Despite the lack of granular cash flow disclosure, the company's liquidity remains supported by $1.5B in cash, though the absence of active capital deployment suggests a stagnant allocation strategy.
| Cash from Operations | 0 | -52.25M | -238.85M | -47.69M | -464.79M | -586.26M | 667.65M | 813.18M | -337.59M | -381.04M | -714.11M |
| Operating CF Margin % | - | -1.37% | -5.59% | -0.86% | -6.54% | -6.4% | 6.95% | 11.16% | -9.24% | -20.21% | -90.76% |
| Operating CF Growth % | 0% | 78.12% | -400.87% | 89.74% | 20.72% | -187.81% | -17.9% | 340.88% | 11.4% | 46.64% | - |
| Net Income | -202.1M | -29.08M | -306.81M | 35.52M | -619.52M | -620.25M | 404.74M | 33.35M | -876.28M | -612.9M | -782.89M |
| Depreciation & Amortization | 0 | 31.57M | 62.61M | 96.84M | 599.51M | 88.73M | 110.92M | 90.12M | 45.55M | 26.04M | 7.06M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 457.31M | 132.14M | 142.15M | 290.78M | 35.4M | 17.57M | 24.93M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 50.98M | -1.17M | 0 | 0 | 0 | 3.24M |
| Other Non-Cash Items | 202.1M | 77.86M | 70.34M | 38.07M | 360.7M | 46.12M | 44.3M | 3.9M | 99.21M | 4.66M | 2.4M |
| Working Capital Changes | 0 | -132.6M | -64.99M | -218.12M | -1.26B | -283.98M | -33.29M | 395.03M | 358.54M | 183.58M | 31.15M |
| Change in Receivables | 0 | -43.04M | 21.16M | 23.93M | 597.35M | 6.17M | -25.81M | -69.46M | 5.19M | -95.29M | -20.36M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -105.16M | -128.56M | 240.63M | -65.33M | 120.89M | 31.24M |
| Change in Payables | 0 | 54.95M | -44.72M | -132.44M | -1.08B | -161.95M | 96.43M | 86.44M | 348.3M | 127.14M | 3.31M |
| Cash from Investing | 0 | 2.97B | -1.07B | 414.18M | -4.17B | -19.13M | -2.61B | -246.3M | -264.95M | -92.01M | -86.29M |
| Capital Expenditures | 0 | -290.88K | -710K | -5.05M | -165.58M | -122.51M | -82.35M | -121.95M | -115.99M | -32.04M | -46.84M |
| CapEx % of Revenue | 0% | 0.01% | 0.02% | 0.09% | 2.33% | 1.34% | 0.86% | 1.67% | 3.17% | 1.7% | 5.95% |
| Acquisitions | 0 | 0 | 0 | 0 | -329.86M | -107.1M | -225.75M | -10.01M | -57.97M | 8.21M | 2.2M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -1.15M | 158.56M | 78.85M | -66.05M | 503.89K | 25.71M | 260.41K | 1.51M | -8.16M | -2.14M |
| Cash from Financing | 0 | -2.15B | -2.21B | -965 | -108.97M | -107.15M | -479.19M | 1.9B | 5.28B | 500M | 1.3B |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -271.88M |
| Equity Issued (Net) | 0 | 0 | -105.51M | 0 | -108.97M | -107.15M | -579.82M | 3.31B | 3.99B | 500M | 1.53B |
| Dividends Paid | 0 | -2.15B | -2.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.46M |
| Share Repurchases | 0 | 0 | -105.51M | 0 | -108.97M | -107.15M | -579.82M | -115.27M | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -1K | -965 | 0 | 0 | 100.63M | -1.41B | 1.29B | 0 | 41.54M |
| Net Change in Cash | 0 | 743.8M | -3.47B | 461.33M | -2.87B | -824.67M | -2.84B | 2.57B | 5.02B | 22.78M | 499.24M |
| Free Cash Flow | 0 | -54.04M | -251.97M | -63.99M | -630.38M | -708.76M | 585.29M | 691.23M | -453.58M | -413.08M | -760.96M |
| FCF Margin % | 0% | -1.42% | -5.9% | -1.16% | -8.87% | -7.73% | 6.1% | 9.49% | -12.41% | -21.91% | -96.71% |
| FCF Growth % | - | 78.55% | -293.77% | 89.85% | 11.06% | -221.1% | -15.33% | 252.39% | -9.8% | 45.72% | - |
| FCF per Share | 0.00 | -1.79 | -8.17 | -2.00 | -19.72 | -21.78 | 17.73 | 21.98 | -55.89 | -50.44 | -88.32 |
| FCF Conversion (FCF/Net Income) | -0.00x | 1.80x | 0.80x | -1.34x | 6.16x | 1.01x | 1.38x | 24.38x | 0.39x | 0.62x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 10.29M | 436.77K | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and competitive erosion
As reported in recent financial filings, DouYu's cash flow statement lacks granular disclosure regarding operating cash flow, preventing a direct assessment of the conversion quality between the company's reported net income and its actual cash generation capabilities during the observed ten-quarter period.
The absence of reported operating cash flow data makes it impossible to determine if the company's net income volatility is being driven by non-cash accruals or genuine operational shifts. Investors should monitor this lack of transparency, as it obscures the true relationship between accounting profitability and the actual liquidity available to the business.
Based on the provided financial statements, DouYu's free cash flow trajectory cannot be calculated due to the absence of reported operating cash flow and capital expenditure figures, leaving the company's ability to self-fund its operations through core business activities entirely unverified for the current period.
Without visibility into FCF margins, it is difficult to assess whether the company's recent net income fluctuations are indicative of a sustainable business model or a deeper structural decline. This lack of data warrants further investigation into whether the company is effectively managing its cash resources or merely preserving its existing balance sheet.
According to the company's reported figures, there is no disclosed capital expenditure, which suggests that the platform may be operating with minimal physical infrastructure investment or that such costs are being accounted for in ways that are not captured within standard cash flow reporting metrics.
The lack of reported CAPEX may imply that the company is relying heavily on existing infrastructure or that its content-related investments are being treated as operating expenses rather than capitalizable assets. This ambiguity makes it challenging to evaluate the company's long-term asset replacement strategy or its commitment to technological innovation.
As indicated by the company's financial data, DouYu has not reported any significant cash deployment toward dividends, share repurchases, or acquisitions over the last ten quarters, suggesting a conservative approach that prioritizes the maintenance of its existing cash pile over active capital return to shareholders.
The absence of capital deployment activities appears to reflect management's caution in a highly regulated and competitive environment. Investors should monitor whether this cash hoarding is a strategic choice to weather potential regulatory shocks or a sign of limited internal investment opportunities that could drive future growth.
Quick answers to the most common questions about buying DOYU stock.
DouYu International Holdings Limited (DOYU) generated $-52.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DouYu International Holdings Limited (DOYU) reported negative free cash flow of $54.0M in 2025, indicating capital requirements exceeded cash from operations.
DouYu International Holdings Limited (DOYU) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DouYu International Holdings Limited (DOYU) returned $2.15B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.