The company maintains a conservative capital structure with a debt-to-equity ratio of 0.01 and a robust current ratio of 2.08 as of 2025Q2, providing a significant buffer against operational volatility.
| Total Current Assets | 2.5B | 2.63B | 4.47B | 6.69B | 7.08B | 7.23B | 8.03B | 8.6B | 6.12B | 862.85M | 675.92M |
| Cash & Short-Term Investments | 2.12B | 2.26B | 4.09B | 6.16B | 6.55B | 6.53B | 7.51B | 8.09B | 5.56B | 539.6M | 516.82M |
| Cash Only | 1.54B | 1.76B | 1.02B | 4.44B | 4.04B | 4.46B | 5.28B | 8.09B | 5.56B | 539.6M | 516.82M |
| Short-Term Investments | 583.72M | 502.82M | 3.07B | 1.72B | 2.51B | 2.08B | 2.23B | 0 | 0 | 0 | 0 |
| Accounts Receivable | 120.67M | 345.49M | 123.23M | 137.46M | 145.15M | 228.55M | 208.79M | 212.03M | 186.3M | 149.31M | 52.5M |
| Days Sales Outstanding | 10.32 | 33.02 | 10.53 | 9.07 | 7.45 | 9.1 | 7.94 | 10.63 | 18.61 | 28.9 | 24.35 |
| Inventory | 0 | 0 | 0 | 0 | 32.12M | 91.42M | 78.13M | 93.21M | 135.76M | 84.89M | 39.15M |
| Days Inventory Outstanding | - | - | - | - | 1.92 | 4.13 | 3.55 | 5.59 | 14.14 | 16.39 | 12.37 |
| Other Current Assets | 235.13M | 9.18M | 258.32M | 391.3M | 347.16M | 295.65M | 236.7M | 204.42M | 368.5M | 89.05M | 67.45M |
| Total Non-Current Assets | 709.85M | 488.36M | 977.26M | 1.39B | 1.07B | 927.81M | 874.2M | 502.02M | 377.84M | 168.76M | 103M |
| Property, Plant & Equipment | 18.7M | 12.95M | 22.91M | 36.6M | 66.9M | 97.42M | 99.93M | 38.91M | 50.43M | 50.27M | 49.29M |
| Fixed Asset Turnover | 188.45x | 294.93x | 186.43x | 151.10x | 106.25x | 94.08x | 96.08x | 187.19x | 72.47x | 37.51x | 15.96x |
| Goodwill | 0 | 0 | 0 | 0 | 13.8M | 12.64M | 12.93M | 30.97M | 13.57M | 0 | 0 |
| Intangible Assets | 45.19M | 33.58M | 60.92M | 120.69M | 106.72M | 161.54M | 141.67M | 198.06M | 131.01M | 16.65M | 11.32M |
| Long-Term Investments | 2.96B | 383.93M | 816.82M | 1.07B | 781.91M | 591.42M | 600.66M | 225.53M | 134.25M | 96.13M | 29.25M |
| Other Non-Current Assets | 76.07M | 57.88M | 76.62M | 163.18M | 98.84M | 64.78M | 19M | 8.55M | 48.58M | 5.71M | 13.14M |
| Total Assets | 3.21B | 3.12B | 5.45B | 8.07B | 8.15B | 8.16B | 8.91B | 9.1B | 6.49B | 1.03B | 778.92M |
| Asset Turnover | 0.97x | 1.22x | 0.78x | 0.69x | 0.87x | 1.12x | 1.08x | 0.80x | 0.56x | 1.83x | 1.01x |
| Asset Growth % | -186.64% | -42.68% | -32.53% | -0.9% | -0.14% | -8.43% | -2.15% | 40.17% | 529.58% | 32.44% | - |
| Total Current Liabilities | 1.2B | 1.13B | 1.23B | 1.38B | 1.56B | 1.85B | 1.88B | 1.79B | 2.86B | 871.92M | 523.9M |
| Accounts Payable | 482.75M | 554.48M | 498.67M | 534.43M | 666.98M | 824.13M | 986.07M | 890.04M | 800.37M | 452.07M | 335.98M |
| Days Payables Outstanding | 46.14 | 60.79 | 46.11 | 40.25 | 39.79 | 37.25 | 44.76 | 53.37 | 83.39 | 87.29 | 106.17 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.04B | 239.36M | 256.79M | 328.88M | 294.61M | 242.61M | 252.92M | 213.12M | 121.78M | 51.41M | 20.57M |
| Other Current Liabilities | 64.56M | 148.14M | 488.75M | 642.77M | 345.45M | 366.07M | 298.86M | 414.91M | 1.81B | 253.37M | 87.69M |
| Current Ratio | 2.08x | 2.33x | 3.63x | 4.86x | 4.54x | 3.91x | 4.27x | 4.79x | 2.14x | 0.99x | 1.29x |
| Quick Ratio | 2.08x | 2.33x | 3.63x | 4.86x | 4.52x | 3.86x | 4.23x | 4.74x | 2.09x | 0.89x | 1.22x |
| Cash Conversion Cycle | -35.82 | - | - | - | -30.42 | -24.02 | -33.27 | -37.15 | -50.64 | -41.99 | -69.44 |
| Total Non-Current Liabilities | 220K | 1.31M | 4.22M | 6.7M | 26.14M | 49.32M | 47.73M | 46.07M | 6.64B | 2.63B | 2.13B |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 13.74M | 1.31M | 4.22M | 6.7M | 19.57M | 31.28M | 16.95M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | -18.04M | -30.78M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | -114 | 18.04M | 30.78M | -348 | 6.64B | 2.63B | 2.13B |
| Total Liabilities | 1.21B | 1.13B | 1.24B | 1.38B | 1.58B | 1.9B | 1.93B | 1.84B | 9.51B | 3.5B | 2.65B |
| Total Debt | 12.35M | 8.01M | 15.68M | 21.47M | 47.05M | 61.7M | 53.23M | 0 | 0 | 0 | 0 |
| Net Debt | -1.52B | -1.75B | -1B | -4.42B | -3.99B | -4.39B | -5.23B | -8.09B | -5.56B | -539.6M | -516.82M |
| Debt / Equity | 0.01x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x | - | - | - | - |
| Debt / EBITDA | -0.05x | 0.19x | - | - | - | - | 0.14x | - | - | - | - |
| Net Debt / EBITDA | 6.26x | -41.30x | - | - | - | - | -14.01x | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | -86.67x |
