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China's largest internet company: WeChat super-app, mobile/PC gaming, digital payments, cloud and advertising.
China's largest internet company: WeChat super-app, mobile/PC gaming, digital payments, cloud and advertising.
Earns from three engines: in-game purchases, advertising inside WeChat and its video and music services, and fees from payments and business services including cloud. It also holds stakes in many Chinese technology and gaming companies. Prosus, an investment company, has long been its largest shareholder.
In one line: China's Meta plus Visa plus a game publisher, combined.
Moat: wide (network effects, scale, data). WeChat is the default communication and payment layer for nearly all of China, creating powerful lock-in and cross-sell.
Headquarters: Shenzhen, China · Founded: 1998 · Employees: 115,849
Size Tencent (0700.HK) is a Hong Kong Communication Services company (Packaged Software) with a market value of $482B, the largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$419.80 on 6 Nov 2026.
Performance Over six months the shares fell 11.0%, against -9.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 12 in its peer set.
Growth Revenue grew 16.0% over the last twelve months (peer median +21.1%); the operating margin is 32.5% (peer median 17.3%).
Valuation It trades at 12.5× forward earnings against a peer median of 14.8× (5th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.8 points above its cost of capital (9.9% WACC).
Credit Tencent has 18 bonds outstanding ($24.9B), rated A+ by the agencies and trading like A at a weighted spread of 84 bp.
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$881B | HK$815B | HK$716B | HK$673B | HK$645B |
| Revenue growth | — | +14% | +6% | +4% | — |
| Gross profit | HK$484B | HK$446B | HK$371B | HK$318B | HK$271B |
| EBITDA | HK$366B | HK$337B | HK$278B | HK$237B | HK$191B |
| Net income | HK$263B | HK$244B | HK$210B | HK$127B | HK$219B |
| Free cash flow | n/a | HK$242B | HK$219B | HK$223B | HK$145B |
| Capital expenditure | n/a | HK$122B | HK$104B | HK$52.4B | HK$59.1B |
| Total debt | HK$545B | HK$453B | HK$381B | HK$409B | HK$403B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tencent 0700.HK | $482B | -11% | +16% | 32% | 12.5× | 6.4% |
| Baba-w 9988.HK | $266B | -25% | +8% | 4% | 16.4× | n/a |
| NTES 9999.HK | $81.4B | +8% | +10% | 35% | 14.0× | -3.5% |
| Meta Platforms META | $1.56T | 0% | +28% | 33% | 19.0× | 16.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0700.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +4.4% | 3rd lowest of 12 |
| 6-month return | -11.0% | -9.9% | 5th lowest of 12 |
| Distance from 52-week high | -36.0% | -28.1% | 6th lowest of 12 |
| Revenue growth (TTM) | +16.0% | +21.1% | 6th lowest of 12 |
| Operating margin | 32.5% | 17.3% | 4th highest of 12 |
| Forward P/E | 12.5× | 14.8× | 5th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 6.4% | -2.5% | 4th most demanding of 11 |
| Growth delivered (Del g) | +8.5% | +14.7% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | -2.2 pp | -12.8 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | +5.8 pp | +8.1 pp | 5th lowest of 10 |
| EV / EBITDA | 10.6× | 7.6× | 4th most expensive of 11 |
| Net debt / EBITDA | 0.0× | -1.5× | 3rd most indebted of 11 |
| Bond spread | 84 bp | 120 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tencent 0700.HK | Hong Kong | $482B | -11% | +16% | 32% | 12.5× | 6.4% | +8.5% |
| NTES 9999.HK | Hong Kong | $81.4B | +8% | +10% | 35% | 14.0× | -3.5% | +8.1% |
| Take-Two Interactive TTWO | United States | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% | +14.6% |
| Roblox RBLX | United States | $35.3B | +18% | +32% | -20% | n/a | 15.7% | +39.6% |
| Roku ROKU | United States | $23.9B | +24% | +21% | 8% | 39.1× | 39.6% | +21.6% |
| Konami 9766.T | Japan | $23.5B | +45% | +25% | 33% | 25.7× | -1.5% | +12.6% |
| Naver 035420.KS | South Korea | $20.3B | -10% | +15% | 17% | 15.5× | -0.6% | +17.8% |
| Krafton 259960.KS | South Korea | $6.94B | -17% | +55% | 30% | 12.4× | -18.5% | +14.8% |
| Trade Desk (The) TTD | United States | $6.11B | -44% | +12% | 20% | 121.4× | -5.8% | +28.2% |
| NC 036570.KS | South Korea | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% | -9.0% |
| Netmarble 251270.KS | South Korea | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% | +2.7% |
| DoubleUGames 192080.KS | South Korea | $795M | -10% | +25% | 33% | 5.7× | n/a | n/a |
Tencent has 18 bonds outstanding with $24.9B face value. The agencies rate it A+; its bonds trade like A. Weighted yield 5.75%, a spread of 84 bp over government bonds.