Side by sideTencent (0700.HK) and NetEase (9999.HK)Memos of October 10, 2026 and October 14, 2026
Tencent vs NetEase stock: the numbers side by side (October 2026)
How do Tencent and NetEase compare?
| Tencent 0700.HK | NetEase 9999.HK | |
|---|---|---|
| Revenue growth | 13.9%Year to Dec 2025 | 7.0%2025 |
| Operating margin | 32.1%Year to Dec 2025 | 31.8%2025 |
| Free cash flow | 170,208RMB millions; per share in RMB; shares in millions · Year to Dec 2025 | 48,687.335RMB millions · 2025 |
| Free cash flow yield | 5.5%Today (Oct 9, 2026) | 9.0%Today (Oct 14, 2026) |
| Dividend yield | 1.2%Today (Oct 9, 2026) | 1.5%Today (Oct 14, 2026) |
| P/E, last 12 months | 14.2xToday (Oct 9, 2026) | 16.7xToday (Oct 14, 2026) |
| P/E, next 12 months | 11.8xToday (Oct 9, 2026) | 13.7xToday (Oct 14, 2026) |
| Weighted price forecast, about 1 year | 433.24 (+4 %)October 2027 | 201.36 (+4%)October 2027 |
| Weighted price forecast, about 3 years | 575.73 (+41 %)October 2029 | 223.11 (+21%)October 2029 |
Who leads on what?
| Leads | The lead is | |
|---|---|---|
| Revenue growth | Tencent | The higher figure |
| Operating margin | Tencent | The higher figure |
| Free cash flow | — | The higher figure |
| Free cash flow yield | NetEase | The higher figure |
| Dividend yield | NetEase | The higher figure |
| P/E, last 12 months | Tencent | The lower figure |
| P/E, next 12 months | Tencent | The lower figure |
| Weighted price forecast, about 1 year | — | The higher weighted return |
| Weighted price forecast, about 3 years | Tencent | The higher weighted return |
What does each company do?
Tencent Holdings Limited sells games, digital content, advertising, payments and business technology to consumers, advertisers, merchants and organizations.
Tencent (0700.HK), from our memo of October 10, 2026 · Tencent stock forecast
NetEase is a China-centered internet company selling games, music, learning services, and consumer and business services.
NetEase (9999.HK), from our memo of October 14, 2026 · NetEase stock forecast
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