The company has aggressively deleveraged its capital structure, successfully reducing total debt from $917.0M in 2022Q3 to a nominal $31.0M by 2024Q4.
| 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 |
|---|
| Total Current Assets | 2.56B | 1.62B | 2.56B | 4.07B | 4.64B | 5.07B | 3.9B | 4.12B | 2.4B | 1.55B | 859.82M | 559.15M | 874.59M | 395.54M | 252.78M | 107.05M | 17.69M |
| Cash & Short-Term Investments | 1.81B | 1.21B | 1.81B | 3.31B | 3.94B | 4.39B | 3.55B | 3.76B | 2.08B | 1.34B | 767.77M | 434.99M | 756.01M | 356.83M | 224.68M | 20.51M | 12.62M |
| Cash Only | 444.76M | 395.84M | 444.76M | 1.06B | 1.21B | 1.84B | 1.74B | 556.47M | 872.83M | 400.91M | 227.5M | 143.09M | 76.58M | 120.39M | 80.86M | 20.51M | 12.62M |
| Short-Term Investments | 1.36B | 813.42M | 1.36B | 2.25B | 2.72B | 2.55B | 1.81B | 3.2B | 1.21B | 938.11M | 540.27M | 291.9M | 679.43M | 236.44M | 143.82M | 0 | 0 |
| Accounts Receivable | 122.33M | 371.32M | 122.33M | 293.89M | 230.38M | 273.82M | 212.84M | 169.11M | 198.43M | 38.51M | 60.06M | 27.55M | 72.76M | 16.53M | 19.02M | 7.8M | 4.11M |
| Days Sales Outstanding | 20.23 | 63.8 | 19.95 | 47.3 | 34.87 | 38.16 | 264.39 | 472.36 | 3.93K | 52.13 | 128.96 | 71.87 | 273.88 | 123.98 | 332.94 | 355.93 | 512.49 |
| Inventory | 0 | 0 | 0 | 2.15M | 351.11M | 297.31M | 97.62M | 94.03M | 31.59M | 48.25K | 326.33K | 2.22M | 232.95K | 0 | 0 | 3.54M | 0 |
| Days Inventory Outstanding | - | - | - | 0.54 | 82.18 | 60.93 | 168.78 | 360.13 | 715.49 | 0.11 | 1.13 | 9.52 | 1.74 | - | - | 282.38 | - |
| Other Current Assets | 376.74M | 38.79M | 376.74M | 451.8M | 113.38M | 95.24M | 17.64M | 96.07M | 1.79B | 1.22B | 224.73M | 652.63M | 476.57M | 22.19M | 57.77M | 75.2M | 247.72K |
| Total Non-Current Assets | 4.96B | 5.93B | 4.96B | 4.41B | 4.43B | 4.05B | 4.19B | 3.35B | 1.35B | 663.11M | 549.47M | 569.66M | 231.77M | 33.14M | 18.97M | 11.56M | 6.25M |
| Property, Plant & Equipment | 505.38M | 586.37M | 505.38M | 420.85M | 376.4M | 381.96M | 422.7M | 361.88M | 188.45M | 155.77M | 120.79M | 129.92M | 37.76M | 16.94M | 14.47M | 8.53M | 3.85M |
| Fixed Asset Turnover | 4.74x | 3.62x | 4.43x | 5.39x | 6.41x | 6.86x | 0.70x | 0.36x | 0.10x | 1.73x | 1.41x | 1.08x | 2.57x | 2.87x | 1.44x | 0.94x | 0.76x |
| Goodwill | 2.19B | 2.19B | 2.19B | 2.65B | 2.65B | 1.96B | 1.87B | 1.85B | 1.71M | 1.79M | 2.06M | 23.36M | 48.42M | 260.22K | 256.98K | 112.33K | 106.44K |
| Intangible Assets | 580.37M | 221.96M | 580.37M | 649.78M | 728.3M | 682.13M | 602.21M | 702.67M | 270.29M | 286.46M | 278.14M | 22.56M | 24.83M | 4.81M | 3.12M | 1.72M | 1.84M |
| Long-Term Investments | 2.21B | 551.8M | 530.68M | 544.54M | 660.4M | 1.02B | 1.24B | 337.71M | 667.47M | 176.61M | 132.29M | 87.43M | 30.09M | 10.24M | 472.62K | 834.37K | 452.31K |
