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Side-by-side financial comparison of NetEase, Inc. (NTES) and PBF Energy Inc. (PBF). Click either name above to swap in a different company.
PBF Energy Inc. is the larger business by last-quarter revenue ($7.1B vs $4.0B, roughly 1.8× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 1.1%, a 29.9% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $77.0M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs -9.1%).
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.
PBF Energy Inc. is a petroleum refining and logistics company that produces and sells transportation fuels, heating oils, lubricants, petrochemical feedstocks, and other petroleum products. The company owns and operated 6 refineries throughout the United States, located in Chalmette, Louisiana; Toledo, Ohio; Paulsboro, New Jersey; the Delaware City Refinery in Delaware City; Torrance, California; Martinez, California. PBF produces a range of products including gasoline, ultra-low-sulfur diese...
NTES vs PBF — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.0B | $7.1B |
| Net Profit | $1.2B | $78.4M |
| Gross Margin | 64.1% | -1.8% |
| Operating Margin | 28.3% | 1.8% |
| Net Margin | 31.0% | 1.1% |
| Revenue YoY | — | -2.9% |
| Net Profit YoY | — | 127.1% |
| EPS (diluted) | — | $0.74 |
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 | — | $7.1B | ||
| Q3 25 | $4.0B | $7.7B | ||
| Q2 25 | $3.9B | $7.5B | ||
| Q1 25 | $4.0B | $7.1B | ||
| Q4 24 | — | $7.4B | ||
| Q3 24 | $3.7B | $8.4B | ||
| Q2 24 | $3.5B | $8.7B | ||
| Q1 24 | $3.7B | $8.6B |
| Q4 25 | — | $78.4M | ||
| Q3 25 | $1.2B | $170.1M | ||
| Q2 25 | $1.3B | $-5.2M | ||
| Q1 25 | $1.5B | $-401.8M | ||
| Q4 24 | — | $-289.3M | ||
| Q3 24 | $955.7M | $-285.9M | ||
| Q2 24 | $939.6M | $-65.2M | ||
| Q1 24 | $1.1B | $106.6M |
| Q4 25 | — | -1.8% | ||
| Q3 25 | 64.1% | 0.5% | ||
| Q2 25 | 64.7% | -0.8% | ||
| Q1 25 | 64.1% | -5.9% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | 62.9% | -3.4% | ||
| Q2 24 | 62.9% | 0.1% | ||
| Q1 24 | 63.4% | 2.5% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | 28.3% | 3.7% | ||
| Q2 25 | 32.5% | 0.6% | ||
| Q1 25 | 36.2% | -7.2% | ||
| Q4 24 | — | -5.2% | ||
| Q3 24 | 27.3% | -4.6% | ||
| Q2 24 | 27.4% | -0.9% | ||
| Q1 24 | 28.4% | 1.7% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 31.0% | 2.2% | ||
| Q2 25 | 32.6% | -0.1% | ||
| Q1 25 | 36.6% | -5.7% | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | 25.6% | -3.4% | ||
| Q2 24 | 26.8% | -0.7% | ||
| Q1 24 | 29.1% | 1.2% |
| Q4 25 | — | $0.74 | ||
| Q3 25 | — | $1.45 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $-3.53 | ||
| Q4 24 | — | $-2.41 | ||
| Q3 24 | — | $-2.49 | ||
| Q2 24 | — | $-0.56 | ||
| Q1 24 | — | $0.86 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.3B | $527.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.8B | $5.3B |
| Total Assets | $214.5B | $13.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $527.9M | ||
| Q3 25 | $31.3B | $482.0M | ||
| Q2 25 | $54.4B | $590.7M | ||
| Q1 25 | $41.7B | $468.6M | ||
| Q4 24 | — | $536.1M | ||
| Q3 24 | $20.2B | $976.7M | ||
| Q2 24 | $19.0B | $1.4B | ||
| Q1 24 | $43.0B | $1.4B |
| Q4 25 | — | $5.3B | ||
| Q3 25 | $160.8B | $5.2B | ||
| Q2 25 | $154.0B | $5.1B | ||
| Q1 25 | $147.8B | $5.1B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $135.6B | $5.9B | ||
| Q2 24 | $134.2B | $6.3B | ||
| Q1 24 | $130.5B | $6.5B |
| Q4 25 | — | $13.0B | ||
| Q3 25 | $214.5B | $13.0B | ||
| Q2 25 | $208.5B | $13.0B | ||
| Q1 25 | $200.9B | $13.0B | ||
| Q4 24 | — | $12.7B | ||
| Q3 24 | $184.9B | $13.1B | ||
| Q2 24 | $183.3B | $14.1B | ||
| Q1 24 | $195.1B | $13.8B |
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 | $1.8B | $366.6M |
| Free Cash FlowOCF − Capex | $1.8B | $77.0M |
| FCF MarginFCF / Revenue | 44.7% | 1.1% |
| Capex IntensityCapex / Revenue | 1.0% | 4.1% |
| Cash ConversionOCF / Net Profit | 1.47× | 4.68× |
| TTM Free Cash FlowTrailing 4 quarters | $6.3B | $-783.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $366.6M | ||
| Q3 25 | $1.8B | $25.7M | ||
| Q2 25 | $1.5B | $191.1M | ||
| Q1 25 | $1.7B | $-661.4M | ||
| Q4 24 | — | $-329.7M | ||
| Q3 24 | $1.5B | $-68.0M | ||
| Q2 24 | $898.8M | $425.3M | ||
| Q1 24 | $1.3B | $15.8M |
| Q4 25 | — | $77.0M | ||
| Q3 25 | $1.8B | $-122.8M | ||
| Q2 25 | $1.5B | $35.0M | ||
| Q1 25 | $1.6B | $-772.4M | ||
| Q4 24 | — | $-425.7M | ||
| Q3 24 | $1.5B | $-169.8M | ||
| Q2 24 | $875.6M | $371.8M | ||
| Q1 24 | $1.3B | $-123.8M |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 44.7% | -1.6% | ||
| Q2 25 | 38.3% | 0.5% | ||
| Q1 25 | 40.4% | -10.9% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 38.9% | -2.0% | ||
| Q2 24 | 25.0% | 4.3% | ||
| Q1 24 | 34.0% | -1.4% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | 1.0% | 1.9% | ||
| Q2 25 | 0.7% | 2.1% | ||
| Q1 25 | 1.6% | 1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 1.4% | 1.2% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 1.5% | 1.6% |
| Q4 25 | — | 4.68× | ||
| Q3 25 | 1.47× | 0.15× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 1.22× | 0.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PBF
| Gasoline And Distillate | $6.4B | 89% |
| Asphaltand Residual Oil | $283.6M | 4% |
| Other | $149.4M | 2% |
| Chemicals | $145.1M | 2% |
| Logistics Group | $93.5M | 1% |
| Lubricants | $81.9M | 1% |
