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JOYY
(NASDAQ:JOYY)
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Rating:78Outperform
Price Target:
$86.00
▲(14.67% Upside)
Action:Reiterated
Date:08/26/26
The score is driven primarily by strong financial stability (low leverage and solid cash generation) and a constructive earnings outlook with raised profitability guidance and accelerating ad growth. Technicals also support the setup with price above key moving averages and positive momentum. Valuation is reasonable with a high dividend yield, while the main constraint is the historical multi-year revenue decline and continued margin/investment pressures highlighted on the call.
Positive Factors
Diversified Multi-Engine Growth
Growth across Social Entertainment, BIGO Ads, and Shopline reduces reliance on live streaming. The expanding non-live portfolio improves revenue diversification and gives JOYY multiple platforms for sustained growth.
Negative Factors
Historical Revenue Decline and Uneven Earnings
Despite recent recovery, the multi-year revenue contraction and earnings swing indicate that JOYY has not yet established consistent growth and cost control. This creates execution risk for sustaining the latest improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Multi-Engine Growth
Growth across Social Entertainment, BIGO Ads, and Shopline reduces reliance on live streaming. The expanding non-live portfolio improves revenue diversification and gives JOYY multiple platforms for sustained growth.
Read all positive factors
JOYY Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down earnings across different business units, showing which segments are driving growth and where the company might need to adjust its strategy.
Breaks down earnings across different business units, showing which segments are driving growth and where the company might need to adjust its strategy.
Data provided by:
The Fly
The FlyJOYY (JOYY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.66B
Dividend Yield6.41%
Average Volume (3M)267.83K
Price to Earnings (P/E)17.5
Beta (1Y)0.54
Revenue Growth7.52%
EPS GrowthN/A
CountryUS
Employees5,421
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)3.24
Shares Outstanding34,056,300
10 Day Avg. Volume248,923
30 Day Avg. Volume267,831
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.52
Price to Sales (P/S)1.60
P/FCF Ratio21.44
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$86.20Price Target Upside14.93% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)5.21
Revenue Forecast (FY)$2.37B
JOYY Business Overview & Revenue Model
Company Description
JOYY Inc., through its various subsidiaries, manages a diverse portfolio of social media platforms, delivering immersive video and audio-based experiences to users. Its prominent offerings include: Bigo Live: A live streaming platform enabling use...
How the Company Makes Money
JOYY primarily makes money through its live-streaming ecosystem, where users purchase virtual items (often called virtual gifts) to reward streamers/creators during live broadcasts. These virtual item sales are typically recognized as revenue by t...
JOYY Earnings Call Summary
Earnings Call Date:Aug 25, 2026
(Q2-2026)
| Next Earnings Date:Dec 02, 2026
Earnings Call Sentiment Positive
The call highlighted broad-based revenue growth across all three engines (Social Entertainment, BIGO Ads, Shopline), accelerating advertising momentum, meaningful improvements in operating profitability and a strong cash position that enabled accelerated shareholder returns. Key near-term headwinds include margin mix shifts (lower-margin third-party ads and Shopline value-added services), FX-related unrealized losses reducing reported net income, and continued investment needs for ad tech and Shopline's path to profitability. On balance, the positive revenue acceleration, sizable ad growth, improving operating profit, large net cash balance and active buyback/dividend program outweigh the challenges, supporting a constructive outlook.Positive Updates
Strong Total Revenue Growth
Total revenue of $591M, up 16.3% year-over-year and 6.3% quarter-over-quarter, with management reaffirming full-year 2026 revenue growth and Q3 guidance of $602M–$622M (implying +11.4% to +15.2% YoY).
Negative Updates
Margin Pressure from Revenue Mix Shift
BIGO Ads gross margin declined QoQ due to higher contribution from lower-margin third-party advertising. Shopline gross margin also dipped QoQ as lower-margin value-added services (payments/marketing) increased their share of revenue.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Total Revenue Growth
Total revenue of $591M, up 16.3% year-over-year and 6.3% quarter-over-quarter, with management reaffirming full-year 2026 revenue growth and Q3 guidance of $602M–$622M (implying +11.4% to +15.2% YoY).
