The9 Limited

NCTYNASDAQTechnology● Active

$4.69

+$0.03(+0.64%)

Market Cap$21935885

P/E Ratio—

52W High$11.6

52W Low$4.35

Avg Volume32K

Open$4.65

Beta2.13

Overview

The9 Limited (NCTY) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NCTY · free cash flow · updated Jun 8, 2026

Core FCF metrics

NCTY · FCF · TTM · margin & CAGR

Free cash flow was −$32.3M for FY2025 (fiscal year ending 2025-12-31), up 48.1% year-over-year The FCF margin was -29.9%.

FY2025 Free Cash Flow−$32.3M▲ +48.1% YoY

Trailing 12M (TTM)−$62.2Mtrailing 4 quarters sum

FCF Margin-29.9%−$32.3M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NCTY · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$30.9M(1M)−$32.3M▲ +48.1%-29.9%

FY2024−$44.2M(18M)−$62.2M▼ 28.4%-54.9%

FY2023−$46.3M(2M)−$48.4M▲ +88.1%-27.8%

FY2022−$154.7M(254M)−$408.4M▲ +47.6%-389.2%

FY2021−$687.7M(92M)−$779.7M▼ 631.4%-581.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NCTY · P/FCF · FCF yield · FCF per share

The9 Limited (NCTY) reported negative free cash flow of −$0.03B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NCTY · cash flow statement · operating / investing / financing

For FY2025, The9 Limited generated −$30.9M in operating cash flow and spent 1M in capital expenditures, yielding −$32.3M in free cash flow.

Operating Activities

−$30.9M

Cash from core business operations

2025-12-31

Investing Activities

+$1.7M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$75.7M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$30.9M) − |CapEx| (1M) = FCF (−$32.3M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

NCTY vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

The9 LimitedYOU

NCTY

−$32.3M+48.1%-29.9%

Loss

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

The9 Limited (NCTY) reported free cash flow of −$32.3M for FY2025 (fiscal year ending 2025-12-31), up 48.1% year-over-year. The FCF margin was -29.9%.

The9 Limited has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 15 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NCTY free cash flow · 8 questions

The9 Limited free cash flow was −$32.3M for FY2025, up 48.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$62.2M.

NCTY free cash flowNCTY FCFNCTY FCF 2025NCTY free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · The9 Limited · The9 Limited SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026