| Other Non-Current Assets | 1.15B | 2.37B | 1.15B | 16.76M | 12.59M | 4.88M | 36.21M | 74.81M | 210.59M | 25.16M | 14.68M | 305.88M | 90.43M | 802.61K | 558.33K | 310.9K | 0 |
| Total Assets | 7.52B | 7.55B | 7.52B | 8.48B | 9.07B | 9.12B | 8.08B | 7.46B | 3.75B | 2.21B | 1.41B | 1.13B | 1.11B | 428.69M | 271.75M | 118.6M | 23.94M |
| Asset Turnover | 0.28x | 0.28x | 0.30x | 0.27x | 0.27x | 0.29x | 0.04x | 0.02x | 0.00x | 0.12x | 0.12x | 0.12x | 0.09x | 0.11x | 0.08x | 0.07x | 0.12x |
| Asset Growth % | -25.58% | 0.43% | -11.36% | -6.48% | -0.53% | 12.81% | 8.34% | 99.2% | 69.14% | 57.15% | 24.85% | 2.03% | 158.08% | 57.75% | 129.12% | 395.48% | - |
| Total Current Liabilities | 2.67B | 873.97M | 2.67B | 3.09B | 3.07B | 2.51B | 942.9M | 1.09B | 560.11M | 481.84M | 675.49M | 213.26M | 175.81M | 115.72M | 58.7M | 20.01M | 38.14M |
| Accounts Payable | 84.02M | 71.55M | 84.02M | 66.75M | 56M | 18.01M | 20.96M | 17.27M | 16.66M | 11.69M | 19.75M | 20M | 16.37M | 9.31M | 4.51M | 2.56M | 1.59M |
| Days Payables Outstanding | 20.02 | 19.18 | 21.42 | 16.75 | 13.11 | 3.69 | 36.23 | 66.14 | 377.33 | 26.13 | 68.16 | 85.92 | 122.54 | 144.29 | 155.6 | 204.7 | 231.45 |
| Short-Term Debt | 10.32M | 10.67M | 10.32M | 457.72M | 472.36M | 11.04M | 112.55M | 79.64M | 997.67K | 90.1M | 398.7M | 0 | 0 | 0 | 26.84M | 0 | 0 |
| Deferred Revenue (Current) | 248.27M | 67.12M | 7.83M | 79.72M | 89.55M | 64.34M | 67.92M | 213.44M | 153.12M | 128.43M | 70.11M | 67.84M | 62.92M | 51.72M | 26.81M | 6.81M | 2.74M |
| Other Current Liabilities | 150.53M | 368.03M | 150.53M | 2.3B | 1.93B | 1.89B | 215.67M | 405.26M | 18.11M | 16.36M | 13.13M | 6.39M | 9.5M | 4.04M | -24.9M | 468.1K | 31.91M |
| Current Ratio | 0.96x | 1.85x | 0.96x | 1.32x | 1.51x | 2.02x | 4.13x | 3.77x | 4.28x | 3.22x | 1.27x | 2.62x | 4.97x | 3.42x | 4.31x | 5.35x | 0.46x |
| Quick Ratio | 0.96x | 1.85x | 0.96x | 1.32x | 1.40x | 1.90x | 4.03x | 3.68x | 4.22x | 3.22x | 1.27x | 2.61x | 4.97x | 3.42x | 4.31x | 5.17x | 0.46x |
| Cash Conversion Cycle | 0.2 | - | - | 31.09 | 103.95 | 95.39 | 396.94 | 766.36 | 4.27K | 26.11 | 61.93 | -4.54 | 153.08 | - | - | 433.61 | - |
| Total Non-Current Liabilities | 93.95M | 76.49M | 93.95M | 107.44M | 497.24M | 979.82M | 836.24M | 812.95M | 17.33M | 11.5M | 4.83M | 405.89M | 432.38M | 1.56M | 1.04M | 71.28K | 340.33M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 401.17M | 924.08M | 779.23M | 715.84M | 0 | 1M | 0 | 396.21M | 394.64M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 53.17M | 12.03M | 9.95M | 18.42M | 21.6M | 5.73M | 8.12M | 13.24M | 0 | 80.41M | 0 | 9.52M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 195.89M | 54.94M | 47.63M | 53.95M | 64.26M | 36.21M | 42.37M | 37.82M | 4M | 1.66M | 1.16M | 2.59M | 4.31M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 23.73M | 0 | 23.73M | 22.13M | 436K | 7.37M | 4.42M | 0 | 0 | 80.41M | -28.69M | 9.52M | 29.5M | 0 | 0 | 0 | 340.33M |