Read all positive updates
Company Guidance
Management guided Q3 revenue of $602–$622 million (implying 11.4%–15.2% YoY growth), with social entertainment expected to post moderate single‑digit YoY growth, BIGO Ads to deliver strong double‑digit YoY growth, and Shopline to grow in the mid‑20s (above 25% YoY); for full‑year 2026 they expect solid group revenue growth with BIGO Ads mid‑double‑digit YoY, Shopline >20% YoY and social entertainment steady YoY growth, and they raised full‑year non‑GAAP operating income guidance to ~20% YoY (up from prior teens). They also flagged slightly higher Q3 operating expenses seasonally, reiterated Shopline breakeven by 2028 and a $1 billion 3‑year target for BIGO Audience Network, and pointed to strong capital flexibility—$3.06 billion net cash, Q2 operating cash flow $65 million—and continued shareholder returns (YTD buybacks $216 million, dividends $142 million, $359 million total; $128 million repurchased under a $600 million program and a $1.5 billion return program through 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 | 1.68B | 2.12B | 2.24B | 2.27B | 2.41B | 2.62B |
| Gross Profit | 588.07M | 762.63M | 806.20M | 813.03M | 852.13M | 837.90M |
| EBITDA | 124.76M | 322.46M | -120.06M | 430.90M | 810.72M | 119.81M |
| Net Income | 166.95M | 2.10B | -146.24M | 301.82M | 128.89M | -80.29M |
Balance Sheet | ||||||
| Total Assets | 7.58B | 7.55B | 7.52B | 8.48B | 9.07B | 9.12B |
| Cash, Cash Equivalents and Short-Term Investments | 1.12B | 1.21B | 1.81B | 3.31B | 3.94B | 4.39B |
| Total Debt | 51.44M | 31.64M | 31.04M | 488.53M | 907.58M | 940.85M |
| Total Liabilities | 1.02B | 950.46M | 2.76B | 3.19B | 3.57B | 3.49B |
| Stockholders Equity | 6.53B | 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
75.00
Price Trends
71.25
Positive
65.62
Positive
62.73
Positive
Market Momentum
0.83
Positive
58.97
Neutral
44.63
Neutral
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 75 is above the 20-day moving average (MA) of 74.09, above the 50-day MA of 71.25, and above the 200-day MA of 62.73, indicating a bullish trend. The MACD of 0.83 indicates Positive momentum. The RSI at 58.97 is Neutral, neither overbought nor oversold. The STOCH value of 44.63 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.66B | 17.51 | 3.47% | 6.49% | 7.52% | ― | |
75 Outperform | $1.73B | 13.77 | 12.78% | 4.33% | 23.24% | 75.74% | |
75 Outperform | $13.16B | 10.18 | 11.23% | 2.71% | 15.72% | -8.96% | |
66 Neutral | $1.73B | 5.24 | 8.15% | 7.89% | 1.59% | -14.96% | |
61 Neutral | $851.03M | 8.41 | 6.72% | ― | -1.21% | -41.09% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
47 Neutral | $202.93M | -2.68 | -4.86% | ― | -13.39% | -332.07% |
* Communication Services Sector Average
JOYY
JOYY
74.83
26.93
56.23%
WB
Weibo
6.98
-3.48
-33.26%
MOMO
Hello Group
5.71
-2.08
-26.67%
OPRA
Opera
19.41
3.41
21.28%
TME
Tencent Music Entertainment Group
8.66
-15.61
-64.32%
ZH
Zhihu
3.06
-1.81
-37.17%
JOYY Corporate Events
JOYY Posts Double-Digit Q2 Revenue Growth as BIGO Ads and Shopline Scale
Aug 26, 2026
JOYY reported unaudited financial results for the quarter ended June 30, 2026, posting net revenues of US$590.8 million, up 16.3% year on year and 6.3% sequentially, with operating income more than doubling to US$13.8 million and non-GAAP EBITDA r...
JOYY Posts Double-Digit Q1 2026 Revenue Growth as Ad Tech and Smart Commerce Accelerate
May 26, 2026
JOYY reported unaudited first-quarter 2026 results on May 26, 2026, posting net revenue of $555.7 million, up 12.4% year over year, driven by a return to growth in social entertainment and rapid expansion in its B2B ad tech and smart commerce busi...
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.