The9 Ltd. (NCTY) intrinsic value & 10-year financials
The9 Ltd. (NCTY) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 7.5% a year to $107.9M, with an average return on invested capital of -281.9%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $107.9M
- Revenue growth (10-yr CAGR)
- 7.5%
- ROIC (10-yr avg)
- -281.9%
- Free cash flow (FY2025)
- —
NCTY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $107.9M | -$408.9M | -$0.18 | — | -260.5% | -76.7% |
| FY2024 | $111.7M | -$73.4M | -$0.00 | — | -52.6% | -20.2% |
| FY2023 | $179.0M | $20.0M | $0.00 | — | -177.5% | -401.0% |
| FY2022 | $118.9M | -$974.9M | -$0.00 | — | -808.8% | -557.0% |
| FY2021 | $135.9M | -$411.2M | -$0.00 | — | -233.1% | -1881.8% |
| FY2020 | $625.5K | $397.9M | $0.00 | — | 53831.3% | -63.5% |
| FY2019 | $341.5K | -$177.8M | -$0.00 | — | -47941.2% | 24.6% |
| FY2018 | $17.4M | -$217.1M | — | — | -601.0% | 18.9% |
| FY2017 | $73.1M | -$175.3M | — | — | -154.9% | 29.1% |
| FY2016 | $56.3M | -$676.7M | — | — | -525.2% | 108.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
The9 LTD has demonstrated mature, steady growth, with revenue compounding at 7.5% annually over the past decade.
The9 LTD has historically struggled to out-earn its cost of capital, averaging just -0.8% ROIC.
Over the decade, The9 LTD shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, The9 LTD is modeled at 7.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.00 per share.