Joyy, Inc. (JOYY)
NASDAQ:JOYY
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JOYY
(NASDAQ:JOYY)
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Rating:60Neutral
Price Target:
$73.00
▲(23.29% Upside)
Action:ReiteratedDate:11/20/25
JOYY's overall stock score reflects a mix of challenges and opportunities. The most significant factor is the company's financial performance, which is under pressure from declining revenues and profitability. However, a strong balance sheet and positive earnings call guidance provide some optimism. Technical indicators suggest a neutral to slightly positive trend, while valuation concerns persist due to negative earnings. The company's strategic focus on ad tech and AI-driven innovation could drive future growth, but immediate financial challenges need to be addressed.
Positive Factors
Balance sheet strength
A high equity ratio and near-zero leverage provide durable financial flexibility. Low debt reduces refinancing risk, supports sustained R&D, content investment and strategic initiatives, and gives the company resilience through cyclical ad and user engagement downturns.
Negative Factors
Multi-year revenue decline
Sustained top-line contraction erodes operating scale and limits ability to fund content, incentives and product improvements organically. Over months to quarters this reduces pricing power and user-monetization leverage, making long-term recovery reliant on successful ad/SaaS transitions.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
A high equity ratio and near-zero leverage provide durable financial flexibility. Low debt reduces refinancing risk, supports sustained R&D, content investment and strategic initiatives, and gives the company resilience through cyclical ad and user engagement downturns.
Read all positive factors
JOYY (JOYY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.94B
Dividend Yield4.25%
Average Volume (3M)357.95K
Price to Earnings (P/E)15.4
Beta (1Y)0.56
Revenue Growth-4.86%
EPS GrowthN/A
CountryUS
Employees5,815
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)1.34
Shares Outstanding33,659,160
10 Day Avg. Volume220,722
30 Day Avg. Volume357,951
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.50
Price to Sales (P/S)1.06
P/FCF Ratio10.60
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue1.22
Enterprise Value/Gross Profit3.38
Enterprise Value/Ebitda11.56
Forecast
1Y Price Target
$80.00Price Target Upside35.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.29
Revenue Forecast (FY)$2.31B
JOYY Business Overview & Revenue Model
Company Description
JOYY Inc., together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video and audio-based social platforms. The company operates Bigo Live, a live streaming platform that allows users ...
How the Company Makes Money
JOYY generates revenue through multiple channels, primarily from virtual gifts and in-app purchases made by users during live streaming sessions, where viewers can purchase virtual items to send to their favorite streamers. Additionally, the compa...
JOYY Key Performance Indicators (KPIs)
Any
Global Average Mobile MAUs
Measures the average number of monthly active users on mobile devices worldwide, reflecting user engagement and the platform's reach and popularity.
Measures the average number of monthly active users on mobile devices worldwide, reflecting user engagement and the platform's reach and popularity.
Data provided by:
The Fly
The FlyJOYY Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 02, 2026
Earnings Call Sentiment Positive
The call outlined clear and measurable progress: top-line inflection with Q4 revenue up QoQ and YoY, very strong acceleration in BIGO Ads (notably third-party Audience Network), solid non-GAAP profitability improvement, robust operating cash flow and a strong $3.26B net cash position. Management signaled confidence with expanded shareholder returns, a three-segment reporting plan, and guidance implying continued revenue growth in Q1 2026 and for the full year. Key headwinds include margin pressure from a higher share of lower-margin ad-network revenue, ongoing near-term investments required to scale the ad business and Audience Network, Shopline remaining loss-making until its targeted 2028 breakeven, and FX losses. On balance, the positive operational momentum, cash strength, and accelerating ad tech growth outweigh the near-term investments and margin pressures.Positive Updates
Group Revenue Growth (Q4 and FY2025)
Q4 total revenue of $581.9M, up 7.7% quarter-over-quarter and 5.9% year-over-year; full-year 2025 total revenue of $2.12B, marking positive YoY growth since H2 2024.
Negative Updates
Margin Pressure from Revenue Mix Shift
Group gross margin was 35.3% in Q4 and BIGO's gross margin declined QoQ due to a higher contribution from lower-margin third-party network ad revenues.
Read all updates
Q4-2025 Updates
Positive
Negative
Group Revenue Growth (Q4 and FY2025)
Q4 total revenue of $581.9M, up 7.7% quarter-over-quarter and 5.9% year-over-year; full-year 2025 total revenue of $2.12B, marking positive YoY growth since H2 2024.
