JOYY Inc. American Depositary Shares (YY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 24	$1.02	$1.77	+73.5%	—	$549.4M	—
Q3 24	$0.92	$1.07	+16.3%	—	$558.7M	—
Q2 24	$0.92	$1.17	+27.2%	—	$565.1M	—
Q1 24	$0.81	$1.02	+25.9%	—	—	—
Q4 23	$0.64	$1.01	+57.8%	—	—	—
Q3 23	$0.49	$1.22	+149.0%	—	—	—
Q2 23	$0.4	$1.29	+222.5%	—	$547.3M	—
Q1 23	$0.34	$0.64	+88.2%	—	$583.6M	—
Q4 22	$0.29	$0.65	+124.1%	—	$604.9M	—
Q3 22	$0.39	$0.96	+146.2%	—	$586.7M	—
Q2 22	$0.2	$0.65	+225.0%	—	$596.1M	—
Q1 22	$0.27	$0.28	+3.7%	—	$623.8M	—
Q4 21	$0.32	$1.15	+259.4%	—	$663.7M	—
Q3 21	-$0.04	$0.42	+1150.0%	—	$650.5M	—
Q2 21	-$1.17	-$0.06	+94.9%	—	$661.7M	—
Q1 21	-$0.74	-$1.94	-162.2%	—	$643.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY24	—	-$2.6	—	—	$2.2B	—
FY23	—	$5.4	—	—	$2.3B	—
FY22	—	$1.66	—	—	$2.4B	—
FY21	—	-$1.22	—	—	$2.6B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	$126.4M	$164.4M	$247.1M	$16.8M	$125.3M	$266.9M	$2.6B	$2.4B	$2.3B	$2.2B
YoY change	+53.2%	+30.1%	+50.3%	-93.2%	+647%	+113%	+881.3%	-7.92%	-5.96%	-1.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	126.4M	164.4M	247.1M	16.8M	125.3M	266.9M	2.6B	2.4B	2.3B	2.2B
Cost of revenue	76.7M	102.3M	149.8M	14.7M	91.4M	191.8M	1.8B	1.6B	1.5B	1.4B
Gross profit	49.7M	62.1M	97.4M	2.1M	33.9M	75.1M	837.9M	852.1M	813M	806.2M
Gross margin	39.3%	37.8%	39.4%	12.5%	27.1%	28.2%	32%	35.3%	35.8%	36%
Research & development	11.8M	13.5M	16.7M	10.4M	32.9M	42.1M	279.8M	261.8M	295.5M	278.7M
Selling, general & administrative	14.4M	17.4M	26.3M	17.3M	75.1M	90.7M	690.1M	542.3M	492.2M	485.9M
Operating expenses	24.4M	28.4M	40.6M	27.5M	107.3M	131.7M	949.5M	786.6M	778M	758.5M
Operating income	25.3M	33.8M	56.8M	-25.4M	-73.3M	-56.6M	-111.6M	65.6M	35M	47.7M
Operating margin	20%	20.5%	23%	-151.3%	-58.5%	-21.2%	-4.26%	2.72%	1.54%	2.13%
Non-operating income, net	-1.2M	2.3M	1.7M	30.4M	56.9M	56.6M	-42.7M	488.6M	78.2M	-445.9M
Pretax income	24.9M	35.7M	61.6M	11.4M	-13.2M	1.9M	-77.6M	634.6M	288M	-227.5M
Income tax	3.8M	5.6M	8.9M	1.4M	-2.8M	3.9M	25.7M	34.6M	18.9M	13.5M
Net income	21.4M	30.3M	53.5M	42.8M	76.1M	192M	-94M	101.6M	272.4M	-242.6M
Net margin	16.9%	18.4%	21.6%	255.1%	60.7%	71.9%	-3.59%	4.21%	12%	-10.8%
EBITDA	32.2M	40.6M	65.7M	-16.3M	-43.5M	-16.3M	162.1M	322.1M	352.7M	325.8M
EPS	2.83	3.89	6.44	3.72	6.25	18.4	-1.22	1.66	5.4	-2.6
Diluted EPS	2.77	3.8	6.33	3.69	6.17	18.4	-1.22	1.59	4.8	-2.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Revenue	596.1M	586.7M	604.9M	583.6M	547.3M	—	—	—	565.1M	558.7M	549.4M	—
Cost of revenue	377.7M	366.5M	392.6M	379M	349.6M	—	—	—	366.2M	350.5M	345.7M	—
Gross profit	218.4M	220.2M	212.3M	204.6M	197.8M	—	—	—	198.9M	208.1M	203.8M	178.6M
Gross margin	36.6%	37.5%	35.1%	35.1%	36.1%	—	—	—	35.2%	37.3%	37.1%	—
Research & development	62.9M	61.2M	73.6M	75.8M	75.5M	—	—	—	69.9M	72.4M	67.5M	—
Selling, general & administrative	122.1M	141M	142.7M	129.6M	116.2M	—	—	—	128.8M	119.6M	111.1M	—
Operating expenses	179.7M	200.4M	211.7M	202.1M	188.3M	—	—	—	198.3M	191.7M	176.7M	—
Operating income	38.7M	19.8M	659K	2.5M	9.4M	—	—	—	626K	16.4M	27.1M	—
Operating margin	6.5%	3.38%	0.11%	0.43%	1.72%	—	—	—	0.11%	2.94%	4.93%	—
Non-operating income, net	17.4M	502.6M	-11.9M	-8.8M	95.8M	—	—	—	2.1M	-1.5M	-448.3M	—
Pretax income	70.7M	544.2M	17.6M	34.7M	148.8M	—	—	—	47.6M	55.5M	-382.7M	51.4M
Income tax	22.9M	7.9M	4.6M	8.2M	5.4M	—	—	—	2.6M	6.3M	41K	—
Net income	15M	509.5M	-390.1M	19.9M	147.3M	—	—	—	47.8M	56M	-386.5M	—
Net margin	2.51%	86.8%	-64.5%	3.42%	26.9%	—	—	—	8.46%	10%	-70.4%	—
EBITDA	56.7M	44.8M	32.7M	46.7M	56M	—	—	—	47.3M	57.5M	65.9M	—
EPS	0.23	7.12	-5.38	0.36	2.27	1.99	15.6	0.73	0.87	1.06	-113.4	—
Diluted EPS	0.23	6.28	-5.38	0.35	2.02	1.86	14.8	0.69	0.83	1.05	—	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Market cap	3.5B	2.2B	6.7B	3.8B	—	6.4B	3.3B	2.3B	2.6B	—	—
Enterprise value	3.5B	2.2B	6.5B	3.5B	—	6B	-101.5M	-756.5M	-222.9M	—	—
Shares outstanding	56.3M	56.4M	59.3M	64M	77.2M	80M	73.6M	72M	65.4M	57.9M	57.9M

