Latest Ratios: P/E Ratio -32.5x · EV/EBITDA N/A · ROE -1.8%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $531M | $659M | $711M | $889M | $954M | $1.7B | $4.8B | $4.2B | $2.6B | — | — |
| Enterprise Value | $429M | $-25320505 | $-429475499 | $457M | $298M | $-31201312 | $1.5B | $3.2B | $1.9B | — | — |
| P/E Ratio → | -32.47 | — | — | — | — | 2.88 | 5.37 | 8.89 | — | — | — |
| P/S Ratio | 0.55 | 0.10 | 0.12 | 0.13 | 0.10 | 0.15 | 0.44 | 3.46 | 0.55 | — | — |
| P/B Ratio | 0.72 | 0.13 | 0.09 | 0.08 | 0.08 | 0.16 | 0.49 | 0.48 | 0.46 | — | — |
| P/FCF | — | — | — | — | — | 7.32 | 5.86 | 2.22 | 4.38 | — | — |
| P/OCF | — | — | 7.54 | — | — | 5.12 | 3.84 | 2.14 | 3.60 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.00 | -0.07 | 0.07 | 0.03 | -0.00 | 0.14 | 2.62 | 0.40 | — | — |
| EV / EBITDA | — | — | — | — | — | -0.33 | 1.87 | 81.25 | 0.81 | — | — |
| EV / EBIT | — | — | — | — | — | -0.05 | 2.14 | 38.65 | 70.27 | — | — |
| EV / FCF | — | — | — | — | — | -0.14 | 1.91 | 1.68 | 3.18 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.4% | 13.4% | 13.3% | 11.7% | 7.1% | 14.1% | 20.8% | 17.7% | 15.6% | 11.7% | -37.4% |
| Operating Margin | -2.5% | -2.5% | -3.1% | -6.3% | -7.9% | -0.3% | 6.6% | 2.2% | 48.8% | -4.3% | -78.6% |
| Net Profit Margin | -1.7% | -1.7% | -0.8% | -2.9% | -5.9% | 5.1% | 8.1% | 5.6% | -44.0% | -3.7% | -78.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.8% | -1.8% | -0.5% | -1.9% | -5.0% | 5.8% | 9.6% | 0.9% | -66.0% | -39.9% | — |
| ROA | -1.4% | -1.4% | -0.4% | -1.5% | -4.0% | 4.5% | 7.4% | 0.7% | -48.8% | -11.0% | -374.1% |
| ROIC | -2.3% | -2.3% | -1.7% | -3.2% | -5.6% | -0.3% | 7.6% | 0.3% | 67.4% | -55.9% | — |
| ROCE | -2.6% | -2.6% | -2.1% | -4.0% | -6.6% | -0.3% | 7.7% | 0.4% | 71.8% | -41.0% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 0.86 | 0.10 | 2.63 | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.15 | -0.04 | -0.06 | -0.16 | -0.33 | -0.12 | -0.13 | -0.78 | — |
| Net Debt / EBITDA | — | — | — | — | — | -18.02 | -3.87 | -26.05 | -0.31 | — | — |
| Debt / FCF | — | — | — | — | — | -7.45 | -3.95 | -0.54 | -1.20 | -2.22 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($705M) exceeds total debt ($21M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.84 | 2.84 | 3.14 | 3.77 | 4.66 | 4.63 | 4.73 | 4.33 | 4.78 | 1.82 | 0.49 |
| Quick Ratio | 2.84 | 2.84 | 3.14 | 3.77 | 8.68 | 4.60 | 4.66 | 4.33 | 4.55 | 1.73 | 0.34 |
| Cash Ratio | 2.22 | 2.22 | 2.72 | 3.41 | 4.31 | 4.25 | 4.39 | 4.12 | 4.34 | 1.51 | 0.32 |
| Asset Turnover | — | 0.97 | 0.64 | 0.54 | 0.67 | 0.86 | 0.88 | 0.11 | 0.66 | 1.68 | 4.77 |
| Inventory Turnover | — | — | — | — | — | 175.16 | 52.44 | 712.47 | 12.78 | 30.99 | 22.58 |
| Days Sales Outstanding | — | 13.40 | 4.57 | 11.05 | 5.67 | 7.21 | 4.54 | 34.42 | 22.01 | 23.67 | 1.35 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 67.5% | 100.0% | 100.0% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 34.7% | 18.6% | 11.3% | — | — | — |
| FCF Yield | — | — | — | — | — | 13.7% | 17.1% | 45.0% | 22.8% | — | — |
| Buyback Yield | 2.5% | 13.7% | 34.9% | 22.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 70.0% | 100.0% | 100.0% | 22.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $229M | $232M | $243M | $241M | $242M | $239M | $232M | $167M | $100M | $111M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying HUYA stock.
