• NetEase average ebitda margin for 2023 was 27.18%, a 16.4% increase from 2022.
• NetEase average ebitda margin for 2022 was 23.35%, a 3.64% increase from 2021.
• NetEase average ebitda margin for 2021 was 22.53%, a 18.25% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.