Valuation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
P/E	164.2	73.4	125.5	89.6	—	33.3	—	22.4	9.54	—	—
P/S	27.8	13.5	27.1	228.5	—	24	1.28	0.94	1.15	—	—
P/B	50.5	21.9	29.4	8.87	—	7.37	0.6	0.42	0.49	—	—
EV/EBITDA	109	53.4	99.4	-217.9	—	-371.1	-0.63	-2.35	-0.63	—	—
EV/Sales	27.8	13.2	26.4	211.2	—	22.6	-0.04	-0.31	-0.1	—	—
Earnings yield	0.61%	1.36%	0.8%	1.12%	—	3%	—	4.47%	10.5%	—	—
FCF yield	0.95%	1.97%	1.05%	2.23%	—	0.74%	0.76%	10.9%	8.22%	—	—

Profitability

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Gross margin	39.3%	37.8%	39.4%	12.5%	27.1%	28.2%	32%	35.3%	35.8%	36%	36%
Operating margin	20%	20.5%	23%	-151.3%	-58.5%	-21.2%	-4.26%	2.72%	1.54%	2.13%	2.13%
Net margin	16.9%	18.4%	21.6%	255.1%	60.7%	71.9%	-3.59%	4.21%	12%	-10.8%	-10.8%
ROE	30.7%	29.9%	23.4%	9.9%	9.95%	22.1%	-1.69%	1.88%	5.15%	-5.1%	-5.1%
ROA	13.7%	15.4%	17.3%	8.21%	7.33%	17%	-1.03%	1.12%	3.21%	-3.22%	-3.22%
ROIC	33.3%	57%	88.9%	-15.6%	-13.1%	0%	-5.28%	2.6%	1.32%	1.58%	1.58%
Return on tangible assets	14.9%	25.6%	23.5%	9.61%	22.9%	43.9%	-2.45%	4.38%	14.4%	-12.3%	-12.3%

Financial health

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Current ratio	2.62	1.25	3.22	4.28	3.77	4.13	2.02	1.51	1.32	0.96	0.96
Quick ratio	2.61	1.25	3.22	4.28	3.77	4.13	2.02	1.51	1.32	0.96	0.96
Debt / equity	0.79	0.55	0.06	0	0.15	0.15	0.17	0.17	0.09	0.01	0.01
Debt / assets	0.35	0.28	0.04	0	0.11	0.11	0.1	0.1	0.06	0.01	0.01
Net debt / EBITDA	-0.17	-1.26	-2.64	17.8	4.72	22.6	-21.3	-9.41	-8	-5.34	-5.34
Interest coverage	13	23	91	66.6	-1.49	1.18	-4.36	50.7	28.6	-45.9	-45.9
Effective tax rate	15.3%	15.7%	14.4%	12%	0%	100%	0%	5.45%	6.55%	0%	0%

