# Joyy (JOYY.US)

Canonical: https://gigainvestors.com/s/JOYY

Analysis as of: 2026-10-16T07:29:32.567Z. Financial observations: FY2009–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $83.16 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 2.42×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.23×

- FY2018: -1.51×

- FY2019: -0.57×

- FY2020: -0.21×

- FY2021: -0.04×

- FY2022: 0.03×

- FY2023: 0.02×

- FY2024: 0.02×

- FY2025: 0.03×

- LTM to Jun 2026: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 0.7%

- ROIC, second-lowest year: -4.1%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 35.6%

- Recent gross margin (lower of latest and 3-year median): 35.9%

- Years with nonpositive capital: 3

- Capital spending / revenue: 13.4%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.7%

- FY2017: 14.1%

- FY2018: -4.1%

- FY2019: -1.1%

- FY2020: -2.3%

- FY2021: -71.7%

- FY2022: 0.8%

- FY2023: 0.6%

- FY2024: 5.1%

- FY2025: 1.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.4B

- Net income, five-year total: $2.3B

- Return on incremental invested capital: 5.0%

- Working capital / revenue, annual change: -39.2 pp

- Working capital / revenue, change between three-year averages: -388.8 pp

- Working capital / revenue, final three-year average: 8.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.73×

- FY2023: 1.17×

- FY2024: 0.88×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.7% vs 1.6%

- Per-share earnings: 0.52 to 4.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -7.6%

- Market cap gain: $1.0B

- Cumulative retained earnings: $4.3B

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -7.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 29.6%

- Per-share value change: $3.61

- Per-share value, starting three-year median: $0.52

- Per-share value, ending three-year median: $4.13

- Buybacks concentrated in cheaper years (correlation): -0.24

- Average buyback yield: 5.5%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $281M

- Cumulative net income, 10 years: $2.7B

- ROIC, first three-year median: 8.7%

- ROIC, last three-year median: 1.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.52

- FY2017: $0.91

- FY2018: $0.76

- FY2019: $0.91

- FY2020: $2.66

- FY2021: -$1.10

- FY2022: $1.57

- FY2023: $4.13

- FY2024: -$2.53

- FY2025: $39.40

### accounting: fail

- Sloan accruals exceed 10%

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 23.8%

- Receivables to sales index (DSRI): 3.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.14×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -22.5%

- FY2017: -23.1%

- FY2018: -16.0%

- FY2019: -7.8%

- FY2020: -3.5%

- FY2021: -3.2%

- FY2022: -2.1%

- FY2023: 0.1%

- FY2024: -6.0%

- FY2025: 23.8%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 114% since Oct 2023 · "JOYY beats top-line and bottom-line estimates; gives FY outlook" (seekingalpha.com, Nov 2025) · sales +6.8%

Story as of 2026-10-16T09:58:59.953Z; price observation 2026-10-15.

- 2025-11-20: JOYY beats top-line and bottom-line estimates; gives FY outlook ([seekingalpha.com](https://seekingalpha.com/news/4524271-joyy-beats-top-line-and-bottom-line-estimates-gives-fy-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-26: JOYY misses top-line and bottom-line estimates; initiates Q2 outlook ([seekingalpha.com](https://seekingalpha.com/news/4596686-joyy-misses-top-line-and-bottom-line-estimates-initiates-q2-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +6.8%; source https://www.sec.gov/Archives/edgar/data/1530238/000110465926049917/joyy-20251231x20f.htm; observed 2026-04-28.

- FY2017: $270M 

- FY2018: $18M 

- FY2019: $131M 

- FY2020: $294M 

- FY2021: $2.6B 

- FY2022: $2.4B 

- FY2023: $2.3B 

- FY2024: $2.2B 

- FY2025: $2.1B 

- FY2026: $2.3B 

### Gross margin · FY2025

gross margin 35.9%; source https://www.sec.gov/Archives/edgar/data/1530238/000110465926049917/joyy-20251231x20f.htm; observed 2026-04-28.

- FY2016: 37.8% 

- FY2017: 39.4% 

- FY2018: 12.5% 

- FY2019: 27.1% 

- FY2020: 28.2% 

- FY2021: 32.0% 

- FY2022: 35.3% 

- FY2023: 35.8% 

- FY2024: 36.0% 

- FY2025: 35.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1530238/000110465926049917/joyy-20251231x20f.htm (filed 2026-04-28); FY2025: revenue 2124248000; grossProfit 762632000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.8% to 36% during 2023–25; it earns 0.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2024: grossProfit / revenue = 36%.

- Source: https://www.sec.gov/Archives/edgar/data/1530238/000110465926049917/joyy-20251231x20f.htm (filed 2026-04-28); FY2025: grossProfit / revenue = 35.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); 10-year return on capital observations [[2016,0.08703682101315745],[2017,0.14123536310325058],[2018,-0.040984017589436664],[2019,-0.010621089902187368],[2020,-0.02341811144514431],[2021,-0.7171027148327926],[2022,0.00803740856669482],[2023,0.005797251322461686],[2024,0.050954190261624954],[2025,0.016339189583764402]]; median 0.006917329944578253. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 132.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2016: growth capex 18451507.33112322; upkeep 15020654.888876777; owner earnings 22243037.111123223. Growth capex / owner earnings = 0.8295408238965737.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2017: growth capex 58017070.06; upkeep 5560156; cash acquisitions 947000; owner earnings 58428522. Growth capex plus acquisitions / owner earnings = 1.0091658669716137.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2019: growth capex 133967732; upkeep 22177362; cash acquisitions 240470000; owner earnings 73962068. Growth capex plus acquisitions / owner earnings = 5.062564394494756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2020: growth capex 130675299; upkeep 31155475; cash acquisitions 4673000; owner earnings 210314091. Growth capex plus acquisitions / owner earnings = 0.643553165441492.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2022: growth capex 0; upkeep 69219000; cash acquisitions 27926000; owner earnings 223051000. Growth capex plus acquisitions / owner earnings = 0.12520006635253822.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: growth capex 0; upkeep 82012000; cash acquisitions 0; owner earnings 352304000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1530238/000110465926049917/joyy-20251231x20f.htm (filed 2026-04-28); FY2025: growth capex 0; upkeep 143395000; cash acquisitions 0; owner earnings 2060863000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,64558000],[2021,160143000],[2022,145925000],[2023,84197000],[2024,0],[2025,155527000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1530238/000110465926049917/joyy-20251231x20f.htm (filed 2026-04-28); FY2025: cash repurchases 132779000 USD.

