Data as of:
LIVE
TCEHY
Tencent Holdings Limited · Technology - Gaming, Social Media & Fintech
$54.50
-3.35% this month
VERSUS
COMPARE
NTES
NetEase, Inc. · Technology - Gaming & Online Music
$116.62
-6.14% this month
Comparison scoreboard
NTES LEADS 3/5AI Scorei
TCEHY N/A
NTES 41.7
1Y Returni
TCEHY -35.16%
NTES ✓-25.04%
Fwd P/Ei
TCEHY 1.95
NTES ✓1.62
Target Up.i
TCEHY ✓+78.07%
NTES +39.44%
Op. Margini
TCEHY 32.85%
NTES ✓40.16%
Metrics last refreshed: 9/18/2026
Quick take
TCEHY vs NTES Stock Comparison: AI Score, Valuation, Performance and Upside
TCEHY (Tencent) is the world's largest gaming company with WeChat as a distribution superpower and a massive global gaming investment portfolio, while NTES (NetEase) is China's focused #2 gaming developer creating original games for Chinese and global audiences plus NetEase Cloud Music. Tencent is larger and more diversified; NetEase is a purer gaming development play.
TCEHY vs NTES is gaming conglomerate with WeChat super-app distribution (Tencent) versus focused Chinese gaming developer building international franchises (NetEase) — both subject to Chinese gaming regulation but with very different scale, diversification, and international ambition.
Live analysis · updated 9/18/2026
NTES holds the edge across 3 of 5 key metrics in this comparison. NTES leads on both 1-year return (-25.04%) and forward P/E quality (1.62x vs 1.95x for TCEHY), a relatively favorable combination of momentum and valuation. On fundamentals, TCEHY is growing revenue faster (11.00%), while NTES maintains the higher operating margin (40.16%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for TCEHY (+78.07%) than for NTES (+39.44%).
Normalized 1Y performance
TCEHY
NTES
Recent returns
TCEHY
NTES
Analyst price targets & sentiment
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
TCEHY · 3 analysts
Price target range
analyst low$84.72
analyst high$106.91
analyst mean$97.05
current price$54.50
+78.1% upside to analyst mean
NTES · 32 analysts
STRONG BUYHOLDSTRONG SELL
Strong Buy (1.3/5.0)
31 Buy / 1 Hold / 0 Sell
Price target range
analyst low$132.78
analyst high$201.18
analyst mean$162.61
current price$116.62
+39.4% upside to analyst mean
Who should consider this stock?
TCEHY may suit investors who:
- Want China's largest technology company with WeChat super-app, gaming franchise, fintech (WeChat Pay), and a massive global technology investment portfolio
- Value Tencent's WeChat distribution power as an unmatched launch platform for gaming titles in China with 1.3+ billion users
- Prefer the diversification of Tencent's conglomerate model (social, gaming, fintech, cloud, global investments) over a focused gaming pure-play
NTES may suit investors who:
- Want a focused Chinese gaming developer with original game development capabilities and growing international gaming ambition through titles like Naraka: Bladepoint
- Value NetEase Cloud Music as an additional revenue stream from China's large music streaming market alongside the core gaming business
- See NetEase's smaller size versus Tencent as offering more concentrated upside if its game development pipeline outperforms expectations
Performance & AI score
| Metric | TCEHY | NTES |
|---|---|---|
| AI scorei | N/A | 41.7 |
| AI ranki | N/A | #1001 |
| Latest closei | $54.50 | $116.62 |
| 1M returni | -3.35% | -6.14% |
| 6M returni | -14.95% | +1.25% |
| 1Y returni | -35.16% | -25.04% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | TCEHY | NTES |
|---|---|---|
| 1Y ago | $6.56K (-34.4%) started 2025-09-17 | $7.68K (-23.2%) started 2025-09-17 |
| 5Y ago | $11.68K (+16.8%) started 2021-09-17 | $17.61K (+76.1%) started 2021-09-17 |
| 10Y ago | $26.13K (+161.3%) started 2016-09-19 | $34.28K (+242.8%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | TCEHY | NTES |
|---|---|---|
| Market capi | $490.99B | $74.67B |
| Trailing P/Ei | 14.38 | 15.70 |
| Forward P/Ei | 1.95 | 1.62 |
| Price/Salesi | 0.62 | 0.64 |
| EV/Revenuei | 0.75 | 1.85 |
| Analyst targeti | $97.05 | $162.61 |
| Target upsidei | +78.07% | +39.44% |
Growth, profitability & risk
| Metric | TCEHY | NTES |
|---|---|---|
| Revenue growthi | 11.00% | 7.90% |
| Earnings growthi | 1.80% | -18.70% |
| EPS growthi | +1.80% | -18.70% |
| FCF margini | +15.02% | +28.10% |
| Operating margini | 32.85% | 40.16% |
| Profit margini | 29.87% | 27.88% |
| ROIC proxyi | 19.91% | 20.37% |
| Return on equityi | 19.91% | 20.37% |
| Dividend yieldi | 1.24% | 2.51% |
| Payout ratioi | 17.95% | 41.68% |
| Dividend growth streaki | 1 yr | 4 yrs |
| Betai | 0.74 | 0.79 |
| Debt/equityi | 38.59 | 7.35 |
| Current ratioi | 1.29 | 3.45 |
| Quick ratioi | 1.07 | 3.26 |
Correlation
Over the past year, TCEHY and NTES have moved moderately in the same direction (correlation of 0.51), based on daily returns.