Per share

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Revenue per share	2.25	2.92	4.17	0.26	1.62	3.34	35.6	33.5	34.7	38.7	38.7
EPS (basic)	2.83	3.89	6.44	3.72	6.25	18.4	-1.22	1.66	5.4	-2.6	-2.6
EPS (diluted)	2.77	3.8	6.33	3.69	6.17	18.4	-1.22	1.59	4.8	-2.6	-2.6
Book value per share	1.24	1.8	3.85	6.75	9.89	10.9	75.5	75.2	80.8	82.2	82.2
FCF per share	0.59	0.78	1.19	1.33	0.96	0.6	0.35	3.44	3.26	3.87	3.87
Cash per share	1.08	1.9	3.14	4.52	4.14	6.19	59.6	54.7	50.6	31	31
Capex per share	0.08	0.06	0.14	0.07	0.22	0.26	0.92	0.85	1.19	1.43	1.43

Capital allocation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Capex / revenue	3.52%	1.98%	3.42%	27.8%	13.7%	7.83%	2.58%	2.55%	3.43%	3.71%	3.71%
Capex / operating cash flow	17.4%	7.98%	11.7%	-2.82%	118.7%	49.5%	101.6%	19.2%	20.6%	-48.1%	-48.1%
Payout ratio	—	—	—	0%	0%	4.68%	-170.4%	143.7%	30.9%	0%	0%
Dividend yield	—	—	—	0%	—	0.14%	4.79%	6.42%	3.24%	—	—

Yield

—

trailing twelve months

Frequency

Quarterly

Last dividend

$0.20

ex-dividend Sep 25, 2023

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 25, 2023	$0.20
Jun 20, 2023	$0.51
Apr 12, 2023	$0.51
Dec 22, 2022	$0.51
Sep 21, 2022	$0.51
Jun 22, 2022	$0.51
Apr 13, 2022	$0.51
Dec 9, 2021	$0.51

Period	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Revenue	$596.1M	$586.7M	$604.9M	$583.6M	$547.3M	—	—	—	$565.1M	$558.7M	$549.4M	—
YoY change	-9.92%	-9.81%	-8.86%	-6.44%	-8.18%	—	—	—	+3.25%	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Cash & short-term investments	60.5M	106.8M	186.3M	289.5M	319.6M	494.9M	4.4B	3.9B	3.3B	1.8B
Receivables	2.8M	3.4M	3.3M	6.3M	13.3M	19.9M	114.4M	117.9M	130.7M	121.9M
Inventory	308.3K	45.4K	6.7K	0	—	—	—	—	—	—
Total current assets	77.8M	117.5M	215.9M	333.5M	572.7M	542.9M	5.1B	4.6B	4.1B	2.6B
Property, plant & equipment	6.3M	266.3M	259M	274.6M	25.5M	35.4M	207.6M	216.9M	135.9M	238.2M
Goodwill & intangibles	12.8M	78M	80.2M	75.7M	706.6M	688.8M	5.3B	6.8B	6.6B	5.5B
Total assets	156.5M	196.1M	308.2M	521.2M	1B	1.1B	9.1B	9.1B	8.5B	7.5B
Accounts payable	2.8M	2.7M	1.6M	2.3M	2.4M	2.9M	18M	56M	66.8M	84M
Short-term debt	—	55.5M	12.5M	138.8K	12.7M	17.7M	11M	484.8M	470.1M	45.6M
Total current liabilities	29.7M	94M	67M	77.9M	151.9M	131.4M	2.5B	3.1B	3.1B	2.7B
Long-term debt	55.1M	—	139.3K	0	101.4M	109.6M	929.8M	422.8M	18.4M	9.9M
Total liabilities	86.9M	94.8M	79.8M	88.8M	274.3M	258M	3.6B	3.7B	3.2B	2.8B
Shareholders' equity	69.6M	101.2M	228.3M	432.4M	764M	868.4M	5.6B	5.4B	5.3B	4.8B
Total debt	55.1M	55.5M	12.7M	138.8K	114.2M	127.2M	940.9M	907.6M	488.5M	55.6M
Net debt	35.2M	23.8M	-43.1M	-121.3M	60.3M	-115.3M	-896.3M	-306.9M	-575.4M	-389.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Cash & short-term investments	4B	3.9B	3.9B	3.9B	3.4B	3.4B	3.3B	3.1B	2.8B	2.5B	1.8B	801.5M
Receivables	114.1M	113.3M	117.9M	120.4M	121M	119.9M	130.7M	126.7M	116M	129.3M	121.9M	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	4.7B	4.6B	4.6B	4.6B	4.2B	4.2B	4.1B	4B	3.6B	3.3B	2.6B	—
Property, plant & equipment	348.4M	365.6M	216.9M	389.4M	373M	406.5M	135.9M	442.9M	452.4M	486.2M	238.2M	—
Goodwill & intangibles	5.2B	6.8B	6.8B	6.7B	6.7B	6.6B	6.6B	6.6B	6.5B	6.5B	5.5B	564.8M
Total assets	8.7B	9.4B	9.1B	9.1B	8.4B	8.4B	8.5B	8.6B	8.1B	8.1B	7.5B	—
Accounts payable	20.5M	42.6M	56M	54.8M	55.5M	57.1M	66.8M	65.7M	73M	91.5M	84M	—
Short-term debt	485.7M	494.8M	484.8M	483.1M	470.9M	487.1M	470.1M	495.3M	89.1M	66.2M	45.6M	—
Total current liabilities	2.9B	3B	3.1B	3.1B	3B	3.1B	3.1B	3.1B	2.7B	2.7B	2.7B	860.4M
Long-term debt	412M	422.3M	422.8M	429.9M	21.9M	19.7M	18.4M	16.8M	15.1M	11.9M	9.9M	—
Total liabilities	3.5B	3.6B	3.7B	3.7B	3.2B	3.2B	3.2B	3.2B	2.8B	2.8B	2.8B	955.3M
Shareholders' equity	5.3B	5.8B	5.4B	5.4B	5.2B	5.3B	5.3B	5.3B	5.3B	5.3B	4.8B	—
Total debt	897.7M	917M	907.6M	912.9M	492.9M	506.8M	488.5M	512.2M	104.2M	78.1M	55.6M	—
Net debt	-495.9M	-309.6M	-306.9M	-488.4M	-266.4M	-732.9M	-575.4M	-216.1M	-502.9M	-403.6M	-389.2M	—