### Are managers owners

Insiders own 3.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JOYY.US SharesStats.PercentInsiders = 3.308 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Closing price 83.16 USD; reporting-to-trading FX 1; FY2025 annual sales per share 39.88271270291646; price multiple 2.0851139344370337. FY2025 cash earnings/share 38.692660625817005. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $48.07 per share

- 2016-11: $43.27 per share

- 2016-12: $39.42 per share

- 2017-01: $41.08 per share

- 2017-02: $44.29 per share

- 2017-03: $46.11 per share

- 2017-04: $48.97 per share

- 2017-05: $58.34 per share

- 2017-06: $58.03 per share

- 2017-07: $71.50 per share

- 2017-08: $74.72 per share

- 2017-09: $86.78 per share

- 2017-10: $90.39 per share

- 2017-11: $103.19 per share

- 2017-12: $113.06 per share

- 2018-01: $132.96 per share

- 2018-02: $129.33 per share

- 2018-03: $105.20 per share

- 2018-04: $96.39 per share

- 2018-05: $116.53 per share

- 2018-06: $100.47 per share

- 2018-07: $93.23 per share

- 2018-08: $76.43 per share

- 2018-09: $74.92 per share

- 2018-10: $63.90 per share

- 2018-11: $68.07 per share

- 2018-12: $59.86 per share

- 2019-01: $69.43 per share

- 2019-02: $70.50 per share

- 2019-03: $84.01 per share

- 2019-04: $84.61 per share

- 2019-05: $68.45 per share

- 2019-06: $69.69 per share

- 2019-07: $64.19 per share

- 2019-08: $57.15 per share

- 2019-09: $56.23 per share

- 2019-10: $56.84 per share

- 2019-11: $63.79 per share

- 2019-12: $52.79 per share

- 2020-01: $60.53 per share

- 2020-02: $53.97 per share

- 2020-03: $53.26 per share

- 2020-04: $60.96 per share

- 2020-05: $61.05 per share

- 2020-06: $88.55 per share

- 2020-07: $79.82 per share

- 2020-08: $85.44 per share

- 2020-09: $80.67 per share

- 2020-10: $91.38 per share

- 2020-11: $89.07 per share

- 2020-12: $79.98 per share

- 2021-01: $92.04 per share

- 2021-02: $117.90 per share

- 2021-03: $93.73 per share

- 2021-04: $95.06 per share

- 2021-05: $76.95 per share

- 2021-06: $65.97 per share

- 2021-07: $53.45 per share

- 2021-08: $63.30 per share

- 2021-09: $54.83 per share

- 2021-10: $50.39 per share

- 2021-11: $51.20 per share

- 2021-12: $45.43 per share

- 2022-01: $50.56 per share

- 2022-02: $46.29 per share

- 2022-03: $36.73 per share

- 2022-04: $39.57 per share

- 2022-05: $42.39 per share

- 2022-06: $29.86 per share

- 2022-07: $25.89 per share

- 2022-08: $30.32 per share

- 2022-09: $26.00 per share

- 2022-10: $25.23 per share

- 2022-11: $30.46 per share

- 2022-12: $31.59 per share

- 2023-01: $35.68 per share

- 2023-02: $31.40 per share

- 2023-03: $31.18 per share

- 2023-04: $30.43 per share

- 2023-05: $24.80 per share

- 2023-06: $30.71 per share

- 2023-07: $34.76 per share

- 2023-08: $34.32 per share

- 2023-09: $38.11 per share

- 2023-10: $38.92 per share

- 2023-11: $38.41 per share

- 2023-12: $39.70 per share

- 2024-01: $30.66 per share

- 2024-02: $31.50 per share

- 2024-03: $30.75 per share

- 2024-04: $32.62 per share

- 2024-05: $29.86 per share

- 2024-06: $30.09 per share

- 2024-07: $33.29 per share

- 2024-08: $34.39 per share

- 2024-09: $36.24 per share

- 2024-10: $34.05 per share

- 2024-11: $38.85 per share

- 2024-12: $41.85 per share

- 2025-01: $43.35 per share

- 2025-02: $46.79 per share

- 2025-03: $41.98 per share

- 2025-04: $41.16 per share

- 2025-05: $47.88 per share

- 2025-06: $50.91 per share

- 2025-07: $50.20 per share

- 2025-08: $54.06 per share

- 2025-09: $58.61 per share

- 2025-10: $59.31 per share

- 2025-11: $63.12 per share

- 2025-12: $64.76 per share

- 2026-01: $64.35 per share

- 2026-02: $59.67 per share

- 2026-03: $58.39 per share

- 2026-04: $58.99 per share

- 2026-05: $67.43 per share

- 2026-06: $65.99 per share

- 2026-07: $73.57 per share

- 2026-08: $74.64 per share

- 2026-09: $80.25 per share

- 2026-10: $83.16 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:17.103Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1530238/000110465926049917/joyy-20251231x20f.htm); period 2025-12-31, filed 2026-04-28.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.