NTES EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
NTES's ev/ebitda is lower than 95% of the last 10 years.
EV/EBITDA History
NTES EV/EBITDA by year
Yearly range of NTES’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 9.7 to 33.0, averaging 18.4.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 10.1 | 11.5 | 14.4 | 11.1 |
| 2025 | 9.7 | 12.8 | 15.7 | 13.4 |
| 2024 | 10.4 | 13.5 | 17.2 | 10.4 |
| 2023 | 14.2 | 17.8 | 20.0 | 15.0 |
| 2022 | 12.1 | 18.7 | 23.5 | 15.0 |
| 2021 | 19.4 | 26.2 | 33.0 | 22.2 |
| 2020 | 16.0 | 22.2 | 26.6 | 24.3 |
| 2019 | 13.8 | 18.4 | 22.6 | 17.9 |
| 2018 | 19.1 | 23.3 | 28.1 | 20.9 |
| 2017 | 14.8 | 17.6 | 21.9 | 20.4 |
| 2016 | 16.3 | 18.6 | 20.7 | 16.5 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is NTES EV/EBITDA High or Low Right Now?
NetEase, Inc.'s EV/EBITDA is currently 11.1, which is near historic low relative to its 10-year historical range. The 10-year median EV/EBITDA for NTES is approximately 18.3. See all NTES valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.