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网易（NTES）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是网易的1.6倍（$6.3B vs $4.0B），网易净利率更高（31.0% vs 1.9%，领先29.2%），网易自由现金流更多（$1.8B vs $579.8M），过去两年网易的营收复合增速更高（9.7% vs 2.4%）
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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
NTES vs XYZ — 直观对比
营收规模更大
XYZ
是对方的1.6倍
$4.0B
净利率更高
NTES
高出29.2%
1.9%
自由现金流更多
NTES
多$1.2B
$579.8M
两年增速更快
NTES
近两年复合增速
2.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $6.3B |
| 净利润 | $1.2B | $115.8M |
| 毛利率 | 64.1% | 45.9% |
| 营业利润率 | 28.3% | 7.8% |
| 净利率 | 31.0% | 1.9% |
| 营收同比 | — | 3.6% |
| 净利润同比 | — | -94.1% |
| 每股收益（稀释后） | — | $0.19 |
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NTESXYZ
| Q4 25 | — | $6.3B | ||
| Q3 25 | $4.0B | $6.1B | ||
| Q2 25 | $3.9B | $6.1B | ||
| Q1 25 | $4.0B | $5.8B | ||
| Q4 24 | — | $6.0B | ||
| Q3 24 | $3.7B | $6.0B | ||
| Q2 24 | $3.5B | $6.2B | ||
| Q1 24 | $3.7B | $6.0B |
净利润NTESXYZ
| Q4 25 | — | $115.8M | ||
| Q3 25 | $1.2B | $461.5M | ||
| Q2 25 | $1.3B | $538.5M | ||
| Q1 25 | $1.5B | $189.9M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $955.7M | $283.8M | ||
| Q2 24 | $939.6M | $195.3M | ||
| Q1 24 | $1.1B | $472.0M |
毛利率NTESXYZ
| Q4 25 | — | 45.9% | ||
| Q3 25 | 64.1% | 43.5% | ||
| Q2 25 | 64.7% | 41.9% | ||
| Q1 25 | 64.1% | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | 62.9% | 37.6% | ||
| Q2 24 | 62.9% | 36.3% | ||
| Q1 24 | 63.4% | 35.2% |
营业利润率NTESXYZ
| Q4 25 | — | 7.8% | ||
| Q3 25 | 28.3% | 6.7% | ||
| Q2 25 | 32.5% | 8.0% | ||
| Q1 25 | 36.2% | 5.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 27.3% | 5.4% | ||
| Q2 24 | 27.4% | 5.0% | ||
| Q1 24 | 28.4% | 4.2% |
净利率NTESXYZ
| Q4 25 | — | 1.9% | ||
| Q3 25 | 31.0% | 7.5% | ||
| Q2 25 | 32.6% | 8.9% | ||
| Q1 25 | 36.6% | 3.3% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | 25.6% | 4.7% | ||
| Q2 24 | 26.8% | 3.2% | ||
| Q1 24 | 29.1% | 7.9% |
每股收益（稀释后）NTESXYZ
| Q4 25 | — | $0.19 | ||
| Q3 25 | — | $0.74 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $0.30 | ||
| Q4 24 | — | $3.06 | ||
| Q3 24 | — | $0.45 | ||
| Q2 24 | — | $0.31 | ||
| Q1 24 | — | $0.74 |
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 | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $22.2B |
| 总资产 | $214.5B | $39.5B |
| 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NTESXYZ
| Q4 25 | — | $6.6B | ||
| Q3 25 | $31.3B | $8.3B | ||
| Q2 25 | $54.4B | $6.4B | ||
| Q1 25 | $41.7B | $7.1B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | $20.2B | $8.3B | ||
| Q2 24 | $19.0B | $7.8B | ||
| Q1 24 | $43.0B | $5.8B |
总债务NTESXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
股东权益NTESXYZ
| Q4 25 | — | $22.2B | ||
| Q3 25 | $160.8B | $22.5B | ||
| Q2 25 | $154.0B | $22.2B | ||
| Q1 25 | $147.8B | $21.5B | ||
| Q4 24 | — | $21.3B | ||
| Q3 24 | $135.6B | $19.9B | ||
| Q2 24 | $134.2B | $19.3B | ||
| Q1 24 | $130.5B | $19.0B |
总资产NTESXYZ
| Q4 25 | — | $39.5B | ||
| Q3 25 | $214.5B | $39.2B | ||
| Q2 25 | $208.5B | $36.9B | ||
| Q1 25 | $200.9B | $36.4B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | $184.9B | $36.4B | ||
| Q2 24 | $183.3B | $37.5B | ||
| Q1 24 | $195.1B | $35.6B |
负债/权益比NTESXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $579.8M |
| 自由现金流率自由现金流/营收 | 44.7% | 9.3% |
| 资本支出强度资本支出/营收 | 1.0% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.47× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $6.3B | $2.4B |
8季度趋势，按日历期对齐
经营现金流NTESXYZ
| Q4 25 | — | $621.0M | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.5B | $374.3M | ||
| Q1 25 | $1.7B | $133.3M | ||
| Q4 24 | — | $13.8M | ||
| Q3 24 | $1.5B | $684.8M | ||
| Q2 24 | $898.8M | $519.4M | ||
| Q1 24 | $1.3B | $489.4M |
自由现金流NTESXYZ
| Q4 25 | — | $579.8M | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.5B | $343.0M | ||
| Q1 25 | $1.6B | $101.5M | ||
| Q4 24 | — | $-13.2M | ||
| Q3 24 | $1.5B | $628.2M | ||
| Q2 24 | $875.6M | $481.0M | ||
| Q1 24 | $1.3B | $457.4M |
自由现金流率NTESXYZ
| Q4 25 | — | 9.3% | ||
| Q3 25 | 44.7% | 22.9% | ||
| Q2 25 | 38.3% | 5.7% | ||
| Q1 25 | 40.4% | 1.8% | ||
| Q4 24 | — | -0.2% | ||
| Q3 24 | 38.9% | 10.5% | ||
| Q2 24 | 25.0% | 7.8% | ||
| Q1 24 | 34.0% | 7.7% |
资本支出强度NTESXYZ
| Q4 25 | — | 0.7% | ||
| Q3 25 | 1.0% | 0.8% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 1.6% | 0.6% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 1.4% | 0.9% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 1.5% | 0.5% |
现金转化率NTESXYZ
| Q4 25 | — | 5.36× | ||
| Q3 25 | 1.47× | 3.14× | ||
| Q2 25 | 1.20× | 0.70× | ||
| Q1 25 | 1.15× | 0.70× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | 1.58× | 2.41× | ||
| Q2 24 | 0.96× | 2.66× | ||
| Q1 24 | 1.22× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