Read all positive updates
Company Guidance
Management guided Q1 2026 net revenues of $538–548 million (up 8.8%–10.9% YoY), with live streaming expected to return to positive YoY growth in Q1 (but seasonally soft sequentially due to Lunar New Year and Ramadan) and BIGO Ads forecast to deliver mid‑double‑digit YoY growth in the quarter; for full‑year 2026 they expect positive YoY group revenue growth, “very strong” double‑digit YoY growth for BIGO Ads, double‑digit growth for the e‑commerce SaaS business, and continued improvement in non‑GAAP operating income and EBITDA (projected to grow in the teens YoY). Management also plans to begin reporting three segments (social entertainment, ad tech/BIGO Ads, and e‑commerce SaaS) starting Q1, will selectively reinvest incremental live‑streaming profits into new social products, and will expand R&D, sales and infrastructure to scale BIGO’s Audience Network (targeting $1.0 billion revenue by 2028).JOYY Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
72
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.24B | 2.27B | 2.41B | 2.62B | 1.92B |
| Gross Profit | 806.20M | 813.03M | 852.13M | 837.90M | 569.60M |
| EBITDA | 167.63M | 422.42M | 801.67M | 119.81M | 292.59M |
| Net Income | -146.24M | 301.82M | 128.89M | -103.33M | 1.37B |
Balance Sheet | |||||
| Total Assets | 7.52B | 8.48B | 9.07B | 9.12B | 8.08B |
| Cash, Cash Equivalents and Short-Term Investments | 1.81B | 3.31B | 3.94B | 4.39B | 3.55B |
| Total Debt | 31.04M | 488.53M | 907.58M | 940.85M | 918.64M |
| Total Liabilities | 2.76B | 3.19B | 3.57B | 3.49B | 1.78B |
| Stockholders Equity | 4.71B | 5.16B | 5.18B | 5.53B | 6.23B |
Cash Flow | |||||
| Free Cash Flow | 224.16M | 213.57M | 247.28M | 25.54M | 362.27M |
| Operating Cash Flow | 308.66M | 295.58M | 316.49M | 210.42M | 524.10M |
| Investing Cash Flow | -210.25M | 420.37M | -510.28M | 789.59M | 782.54M |
| Financing Cash Flow | -707.83M | -841.75M | -321.91M | -723.54M | -134.41M |
JOYY Technical Analysis
Positive
59.21
Price Trends
60.69
Positive
62.84
Positive
59.00
Positive
Market Momentum
0.57
Negative
62.57
Neutral
80.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JOYY, the sentiment is Positive. The current price of 59.21 is below the 20-day moving average (MA) of 59.54, below the 50-day MA of 60.69, and above the 200-day MA of 59.00, indicating a bullish trend. The MACD of 0.57 indicates Negative momentum. The RSI at 62.57 is Neutral, neither overbought nor oversold. The STOCH value of 80.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JOYY.
JOYY Risk Analysis
JOYY disclosed 91 risk factors in its most recent earnings report. JOYY reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JOYY Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $1.54B | 11.67 | 11.26% | 5.47% | 28.77% | 96.81% | |
72 Outperform | $13.48B | 24.71 | 13.77% | 1.02% | 16.03% | 69.80% | |
61 Neutral | $965.95M | 9.67 | 7.21% | ― | -1.74% | -17.58% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $2.94B | 15.37 | 31.92% | 4.25% | -4.86% | ― | |
60 Neutral | $2.06B | 5.42 | 12.13% | 8.13% | 0.36% | 48.25% | |
59 Neutral | $285.51M | -9.78 | -4.72% | ― | -23.56% | -43.49% |
* Communication Services Sector Average
JOYY
JOYY
58.74
20.43
53.34%
WB
Weibo
8.41
0.75
9.81%
MOMO
Hello Group
6.15
0.73
13.45%
OPRA
Opera
17.23
1.46
9.27%
TME
Tencent Music Entertainment Group
9.34
-3.76
-28.70%
ZH
Zhihu
3.40
-0.54
-13.71%
JOYY Corporate Events
JOYY Inc. Reports Strong Q3 2025 Financial Results with Growth in Advertising
Nov 20, 2025
On November 20, 2025, JOYY Inc. announced its unaudited financial results for the third quarter of 2025, highlighting a steady recovery in live streaming revenues and significant growth in its advertising business. The company reported net revenue...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.