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NCTY
The9 LTD
NASDAQ· Financial Services· Capital Markets· CUSIP 88337K401
$3.34-8.49%Price as of Sep 28, 20:02 UTC · updated once a day, after the close
Key metrics
- Market cap
- $51.01M
- P/E
- —
- Forward P/E
- —
- P/B
- 0.6x
- Dividend yield
- —
- Payout
- —
- EPS
- -$0.88
- ROE
- 7.13%
- Profit margin
- 69.50%
- Revenue growth
- -80.80%
- Beta
- 2.09
- 52-week high
- $11.60
- 52-week low
- $3.14
History
How the company evolved, year by year. Revenue and debt come from the annual reports — for most companies, the 10-K filings with the SEC since 2009; dividends from the payments themselves.
The bars are a balance on the closing date; the lines are what happened during the year. Revenue above equity is ordinary, not an anomaly — it means the company turns its capital over more than once a year.
Investors holding this
Major managers that reported this stock in their latest 13F.
Price over time
▼ -96.8% over 5Y.
today you would have $35.40▼ -96.5%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
Indicators, year by year
The last 4 closed years. Each multiple uses that year’s closing price and that year’s reported numbers — not today’s. The range is set by the annual reports on record.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Year-end price | $6.37 | $14.54 | $7.49 | $5.70 | |
| P/E | — | — | — | 1.2x | — |
| P/S | 165.1x | 269.7x | 486.7x | 60.5x | 46.8x |
| P/B | 109.4x | 110.4x | 123.2x | 51.0x | 108.3x |
| EPS | -$54.00 |
mNAV — the price of its bitcoin
P/E and P/B say nothing about a company like this: many have no operating profit, and what shows up on the earnings line is the revaluation of their own bitcoin. The question that remains is whether buying the stock is cheaper or dearer than buying the crypto directly.
6.30x
Enterprise value — market cap plus net debt plus preferred stock — is 530% above the crypto the company holds. The market pays that much more than the coins are worth: for the management, the access, or the expectation that it keeps buying.
1.41x
Market cap ÷ crypto, ignoring debt and preferred stock. It is the number most trackers show — and it flatters leveraged companies, because creditors and preferred holders rank ahead of common shareholders on the same coins. The gap between the two is what common shareholders do not own.
$36.07M
Fair value on the balance sheet of Dec 31, 2025, filed with the SEC.
$227.16M
Market cap plus net debt plus preferred stock, at the Sep 28, 2026 price: what it costs to buy the whole company today.
The headline ratio divides today’s market cap by crypto reported up to a quarter ago — that is how the market quotes mNAV, and the only way possible without the number of coins, which the SEC does not publish usably. The quarterly chart has no such mismatch.
Others in the same sector
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| VRMVroom, Inc. | $9.66 | — | 0.5x | — | -42.80% | $50.31M |
| MKTWMarketwise Inc | $18.01 | 19.8x | — | 9.72% | — | $50.28M |
| KFFBKentucky First Federal Bancorp | $6.19 | 24.8x | 1.0x | 0.81% | 3.87% | $50.06M |
| TCBSTexas Community Bancshares, Inc. | $17.31 |
About the company
The9 Limited operates as a cryptocurrency mining company in China, Eastern Europe, Asia, and North America. It operates through Cryptocurrency Mining and Online game services segments. The company provides IT with technical services for the operation of computer software and related businesses, including the provision of systematic solutions for the operation of internet websites, the rental of computer and internet facilities, daily maintenance of internet servers and databases, the development and update of computer software, and other related technical and consulting services. It also develops and operates mobile and computer games, as well as publishes and services MIR M, an online game. The company was incorporated in 1999 and is headquartered in Shanghai, the People's Republic of China.
- 44
- Shanghai, China
Company description provided by Yahoo Finance.