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NetEase, Inc (0K6G) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of NetEase, Inc $116, price $117, upside -0.9%, quality 76 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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GB · ISIN US64110W1027

NI Broad data Sep 24, 2026

NetEase, Inc

0K6G · LSE

Quality WatchlistA strong company, but the current price is close to Fair Value.

·Fair value $116.11 · Fairly valued (−0.9%)
✓Quality 76/100
✓Healthy Growth (revenue 3y +5.3 %/yr)
✓Highly profitable · 29.8% net margin (TTM)
✓Low debt · generates free cash flow
✓3.6% dividend yield · Well covered
✓Wide moat 89/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$155.09 $49.90 Fair Value $116.11 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $49.90 – $155.09 · fair‑value band $86.93 – $181.85 · the $117.13 price screens above the $116.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. The company operates through Games and Related Value-Added Services; Youdao; NetEase Cloud Music; and Innovative Businesses and Others segments.

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NetEase, Inc. engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally. The company operates through Games and Related Value-Added Services; Youdao; NetEase Cloud Music; and Innovative Businesses and Others segments. It develops and operates mobile and PC games; and offers games licensed from other developers. The company also provides live streaming service, and other related or ancillary value-added services related to games, such as the sale of game-themed merchandise. In addition, it offers digital content services with interactive learning features, including Youdao Lingshi and Youdao Literature; STEAM courses consisting computer coding courses and other STEAM courses; and adult courses, such as China University massive open online course. Further, the company provides Youdao Dictionary, an online language tool; Confucius, a large language model for the education sector; Hi Echo, an AI-driven virtual English-speaking tutor; Mr. P AI Tutor, a conversation-based tool; Youdao Desktop Translation, a desktop dictionary tool; U-Dictionary, an online dictionary and translation app; iRecord, an audio transcription tool; LectMate, an interpretation software for study-abroad lecture scenarios; iArch, an AI home design software; Baby Genius, an AI baby generator; and One Translate Translator, a translation tool for travelers. It also offers online marketing services consisting of performance-based advertising services, and global marketing and promotion services through banners, text links, videos, logos, buttons, and rich media. Additionally, the company develops and offers smart devices, including Youdao Dictionary Pen, Youdao Listening Pod, and Youdao Smart Learning Pad. NetEase, Inc. was formerly known as NetEase.com, Inc. and changed its name to NetEase, Inc. in March 2012. The company was founded in 1997 and is headquartered in Hangzhou, the People's Republic of China.

Stock analysis

NetEase, Inc (0K6G) currently trades at $117.13, while our model-based Fair Value estimate is $116.11, so the stock looks roughly fairly valued today (gap 0.9%).

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Valuation

Bull case: the DCF Models group reads highest at a median of $152.32 per share, and 13 of the 26 models we run sit above the $117.13 price.

Bear case: the Asset-Based group reads lowest at $25.32, and 13 of the 26 models stay below the price. Evidence for this calculation is high.

Scenario range: $86.93 (bear) to $181.85 (bull), the price of $117.13 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 76/100 (high quality).

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

NetEase, Inc reported revenue of 113B CNY in FY2025 versus 87.6B CNY in FY2021, a compound +6.5%/yr. Reported net income was 33.8B CNY in FY2025, compounding +19.0%/yr from FY2021.

Key figures

Market cap $374B · P/E ratio 0.2 · P/S ratio 0.05 · EPS (TTM) $7.01 · Dividend yield 3.6% · Net margin 30.0% · Return on equity 22.1% · Return on assets (EBIT) 13.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 23% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

Fair Value models

Bear $86.93 Fair Value $116.11 Bull $181.85
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($2.14 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $133.70 $195.85 $285.88 77
Growth DCF $135.63 $190.68 $265.72 76
Owner Earnings $96.58 $139.92 $202.71 73
All 26 models by family
DCF Models
FCF DCF $133.70 $195.85 $285.88 77
Owner Earnings $96.58 $139.92 $202.71 73
5Y Revenue Exit $83.74 $112.83 $148.14 71
5Y EBITDA Exit $105.02 $152.32 $206.10 73
5Y P/E Exit $122.97 $185.63 $250.37 68
10Y Revenue Exit $100.09 $130.46 $168.21 65
10Y EBITDA Exit $114.65 $157.15 $211.14 66
10Y P/E Exit $125.81 $179.66 $243.93 62
Earnings-Based
Graham-Dodd $54.12 $162.03 $214.64 62
Lynch FV $34.32 $49.03 $63.74 58
PEG = 1.0 $34.32 $49.03 $63.74 55
EPV $71.69 $81.27 $89.54 71
Dividend Discount
Gordon GGM $28.63 $57.04 $86.38 64
DDM Multi-Stage $28.63 $45.74 $60.21 64
Multiples
P/E Multiple $119.39 $159.18 $198.98 63
P/S Multiple $49.79 $66.38 $82.98 58
P/B Multiple $85.03 $113.37 $141.72 55
EV/EBIT $125.07 $163.09 $201.11 66
EV/EBITDA $98.56 $127.74 $156.92 67
EV/Revenue $57.49 $77.40 $97.32 54
Asset-Based
NCAV (Graham) $18.90 $25.32 $37.79 54
Growth DCF
Growth DCF $135.63 $190.68 $265.72 76
Rev-Margin DCF $83.74 $114.50 $150.14 71
Economic Profit
Residual Income $47.21 $59.43 $92.16 71
ROIC Compounder $75.49 $90.75 $107.65 69
Growth Earnings
Growth-Adj P/E $97.91 $139.87 $181.83 65

