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JOYY, Inc. Sponsored ADR Class A (JOYY)

NASDAQ / Communication Services / Internet Content & Information

Share price

83.16 USD Market dataClose of Oct 15, 2026

Market capitalisation

4.10B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 28, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

0.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

1.95x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

3.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 1.18B USDFY2016 Net income: 219.5M USDFY2017 Revenue: 1.78B USDFY2017 Net income: 383.2M USDFY2018 Revenue: 2.29B USDFY2018 Net income: 307.7M USDFY2019 Revenue: 3.67B USDFY2019 Net income: 509.8M USDFY2020 Revenue: 2.03B USDFY2020 Net income: 1.37B USDFY2021 Revenue: 2.62B USDFY2021 Net income: -80.3M USDFY2022 Revenue: 2.41B USDFY2022 Net income: 128.9M USDFY2023 Revenue: 2.27B USDFY2023 Net income: 301.8M USDFY2024 Revenue: 2.24B USDFY2024 Net income: -146.2M USDFY2025 Revenue: 2.12B USDFY2025 Net income: 2.10B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
6 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 1.95x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Internet Content & Information industry (33 companies), 1.95x sits at the 10th percentile; the middle half of that group runs from 5.74x to 36.60x.

Is it good

Return on invested capital was 0.8% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Communication Services sector (85 companies), 0.8% sits at the 43rd percentile; the middle half of that group runs from -2.0% to 8.8%.

Is it safe

Interest coverage was 108.18x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether JOYY, Inc. Sponsored ADR Class A's return on equity stayed above the median of the Internet Content & Information industry, year by year. (FY2017 to FY2025, 9 fiscal years of JOYY, Inc. Sponsored ADR Class A with a comparable figure)
The direction
Which way JOYY, Inc. Sponsored ADR Class A's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of JOYY, Inc. Sponsored ADR Class A)
What could explain it
What in JOYY, Inc. Sponsored ADR Class A's filed statements could explain the movements. (9 readings drawn from the statement lines JOYY, Inc. Sponsored ADR Class A filed)
What to check next
What to check next on JOYY, Inc. Sponsored ADR Class A, and where in its filings. (6 questions for JOYY, Inc. Sponsored ADR Class A)
In one paragraph
One paragraph on JOYY, Inc. Sponsored ADR Class A's returns, cash, balance sheet and price. (15 of sixteen figures read for JOYY, Inc. Sponsored ADR Class A)

These are JOYY’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research JOYYPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 28, 2026, accession 0001104659-26-049917.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

JOYY, Inc. Sponsored ADR Class A: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax0.8% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Return on equity32.1% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Return on capital employed, pre-tax0.8% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Return on assets27.8% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Gross margin35.9% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Operating margin2.6% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Net margin98.8% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
JOYY 98.8%
Z 0.9%ZG 0.9%DJT -19343.4%
-19343.4%98.8%
Net margin: JOYY against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

JOYY, Inc. Sponsored ADR Class A: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.005 ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Current ratio1.85 ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Quick ratio1.85 ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Interest coverage108.18x ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Altman Z-score3.88 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Net debt-956.3M ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Total assets 7.55BTotal liabilities 950.5MShareholders' equity 6.54BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What JOYY, Inc. Sponsored ADR Class A owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 28, 2026, 0001104659-26-049917).

JOYY, Inc. Sponsored ADR Class A: balance sheet position
Total assets7.55B FiledFY2025 20-F, filed Apr 28, 2026
Total liabilities950.5M FiledFY2025 20-F, filed Apr 28, 2026
Shareholders' equity6.54B FiledFY2025 20-F, filed Apr 28, 2026
Cash988.0M FiledFY2025 20-F, filed Apr 28, 2026
Total debt31.6M FiledFY2025 20-F, filed Apr 28, 2026
Net debt-956.3M
Current ratio1.85
Debt to equity0.005

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

JOYY, Inc. Sponsored ADR Class A: what the market charges, each with its source
FigureValue, source and document
Price to earnings1.95x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.63x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Price to sales1.93x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Enterprise value to EBIT67.28x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Enterprise value to EBITDA44.23x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Price to earnings over growth0.11 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917

We publish no fair value or price target of our own. Value JOYY on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for JOYY, Inc. Sponsored ADR Class A today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

JOYY, Inc. Sponsored ADR Class A: valuation
Share price83.16 USD
Market capitalisation4.10B USD
Enterprise value to EBITDA44.23x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like JOYY, Inc. Sponsored ADR Class A

  1. Zillow Group, Inc. Class C (Z)Market cap 7.11B USD
  2. Zillow Group, Inc. Class A (ZG)Market cap 7.29B USD
  3. Trump Media & Technology Group Corp. (DJT)Market cap 2.06B USD

Same industry (Internet Content & Information) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

JOYY, Inc. Sponsored ADR Class A: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield3.9% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Free cash flow159.2M USD ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Free cash flow margin7.5% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Dividend yield
Why n/a

No common dividend is on file for the year before, so one payment is not shown to be a run rate.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Payout ratio7.4% ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
FY2016 Free cash flow: 325.3M USDFY2016 Net income: 219.5M USDFY2017 Free cash flow: 510.4M USDFY2017 Net income: 383.2M USDFY2018 Free cash flow: 600.8M USDFY2018 Net income: 307.7M USDFY2019 Free cash flow: 542.2M USDFY2019 Net income: 509.8M USDFY2020 Free cash flow: 344.2M USDFY2020 Net income: 1.37B USDFY2021 Free cash flow: 139.6M USDFY2021 Net income: -80.3M USDFY2022 Free cash flow: 247.5M USDFY2022 Net income: 128.9M USDFY2023 Free cash flow: 214.0M USDFY2023 Net income: 301.8M USDFY2024 Free cash flow: 224.9M USDFY2024 Net income: -146.2M USDFY2025 Free cash flow: 159.2M USDFY2025 Net income: 2.10B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

JOYY, Inc. Sponsored ADR Class A: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
1.95xFY2025Oct 15, 2026
0.63xFY2025Oct 15, 2026
67.28xFY2025Oct 15, 2026
3.9%FY2025Oct 15, 2026
0.8%FY2025Apr 28, 2026
n/aFY2025Oct 15, 2026
n/a No common dividend is on file for the year before, so one payment is not shown to be a run rate.
0.005FY2025Apr 28, 2026
1.85FY2025Apr 28, 2026
1.93xFY2025Oct 15, 2026
0.11FY2025Oct 15, 2026
3.88FY2025Oct 15, 2026
-1.38FY2025Apr 28, 2026
4/9FY2025Apr 28, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports JOYY, Inc. Sponsored ADR Class A filed with the SEC. Each year names its filing. Amounts in USD, as filed.

JOYY, Inc. Sponsored ADR Class A: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20252.12B55.8M2.10Bn/a159.2M2.6%32.1%20-F, Apr 28, 20260001104659-26-049917
FY20242.24B-405.6M-146.2Mn/a224.9M-18.1%-3.1%20-F, Apr 29, 20250001410578-25-000972
FY20232.27B28.8M301.8Mn/a214.0M1.3%5.8%20-F, Apr 26, 20240001104659-24-052917
FY20222.41B50.7M128.9Mn/a247.5M2.1%2.5%20-F, Apr 27, 20230001410578-23-000819
FY20212.62B-106.7M-80.3Mn/a139.6M-4.1%-1.4%20-F, Apr 29, 20220001410578-22-001097
FY20202.03B-406.8M1.37Bn/a344.2M-20.1%22.0%20-F, Apr 28, 20210001104659-21-056541
FY20193.67B-515.4M509.8Mn/a542.2M-14.0%10.7%20-F, Apr 27, 20200001104659-20-051592
FY20182.29B383.9M307.7Mn/a600.8M16.8%11.4%20-F, Apr 26, 20190001144204-19-021598
FY20171.78B414.9M383.2Mn/a510.4M23.3%23.5%20-F, Apr 26, 20180001144204-18-022708
FY20161.18B255.1M219.5Mn/a325.3M21.6%30.2%20-F, Apr 20, 20170001144204-17-021263
  • Revenue, compound annual growth FY2016 to FY2025: 6.7%
  • Earnings, compound annual growth FY2016 to FY2025: 28.5%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2025: -7.6%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

JOYY, Inc. Sponsored ADR Class A: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-1.38 ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Piotroski F-score4/9 ComputedFY2025 20-F, filed Apr 28, 2026, 0001104659-26-049917
Named tests met6 of 30 Computed
Beta0.58 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 6 met, 18 not met, 6 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Low beta, profitable; Z-score and coverage (Edward Altman); Owner earnings yield; Book or below, low debt (Walter Schloss); Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; ROIC at or above WACC; Near the 52-week low; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
Low PEG, low debt (Peter Lynch); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Cash-covered dividend; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(7)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: No common dividend is on file for the year before, so one payment is not shown to be a run rate.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 7 figures could not be read on this company, among them Positive Earnings Streak, Eps Growth 5Y, Dividend Yield. Each blank in the table above names the rest, with its reason. 6 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.