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Side-by-side financial comparison of NetEase, Inc. (NTES) and RENAISSANCERE HOLDINGS LTD (RNR). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $2.2B, roughly 1.8× RENAISSANCERE HOLDINGS LTD). NetEase, Inc. runs the higher net margin — 31.0% vs 23.5%, a 7.5% gap on every dollar of revenue. Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs -11.9%).
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.
RenaissanceRe Holdings Ltd is a Bermudian provider of reinsurance, insurance and other related business services. The company operates in reinsurance, insurance and ventures.
NTES vs RNR — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.0B | $2.2B |
| Net Profit | $1.2B | $515.8M |
| Gross Margin | 64.1% | — |
| Operating Margin | 28.3% | — |
| Net Margin | 31.0% | 23.5% |
| Revenue YoY | — | -36.8% |
| Net Profit YoY | — | 72.6% |
| EPS (diluted) | — | $6.57 |
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.
| Q1 26 | — | $2.2B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $4.0B | $3.2B | ||
| Q2 25 | $3.9B | $3.2B | ||
| Q1 25 | $4.0B | $3.5B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $3.7B | $4.0B | ||
| Q2 24 | $3.5B | $2.8B |
| Q1 26 | — | $515.8M | ||
| Q4 25 | — | $760.5M | ||
| Q3 25 | $1.2B | $916.5M | ||
| Q2 25 | $1.3B | $835.4M | ||
| Q1 25 | $1.5B | $170.0M | ||
| Q4 24 | — | $-189.7M | ||
| Q3 24 | $955.7M | $1.2B | ||
| Q2 24 | $939.6M | $503.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 42.5% | ||
| Q3 25 | 28.3% | 46.3% | ||
| Q2 25 | 32.5% | 41.8% | ||
| Q1 25 | 36.2% | -2.0% | ||
| Q4 24 | — | -3.6% | ||
| Q3 24 | 27.3% | 43.7% | ||
| Q2 24 | 27.4% | 25.0% |
| Q1 26 | — | 23.5% | ||
| Q4 25 | — | 25.6% | ||
| Q3 25 | 31.0% | 28.7% | ||
| Q2 25 | 32.6% | 26.1% | ||
| Q1 25 | 36.6% | 4.9% | ||
| Q4 24 | — | -8.3% | ||
| Q3 24 | 25.6% | 29.8% | ||
| Q2 24 | 26.8% | 17.8% |
| Q1 26 | — | $6.57 | ||
| Q4 25 | — | $16.16 | ||
| Q3 25 | — | $19.40 | ||
| Q2 25 | — | $17.20 | ||
| Q1 25 | — | $3.27 | ||
| Q4 24 | — | $-3.76 | ||
| Q3 24 | — | $22.62 | ||
| Q2 24 | — | $9.41 |
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 | $1.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.8B | $4.3B |
| Total Assets | $214.5B | $53.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $31.3B | $1.7B | ||
| Q2 25 | $54.4B | $1.4B | ||
| Q1 25 | $41.7B | $1.6B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $20.2B | $1.6B | ||
| Q2 24 | $19.0B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.0B |
| Q1 26 | — | $4.3B | ||
| Q4 25 | — | $11.6B | ||
| Q3 25 | $160.8B | $11.5B | ||
| Q2 25 | $154.0B | $10.8B | ||
| Q1 25 | $147.8B | $10.3B | ||
| Q4 24 | — | $10.6B | ||
| Q3 24 | $135.6B | $11.2B | ||
| Q2 24 | $134.2B | $10.2B |
| Q1 26 | — | $53.7B | ||
| Q4 25 | — | $53.8B | ||
| Q3 25 | $214.5B | $54.5B | ||
| Q2 25 | $208.5B | $54.7B | ||
| Q1 25 | $200.9B | $53.6B | ||
| Q4 24 | — | $50.7B | ||
| Q3 24 | $184.9B | $52.8B | ||
| Q2 24 | $183.3B | $51.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.19× |
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 | — |
| Free Cash FlowOCF − Capex | $1.8B | — |
| FCF MarginFCF / Revenue | 44.7% | — |
| Capex IntensityCapex / Revenue | 1.0% | — |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $6.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $483.0M | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.7B | $157.8M | ||
| Q4 24 | — | $778.9M | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $898.8M | $1.2B |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 0.64× | ||
| Q3 25 | 1.47× | 1.73× | ||
| Q2 25 | 1.20× | 1.76× | ||
| Q1 25 | 1.15× | 0.93× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | 1.26× | ||
| Q2 24 | 0.96× | 2.41× |
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% |
RNR
Segment breakdown not available.