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Quality Score breakdown

Overall quality 76/100

Of which business quality 73 · Market factors (momentum, volatility) 39

Profitability 71
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+19.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.5%
Dividend (yield on the price)3.6%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 32%

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+27.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +25.2% a year for the price and +5.1% for the forecasts.
Forecast 2026 (sales)+7.4%
Forecast 2027 (sales)+7.9%
Projected 2028 (sales)+7.2%
Projected 2029 (sales)+6.4%
Projected 2030 (sales)+5.7%

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NetEase, Inc · Fair Value
$116.11 −1%Fair Value
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Cite: Fair Value Calculator (2026). "NetEase, Inc Fair Value". https://www.fairvalue-calculator.com/stock/0K6G

Frequently asked questions

Is NetEase, Inc (0K6G) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $116.11 versus a price of $117.13, about −1% upside (fairly valued).
What is the fair value of 0K6G?
Our model-based fair value for NetEase, Inc is $116.11 (as of Sep 24, 2026), built from audited fundamentals. The current price: $117.13.
What is the quality score of 0K6G?
NetEase, Inc has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NetEase, Inc (0K6G)?
Our model-based price target is the fair value of $116.11 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $86.93, optimistic scenario $181.85. It is a calculation from audited fundamentals, not an analyst target.
What is the NetEase, Inc stock forecast for 2026?
Our models put fair value at $116.11, about −1% upside versus a price of $117.13 (fairly valued). Cautious scenario $86.93, optimistic scenario $181.85. The calculation is refreshed regularly with new filings.
What is the revenue of NetEase, Inc (0K6G)?
NetEase, Inc reported trailing-twelve-month revenue of about 114B CNY (latest available figure, as of Sep 24, 2026).
Does NetEase, Inc pay a dividend?
NetEase, Inc currently shows a dividend yield of about 3.56% relative to its recent price (as of Sep 24, 2026).
What growth is priced into NetEase, Inc (0K6G)?
For today's price to be fair in a discounted-cash-flow model, NetEase, Inc would have to grow free cash flow by +27.3 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +6.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0K6G use?
Our models discount NetEase, Inc at 9.7 %: a base by market capitalisation (unknown), damped by beta 0.79, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NetEase, Inc that is +27.3 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has NetEase, Inc (0K6G) delivered so far?
Over the past 4 years revenue at NetEase, Inc grew +6.5 % a year. The price currently implies +27.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
What is the free cash flow yield of NetEase, Inc (0K6G)?
The free-cash-flow yield on the price is 1.94 %: that much free cash flow NetEase, Inc produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NetEase, Inc (0K6G)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NetEase, Inc it is $116.11 per share (as of Sep 24, 2026), against a price of $117.13. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is NetEase, Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0K6G trades above its calculated fair value: price $117.13, fair value $116.11, a gap of about −1% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0K6G?
No. The price is what the market pays today ($117.13); the fair value is what the company's own numbers justify ($116.11). For NetEase, Inc the two are $1.02 per share apart. That gap is exactly why we show both numbers side by side.
How much is NetEase, Inc worth?
The market values NetEase, Inc at about $374B (market capitalisation, as of Sep 24, 2026). Per share that is $117.13; our models calculate a fair value of $116.11 per share.
What do the bullish and bearish scenarios say about 0K6G?
Our models span a range for NetEase, Inc: cautious scenario $86.93, base $116.11, optimistic $181.85 per share (as of Sep 24, 2026, price $117.13). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0K6G from its 52-week high?
NetEase, Inc trades at $117.13, about 23% below its 52-week high of $151.36 and 8% above the low of $108.77 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $116.11 is for.
Is NetEase, Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $117.13, calculated fair value $116.11 (−1%), Quality Score 76/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0K6G calculated?
We run NetEase, Inc through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $116.11, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. NetEase, Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NetEase, Inc (0K6G)?
The closing price on Oct 2, 2026 was $117.13. Our model-based fair value is $116.11, about −1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NetEase, Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($86.93 to $181.85) leaves room in how you read the outcome.

Key figures of NetEase, Inc

How large is the market capitalisation of NetEase, Inc (0K6G)?
The market capitalisation of NetEase, Inc is $374B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of NetEase, Inc (0K6G)?
The price-to-earnings ratio of NetEase, Inc is 0.2 (as of Jul 25, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of NetEase, Inc (0K6G)?
The price-to-sales ratio of NetEase, Inc is 0.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NetEase, Inc (0K6G)?
Earnings per share at NetEase, Inc are $7.01 (price ÷ EPS = P/E 0.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NetEase, Inc (0K6G)?
The dividend yield of NetEase, Inc is 3.6% (payout 59.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NetEase, Inc (0K6G)?
The net margin of NetEase, Inc is 30.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NetEase, Inc (0K6G)?
The return on equity (ROE) of NetEase, Inc is 22.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NetEase, Inc (0K6G)?
On an EBIT basis the return on assets of NetEase, Inc is 13.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NetEase, Inc (0K6G)?
The operating margin of NetEase, Inc is 41.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NetEase, Inc (0K6G)?
Revenue at NetEase, Inc is growing +6.1% versus a year earlier (3y avg +5.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NetEase, Inc (0K6G)?
Earnings per share at NetEase, Inc are growing +3.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NetEase, Inc (0K6G) carry?
The net debt of NetEase, Inc is 2.6B CNY (fiscal year 2022, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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