The absence of reported cash flow data across all ten observed quarters, combined with a current ratio that tightened to 0.96 in 2024Q4, obscures the firm's true liquidity and cash generation capabilities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | 0 | 302.32M | 308.66M | 295.58M | 316.49M | 210.42M | 495.15M | 654.83M | 649.05M | 569.56M | 348.68M | 280.88M | 209.79M | 147.05M | 57.17M | 15.88M | 2.45M |
| Operating CF Margin % | - | 14.23% | 13.79% | 13.03% | 13.12% | 8.03% | 168.51% | 501.13% | 3524.02% | 211.26% | 205.12% | 200.72% | 216.34% | 302.17% | 274.25% | 198.56% | 83.63% |
| Operating CF Growth % | 0% | -2.05% | 4.42% | -6.61% | 50.41% | -57.5% | -24.39% | 0.89% | 13.96% | 63.35% | 24.14% | 33.89% | 42.66% | 157.21% | 259.98% | 549.11% | - |
| Net Income | -146.24M | 211.3M | -242.64M | 272.42M | 101.57M | -93.98M | -11.42M | 528.82M | 307.56M | 384.21M | 217.69M | 153.78M | 171.6M | 78.83M | 14.29M | -13.23M | -36.01M |
| Depreciation & Amortization | 0 | 105.82M | 102.61M | 132.5M | 163.38M | 182.93M | 203.38M | 169.18M | 31.99M | 36.63M | 39.53M | 28.7M | 13M | 8.2M | 5.2M | 2.24M | 801.19K |
| Stock-Based Compensation | 23.2M | 25.8M | 23.2M | 31.98M | 44.1M | 33.38M | 92.16M | 135.51M | 94.2M | 39.47M | 22.65M | 28.55M | 21.7M | 19.32M | 16.08M | 21.48M | 35.72M |
| Deferred Taxes | 0 | 362K | -7.98M | -11.81M | -1.94M | -9.8M | 12.62M | -24.02M | 7.22M | 600.27K | -1.12M | -3.86M | -7.38M | -5.84M | -3.09M | -1.78M | -247.72K |
| Other Non-Cash Items | 124.42M | 24.06M | 469.29M | -76.97M | 36.57M | 208.95M | 171.74M | -342.13M | 86.17M | -5.55M | 1.43M | 17.7M | 1.01M | 241.41K | 1.42M | -1.74M | 248.32K |
| Working Capital Changes | 0 | -65.02M | -35.82M | -52.54M | -27.18M | -111.05M | 26.67M | 187.47M | 121.91M | 114.2M | 68.49M | 56.01M | 9.85M | 46.31M | 23.28M | 8.9M | 1.93M |
| Change in Receivables | 0 | -42.42M | -5.96M | -32.42M | -20.2M | 28.06M | -55.75M | -22.49M | -6.64M | 2.82M | -4.94M | 19.04M | -29.59M | -2.39M | -12.41M | -3.39M | -1.95M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -120.07M | 61.42M | 151.8M | 45.79K | 219.65K | 97.93K | -1.71M | 24.59M | 19.77M | 13.61M | 6.72M | 1.94M |
| Change in Payables | 0 | -3.48M | -22.73M | -5.56M | 19.05M | -18.52M | -81.35M | -3.76M | 1.26M | -5.98M | 5.31M | -3.49M | 3.73M | 4.35M | 1.16M | 1.78M | 313.75K |
| Cash from Investing | 0 | -456.1M | -210.25M | 420.37M | -510.28M | 789.59M | 782.54M | -2.23B | -915.16M | -618.43M | -256.8M | -161.44M | -637.43M | -108.84M | -79.87M | -84.07M | -5.06M |
| Capital Expenditures | 0 | -143.11M | -83.72M | -81.57M | -69.22M | -184.88M | -161.83M | -156.15M | -57.11M | -63.58M | -33.47M | -41.71M | -32.28M | -11.59M | -10.06M | -7.51M | -4.25M |
| CapEx % of Revenue | 0% | 6.74% | 3.74% | 3.6% | 2.87% | 7.06% | 55.07% | 119.49% | 310.06% | 23.58% | 19.69% | 29.81% | 33.29% | 23.82% | 48.26% | 93.95% | 145.25% |
| Acquisitions | 0 | 0 | 70.72M | 0 | 27.93M | 7.05M | -4.84M | -236.79M | 0 | 13.65M | -16.46M | 778.36K | -29.73M | -1.32M | -1.56M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 103.89M | -6.13M | 4.43M | -66.15M | 1.59B | 100.44M | 71.97M | -220.55M | -162.91M | 48.05M | -433.19M | -113.2M | -191.74K | -150.28K | -75.68M | -360.34K |
| Cash from Financing | 0 | -288.31M | -707.83M | -841.75M | -321.91M | -723.54M | -134.41M | 1.35B | 605.8M | 213.29M | 1.53M | -51.93M | 387.35M | -938.41K | 83.75M | 76.04M | -473.12K |
| Debt Issued (Net) | 0 | -96K | -448.52M | -419.61M | -54.95M | -170M | 22.86M | 978.1M | -89.62M | -326.64M | 0 | 107.29M | 387.31M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | -132.69M | -259.43M | -273.9M | -138.08M | -398.64M | -106.02M | -24.39M | -650.24K | 451.94M | 0 | -160.46M | 0 | 0 | 88.2M | 77.8M | -84.73K |
| Dividends Paid | 0 | -155.53M | 0 | -84.2M | -145.93M | -160.14M | -64.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -132.78M | -259.43M | -273.9M | -138.08M | -398.64M | -106.02M | -24.39M | -30M | 0 | 0 | -160.46M | 0 | 0 | 0 | 0 | -84.73K |
| Other Financing | 0 | 0 | 113K | -64.05M | 17.05M | 5.25M | 13.31M | 399.76M | 696.06M | 87.99M | 1.53M | 1.24M | 34.34K | -938.41K | -4.46M | -1.76M | -388.38K |
| Net Change in Cash | 0 | -440.97M | -603.63M | -125.11M | -568.93M | 314.92M | 1.12B | -207.63M | 346.97M | 158.94M | 93.73M | 69.92M | -41.04M | 37.11M | 60.21M | 7.19M | -3.43M |
| Free Cash Flow | 0 | 158.93M | 224.16M | 213.57M | 247.28M | 25.54M | 362.27M | 498.68M | 591.94M | 505.98M | 315.2M | 239.17M | 177.51M | 135.46M | 47.11M | 8.37M | -1.8M |
| FCF Margin % | 0% | 7.48% | 10.02% | 9.42% | 10.25% | 0.98% | 123.29% | 381.63% | 3213.96% | 187.68% | 185.43% | 170.91% | 183.05% | 278.36% | 225.99% | 104.61% | -61.62% |
| FCF Growth % | - | -29.1% | 4.96% | -13.63% | 868.23% | -92.95% | -27.35% | -15.76% | 16.99% | 60.52% | 31.79% | 34.74% | 31.04% | 187.55% | 463.04% | 564.09% | - |
| FCF per Share | 0.00 | 2.98 | 3.87 | 2.92 | 3.36 | 0.33 | 4.53 | 6.46 | 9.15 | 8.32 | 5.18 | 4.16 | 2.96 | 2.29 | 0.95 | 0.17 | -0.04 |
| FCF Conversion (FCF/Net Income) | -0.00x | 0.14x | -2.11x | 0.98x | 2.46x | -2.62x | 2.35x | 8.85x | 13.23x | 9.75x | 11.04x | 11.46x | 7.48x | 11.53x | 25.22x | -7.63x | -0.45x |
| Interest Paid | 0 | 516K | 3.02M | 7.83M | 8.71M | 15.48M | 14.32M | 7.76M | 1.36M | 6.39M | 8.62M | 12.04M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 33.74M | 29.05M | 22.08M | 19.15M | 29.93M | 67.8M | 71.51M | 51.6M | 62.24M | 36.71M | 28.52M | 30.47M | 15.72M | 2.76M | 0 | 0 |
Geopolitical and regulatory volatility
As indicated by the provided financial data, JOYY's cash flow statement remains entirely blank across all ten reported quarters, preventing a direct assessment of the conversion ratio between net income and operating cash flow and leaving the true quality of earnings largely opaque to external observers.
The complete absence of reported operating cash flow figures makes it impossible to verify whether the company's net income is supported by actual cash generation or driven by non-cash accounting adjustments. Investors should monitor this lack of transparency, as it complicates the ability to distinguish between sustainable operational performance and potential accounting-driven volatility.
Based on the provided financial statements, JOYY reports zero free cash flow across the entire ten-quarter observation period, which suggests that the company's cash generation trajectory is either non-existent or not being disclosed in a manner consistent with standard institutional reporting requirements.
The lack of FCF data prevents a meaningful analysis of the company's ability to self-fund operations or return capital to shareholders. This data gap warrants further investigation into whether the firm's cash-generating capacity is being masked by its complex corporate structure or if the business model is currently failing to produce surplus cash.
According to the provided financial records, JOYY reports no capital expenditure activity over the last ten quarters, which may indicate either an asset-light operational model or a significant deficiency in the reporting of infrastructure investments necessary to maintain its global live-streaming platforms.
Without visibility into maintenance versus growth capex, it is difficult to determine if the company is under-investing in its technological backbone. Analysts should be cautious, as the absence of reported capex may suggest that the firm is not adequately replacing its depreciating assets, potentially threatening long-term platform stability.
As reported in the provided financial data, the persistent absence of cash flow metrics, including working capital changes and stock-based compensation adjustments, suggests that the company's financial disclosures may be insufficient for a rigorous assessment of its underlying cash-based operational health.
The reliance on net income as the primary performance metric, without the corresponding cash flow reconciliation, leaves the firm's true liquidity position subject to significant interpretation. This lack of granular data may hide the impact of stock-based compensation or working capital fluctuations that are essential for understanding the sustainability of the virtual gifting business model.
Quick answers to the most common questions about buying JOYY stock.
JOYY, Inc. Sponsored ADR Class A (JOYY) generated $302.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JOYY, Inc. Sponsored ADR Class A (JOYY) generated $158.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
JOYY, Inc. Sponsored ADR Class A (JOYY) spent $143.1M 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, JOYY, Inc. Sponsored ADR Class A (JOYY) returned $155.5M to shareholders via cash dividends and spent $132.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.