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网易（NTES）与Raymond James Financial（RJF）财务数据对比。点击上方公司名可切换其他公司
Raymond James Financial的季度营收约是网易的1.0倍（$4.2B vs $4.0B），网易净利率更高（31.0% vs 13.5%，领先17.5%），网易自由现金流更多（$1.8B vs $-56.0M），过去两年网易的营收复合增速更高（9.7% vs 7.1%）
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。
雷蒙德詹姆斯金融是美国跨国独立投资银行及金融服务机构，通过旗下子公司为个人、企业及市政主体提供多元金融服务，核心业务覆盖投资与财务规划、投资银行、资产管理等领域，总部位于美国佛罗里达州圣彼得堡。
NTES vs RJF — 直观对比
营收规模更大
RJF
是对方的1.0倍
$4.0B
净利率更高
NTES
高出17.5%
13.5%
自由现金流更多
NTES
多$1.8B
$-56.0M
两年增速更快
NTES
近两年复合增速
7.1%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.2B |
| 净利润 | $1.2B | $563.0M |
| 毛利率 | 64.1% | — |
| 营业利润率 | 28.3% | — |
| 净利率 | 31.0% | 13.5% |
| 营收同比 | — | 3.5% |
| 净利润同比 | — | -6.2% |
| 每股收益（稀释后） | — | $2.79 |
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NTESRJF
| Q4 25 | — | $4.2B | ||
| Q3 25 | $4.0B | $4.2B | ||
| Q2 25 | $3.9B | $3.8B | ||
| Q1 25 | $4.0B | $3.8B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $3.7B | $4.0B | ||
| Q2 24 | $3.5B | $3.8B | ||
| Q1 24 | $3.7B | $3.6B |
净利润NTESRJF
| Q4 25 | — | $563.0M | ||
| Q3 25 | $1.2B | $604.0M | ||
| Q2 25 | $1.3B | $436.0M | ||
| Q1 25 | $1.5B | $495.0M | ||
| Q4 24 | — | $600.0M | ||
| Q3 24 | $955.7M | $602.0M | ||
| Q2 24 | $939.6M | $492.0M | ||
| Q1 24 | $1.1B | $476.0M |
毛利率NTESRJF
| 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 24 | 63.4% | — |
营业利润率NTESRJF
| Q4 25 | — | — | ||
| Q3 25 | 28.3% | — | ||
| Q2 25 | 32.5% | 14.7% | ||
| Q1 25 | 36.2% | 17.5% | ||
| Q4 24 | — | 18.6% | ||
| Q3 24 | 27.3% | — | ||
| Q2 24 | 27.4% | 17.1% | ||
| Q1 24 | 28.4% | 16.7% |
净利率NTESRJF
| Q4 25 | — | 13.5% | ||
| Q3 25 | 31.0% | 14.4% | ||
| Q2 25 | 32.6% | 11.3% | ||
| Q1 25 | 36.6% | 12.9% | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | 25.6% | 15.0% | ||
| Q2 24 | 26.8% | 13.1% | ||
| Q1 24 | 29.1% | 13.1% |
每股收益（稀释后）NTESRJF
| Q4 25 | — | $2.79 | ||
| Q3 25 | — | $2.96 | ||
| Q2 25 | — | $2.12 | ||
| Q1 25 | — | $2.36 | ||
| Q4 24 | — | $2.86 | ||
| Q3 24 | — | $2.85 | ||
| Q2 24 | — | $2.31 | ||
| Q1 24 | — | $2.22 |
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 | $9.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $12.6B |
| 总资产 | $214.5B | $88.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NTESRJF
| Q4 25 | — | $9.9B | ||
| Q3 25 | $31.3B | $11.4B | ||
| Q2 25 | $54.4B | $9.2B | ||
| Q1 25 | $41.7B | $9.7B | ||
| Q4 24 | — | $10.0B | ||
| Q3 24 | $20.2B | $11.0B | ||
| Q2 24 | $19.0B | $9.1B | ||
| Q1 24 | $43.0B | $10.0B |
股东权益NTESRJF
| Q4 25 | — | $12.6B | ||
| Q3 25 | $160.8B | $12.5B | ||
| Q2 25 | $154.0B | $12.3B | ||
| Q1 25 | $147.8B | $12.2B | ||
| Q4 24 | — | $11.9B | ||
| Q3 24 | $135.6B | $11.7B | ||
| Q2 24 | $134.2B | $11.2B | ||
| Q1 24 | $130.5B | $11.0B |
总资产NTESRJF
| Q4 25 | — | $88.8B | ||
| Q3 25 | $214.5B | $88.2B | ||
| Q2 25 | $208.5B | $84.8B | ||
| Q1 25 | $200.9B | $83.1B | ||
| Q4 24 | — | $82.3B | ||
| Q3 24 | $184.9B | $83.0B | ||
| Q2 24 | $183.3B | $80.6B | ||
| Q1 24 | $195.1B | $81.2B |
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 | $-10.0M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $-56.0M |
| 自由现金流率自由现金流/营收 | 44.7% | -1.3% |
| 资本支出强度资本支出/营收 | 1.0% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.47× | -0.02× |
| 过去12个月自由现金流最近4个季度 | $6.3B | $1.4B |
8季度趋势，按日历期对齐
经营现金流NTESRJF
| Q4 25 | — | $-10.0M | ||
| Q3 25 | $1.8B | $796.0M | ||
| Q2 25 | $1.5B | $691.0M | ||
| Q1 25 | $1.7B | $117.0M | ||
| Q4 24 | — | $830.0M | ||
| Q3 24 | $1.5B | $510.0M | ||
| Q2 24 | $898.8M | $711.0M | ||
| Q1 24 | $1.3B | $391.0M |
自由现金流NTESRJF
| Q4 25 | — | $-56.0M | ||
| Q3 25 | $1.8B | $752.0M | ||
| Q2 25 | $1.5B | $634.0M | ||
| Q1 25 | $1.6B | $71.0M | ||
| Q4 24 | — | $789.0M | ||
| Q3 24 | $1.5B | $460.0M | ||
| Q2 24 | $875.6M | $655.0M | ||
| Q1 24 | $1.3B | $342.0M |
自由现金流率NTESRJF
| Q4 25 | — | -1.3% | ||
| Q3 25 | 44.7% | 17.9% | ||
| Q2 25 | 38.3% | 16.5% | ||
| Q1 25 | 40.4% | 1.8% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | 38.9% | 11.5% | ||
| Q2 24 | 25.0% | 17.4% | ||
| Q1 24 | 34.0% | 9.4% |
资本支出强度NTESRJF
| Q4 25 | — | 1.1% | ||
| Q3 25 | 1.0% | 1.1% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 1.6% | 1.2% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | 1.4% | 1.2% | ||
| Q2 24 | 0.7% | 1.5% | ||
| Q1 24 | 1.5% | 1.3% |
现金转化率NTESRJF
| Q4 25 | — | -0.02× | ||
| Q3 25 | 1.47× | 1.32× | ||
| Q2 25 | 1.20× | 1.58× | ||
| Q1 25 | 1.15× | 0.24× | ||
| Q4 24 | — | 1.38× | ||
| Q3 24 | 1.58× | 0.85× | ||
| Q2 24 | 0.96× | 1.45× | ||
| Q1 24 | 1.22× | 0.82× |
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% |
RJF
暂无分部数据
