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网易（NTES）与Tyler Technologies（TYL）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Tyler Technologies的6.9倍（$4.0B vs $575.2M）。网易净利率更高（31.0% vs 11.4%，领先19.6%）。网易自由现金流更多（$1.8B vs $239.6M）。过去两年网易的营收复合增速更高（9.7% vs 6.0%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
NTES vs TYL — 直观对比
营收规模更大
NTES
是对方的6.9倍
$575.2M
净利率更高
NTES
高出19.6%
11.4%
自由现金流更多
NTES
多$1.5B
$239.6M
两年增速更快
NTES
近两年复合增速
6.0%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $575.2M |
| 净利润 | $1.2B | $65.5M |
| 毛利率 | 64.1% | 45.5% |
| 营业利润率 | 28.3% | 13.0% |
| 净利率 | 31.0% | 11.4% |
| 营收同比 | — | 6.3% |
| 净利润同比 | — | 0.5% |
| 每股收益（稀释后） | — | $1.50 |
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NTESTYL
| Q4 25 | — | $575.2M | ||
| Q3 25 | $4.0B | $595.9M | ||
| Q2 25 | $3.9B | $596.1M | ||
| Q1 25 | $4.0B | $565.2M | ||
| Q4 24 | — | $541.1M | ||
| Q3 24 | $3.7B | $543.3M | ||
| Q2 24 | $3.5B | $541.0M | ||
| Q1 24 | $3.7B | $512.4M |
净利润NTESTYL
| Q4 25 | — | $65.5M | ||
| Q3 25 | $1.2B | $84.4M | ||
| Q2 25 | $1.3B | $84.6M | ||
| Q1 25 | $1.5B | $81.1M | ||
| Q4 24 | — | $65.2M | ||
| Q3 24 | $955.7M | $75.9M | ||
| Q2 24 | $939.6M | $67.7M | ||
| Q1 24 | $1.1B | $54.2M |
毛利率NTESTYL
| Q4 25 | — | 45.5% | ||
| Q3 25 | 64.1% | 47.2% | ||
| Q2 25 | 64.7% | 45.8% | ||
| Q1 25 | 64.1% | 47.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | 62.9% | 43.7% | ||
| Q2 24 | 62.9% | 44.0% | ||
| Q1 24 | 63.4% | 43.7% |
营业利润率NTESTYL
| Q4 25 | — | 13.0% | ||
| Q3 25 | 28.3% | 16.4% | ||
| Q2 25 | 32.5% | 16.0% | ||
| Q1 25 | 36.2% | 15.8% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | 27.3% | 15.2% | ||
| Q2 24 | 27.4% | 14.4% | ||
| Q1 24 | 28.4% | 13.1% |
净利率NTESTYL
| Q4 25 | — | 11.4% | ||
| Q3 25 | 31.0% | 14.2% | ||
| Q2 25 | 32.6% | 14.2% | ||
| Q1 25 | 36.6% | 14.3% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | 25.6% | 14.0% | ||
| Q2 24 | 26.8% | 12.5% | ||
| Q1 24 | 29.1% | 10.6% |
每股收益（稀释后）NTESTYL
| Q4 25 | — | $1.50 | ||
| Q3 25 | — | $1.93 | ||
| Q2 25 | — | $1.93 | ||
| Q1 25 | — | $1.84 | ||
| Q4 24 | — | $1.48 | ||
| Q3 24 | — | $1.74 | ||
| Q2 24 | — | $1.57 | ||
| Q1 24 | — | $1.26 |
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 | $1.1B |
| 总债务越低越好 | — | $599.7M |
| 股东权益账面价值 | $160.8B | $3.7B |
| 总资产 | $214.5B | $5.6B |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资NTESTYL
| Q4 25 | — | $1.1B | ||
| Q3 25 | $31.3B | $950.8M | ||
| Q2 25 | $54.4B | $892.3M | ||
| Q1 25 | $41.7B | $807.4M | ||
| Q4 24 | — | $768.0M | ||
| Q3 24 | $20.2B | $544.3M | ||
| Q2 24 | $19.0B | $258.0M | ||
| Q1 24 | $43.0B | $196.9M |
总债务NTESTYL
