The9 vs Waton Financial
The9 is the larger business, with $15.0m of revenue in fiscal 2025 against $11.1m for Waton Financial (1.4 times as much). Waton Financial grew faster (48.8% against -3.3%). Waton Financial kept more of each dollar of sales as profit: a net margin of -136.7% against -373.0%.
| Latest fiscal year | The9NCTY, 2025 | Waton FinancialWTF, 2026 |
|---|---|---|
| Revenue | $15.0m | $11.1m |
| Revenue growth | -3.3% | 48.8% |
| Net income | −$56.0m | −$15.2m |
| Operating margin | — | -131.1% |
| Net margin | -373.0% | -136.7% |
| Return on equity | -152.0% | -87.9% |
| Free cash flow | — | −$7.4m |
| Cash | $8.4m | $10.4m |
| Total debt | $31.8m | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $0 |
| Employees | — | — |
| Market value | $20.4m | $100m |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |