JOYY Inc. (JOYY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the JOYY SEC filings page.
JOYY Inc. (JOYY) reported $2.1B in revenue for fiscal year 2025, down 5.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash-generating operations are JOYY’s dominant mechanic, while non-operating earnings swings can overwhelm reported profitability.
In FY2025,$2.10B of net income sat beside only$55.8M of operating income, so the headline profit was not explained by core operations. Operating cash flow was$302M , making cash conversion a more reliable guide to the business’s recurring economics than net income.
Revenue declined
The balance sheet became less liability-funded: debt-to-equity fell from 0.6x to 0.1x, while the current ratio recovered from 1.0x to 1.9x, strengthening both leverage and short-term coverage. However, free-cash-flow margin fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of JOYY Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
JOYY Inc. has an operating margin of 2.6%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 22/100, suggesting thin profitability after operating expenses. This is up from -18.1% the prior year.
JOYY Inc.'s revenue declined 5.1% year-over-year, from $2.2B to $2.1B. This contraction results in a growth score of 20/100.
JOYY Inc. carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
JOYY Inc.'s current ratio of 1.85 indicates adequate short-term liquidity, earning a score of 55/100. The company can meet its near-term obligations, though with limited headroom.
JOYY Inc. has a free cash flow margin of 7.5%, earning a moderate score of 62/100. The company generates positive cash flow after capital investments, but with room for improvement.
JOYY Inc. generates a 32.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is up from -3.1% the prior year.
JOYY Inc. scores 3.80, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.0B) relative to total liabilities ($950.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
JOYY Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, JOYY Inc. generates $0.14 in operating cash flow ($302.3M OCF vs $2.1B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
JOYY Inc. earns $108.18 in operating income for every $1 of interest expense ($55.8M vs $516K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
JOYY Inc. held $374.2M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
JOYY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
JOYY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.6B+0.3% | $7.5B-11.3% | $8.5B-6.5% | $9.1B-0.5% | $9.1B+12.7% | $8.1B+7.9% | $7.5B+100.1% | $3.7B+68.6% |
| Current Assets | $1.6B-36.7% | $2.6B-37.2% | $4.1B-12.3% | $4.6B-8.4% | $5.1B+30.0% | $3.9B-5.7% | $4.1B+72.5% | $2.4B+54.0% |
| Cash & Equivalents | $374.2M-15.9% | $444.8M-58.2% | $1.1B-12.4% | $1.2B-33.9% | $1.8B+5.4% | $1.7B+211.6% | $559.3M-36.0% | $873.3M+117.1% |
| Short-Term Investments | $613.7M+112.7% | $288.6M+5.0% | $274.8M-24.2% | $362.6M-61.7% | $946.5M+93.5% | $489.1M-39.4% | $807.6M+467.1% | $142.4M+643.9% |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% |
| Accounts Receivable | $154.4M+26.7% | $121.9M-6.8% | $130.7M+10.8% | $117.9M+3.1% | $114.4M-20.0% | $143.0M+30.6% | $109.5M+279.3% | $28.9M+22.0% |
| Long-Term Investments | $24.1M-40.9% | $40.8M-36.2% | $63.9M+200.1% | $21.3M | $0-100.0% | $1.0M | $0-100.0% | $667.8M+276.8% |
| Goodwill | $2.2B0.0% | $2.2B-17.2% | $2.6B0.0% | $2.6B+35.3% | $2.0B+4.6% | $1.9B+0.9% | $1.9B+108369.3% | $1.7M-5.0% |
| Total Liabilities | $950.5M-65.4% | $2.7B-13.5% | $3.2B-11.1% | $3.6B+2.2% | $3.5B+96.0% | $1.8B-6.9% | $1.9B+231.3% | $577.7M+16.7% |
| Current Liabilities | $874.0M-67.3% | $2.7B-13.4% | $3.1B+0.5% | $3.1B+22.3% | $2.5B+166.1% | $944.1M-13.9% | $1.1B+95.8% | $560.4M+15.9% |
| Non-Current Liabilities | $76.5M+8.9% | $70.2M-17.7% | $85.3M-82.8% | $497.2M-49.3% | $979.8M+17.0% | $837.3M+2.5% | $817.0M+4612.1% | $17.3M+50.3% |
| Total Equity | $6.5B+38.8% | $4.7B-8.6% | $5.2B-0.4% | $5.2B-6.3% | $5.5B-11.3% | $6.2B+31.3% | $4.7B+76.3% | $2.7B+65.2% |
| Retained Earnings | $4.7B+68.0% | $2.8B-5.1% | $2.9B+9.8% | $2.7B-1.0% | $2.7B-5.9% | $2.9B+95.3% | $1.5B+46.7% | $1.0B+25.4% |
Not reported in any period shown, so not listed: Long-Term Debt.
