ||
| Q2 25 | $0.35 | — | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.30 | — | ||
| Q3 24 | $-0.47 | — | ||
| Q2 24 | $0.25 | — | ||
| Q1 24 | $0.20 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.2B | $31.3B |
| Total DebtLower is stronger | $9.9B | — |
| Stockholders' EquityBook value | $20.4B | $160.8B |
| Total Assets | $184.4B | $214.5B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2B | — | ||
| Q3 25 | $13.3B | $31.3B | ||
| Q2 25 | $11.6B | $54.4B | ||
| Q1 25 | $15.3B | $41.7B | ||
| Q4 24 | $17.5B | — | ||
| Q3 24 | $22.8B | $20.2B | ||
| Q2 24 | $15.5B | $19.0B | ||
| Q1 24 | $13.2B | $43.0B |
| Q4 25 | $9.9B | — | ||
| Q3 25 | $10.9B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $15.7B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $20.8B | — |
| Q4 25 | $20.4B | — | ||
| Q3 25 | $20.1B | $160.8B | ||
| Q2 25 | $19.5B | $154.0B | ||
| Q1 25 | $19.0B | $147.8B | ||
| Q4 24 | $18.2B | — | ||
| Q3 24 | $16.9B | $135.6B | ||
| Q2 24 | $14.8B | $134.2B | ||
| Q1 24 | $14.5B | $130.5B |
| Q4 25 | $184.4B | — | ||
| Q3 25 | $187.4B | $214.5B | ||
| Q2 25 | $185.5B | $208.5B | ||
| Q1 25 | $188.7B | $200.9B | ||
| Q4 24 | $187.2B | — | ||
| Q3 24 | $189.8B | $184.9B | ||
| Q2 24 | $187.4B | $183.3B | ||
| Q1 24 | $187.5B | $195.1B |
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | 1.14× | — | ||
| Q1 24 | 1.43× | — |
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 | $2.2B | $1.8B |
| Free Cash FlowOCF − Capex | $2.1B | $1.8B |
| FCF MarginFCF / Revenue | 104.8% | 44.7% |
| Capex IntensityCapex / Revenue | 5.3% | 1.0% |
| Cash ConversionOCF / Net Profit | 4.33× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $3.5B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2B | — | ||
| Q3 25 | $396.0M | $1.8B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $-140.0M | $1.7B | ||
| Q4 24 | $664.0M | — | ||
| Q3 24 | $-1.2B | $1.5B | ||
| Q2 24 | $-217.0M | $898.8M | ||
| Q1 24 | $359.0M | $1.3B |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $367.0M | $1.8B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $-150.0M | $1.6B | ||
| Q4 24 | $599.0M | — | ||
| Q3 24 | $-1.2B | $1.5B | ||
| Q2 24 | $-230.0M | $875.6M | ||
| Q1 24 | $347.0M | $1.3B |
| Q4 25 | 104.8% | — | ||
| Q3 25 | 19.4% | 44.7% | ||
| Q2 25 | 65.8% | 38.3% | ||
| Q1 25 | -8.5% | 40.4% | ||
| Q4 24 | 69.2% | — | ||
| Q3 24 | -175.8% | 38.9% | ||
| Q2 24 | -15.1% | 25.0% | ||
| Q1 24 | 22.6% | 34.0% |
| Q4 25 | 5.3% | — | ||
| Q3 25 | 1.5% | 1.0% | ||
| Q2 25 | 1.3% | 0.7% | ||
| Q1 25 | 0.6% | 1.6% | ||
| Q4 24 | 7.5% | — | ||
| Q3 24 | 2.4% | 1.4% | ||
| Q2 24 | 0.9% | 0.7% | ||
| Q1 24 | 0.8% | 1.5% |
| Q4 25 | 4.33× | — | ||
| Q3 25 | 0.81× | 1.47× | ||
| Q2 25 | 2.90× | 1.20× | ||
| Q1 25 | -0.35× | 1.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | -0.79× | 0.96× | ||
| Q1 24 | 1.64× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KEY
Segment breakdown not available.
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% |
