Joyy, Inc. (JOYY)
NASDAQ:JOYY
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JOYY
(NASDAQ:JOYY)
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Rating:70Outperform
Price Target:
$63.00
▲(6.40% Upside)
Action:Upgraded
Date:04/30/26
JOYY scores well on fundamental resilience (low leverage and consistently positive cash flow) and a constructive earnings outlook with guided revenue growth and strong BIGO Ads momentum. These positives are tempered by weak technical momentum and a history of multi-year revenue decline with earnings volatility, which keeps the overall score in the middle-high range despite attractive dividend/valuation support.
Positive Factors
Strong balance sheet / net cash
A $3.26B net cash position and sharply reduced debt materially lowers refinancing and solvency risk, funds strategic investments, and permits sustained shareholder returns and opportunistic M&A or capex without stressing operations for the next several years.
Negative Factors
Multi‑year revenue decline
Several consecutive years of revenue decline imply deeper product/market challenges; reversing this trend relies on new engines (ads, Shopline) scaling fast enough to offset legacy softness, making near-term growth delivery uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet / net cash
A $3.26B net cash position and sharply reduced debt materially lowers refinancing and solvency risk, funds strategic investments, and permits sustained shareholder returns and opportunistic M&A or capex without stressing operations for the next several years.
Read all positive factors
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 (JOYY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.84B
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)-2.94
Shares Outstanding34,056,300
10 Day Avg. Volume220,722
30 Day Avg. Volume357,951
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)0.52
Price to Sales (P/S)1.60
P/FCF Ratio21.44
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue1.16
Enterprise Value/Gross Profit3.22
Enterprise Value/Ebitda11.02
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 primarily makes money through live-streaming social entertainment monetization on its platforms. The core revenue stream is the sale of virtual items (digital gifts) that viewers purchase to send to hosts/creators during live streams; the pla...
JOYY 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
58
Neutral
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.24B | 2.13B | 2.24B | 2.27B | 2.41B | 2.62B |
| Gross Profit | 806.20M | 764.65M | 806.20M | 813.03M | 852.13M | 837.90M |
| EBITDA | 235.90M | 147.02M | 167.63M | 422.42M | 801.67M | 119.81M |
| Net Income | -146.24M | 223.10M | -146.24M | 301.82M | 128.89M | -103.33M |
Balance Sheet | ||||||
| Total Assets | 7.52B | 7.55B | 7.52B | 8.48B | 9.07B | 9.12B |
| Cash, Cash Equivalents and Short-Term Investments | 1.81B | 1.21B | 1.81B | 3.31B | 3.94B | 4.39B |
| Total Debt | 31.04M | 31.64M | 31.04M | 488.53M | 907.58M | 940.85M |
| Total Liabilities | 2.76B | 950.46M | 2.76B | 3.19B | 3.57B | 3.49B |
| Stockholders Equity | 4.71B | 6.54B | 4.71B | 5.16B | 5.18B | 5.53B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 158.93M | 224.16M | 213.57M | 247.28M | 25.54M |
| Operating Cash Flow | 0.00 | 302.32M | 308.66M | 295.58M | 316.49M | 210.42M |
| Investing Cash Flow | 0.00 | -456.10M | -210.25M | 420.37M | -510.28M | 789.59M |
| Financing Cash Flow | 0.00 | -288.31M | -707.83M | -841.75M | -321.91M | -723.54M |
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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $1.60B | 13.01 | 11.76% | 5.47% | 24.83% | 73.88% | |
72 Outperform | $12.38B | 11.86 | 13.77% | 1.02% | 17.25% | -3.49% | |
70 Outperform | $2.84B | 15.37 | 31.92% | 4.25% | -4.86% | ― | |
70 Outperform | $2.02B | -128.91 | 12.13% | 8.13% | 0.36% | 48.25% | |
61 Neutral | $918.29M | 7.94 | 7.21% | ― | -1.74% | -17.58% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $258.83M | -2.19 | -4.72% | ― | -23.56% | -43.49% |
* Communication Services Sector Average
JOYY
JOYY
56.33
16.76
42.35%
WB
Weibo
8.12
0.19
2.40%
MOMO
Hello Group
6.05
0.10
1.71%
OPRA
Opera
17.89
0.51
2.93%
TME
Tencent Music Entertainment Group
8.47
-7.85
-48.08%
ZH
Zhihu
3.12
-0.82
-20.81%
JOYY Corporate Events
JOYY Swings to Profit in 2025 as AI-Powered Ad Tech Drives Revenue Rebound
Mar 11, 2026
On March 11, 2026, JOYY reported unaudited results for the fourth quarter and full year 2025, posting Q4 net revenue of $581.9 million, up 5.9% year on year and 7.7% sequentially, driven by a 62.4% surge in advertising revenue and steady live-stre...
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.