| Q4 25 | — | $599.7M | ||
| Q3 25 | — | $599.2M | ||
| Q2 25 | — | $598.8M | ||
| Q1 25 | — | $598.4M | ||
| Q4 24 | — | $597.9M | ||
| Q3 24 | — | $597.5M | ||
| Q2 24 | — | $597.1M | ||
| Q1 24 | — | $596.6M |
股东权益NTESTYL
| Q4 25 | — | $3.7B | ||
| Q3 25 | $160.8B | $3.6B | ||
| Q2 25 | $154.0B | $3.6B | ||
| Q1 25 | $147.8B | $3.5B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $135.6B | $3.3B | ||
| Q2 24 | $134.2B | $3.1B | ||
| Q1 24 | $130.5B | $3.0B |
总资产NTESTYL
| Q4 25 | — | $5.6B | ||
| Q3 25 | $214.5B | $5.5B | ||
| Q2 25 | $208.5B | $5.4B | ||
| Q1 25 | $200.9B | $5.2B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | $184.9B | $5.0B | ||
| Q2 24 | $183.3B | $4.8B | ||
| Q1 24 | $195.1B | $4.6B |
负债/权益比NTESTYL
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.20× |
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 | $243.9M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $239.6M |
| 自由现金流率自由现金流/营收 | 44.7% | 41.7% |
| 资本支出强度资本支出/营收 | 1.0% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.47× | 3.72× |
| 过去12个月自由现金流最近4个季度 | $6.3B | $637.5M |
8季度趋势，按日历期对齐
经营现金流NTESTYL
| Q4 25 | — | $243.9M | ||
| Q3 25 | $1.8B | $255.2M | ||
| Q2 25 | $1.5B | $98.3M | ||
| Q1 25 | $1.7B | $56.2M | ||
| Q4 24 | — | $224.8M | ||
| Q3 24 | $1.5B | $263.7M | ||
| Q2 24 | $898.8M | $64.3M | ||
| Q1 24 | $1.3B | $71.8M |
自由现金流NTESTYL
| Q4 25 | — | $239.6M | ||
| Q3 25 | $1.8B | $251.3M | ||
| Q2 25 | $1.5B | $92.8M | ||
| Q1 25 | $1.6B | $53.8M | ||
| Q4 24 | — | $221.0M | ||
| Q3 24 | $1.5B | $260.8M | ||
| Q2 24 | $875.6M | $57.7M | ||
| Q1 24 | $1.3B | $64.6M |
自由现金流率NTESTYL
| Q4 25 | — | 41.7% | ||
| Q3 25 | 44.7% | 42.2% | ||
| Q2 25 | 38.3% | 15.6% | ||
| Q1 25 | 40.4% | 9.5% | ||
| Q4 24 | — | 40.8% | ||
| Q3 24 | 38.9% | 48.0% | ||
| Q2 24 | 25.0% | 10.7% | ||
| Q1 24 | 34.0% | 12.6% |
资本支出强度NTESTYL
| Q4 25 | — | 0.8% | ||
| Q3 25 | 1.0% | 0.7% | ||
| Q2 25 | 0.7% | 0.9% | ||
| Q1 25 | 1.6% | 0.4% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 1.4% | 0.5% | ||
| Q2 24 | 0.7% | 1.2% | ||
| Q1 24 | 1.5% | 1.4% |
现金转化率NTESTYL
| Q4 25 | — | 3.72× | ||
| Q3 25 | 1.47× | 3.02× | ||
| Q2 25 | 1.20× | 1.16× | ||
| Q1 25 | 1.15× | 0.69× | ||
| Q4 24 | — | 3.45× | ||
| Q3 24 | 1.58× | 3.47× | ||
| Q2 24 | 0.96× | 0.95× | ||
| Q1 24 | 1.22× | 1.33× |
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% |
TYL
| Saas Arrangements | $186.1M | 32% |
| Platform Technologies Segment | $143.3M | 25% |
| Maintenance | $109.4M | 19% |
| Professional Services | $55.3M | 10% |
| Nonrecurring Revenue | $51.3M | 9% |
| Other | $21.4M | 4% |
| Hardware And Other | $8.4M | 1% |