| Total Equity | 2.01B | 1.99B | 4.22B | 6.69B | 6.56B | 6.26B | 6.98B | 7.26B | -3.01B | -2.47B | -1.87B |
| Equity Growth % | -213.48% | -52.87% | -36.92% | 1.96% | 4.82% | -10.3% | -3.94% | 341% | -22.03% | -31.76% | - |
| Book Value per Share | 66.44 | 65.90 | 136.85 | 209.19 | 205.20 | 192.31 | 211.35 | 231.00 | -371.39 | -301.59 | -217.55 |
| Total Shareholders' Equity | 2.01B | 1.99B | 4.22B | 6.69B | 6.56B | 6.33B | 6.94B | 7.24B | -3.01B | -2.47B | -1.87B |
| Common Stock | 20K | 20.01K | 20K | 23.34K | 23K | 23K | 23K | 22K | 5.15K | 0 | 0 |
| Retained Earnings | -3.83B | -3.82B | -3.78B | -3.49B | -3.52B | -3.37B | -2.86B | -3.35B | -3.39B | -2.51B | -1.9B |
| Treasury Stock | 0 | 0 | 0 | -911.22M | -911.22M | -802.25M | -695.1M | -168.57M | -48.99M | 0 | 0 |
| Accumulated OCI | 474.89M | 444.82M | 487.39M | 415.25M | 321.99M | -114.33M | 10.91M | 434.89M | 325.59M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 1K | -75.25M | 38.37M | 21.45M | 0 | 0 | 0 |
Capital allocation and stagnation
As reported in recent financial statements, DouYu's total assets have declined from $8.4B in 2023Q3 to $3.2B in 2025Q2, signaling a significant reduction in the company's balance sheet scale as the business model faces persistent competitive and regulatory headwinds within the Chinese digital entertainment market.
The sharp reduction in total assets suggests that the company is shedding value or failing to reinvest in its core operations, which may indicate a lack of viable growth opportunities. Investors should monitor whether this downward trajectory in asset volume reflects a strategic downsizing or an involuntary erosion of the company's competitive footprint.
Based on the company's reported figures, DouYu maintains a robust cash position of $1.5B as of 2025Q2, which, despite a decline from its $4.5B peak in 2023Q2, continues to provide a significant liquidity buffer against ongoing operational volatility and potential regulatory shocks in the streaming sector.
The current ratio of 2.08 indicates that the company remains well-positioned to meet its short-term obligations without immediate reliance on external financing. However, the consistent decline in cash levels over the last ten quarters warrants investigation into whether this capital is being consumed by operational losses or if it remains trapped in low-yield instruments.
According to the balance sheet data, DouYu's equity base has been severely impacted by persistent negative retained earnings, which reached -$3.8B in 2025Q2, highlighting the long-term struggle to generate sustainable shareholder value despite the company's historical status as a dominant player in the eSports streaming niche.
The erosion of equity quality suggests that the company has failed to convert its user base into consistent, profitable growth, leaving the balance sheet reliant on initial capital rather than organic earnings. This trend implies that the company's valuation may be increasingly disconnected from its ability to generate future returns for shareholders.
As indicated by the company's quarterly filings, deferred revenue has trended downward from $364.1M in 2023Q3 to $247.3M in 2025Q2, which may suggest a weakening in the forward-looking demand for virtual gifting and other premium services among the platform's core user base.
This decline in unearned revenue serves as a leading indicator of potential future revenue pressure, as it reflects a reduction in the prepayments made by users for future platform engagement. The trend appears to confirm the broader market sentiment that the platform's monetization depth is currently under significant pressure.
Quick answers to the most common questions about buying DOYU stock.
As of 2025, DouYu International Holdings Limited (DOYU) had total assets of $3.12B including $2.63B in current assets.
DouYu International Holdings Limited (DOYU) carries total debt of $8.0M, offset by $2.26B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DouYu International Holdings Limited (DOYU) has total shareholders' equity (book value) of $1.99B ($65.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DouYu International Holdings Limited (DOYU) reported a current ratio of 2.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.