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网易（NTES）与Snowflake Inc.（SNOW）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Snowflake Inc.的3.3倍（$4.0B vs $1.2B）。网易净利率更高（31.0% vs -24.2%，领先55.2%）。网易自由现金流更多（$1.8B vs $113.6M）。过去两年Snowflake Inc.的营收复合增速更高（25.1% vs 9.7%）
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。
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
NTES vs SNOW — 直观对比
营收规模更大
NTES
是对方的3.3倍
$1.2B
净利率更高
NTES
高出55.2%
-24.2%
自由现金流更多
NTES
多$1.7B
$113.6M
两年增速更快
SNOW
近两年复合增速
9.7%
损益表 — Q3 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $1.2B |
| 净利润 | $1.2B | $-294.0M |
| 毛利率 | 64.1% | 67.8% |
| 营业利润率 | 28.3% | -27.2% |
| 净利率 | 31.0% | -24.2% |
| 营收同比 | — | 28.7% |
| 净利润同比 | — | 9.4% |
| 每股收益（稀释后） | — | $-0.87 |
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NTESSNOW
| Q4 25 | — | $1.2B | ||
| Q3 25 | $4.0B | $1.1B | ||
| Q2 25 | $3.9B | $1.0B | ||
| Q1 25 | $4.0B | $986.8M | ||
| Q4 24 | — | $942.1M | ||
| Q3 24 | $3.7B | $868.8M | ||
| Q2 24 | $3.5B | $828.7M | ||
| Q1 24 | $3.7B | $774.7M |
净利润NTESSNOW
| Q4 25 | — | $-294.0M | ||
| Q3 25 | $1.2B | $-298.0M | ||
| Q2 25 | $1.3B | $-430.1M | ||
| Q1 25 | $1.5B | $-327.5M | ||
| Q4 24 | — | $-324.3M | ||
| Q3 24 | $955.7M | $-316.9M | ||
| Q2 24 | $939.6M | $-317.0M | ||
| Q1 24 | $1.1B | $-169.4M |
毛利率NTESSNOW
| Q4 25 | — | 67.8% | ||
| Q3 25 | 64.1% | 67.5% | ||
| Q2 25 | 64.7% | 66.5% | ||
| Q1 25 | 64.1% | 66.2% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | 62.9% | 66.8% | ||
| Q2 24 | 62.9% | 67.1% | ||
| Q1 24 | 63.4% | 68.8% |
营业利润率NTESSNOW
| Q4 25 | — | -27.2% | ||
| Q3 25 | 28.3% | -29.7% | ||
| Q2 25 | 32.5% | -42.9% | ||
| Q1 25 | 36.2% | -39.2% | ||
| Q4 24 | — | -38.8% | ||
| Q3 24 | 27.3% | -40.9% | ||
| Q2 24 | 27.4% | -42.1% | ||
| Q1 24 | 28.4% | -35.6% |
净利率NTESSNOW
| Q4 25 | — | -24.2% | ||
| Q3 25 | 31.0% | -26.0% | ||
| Q2 25 | 32.6% | -41.3% | ||
| Q1 25 | 36.6% | -33.2% | ||
| Q4 24 | — | -34.4% | ||
| Q3 24 | 25.6% | -36.5% | ||
| Q2 24 | 26.8% | -38.3% | ||
| Q1 24 | 29.1% | -21.9% |
每股收益（稀释后）NTESSNOW
| Q4 25 | — | $-0.87 | ||
| Q3 25 | — | $-0.89 | ||
| Q2 25 | — | $-1.29 | ||
| Q1 25 | — | $-0.98 | ||
| Q4 24 | — | $-0.98 | ||
| Q3 24 | — | $-0.95 | ||
| Q2 24 | — | $-0.95 | ||
| Q1 24 | — | $-0.51 |
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 | $1.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $2.1B |
| 总资产 | $214.5B | $8.2B |
| 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NTESSNOW
| Q4 25 | — | $1.9B | ||
| Q3 25 | $31.3B | $1.9B | ||
| Q2 25 | $54.4B | $2.2B | ||
| Q1 25 | $41.7B | $2.6B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $20.2B | $1.3B | ||
| Q2 24 | $19.0B | $1.3B | ||
| Q1 24 | $43.0B | $1.8B |
股东权益NTESSNOW
| Q4 25 | — | $2.1B | ||
| Q3 25 | $160.8B | $2.4B | ||
| Q2 25 | $154.0B | $2.4B | ||
| Q1 25 | $147.8B | $3.0B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $135.6B | $4.1B | ||
| Q2 24 | $134.2B | $4.6B | ||
| Q1 24 | $130.5B | $5.2B |
总资产NTESSNOW
| Q4 25 | — | $8.2B | ||
| Q3 25 | $214.5B | $8.2B | ||
| Q2 25 | $208.5B | $8.2B | ||
| Q1 25 | $200.9B | $9.0B | ||
| Q4 24 | — | $8.2B | ||
| Q3 24 | $184.9B | $6.9B | ||
| Q2 24 | $183.3B | $7.3B | ||
| Q1 24 | $195.1B | $8.2B |
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 | $137.5M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $113.6M |
| 自由现金流率自由现金流/营收 | 44.7% | 9.4% |
| 资本支出强度资本支出/营收 | 1.0% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.47× | — |
| 过去12个月自由现金流最近4个季度 | $6.3B | $776.7M |
8季度趋势，按日历期对齐
经营现金流NTESSNOW
| Q4 25 | — | $137.5M | ||
| Q3 25 | $1.8B | $74.9M | ||
| Q2 25 | $1.5B | $228.4M | ||
| Q1 25 | $1.7B | $432.7M | ||
| Q4 24 | — | $101.7M | ||
| Q3 24 | $1.5B | $69.9M | ||
| Q2 24 | $898.8M | $355.5M | ||
| Q1 24 | $1.3B | $344.6M |
自由现金流NTESSNOW
| Q4 25 | — | $113.6M | ||
| Q3 25 | $1.8B | $58.2M | ||
| Q2 25 | $1.5B | $183.4M | ||
| Q1 25 | $1.6B | $421.4M | ||
| Q4 24 | — | $88.3M | ||
| Q3 24 | $1.5B | $64.8M | ||
| Q2 24 | $875.6M | $338.9M | ||
| Q1 24 | $1.3B | $331.5M |
自由现金流率NTESSNOW
| Q4 25 | — | 9.4% | ||
| Q3 25 | 44.7% | 5.1% | ||
| Q2 25 | 38.3% | 17.6% | ||
| Q1 25 | 40.4% | 42.7% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | 38.9% | 7.5% | ||
| Q2 24 | 25.0% | 40.9% | ||
| Q1 24 | 34.0% | 42.8% |
资本支出强度NTESSNOW
| Q4 25 | — | 2.0% | ||
| Q3 25 | 1.0% | 1.5% | ||
| Q2 25 | 0.7% | 4.3% | ||
| Q1 25 | 1.6% | 1.1% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 1.4% | 0.6% | ||
| Q2 24 | 0.7% | 2.0% | ||
| Q1 24 | 1.5% | 1.7% |
现金转化率NTESSNOW
| Q4 25 | — | — | ||
| 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× | — |
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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
