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Side-by-side financial comparison of NetEase, Inc. (NTES) and Red Cat Holdings, Inc. (RCAT). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $9.6M, roughly 413.0× Red Cat Holdings, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs -166.0%, a 197.0% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $-24.5M). Over the past eight quarters, Red Cat Holdings, Inc.'s revenue compounded faster (457.0% CAGR vs 9.7%).
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.
Mega Cat Studios is an American video game development and publishing company located in Pittsburgh, Pennsylvania. It was founded in 2015 by James Deighan, Nick Mann, and Zack Manko.
NTES vs RCAT — Head-to-Head
Income Statement — Q3 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $4.0B | $9.6M |
| Net Profit | $1.2B | $-16.0M |
| Gross Margin | 64.1% | 6.6% |
| Operating Margin | 28.3% | -181.7% |
| Net Margin | 31.0% | -166.0% |
| Revenue YoY | — | 988.2% |
| Net Profit YoY | — | -29.0% |
| EPS (diluted) | — | $-0.16 |
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.
| Q3 25 | $4.0B | $9.6M | ||
| Q2 25 | $3.9B | $1.1M | ||
| Q1 25 | $4.0B | $1.6M | ||
| Q4 24 | — | $0 | ||
| Q3 24 | $3.7B | $886.4K | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $3.7B | $5.8M | ||
| Q4 23 | — | $529.4K |
| Q3 25 | $1.2B | $-16.0M | ||
| Q2 25 | $1.3B | $-13.3M | ||
| Q1 25 | $1.5B | $-23.1M | ||
| Q4 24 | — | $-13.3M | ||
| Q3 24 | $955.7M | $-12.4M | ||
| Q2 24 | $939.6M | — | ||
| Q1 24 | $1.1B | $-5.5M | ||
| Q4 23 | — | $-5.8M |
| Q3 25 | 64.1% | 6.6% | ||
| Q2 25 | 64.7% | 33.2% | ||
| Q1 25 | 64.1% | -52.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 62.9% | -54.5% | ||
| Q2 24 | 62.9% | — | ||
| Q1 24 | 63.4% | 18.8% | ||
| Q4 23 | — | — |
| Q3 25 | 28.3% | -181.7% | ||
| Q2 25 | 32.5% | -1120.9% | ||
| Q1 25 | 36.2% | -765.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 27.3% | -1400.7% | ||
| Q2 24 | 27.4% | — | ||
| Q1 24 | 28.4% | -76.0% | ||
| Q4 23 | — | -990.5% |
| Q3 25 | 31.0% | -166.0% | ||
| Q2 25 | 32.6% | -1176.9% | ||
| Q1 25 | 36.6% | -1418.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 25.6% | -1400.7% | ||
| Q2 24 | 26.8% | — | ||
| Q1 24 | 29.1% | -93.9% | ||
| Q4 23 | — | -1103.8% |
| Q3 25 | — | $-0.16 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.27 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.8B | $253.3M |
| Total Assets | $214.5B | $286.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $31.3B | — | ||
| Q2 25 | $54.4B | — | ||
| Q1 25 | $41.7B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $20.2B | — | ||
| Q2 24 | $19.0B | — | ||
| Q1 24 | $43.0B | — | ||
| Q4 23 | — | — |
| Q3 25 | $160.8B | $253.3M | ||
| Q2 25 | $154.0B | $95.6M | ||
| Q1 25 | $147.8B | $28.9M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | $135.6B | $32.5M | ||
| Q2 24 | $134.2B | — | ||
| Q1 24 | $130.5B | $49.6M | ||
| Q4 23 | — | $45.8M |
| Q3 25 | $214.5B | $286.0M | ||
| Q2 25 | $208.5B | $121.4M | ||
| Q1 25 | $200.9B | $59.7M | ||
| Q4 24 | — | $51.1M | ||
| Q3 24 | $184.9B | $38.0M | ||
| Q2 24 | $183.3B | — | ||
| Q1 24 | $195.1B | $55.3M | ||
| Q4 23 | — | $50.6M |
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 | $-23.9M |
| Free Cash FlowOCF − Capex | $1.8B | $-24.5M |
| FCF MarginFCF / Revenue | 44.7% | -254.2% |
| Capex IntensityCapex / Revenue | 1.0% | 6.9% |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $6.3B | $-64.1M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $1.8B | $-23.9M | ||
| Q2 25 | $1.5B | $-12.9M | ||
| Q1 25 | $1.7B | $-15.9M | ||
| Q4 24 | — | $-10.1M | ||
| Q3 24 | $1.5B | $-2.3M | ||
| Q2 24 | $898.8M | — | ||
| Q1 24 | $1.3B | $-4.1M | ||
| Q4 23 | — | $-4.3M |
| Q3 25 | $1.8B | $-24.5M | ||
| Q2 25 | $1.5B | $-13.2M | ||
| Q1 25 | $1.6B | $-16.2M | ||
| Q4 24 | — | $-10.2M | ||
| Q3 24 | $1.5B | $-2.4M | ||
| Q2 24 | $875.6M | — | ||
| Q1 24 | $1.3B | $-4.2M | ||
| Q4 23 | — | $-4.4M |
| Q3 25 | 44.7% | -254.2% | ||
| Q2 25 | 38.3% | -1170.2% | ||
| Q1 25 | 40.4% | -992.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 38.9% | -276.2% | ||
| Q2 24 | 25.0% | — | ||
| Q1 24 | 34.0% | -71.1% | ||
| Q4 23 | — | -840.3% |
| Q3 25 | 1.0% | 6.9% | ||
| Q2 25 | 0.7% | 27.2% | ||
| Q1 25 | 1.6% | 16.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.4% | 11.3% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.5% | 0.8% | ||
| Q4 23 | — | 25.5% |
| Q3 25 | 1.47× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 1.22× | — | ||
| Q4 23 | — | — |
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% |
RCAT
| Products | $8.5M | 88% |
| Services | $1.2M | 12% |