1Y
0.51
-1.0+1.0
5Y
0.66
-1.0+1.0
10Y
0.62
-1.0+1.0
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
TCEHY max drawdowni38.23%
NTES max drawdowni30.46%
TCEHY max wkly dropi11.95%
NTES max wkly dropi9.25%
5Y risk snapshot
TCEHY max drawdowni59.71%
NTES max drawdowni51.38%
TCEHY max wkly dropi19.57%
NTES max wkly dropi20.92%
10Y risk snapshot
TCEHY max drawdowni73.27%
NTES max drawdowni57.34%
TCEHY max wkly dropi19.57%
NTES max wkly dropi21.99%
Performance metrics by period
| Period | Metric | TCEHY | NTES |
|---|---|---|---|
| 1Y | Growthi | -35.16% | -25.04% |
| CAGRi | -35.18% | -25.05% | |
| Volatilityi | 33.09% | 33.22% | |
| Sharpe ratioi | -1.29 | -0.84 | |
| Sortino ratioi | -1.82 | -1.18 | |
| Max drawdowni | 38.23% | 30.46% | |
| Current drawdowni | 36.86% | 25.04% | |
| Avg drawdowni | 21.43% | 18.54% | |
| Ulcer Indexi | 24.48% | 19.94% | |
| Max daily dropi | 6.33% | 6.44% | |
| Max wkly dropi | 11.95% | 9.25% | |
| 5Y | Growthi | +3.92% | +56.96% |
| CAGRi | +0.77% | +9.44% | |
| Volatilityi | 42.34% | 42.19% | |
| Sharpe ratioi | 0.12 | 0.32 | |
| Sortino ratioi | 0.18 | 0.48 | |
| Max drawdowni | 59.71% | 51.38% | |
| Current drawdowni | 36.86% | 25.04% | |
| Avg drawdowni | 22.46% | 16.91% | |
| Ulcer Indexi | 26.00% | 19.67% | |
| Max daily dropi | 14.17% | 16.06% | |
| Max wkly dropi | 19.57% | 20.92% | |
| 10Y | Growthi | +129.24% | +180.89% |
| CAGRi | +8.66% | +10.89% | |
| Volatilityi | 39.04% | 41.92% | |
| Sharpe ratioi | 0.29 | 0.35 | |
| Sortino ratioi | 0.44 | 0.52 | |
| Max drawdowni | 73.27% | 57.34% | |
| Current drawdowni | 38.07% | 25.04% | |
| Avg drawdowni | 28.86% | 20.82% | |
| Ulcer Indexi | 34.59% | 24.00% | |
| Max daily dropi | 14.17% | 16.06% | |
| Max wkly dropi | 19.57% | 21.99% |
Business comparison
| Category | TCEHY | NTES |
|---|---|---|
| Company | Tencent Holdings Limited | NetEase, Inc. |
| Sector | Technology - Gaming, Social Media & Fintech | Technology - Gaming & Online Music |
| Industry | Internet Content & Information | Electronic Gaming & Multimedia |
| Core business | Tencent is China's largest technology company, operating WeChat (China's dominant messaging and payment super-app), online gaming (League of Legends through Riot Games, Brawl Stars through Supercell, Call of Duty Mobile, and major Chinese titles), fintech (WeChat Pay), cloud, and media businesses. | NetEase is China's second-largest gaming company, developing and operating online games in China (Fantasy Westward Journey, Naraka: Bladepoint) and increasingly internationally, plus operating NetEase Cloud Music (a major Chinese music streaming platform) and e-learning services. |
| Investor focus | Investors track Tencent's gaming revenue (domestic China and international through portfolio investments), WeChat monetization (advertising, mini-programs, payments), cloud and business services growth, and the diversified investment portfolio spanning global technology companies. | Investors track NetEase's gaming revenue and new game pipeline, NetEase Cloud Music subscription growth and monetization, international game expansion results, and the company's ability to maintain profitable operations while investing in global game development. |
TCEHY strengths
- World's largest gaming company by revenue through a combination of owned studios (Riot Games, Supercell) and China's dominant gaming platform for publishers distributing through WeChat
- WeChat's 1.3+ billion users create an unparalleled captive distribution channel for games, where Tencent can launch gaming titles with immediate access to all Chinese smartphone users
- Massive diversified investment portfolio in global technology companies (Snapchat, Epic Games, Ubisoft stakes) provides indirect exposure to global gaming and internet trends
NTES strengths
- Strong game development capabilities — NetEase has developed original gaming IP (Fantasy Westward Journey, Naraka: Bladepoint) that has achieved success both in China and internationally
- NetEase Cloud Music is a significant music streaming platform in China with hundreds of millions of monthly active users, providing a non-gaming revenue diversification
- International game expansion — Naraka: Bladepoint on Steam demonstrated NetEase can build games that succeed with global (non-Chinese) audiences
Risks to watch — TCEHY
- Chinese gaming regulations requiring real-name registration and limiting gaming hours for minors have structurally reduced the growth rate of China's gaming market
- WeChat's ubiquity creates regulatory risk — the Chinese government has shown willingness to constrain dominant technology platforms that accumulate too much social and economic power
- Global gaming market is highly competitive with Sony, Microsoft, Nintendo, Activision, EA, and Take-Two — Tencent's owned studios must compete for developers and IP globally
Risks to watch — NTES
- NetEase relies on Blizzard Entertainment (World of Warcraft, Diablo) publishing rights for Chinese distribution — the temporary suspension of their Blizzard publishing partnership in 2023 demonstrated license concentration risk
- New game pipeline execution is critical — unlike Tencent's diversified investment approach, NetEase's success depends on its own studio output
- Chinese gaming regulatory environment affects both Tencent and NetEase equally — game approval queues and content restrictions create timing uncertainty for new title launches
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