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Net income	21.4M	30.3M	53.5M	42.8M	76.1M	192M	-129.6M	101.6M	272.4M	-242.6M
Depreciation & amortization	4M	5.5M	5.1M	2.5M	21.3M	28.3M	182.9M	163.4M	132.5M	102.6M
Stock-based compensation	4M	3.2M	5.5M	4.6M	10.6M	12.8M	33.4M	44.1M	32M	23.2M
Change in working capital	2.9M	2M	7.9M	2.1M	-9.4M	-6.6M	-19.6M	-231K	-51.5M	-49.5M
Operating cash flow	25.5M	40.7M	72.1M	-165.4M	14.5M	42.2M	66.5M	319.6M	376.7M	-172.4M
Capital expenditure	-4.4M	-3.3M	-8.4M	-4.7M	-17.2M	-20.9M	-67.6M	-61.5M	-77.7M	-83M
Investing cash flow	-21.4M	-42.3M	-64.4M	-36.4M	-236M	96.3M	-732.8M	-510.1M	420.8M	-209.5M
Dividends paid	—	—	—	0	0	-9M	-160.1M	-145.9M	-84.2M	0
Share repurchases	-22.3M	0	0	-90.5K	-3.4M	-14.8M	-398.6M	-138.1M	-273.9M	-259.4M
Financing cash flow	-7.2M	213.3K	29.7M	25.2M	192M	-20.7M	-723.5M	-321.9M	-799.7M	-707.9M
Net change in cash	-3.2M	-1.3M	37.4M	-176.6M	-29.5M	117.8M	-1.4B	-512.3M	-2.2M	-1.1B
Free cash flow	33.3M	43.9M	70.4M	85.5M	74.5M	47.6M	25.5M	247.3M	213.6M	224.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 11	Q4 11	Q3 12	Q4 12	Q4 13	Q1 18	Q1 19
Net income	—	52.2K	—	749.2K	4.5M	—	—
Depreciation & amortization	76.9K	113K	205.4K	242.7K	328.9K	—	—
Stock-based compensation	764.7K	676.3K	468.6K	582.1K	596.5K	—	—
Change in working capital	73.4K	513.6K	512.5K	333.7K	1.3M	—	—
Operating cash flow	873.2K	1.2M	1M	1.8M	6.3M	—	—
Capital expenditure	-169.9K	-471.9K	-459.8K	-333.4K	-442.5K	—	—
Investing cash flow	-4M	4.9M	569.6K	-10.1M	-11.6M	-65.1M	31.1M
Dividends paid	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—
Financing cash flow	3.6M	202.1K	0	12.3M	-1.6K	59.7M	28.6M
Net change in cash	392.1K	6.3M	1.6M	4.1M	-5.3M	-5.5M	59.7M
Free cash flow	480.4K	816.7K	1.9M	2.4M	7.8M	17.3M	20M

JOYY Inc. American Depositary Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement