Latest Ratios: P/E Ratio 2.0x · EV/EBITDA 23.5x · ROE 36.9%. (2010–2025 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 | $4.2B | $3.4B | $2.4B | $2.9B | $2.3B | $3.5B | $6.4B | $4.1B | $3.9B | $6.9B | $2.4B |
| Enterprise Value | $3.8B | $3.1B | $2.0B | $2.3B | $2.0B | $2.7B | $5.6B | $4.4B | $3.0B | $6.6B | $2.6B |
| P/E Ratio → | 2.04 | 1.64 | — | 8.27 | 19.74 | — | 4.70 | 8.25 | 11.97 | 17.67 | 10.37 |
| P/S Ratio | 1.96 | 1.62 | 1.08 | 1.28 | 0.96 | 1.35 | 21.78 | 31.20 | 210.27 | 25.51 | 14.10 |
| P/B Ratio | 0.65 | 0.52 | 0.51 | 0.55 | 0.42 | 0.63 | 1.01 | 0.73 | 1.22 | 4.00 | 3.29 |
| P/FCF | 26.17 | 21.70 | 10.81 | 13.60 | 9.41 | 138.93 | 17.66 | 8.17 | 6.54 | 13.59 | 7.60 |
| P/OCF | 13.76 | 11.41 | 7.85 | 9.82 | 7.35 | 16.86 | 12.21 | 6.23 | 5.97 | 12.08 | 6.87 |
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 | — | 1.45 | 0.90 | 1.03 | 0.84 | 1.01 | 18.96 | 33.33 | 162.93 | 24.36 | 15.11 |
| EV / EBITDA | 23.47 | 19.09 | 13.37 | 13.90 | 8.82 | 37.20 | — | — | — | 96.13 | 60.58 |
| EV / EBIT | 67.98 | 14.24 | — | 7.80 | 3.12 | — | 407.70 | — | 235.66 | 96.63 | 66.46 |
| EV / FCF | — | 19.41 | 8.96 | 10.90 | 8.17 | 103.83 | 15.38 | 8.73 | 5.07 | 12.98 | 8.15 |
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 | 35.9% | 35.9% | 36.0% | 35.8% | 35.3% | 32.0% | 28.2% | 27.1% | 12.5% | 39.4% | 37.8% |
| Operating Margin | 2.6% | 2.6% | 2.1% | 1.5% | 2.7% | -4.3% | -21.2% | -57.2% | -151.3% | 23.3% | 21.6% |
| Net Profit Margin | 98.8% | 98.8% | -6.5% | 13.3% | 5.3% | -3.1% | 71.6% | 56.6% | 266.3% | 21.7% | 18.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.9% | 36.9% | -2.9% | 5.6% | 2.3% | -1.3% | 3.5% | 1.7% | 2.0% | 4.8% | 5.1% |
| ROA | 27.8% | 27.8% | -1.8% | 3.4% | 1.4% | -0.9% | 2.7% | 1.3% | 1.6% | 3.2% | 2.5% |
| ROIC | 0.8% | 0.8% | 0.8% | 0.5% | 1.0% | -1.6% | -0.8% | -1.4% | -1.1% | 4.1% | 3.3% |
| ROCE | 1.0% | 1.0% | 0.9% | 0.6% | 1.0% | -1.6% | -0.9% | -1.6% | -1.1% | 5.1% | 4.5% |
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 | 0.09 | 0.16 | 0.17 | 0.15 | 0.15 | 0.00 | 0.05 | 0.55 |
| Debt / EBITDA | 0.20 | 0.20 | 0.21 | 2.92 | 3.96 | 13.20 | — | — | — | 1.33 | 9.40 |
| Net Debt / Equity | — | -0.06 | -0.09 | -0.11 | -0.06 | -0.16 | -0.13 | 0.05 | -0.28 | -0.18 | 0.23 |
| Net Debt / EBITDA | -2.25 | -2.25 | -2.75 | -3.44 | -1.34 | -12.57 | — | — | — | -4.53 | 4.04 |
| Debt / FCF | — | -2.29 | -1.85 | -2.69 | -1.24 | -35.10 | -2.28 | 0.56 | -1.47 | -0.61 | 0.54 |
| Interest Coverage | 418.73 | 418.73 | -45.94 | 28.64 | 50.69 | -4.36 | 0.18 | -0.22 | 10.17 | 13.81 | 3.31 |
Net cash position: cash ($396M) exceeds total debt ($32M)
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 | 1.85 | 1.85 | 0.96 | 1.32 | 1.51 | 2.02 | 4.13 | 3.77 | 4.28 | 3.22 | 1.27 |
| Quick Ratio | 1.85 | 1.85 | 0.96 | 1.32 | 1.40 | 1.90 | 4.03 | 3.68 | 4.22 | 3.22 | 1.27 |
| Cash Ratio | 1.38 | 1.38 | 0.68 | 1.07 | 1.28 | 1.75 | 3.77 | 3.44 | 3.71 | 2.78 | 1.14 |
| Asset Turnover | — | 0.28 | 0.30 | 0.27 | 0.27 | 0.29 | 0.04 | 0.02 | 0.00 | 0.12 | 0.12 |
| Inventory Turnover | — | — | — | 677.93 | 4.44 | 5.99 | 2.16 | 1.01 | 0.51 | 3386.10 | 324.03 |
| Days Sales Outstanding | — | 63.80 | 19.95 | 47.30 | 34.87 | 38.16 | 264.39 | 472.36 | 3932.39 | 52.13 | 128.96 |
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 | 3.6% | 4.5% | — | 2.9% | 6.3% | 4.5% | 1.0% | — | — | — | — |
| Payout Ratio | 7.4% | 7.4% | — | 27.9% | 113.2% | — | 30.7% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 49.0% | 60.8% | — | 12.1% | 5.1% | — | 21.3% | 12.1% | 8.4% | 5.7% | 9.6% |
| FCF Yield | 3.8% | 4.6% | 9.3% | 7.4% | 10.6% | 0.7% | 5.7% | 12.2% | 15.3% | 7.4% | 13.2% |
| Buyback Yield | 3.2% | 3.8% | 10.7% | 9.4% | 5.9% | 11.2% | 1.7% | 0.6% | 0.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.8% | 8.4% | 10.7% | 12.3% | 12.2% | 15.7% | 2.7% | 0.6% | 0.8% | 0.0% | 0.0% |
| Shares Outstanding | — | $53M | $58M | $73M | $74M | $78M | $80M | $77M | $65M | $61M | $61M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying JOYY stock.
