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网易（NTES）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是PTC Inc.的5.8倍（$4.0B vs $685.8M）。网易净利率更高（31.0% vs 24.3%，领先6.7%）。网易自由现金流更多（$1.8B vs $267.4M）。过去两年网易的营收复合增速更高（9.7% vs 6.6%）
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
NTES vs PTC — 直观对比
营收规模更大
NTES
是对方的5.8倍
$685.8M
净利率更高
NTES
高出6.7%
24.3%
自由现金流更多
NTES
多$1.5B
$267.4M
两年增速更快
NTES
近两年复合增速
6.6%
损益表 — Q3 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $685.8M |
| 净利润 | $1.2B | $166.5M |
| 毛利率 | 64.1% | 82.8% |
| 营业利润率 | 28.3% | 32.2% |
| 净利率 | 31.0% | 24.3% |
| 营收同比 | — | 21.4% |
| 净利润同比 | — | 102.5% |
| 每股收益（稀释后） | — | $1.39 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NTESPTC
| Q4 25 | — | $685.8M | ||
| Q3 25 | $4.0B | $893.8M | ||
| Q2 25 | $3.9B | $643.9M | ||
| Q1 25 | $4.0B | $636.4M | ||
| Q4 24 | — | $565.1M | ||
| Q3 24 | $3.7B | $626.5M | ||
| Q2 24 | $3.5B | $518.6M | ||
| Q1 24 | $3.7B | $603.1M |
净利润NTESPTC
| Q4 25 | — | $166.5M | ||
| Q3 25 | $1.2B | $347.8M | ||
| Q2 25 | $1.3B | $141.3M | ||
| Q1 25 | $1.5B | $162.6M | ||
| Q4 24 | — | $82.2M | ||
| Q3 24 | $955.7M | $126.5M | ||
| Q2 24 | $939.6M | $69.0M | ||
| Q1 24 | $1.1B | $114.4M |
毛利率NTESPTC
| Q4 25 | — | 82.8% | ||
| Q3 25 | 64.1% | 86.9% | ||
| Q2 25 | 64.7% | 82.9% | ||
| Q1 25 | 64.1% | 83.3% | ||
| Q4 24 | — | 80.2% | ||
| Q3 24 | 62.9% | 82.0% | ||
| Q2 24 | 62.9% | 78.4% | ||
| Q1 24 | 63.4% | 81.8% |
营业利润率NTESPTC
| Q4 25 | — | 32.2% | ||
| Q3 25 | 28.3% | 48.5% | ||
| Q2 25 | 32.5% | 32.6% | ||
| Q1 25 | 36.2% | 35.1% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | 27.3% | 31.0% | ||
| Q2 24 | 27.4% | 18.5% | ||
| Q1 24 | 28.4% | 29.8% |
净利率NTESPTC
| Q4 25 | — | 24.3% | ||
| Q3 25 | 31.0% | 38.9% | ||
| Q2 25 | 32.6% | 21.9% | ||
| Q1 25 | 36.6% | 25.6% | ||
| Q4 24 | — | 14.6% | ||
| Q3 24 | 25.6% | 20.2% | ||
| Q2 24 | 26.8% | 13.3% | ||
| Q1 24 | 29.1% | 19.0% |
每股收益（稀释后）NTESPTC
| Q4 25 | — | $1.39 | ||
| Q3 25 | — | $2.88 | ||
| Q2 25 | — | $1.17 | ||
| Q1 25 | — | $1.35 | ||
| Q4 24 | — | $0.68 | ||
| Q3 24 | — | $1.05 | ||
| Q2 24 | — | $0.57 | ||
| Q1 24 | — | $0.95 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $31.3B | $209.7M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $160.8B | $3.8B |
| 总资产 | $214.5B | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资NTESPTC
| Q4 25 | — | $209.7M | ||
| Q3 25 | $31.3B | $184.4M | ||
| Q2 25 | $54.4B | $199.3M | ||
| Q1 25 | $41.7B | $235.2M | ||
| Q4 24 | — | $196.3M | ||
| Q3 24 | $20.2B | $265.8M | ||
| Q2 24 | $19.0B | $247.7M | ||
| Q1 24 | $43.0B | $249.0M |
总债务NTESPTC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.5B |
股东权益NTESPTC
| Q4 25 | — | $3.8B | ||
| Q3 25 | $160.8B | $3.8B | ||
| Q2 25 | $154.0B | $3.5B | ||
| Q1 25 | $147.8B | $3.4B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $135.6B | $3.2B | ||
| Q2 24 | $134.2B | $3.0B | ||
| Q1 24 | $130.5B | $2.9B |
总资产NTESPTC
| Q4 25 | — | $6.4B | ||
| Q3 25 | $214.5B | $6.6B | ||
| Q2 25 | $208.5B | $6.2B | ||
| Q1 25 | $200.9B | $6.2B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | $184.9B | $6.4B | ||
| Q2 24 | $183.3B | $6.1B | ||
| Q1 24 | $195.1B | $6.2B |
负债/权益比NTESPTC
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.51× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.8B | $269.7M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $267.4M |
| 自由现金流率自由现金流/营收 | 44.7% | 39.0% |
| 资本支出强度资本支出/营收 | 1.0% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.47× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $6.3B | $888.4M |
8季度趋势，按日历期对齐
经营现金流NTESPTC
| Q4 25 | — | $269.7M | ||
| Q3 25 | $1.8B | $104.0M | ||
| Q2 25 | $1.5B | $243.9M | ||
| Q1 25 | $1.7B | $281.3M | ||
| Q4 24 | — | $238.4M | ||
| Q3 24 | $1.5B | $98.1M | ||
| Q2 24 | $898.8M | $213.8M | ||
| Q1 24 | $1.3B | $250.7M |
自由现金流NTESPTC
| Q4 25 | — | $267.4M | ||
| Q3 25 | $1.8B | $100.5M | ||
| Q2 25 | $1.5B | $242.0M | ||
| Q1 25 | $1.6B | $278.5M | ||
| Q4 24 | — | $235.7M | ||
| Q3 24 | $1.5B | $93.6M | ||
| Q2 24 | $875.6M | $212.2M | ||
| Q1 24 | $1.3B | $247.1M |
自由现金流率NTESPTC
| Q4 25 | — | 39.0% | ||
| Q3 25 | 44.7% | 11.2% | ||
| Q2 25 | 38.3% | 37.6% | ||
| Q1 25 | 40.4% | 43.8% | ||
| Q4 24 | — | 41.7% | ||
| Q3 24 | 38.9% | 14.9% | ||
| Q2 24 | 25.0% | 40.9% | ||
| Q1 24 | 34.0% | 41.0% |
资本支出强度NTESPTC
| Q4 25 | — | 0.3% | ||
| Q3 25 | 1.0% | 0.4% | ||
| Q2 25 | 0.7% | 0.3% | ||
| Q1 25 | 1.6% | 0.4% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 1.4% | 0.7% | ||
| Q2 24 | 0.7% | 0.3% | ||
| Q1 24 | 1.5% | 0.6% |
现金转化率NTESPTC
| Q4 25 | — | 1.62× | ||
| Q3 25 | 1.47× | 0.30× | ||
| Q2 25 | 1.20× | 1.73× | ||
| Q1 25 | 1.15× | 1.73× | ||
| Q4 24 | — | 2.90× | ||
| Q3 24 | 1.58× | 0.78× | ||
| Q2 24 | 0.96× | 3.10× | ||
| Q1 24 | 1.22× | 2.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
