Latest Ratios: P/E Ratio 1.8x · EV/EBITDA 20.0x · 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 | $3.6B | $3.4B | $2.4B | $2.9B | $2.3B | $3.5B | $6.4B | $4.1B | $3.9B | $6.9B | $2.4B |
| Enterprise Value | $3.2B | $3.1B | $2.0B | $2.3B | $2.0B | $2.7B | $5.6B | $4.4B | $3.0B | $6.6B | $2.6B |
| P/E Ratio → | 1.77 | 1.64 | — | 8.27 | 19.74 | — | 4.70 | 8.25 | 11.97 | 17.67 | 10.37 |
| P/S Ratio | 1.70 | 1.62 | 1.08 | 1.28 | 0.96 | 1.35 | 21.78 | 31.20 | 210.27 | 25.51 | 14.10 |
| P/B Ratio | 0.56 | 0.52 | 0.51 | 0.55 | 0.42 | 0.63 | 1.01 | 0.73 | 1.22 | 4.00 | 3.29 |
| P/FCF | 22.66 | 21.70 | 10.81 | 13.60 | 9.41 | 138.93 | 17.66 | 8.17 | 6.54 | 13.59 | 7.60 |
| P/OCF | 11.91 | 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 | 20.02 | 19.09 | 13.37 | 13.90 | 8.82 | 37.20 | — | — | — | 96.13 | 60.58 |
| EV / EBIT | 57.98 | 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 | 4.2% | 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 | 56.6% | 60.8% | — | 12.1% | 5.1% | — | 21.3% | 12.1% | 8.4% | 5.7% | 9.6% |
| FCF Yield | 4.4% | 4.6% | 9.3% | 7.4% | 10.6% | 0.7% | 5.7% | 12.2% | 15.3% | 7.4% | 13.2% |
| Buyback Yield | 3.7% | 3.8% | 10.7% | 9.4% | 5.9% | 11.2% | 1.7% | 0.6% | 0.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.9% | 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 |
Geopolitical and regulatory volatility
Based on current market data, JOYY trades at a P/E of 1.69 and a P/B of 0.54, suggesting that investors are heavily discounting the company's future earnings potential compared to sector peers like Hello Group, likely due to persistent concerns regarding corporate governance and long-term growth durability.
The extremely low P/E ratio appears to be a function of non-recurring gains distorting the denominator rather than a reflection of genuine value. Investors should monitor whether the forward P/E of 12.37 provides a more accurate representation of the company's core earning power as the business pivots away from legacy assets.
As reported in financial statements, JOYY's ROIC has struggled to exceed 0.4% over the last ten quarters, indicating that the company is failing to generate meaningful returns on its invested capital despite its transition toward a more streamlined, international-focused operational model in recent years.
The persistent inability to drive ROIC above low single digits suggests that the company's capital allocation strategy may be hampered by high overhead costs or inefficient deployment of funds within its fragmented global markets. This trend warrants further investigation into whether the firm's current asset base is truly capable of compounding value for shareholders.
Based on reported figures, JOYY's asset turnover has remained stagnant at 0.07 over the last ten quarters, which suggests that the company's ability to generate revenue from its existing asset base is not improving despite significant efforts to restructure its global operations and divest non-core business units.
The lack of consistent data regarding inventory and cash conversion cycles makes it difficult to assess the true efficiency of the company's working capital management. Investors should be cautious, as the absence of clear turnover improvement may indicate that the firm is struggling to optimize its operational leverage in a competitive landscape.
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 during a period of intense market volatility.
While the company maintains a debt-free balance sheet, the decline in the current ratio suggests that the margin of safety for meeting short-term obligations is narrowing. This trend warrants further investigation into whether the remaining cash is truly liquid or if it is restricted by regulatory or jurisdictional constraints.
The P/E ratio is frequently misapplied to JOYY, as the company's net income is often heavily distorted by one-time divestiture gains and non-operating items, which obscures the true underlying profitability of the core live-streaming business and leads to misleading valuation conclusions for institutional investors.
Analysts should instead focus on EV/EBITDA or normalized operating cash flow to strip out the impact of non-recurring events that do not reflect the sustainability of the virtual gifting model. Relying on headline P/E figures may lead to an overestimation of the company's fundamental health and its ability to generate recurring shareholder value.
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 1.8x. 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 20.0x. 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 1.8x. 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 4.20% 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.