| Total Liabilities | 2.76B | 950.46M | 2.76B | 3.19B | 3.57B | 3.49B | 1.78B | 1.9B | 577.44M | 493.34M | 680.31M | 619.15M | 608.19M | 117.28M | 59.74M | 20.08M | 378.47M |
| Total Debt | 31.04M | 31.64M | 31.04M | 488.53M | 907.58M | 940.85M | 918.64M | 835.26M | 997.67K | 91.1M | 398.7M | 400.1M | 394.64M | 0 | 0 | 0 | 0 |
| Net Debt | -413.72M | -364.2M | -413.72M | -575.42M | -306.87M | -896.33M | -827.46M | 278.78M | -871.84M | -309.81M | 171.19M | 257.01M | 318.06M | -120.39M | -80.86M | -20.51M | -12.62M |
| Debt / Equity | 0.01x | 0.00x | 0.01x | 0.09x | 0.16x | 0.17x | 0.15x | 0.15x | 0.00x | 0.05x | 0.55x | 0.79x | 0.79x | - | - | - | - |
| Debt / EBITDA | -0.14x | 0.20x | 0.21x | 2.92x | 3.96x | 13.20x | - | - | - | 1.33x | 9.40x | 12.51x | 12.91x | - | - | - | - |
| Net Debt / EBITDA | 1.86x | -2.25x | -2.75x | -3.44x | -1.34x | -12.57x | - | - | - | -4.53x | 4.04x | 8.03x | 10.41x | -8.58x | -23.50x | - | - |
| Interest Coverage | -45.94x | 418.73x | -45.94x | 28.64x | 50.69x | -4.36x | 0.18x | -0.22x | 10.17x | 13.81x | 3.31x | 2.00x | 3.67x | - | - | - | - |
| Total Equity | 4.76B | 6.6B | 4.76B | 5.29B | 5.5B | 5.63B | 6.31B | 5.56B | 3.17B | 1.72B | 728.97M | 509.66M | 498.17M | 311.41M | 212M | 98.53M | -354.54M |
| Equity Growth % | -8.98% | 38.71% | -10.02% | -3.87% | -2.23% | -10.74% | 13.46% | 75.4% | 84.07% | 136.13% | 43.03% | 2.31% | 59.97% | 46.89% | 115.17% | 127.79% | - |
| Book Value per Share | 88.57 | 123.95 | 82.22 | 72.32 | 74.72 | 72.06 | 78.81 | 71.97 | 48.97 | 28.30 | 11.99 | 8.86 | 8.31 | 5.27 | 4.27 | 2.03 | -7.29 |
| Total Shareholders' Equity | 4.71B | 6.54B | 4.71B | 5.16B | 5.18B | 5.53B | 6.23B | 4.73B | 2.69B | 1.63B | 726.76M | 498.96M | 498.17M | 311.41M | 212M | 98.53M | -354.54M |
| Common Stock | 10K | 10K | 10K | 12K | 16K | 16K | 16K | 14.86K | 11.63K | 12.25K | 10.08K | 10.78K | 11.77K | 11.88K | 11.37K | 9.71K | 4.83K |
| Retained Earnings | 2.84B | 4.7B | 2.84B | 2.95B | 2.69B | 2.71B | 2.88B | 1.47B | 1.01B | 799.26M | 392.97M | 185.95M | 28.04M | -144.33M | -210.16M | -387.21M | -354.38M |
| Treasury Stock | -1.22B | -1.3B | -1.22B | -913.94M | -4.52B | -3.35B | -139.53M | -24.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -247.62M | -170.22M | -247.62M | -159.3M | -129.7M | 95.98M | 36.3M | 148.66M | 63.65M | 8.14M | 21.88M | 3.1M | 2.53M | -623.74K | -2.15M | -1.94M | -164.19K |
| Minority Interest | 47.77M | 60.18M | 47.77M | 133.33M | 324.51M | 99.97M | 78.01M | 831.52M | 476.16M | 95.99M | 2.21M | 10.7M | 0 | 0 | 0 | 0 | 0 |
Geopolitical and regulatory volatility
According to reported financial statements, JOYY's total assets have declined from $9.4B in 2022Q3 to $7.5B by 2024Q4, a trend that suggests a deliberate downsizing of the balance sheet as the company navigates divestitures and shifts its operational focus away from legacy assets.
