HUYANYSEServices-Computer Programming, Data Processing, Etc.Fiscal year ends December 31
HUYA Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 27, 2026
$2.26+0.05 (+2.26%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
13.4%−7.4 pts over 5 years
Operating margin
-2.5%−9.1 pts over 5 years
Net margin
-1.7%−9.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.0% | -11.1% | -9.8% | – | |
| Gross profit | +7.7% | +10.1% | -17.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 450.1% | 9.6% | -1.8% | |
| Return on assets | – | 7.4% | -1.4% | |
| Current ratio | – | 4.73 | 2.84 | |
| Capex to revenue | 0.0% | 0.5% | 2.6% | |
| Diluted shares | 100M | 239M | 229M |
Where the cash went
Fiscal 2021 to 2025, five years combined
HUYA generated CN¥1.03B from operations and spent CN¥6.48B on capital expenditure, dividends and share buybacks. 10% of that went back into the business.
Generated
CN¥1.03B
Used
CN¥6.48B
Capital expenditureCN¥673.13M10%DividendsCN¥5.27B81%Share buybacksCN¥540.66M8%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.7%
×Asset turnover0.80×
×Equity multiplier1.30×
=Return on equity, FY2025-1.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.7% | 0.80× | 1.30× | -1.8% |
| FY2024 | -0.8% | 0.54× | 1.24× | -0.5% |
| FY2023 | -2.9% | 0.52× | 1.21× | -1.9% |
| FY2022 | -5.9% | 0.69× | 1.23× | -5.0% |
| FY2021 | 5.1% | 0.88× | 1.27× | 5.8% |
| FY2020 | 8.1% | 0.92× | 1.29× | 9.6% |
| FY2019 | 5.6% | 0.91× | 1.29× | 6.5% |
| FY2018 | -41.6% | 1.11× | 1.47× | -67.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥112.59M
- Cash generatingOperating cash flow above zero-CN¥176.15M
- Return on assets improvedROA up on the prior year-0.4% → -1.2%
- Earnings backed by cashOperating cash flow above net income-CN¥176.15M vs -CN¥112.59M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.14 → 2.84
- No dilutionShare count did not rise232M → 229M
- Gross margin improvedGross margin up on the prior year13.32% → 13.41%
- More efficientAsset turnover rose0.47 → 0.68