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Side-by-side financial comparison of NetEase, Inc. (NTES) and Tapestry, Inc. (TPR). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $2.5B, roughly 1.6× Tapestry, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 22.4%, a 8.6% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $1.0B). Over the past eight quarters, Tapestry, Inc.'s revenue compounded faster (29.9% 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.
Tapestry, Inc. is a leading American multinational luxury fashion holding company. It owns three iconic lifestyle brands: Coach, Kate Spade New York, and Stuart Weitzman, offering premium handbags, apparel, footwear, accessories, and fragrances to global consumers via physical retail stores and e-commerce platforms.
NTES vs TPR — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.0B | $2.5B |
| Net Profit | $1.2B | $561.3M |
| Gross Margin | 64.1% | 75.5% |
| Operating Margin | 28.3% | 28.6% |
| Net Margin | 31.0% | 22.4% |
| Revenue YoY | — | 14.0% |
| Net Profit YoY | — | 80.8% |
| EPS (diluted) | — | $2.68 |
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 | — | $2.5B | ||
| Q3 25 | $4.0B | $1.7B | ||
| Q2 25 | $3.9B | $1.7B | ||
| Q1 25 | $4.0B | $1.6B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $3.7B | $1.5B | ||
| Q2 24 | $3.5B | $1.6B | ||
| Q1 24 | $3.7B | $1.5B |
| Q4 25 | — | $561.3M | ||
| Q3 25 | $1.2B | $274.8M | ||
| Q2 25 | $1.3B | $-517.1M | ||
| Q1 25 | $1.5B | $203.3M | ||
| Q4 24 | — | $310.4M | ||
| Q3 24 | $955.7M | $186.6M | ||
| Q2 24 | $939.6M | $159.3M | ||
| Q1 24 | $1.1B | $139.4M |
| Q4 25 | — | 75.5% | ||
| Q3 25 | 64.1% | 76.3% | ||
| Q2 25 | 64.7% | 76.3% | ||
| Q1 25 | 64.1% | 76.1% | ||
| Q4 24 | — | 74.4% | ||
| Q3 24 | 62.9% | 75.3% | ||
| Q2 24 | 62.9% | 74.9% | ||
| Q1 24 | 63.4% | 74.7% |
| Q4 25 | — | 28.6% | ||
| Q3 25 | 28.3% | 19.3% | ||
| Q2 25 | 32.5% | -33.9% | ||
| Q1 25 | 36.2% | 16.0% | ||
| Q4 24 | — | 22.4% | ||
| Q3 24 | 27.3% | 16.7% | ||
| Q2 24 | 27.4% | 14.8% | ||
| Q1 24 | 28.4% | 13.8% |
| Q4 25 | — | 22.4% | ||
| Q3 25 | 31.0% | 16.1% | ||
| Q2 25 | 32.6% | -30.0% | ||
| Q1 25 | 36.6% | 12.8% | ||
| Q4 24 | — | 14.1% | ||
| Q3 24 | 25.6% | 12.4% | ||
| Q2 24 | 26.8% | 10.0% | ||
| Q1 24 | 29.1% | 9.4% |
| Q4 25 | — | $2.68 | ||
| Q3 25 | — | $1.28 | ||
| Q2 25 | — | $-2.30 | ||
| Q1 25 | — | $0.95 | ||
| Q4 24 | — | $1.38 | ||
| Q3 24 | — | $0.79 | ||
| Q2 24 | — | $0.67 | ||
| Q1 24 | — | $0.60 |
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 | $1.1B |
| Total DebtLower is stronger | — | $2.4B |
| Stockholders' EquityBook value | $160.8B | $551.2M |
| Total Assets | $214.5B | $6.5B |
| Debt / EquityLower = less leverage | — | 4.32× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.1B | ||
| Q3 25 | $31.3B | $743.2M | ||
| Q2 25 | $54.4B | $1.1B | ||
| Q1 25 | $41.7B | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $20.2B | $7.3B | ||
| Q2 24 | $19.0B | $7.2B | ||
| Q1 24 | $43.0B | $7.4B |
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $7.7B |
| Q4 25 | — | $551.2M | ||
| Q3 25 | $160.8B | $399.5M | ||
| Q2 25 | $154.0B | $857.8M | ||
| Q1 25 | $147.8B | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $135.6B | $3.0B | ||
| Q2 24 | $134.2B | $2.9B | ||
| Q1 24 | $130.5B | $2.8B |
| Q4 25 | — | $6.5B | ||
| Q3 25 | $214.5B | $6.4B | ||
| Q2 25 | $208.5B | $6.6B | ||
| Q1 25 | $200.9B | $7.3B | ||
| Q4 24 | — | $7.3B | ||
| Q3 24 | $184.9B | $13.7B | ||
| Q2 24 | $183.3B | $13.4B | ||
| Q1 24 | $195.1B | $13.7B |
| Q4 25 | — | 4.32× | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | — | 1.78× | ||
| Q3 24 | — | 2.35× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 2.77× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $1.8B | $1.0B |
| FCF MarginFCF / Revenue | 44.7% | 41.5% |
| Capex IntensityCapex / Revenue | 1.0% | 1.7% |
| Cash ConversionOCF / Net Profit | 1.47× | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | $6.3B | $1.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.8B | $112.6M | ||
| Q2 25 | $1.5B | $446.8M | ||
| Q1 25 | $1.7B | $144.3M | ||
| Q4 24 | — | $506.0M | ||
| Q3 24 | $1.5B | $119.5M | ||
| Q2 24 | $898.8M | $256.0M | ||
| Q1 24 | $1.3B | $97.8M |
| Q4 25 | — | $1.0B | ||
| Q3 25 | $1.8B | $80.2M | ||
| Q2 25 | $1.5B | $411.5M | ||
| Q1 25 | $1.6B | $113.4M | ||
| Q4 24 | — | $475.1M | ||
| Q3 24 | $1.5B | $93.9M | ||
| Q2 24 | $875.6M | $209.8M | ||
| Q1 24 | $1.3B | $78.8M |
| Q4 25 | — | 41.5% | ||
| Q3 25 | 44.7% | 4.7% | ||
| Q2 25 | 38.3% | 23.9% | ||
| Q1 25 | 40.4% | 7.2% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | 38.9% | 6.2% | ||
| Q2 24 | 25.0% | 13.2% | ||
| Q1 24 | 34.0% | 5.3% |
| Q4 25 | — | 1.7% | ||
| Q3 25 | 1.0% | 1.9% | ||
| Q2 25 | 0.7% | 2.0% | ||
| Q1 25 | 1.6% | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 1.4% | 1.7% | ||
| Q2 24 | 0.7% | 2.9% | ||
| Q1 24 | 1.5% | 1.3% |
| Q4 25 | — | 1.93× | ||
| Q3 25 | 1.47× | 0.41× | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.15× | 0.71× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | 1.58× | 0.64× | ||
| Q2 24 | 0.96× | 1.61× | ||
| Q1 24 | 1.22× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
