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Hot-deformed Nd-Fe-B ring magnets have wide potential applications. These ring magnets, however, exhibit axial inhomogeneity of magnetic performance. In this work, the effects of density, pressure, deformation temperature, deformation rate, and texture on axial magnetic performance were investigated over ring magnets prepared by backward extrusion method. It was demonstrated that the texture accounted for the variation of magnetic performance along axial direction. Microstructures of the ring magnets were examined with SEM, which further revealed two different origins of axial inhomogeneity of magnetic performance. The deformation degree of Nd-Fe-B grains plays a critical role in the performance difference between the top and middle part of ring magnet. But that between the middle and bottom part mainly results from different alignment orientations of platelet Nd-Fe-B grains. It was both deformation degree and alignment orientation that determined the axial texture and consequent magnetic performance of hot-deformed ring magnets.