The reduction in total assets appears to be a direct consequence of the company's portfolio reshuffling, including the divestiture of major business units. Investors should monitor whether this contraction represents a strategic refinement of the core business or a loss of long-term growth capacity.
Based on the provided balance sheet data, JOYY has successfully reduced its total debt from $917.0M in 2022Q3 to a nominal $31.0M by 2024Q4, signaling a significant shift toward a debt-free capital structure that minimizes interest expense and refinancing risk in volatile markets.
The near-total elimination of debt suggests that management is prioritizing balance sheet flexibility over financial leverage. While this reduces insolvency risk, it also warrants investigation into whether the company is effectively utilizing its capital to drive future growth or simply hoarding cash.
As reported in recent filings, the current ratio has tightened from 1.52 in 2022Q3 to 0.96 in 2024Q4, indicating that the company's short-term liquidity cushion has diminished significantly as cash reserves were utilized or reallocated across the firm's global operations.
A current ratio falling below 1.0 suggests that current liabilities may now exceed current assets, which could indicate potential pressure on working capital management. This trend warrants close observation to ensure that the company maintains sufficient liquidity to meet its short-term obligations without needing external financing.
Based on the latest financial disclosures, goodwill remains a substantial component of the asset base at $2.2B, representing nearly 30% of total assets, which suggests that the balance sheet remains sensitive to potential impairment charges if the acquired businesses fail to meet performance expectations.
The persistence of high goodwill levels despite the overall contraction of the balance sheet implies that the company's valuation is heavily anchored to past acquisitions. Investors should consider the risk that future earnings could be impacted by non-cash write-downs if the competitive landscape for these assets deteriorates.
Quick answers to the most common questions about buying JOYY stock.
As of 2025, JOYY, Inc. Sponsored ADR Class A (JOYY) had total assets of $7.55B including $1.62B in current assets.
JOYY, Inc. Sponsored ADR Class A (JOYY) carries total debt of $31.6M, offset by $1.21B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
JOYY, Inc. Sponsored ADR Class A (JOYY) has total shareholders' equity (book value) of $6.54B ($123.95 book value per share). Book value represents the net worth of the company belonging to common stock holders.
JOYY, Inc. Sponsored ADR Class A (JOYY) reported a current ratio of 1.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.