Joyy Inc. (JOYY) intrinsic value & 10-year financials
Joyy Inc. (JOYY) has a Graham intrinsic value of $29.55 per share. Over the last 10 fiscal years revenue shrank 13.9% a year to $2.1B, with an average return on invested capital of 12.1%.
- Graham intrinsic value
- $29.55
- Revenue (FY2025)
- $2.1B
- Revenue growth (10-yr CAGR)
- -13.9%
- ROIC (10-yr avg)
- 12.1%
- Free cash flow (FY2025)
- —
JOYY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.1B | $2.1B | — | — | — | — |
| FY2024 | $2.2B | -$242.6M | — | — | — | — |
| FY2023 | $2.3B | $272.4M | — | — | — | — |
| FY2022 | $2.4B | $101.6M | — | — | — | — |
| FY2021 | $2.6B | -$94.0M | -$0.06 | — | — | -0.3% |
| FY2020 | $108.2M | $9.7B | $6.00 | -$518.9M | -2606.5% | -9.4% |
| FY2019 | $222.3M | $3.4B | $2.15 | -$329.6M | 480.3% | 4.4% |
| FY2018 | $128.8M | $1.6B | $1.27 | $315.4M | 2048.7% | 19.9% |
| FY2017 | $11.6B | $2.5B | $2.07 | $174.2M | 23.3% | 28.6% |
| FY2016 | $8.2B | $1.5B | $1.32 | $2.3B | 21.6% | 29.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
JOYY Inc. is facing top-line stagnation, with revenue contracting over the decade.
JOYY Inc. returns on capital have been average, hovering around 8.6% ROIC over the decade.
Over the decade, JOYY Inc. shows that management has aggressively returned capital to shareholders by retiring 12.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, JOYY Inc. is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $29.55 per share.