The9 annual debt-to-equity ratio
2021
2022
2023
2024
2025
The9 Debt-to-Equity Ratio Growth & History (NCTY)
The9's debt-to-equity ratio was 0.32 for fiscal 2025.
View full The9 company overviewThe9 annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 0.32 | 0.17 | +124.69% |
| 2024 | 2024-12-31 | 0.14 | −0.22 | −60.81% |
| 2023 · Dec 31 | 2023-12-31 | 0.36 | −1.28 | −78.14% |
| 2022 | 2022-12-31 | 1.64 | 1.51 | +1174.82% |
| 2021 | 2021-12-31 | 0.13 | — | — |
The9 quarterly debt-to-equity ratio
Q2.21
Q4.21
Q4.22
Q4.23
Q4.24
Q4.25
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q4 2025 | 2025-12-31 | 0.32 | 0.17 | +124.69% |
| Q4 2024 | 2024-12-31 | 0.14 | −0.22 | −60.81% |
| Q4 2023 · Dec 31 | 2023-12-31 | 0.36 | −1.28 | −78.14% |
| Q4 2022 | 2022-12-31 | 1.64 | 1.51 | +1174.82% |
| Q4 2021 | 2021-12-31 | 0.13 | — | — |
| Q2 2021 | 2021-06-30 | 0.08 | — | — |
The9 debt-to-equity ratio trends
Between the periods ended 2021-12-31 and 2025-12-31, The9's debt-to-equity ratio increased from 0.13 to 0.32, a change of 0.19. The latest reported quarter, Q4 2025, shows 0.32.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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