JOYY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
JOYY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| JOYY Inc. JOYY | FY2025 | $2.1B | $2.1B | 98.8% | $4.0B | 44/100 |
| Weibo Corporation WB | FY2025 | $1.8B | $449.0M | 25.6% | $1.7B | 77/100 |
| Autohome Inc. ATHM | FY2025 | $922.6M | $206.3M | 22.4% | $2.5B | 66/100 |
| Genius Sports Limited GENI | FY2025 | $669.5M | -$111.6M | -16.7% | $1.5B | 49/100 |
| IAC Inc. IAC | FY2025 | $2.4B | -$104.0M | -4.3% | $3.1B | 33/100 |
| RUM Group Inc. RUM | FY2025 | $100.6M | -$81.8M | -81.3% | $4.5B | 50/100 |
Where JOYY Inc. Ranks
Frequently Asked Questions
What is JOYY Inc.'s annual revenue?
JOYY Inc. (JOYY) reported $2.1B in total revenue for fiscal year 2025. This represents a -5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is JOYY Inc.'s revenue growing?
JOYY Inc. (JOYY) revenue declined by 5.1% year-over-year, from $2.2B to $2.1B in fiscal year 2025.
Is JOYY Inc. profitable?
Yes, JOYY Inc. (JOYY) reported a net income of $2.1B in fiscal year 2025, with a net profit margin of 98.8%.
What is JOYY Inc.'s EBITDA?
JOYY Inc. (JOYY) had EBITDA of $149.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is JOYY Inc.'s gross margin?
JOYY Inc. (JOYY) had a gross margin of 35.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is JOYY Inc.'s operating margin?
JOYY Inc. (JOYY) had an operating margin of 2.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is JOYY Inc.'s net profit margin?
JOYY Inc. (JOYY) had a net profit margin of 98.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is JOYY Inc.'s return on equity (ROE)?
JOYY Inc. (JOYY) has a return on equity of 32.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is JOYY Inc.'s free cash flow?
JOYY Inc. (JOYY) generated $159.2M in free cash flow during fiscal year 2025. This represents a -29.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is JOYY Inc.'s operating cash flow?
JOYY Inc. (JOYY) generated $302.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are JOYY Inc.'s total assets?
JOYY Inc. (JOYY) had $7.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are JOYY Inc.'s capital expenditures?
JOYY Inc. (JOYY) invested $143.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does JOYY Inc. spend on research and development?
JOYY Inc. (JOYY) invested $247.1M in research and development during fiscal year 2025.
What is JOYY Inc.'s current ratio?
JOYY Inc. (JOYY) had a current ratio of 1.85 as of fiscal year 2025, which is generally considered healthy.
What is JOYY Inc.'s debt-to-equity ratio?
JOYY Inc. (JOYY) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is JOYY Inc.'s return on assets (ROA)?
JOYY Inc. (JOYY) had a return on assets of 27.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is JOYY Inc.'s P/E ratio?
JOYY Inc. (JOYY) trades at 1.9x earnings, its market capitalization divided by net income of $2.1B net income, FY2025. The market capitalization is $4.0B as of Sep 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is JOYY Inc.'s price-to-sales ratio?
JOYY Inc. (JOYY) trades at 1.9x sales, its market capitalization divided by revenue of $2.1B revenue, FY2025. The market capitalization is $4.0B as of Sep 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is JOYY Inc.'s Altman Z-Score?
JOYY Inc. (JOYY) has an Altman Z-Score of 3.80, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is JOYY Inc.'s Piotroski F-Score?
JOYY Inc. (JOYY) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are JOYY Inc.'s earnings high quality?
JOYY Inc. (JOYY) has an earnings quality ratio of 0.14x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can JOYY Inc. cover its interest payments?
JOYY Inc. (JOYY) has an interest coverage ratio of 108.18x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is JOYY Inc.?
JOYY Inc. (JOYY) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.