HUYA Inc.'s current P/E ratio is -32.5x. The historical average is 5.7x.
HUYA Inc.'s return on equity (ROE) is -1.8%. The historical average is -11.0%.
Based on historical data, HUYA Inc. is trading at a P/E of -32.5x. Compare with industry peers and growth rates for a complete picture.
HUYA Inc.'s current dividend yield is 67.51%.
HUYA Inc. has 13.4% gross margin and -2.5% operating margin.
Key Metrics
Top Statement Risk
Persistent cash flow generation failure
Deep Value Discount Amidst Operational Uncertainty
HUYA trades at a steep discount with a forward P/E of 3.72 and P/B of 0.66, suggesting the market prices in significant operational risk despite a high 73.9% dividend yield.
The forward P/E of 3.72 is exceptionally low, implying the market expects either a rapid earnings recovery or a significant capital return. However, the negative trailing P/E of -29.65 and the P/B below 1.0 indicate the market is skeptical of the company's ability to generate sustainable returns on its equity base. The high dividend yield appears to be a function of a depressed share price rather than a sustainable payout policy, given the company's cash flow profile.
Gross Margin Expansion Fails to Reach Bottom Line
Gross margins have expanded to 14.7% in 2026Q2 from 11.4% in 2024Q4, yet operating margins remain negative at -0.4%, indicating a structural inability to convert top-line improvements into operating profit.
The gross margin improvement suggests better cost control or a favorable revenue mix shift. However, the persistent negative operating margin, even as revenue growth reaccelerates, points to a lack of operating leverage, with operating expenses consistently outpacing gross profit. The net margin's volatility, swinging from -11.5% to 0.1%, further underscores that any profitability is fleeting and not yet a core feature of the business model.
Negative ROIC Signals Value Destruction
HUYA's ROIC has been negative for ten consecutive quarters, reaching -0.1% in 2026Q2, which suggests the company is not generating returns above its cost of capital and is destroying shareholder value.
The consistently negative ROIC, even as gross margins improve, indicates that the company's invested capital base is not being deployed efficiently to generate profits. This trend is more concerning than the volatile ROE, as it directly measures the efficiency of all capital employed. The negative ROIC implies that any growth is likely being funded by external capital or balance sheet drawdowns, not by internally generated returns.
Minimal Leverage Masks Operational Fragility
With a debt-to-equity ratio near zero and a current ratio of 2.29, HUYA's balance sheet appears unleveraged, but this strength is derived from a shrinking equity base and dwindling cash reserves.
The near-zero D/E ratio and high current ratio suggest minimal financial leverage and strong short-term liquidity. However, this is a misleading signal of health. The company's equity has been eroded by persistent losses, and its cash position has declined sharply. The lack of debt is not a strategic choice but likely a reflection of limited access to credit markets, leaving the company reliant on its diminishing cash pile to fund operations.
The Dividend Yield Mirage
The most commonly misapplied ratio is the 73.9% dividend yield, which obscures the company's fundamental inability to generate cash and suggests the payout is unsustainable and likely a return of capital.
Investors may be attracted to the exceptionally high dividend yield, but this metric is dangerously misleading for HUYA. The company has reported zero operating cash flow and zero free cash flow for ten consecutive quarters, making the dividend payment unsustainable from an operational standpoint. The yield is a mathematical artifact of a collapsing share price and likely represents a return of capital to shareholders rather than a distribution of earnings, masking the core issue of persistent cash flow generation failure.