JOYY, Inc. Sponsored ADR Class A's current P/E ratio is 2.0x. The historical average is 17.8x. This places it at the 8th percentile of its historical range.
JOYY, Inc. Sponsored ADR Class A's current EV/EBITDA is 23.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.6x.
JOYY, Inc. Sponsored ADR Class A's return on equity (ROE) is 36.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 4.9%.
Based on historical data, JOYY, Inc. Sponsored ADR Class A is trading at a P/E of 2.0x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
JOYY, Inc. Sponsored ADR Class A's current dividend yield is 3.63% with a payout ratio of 7.4%.
JOYY, Inc. Sponsored ADR Class A has 35.9% gross margin and 2.6% operating margin.
JOYY, Inc. Sponsored ADR Class A's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Core business margin compression
Extreme Valuation Discount Reflects Deep Skepticism
JOYY trades at a P/E of 1.89x and P/B of 0.60x, a profound discount to peers like Hello Group (P/E 7.42x), suggesting the market is pricing in severe structural risks or a permanent impairment of its core business model.
The valuation multiples are not just low; they are anomalous. The P/E of 1.89x is driven by a net margin inflated by non-operating gains, while the forward P/E of 13.79x implies the market expects a collapse in reported earnings. The P/B of 0.60x indicates the market values the company's equity at a 40% discount to its book value, which is heavily composed of goodwill and intangible assets. This pricing suggests investors are either deeply skeptical of the quality of the balance sheet or are applying a significant conglomerate discount due to governance and capital allocation concerns.
Core Profitability is Structurally Constrained
Operating margins have averaged just 1.5% over the last four quarters, while gross margins have eroded to 34.1%, indicating that the core live-streaming business struggles to convert revenue into meaningful profit after talent payouts and operating costs.
The gross margin compression from 37.3% in 2024Q3 to 34.1% in 2026Q2 is a critical red flag, suggesting increasing competitive pressure on the revenue-sharing model with creators. The persistent gap between gross profit and operating income, where SG&A and R&D consume nearly all gross profit, points to a high-fixed-cost structure that lacks operating leverage. The reported net margin of 8.8% in the latest quarter is misleading, as it is likely still influenced by non-operating items, masking the core business's inability to generate sustainable net profit.
Minimal Returns on a Massive Capital Base
ROIC has remained near zero for ten consecutive quarters, averaging 0.1%, demonstrating that JOYY's substantial equity base of $6.5B is generating virtually no economic profit for shareholders.
The near-zero ROIC is the most damning metric for the core business. It reveals that despite holding billions in assets, the company's operational activities are not generating returns above its cost of capital. This is a direct consequence of the thin operating margins and the large asset base, which includes significant goodwill. The trend shows no improvement, indicating that the business model, as currently structured, is not a value creator but a value preserver at best.
Debt-Free but Capital Inefficient
With a debt-to-equity ratio of 0.01 and interest coverage of 119x, JOYY is technically unleveraged, yet this fortress balance sheet appears to be a symptom of strategic paralysis rather than financial strength.
The absence of debt is not a sign of prudent leverage management but rather reflects a market that would likely not lend to the core business at reasonable terms, combined with management's apparent preference for hoarding cash. The high interest coverage is a mathematical artifact of having minimal interest expense. The real issue is the opportunity cost: the massive equity base is earning negligible returns, and the cash pile is not being deployed into high-return organic growth or returned to shareholders in a decisive manner.
The Misapplied Net Margin Metric
The most commonly misapplied ratio is the net margin, which at 8.8% appears healthy but is rendered meaningless by massive non-operating gains that obscure the core business's near-zero operating profitability.
Investors focusing on the net margin are being misled by a distorted bottom line. The correct metric to assess core operational health is the operating margin, which has been consistently low and volatile. The extreme divergence between operating and net margins (2.3% vs. 8.8% in 2026Q2) is a clear signal that reported earnings are not representative of the underlying business performance. For a true assessment, analysts must strip out all non-operating items and focus on the operating income generated by the BIGO and other segments.