olivLaw · US equity research
HUYA Inc. HUYA
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
HUYA Inc. is a game-related entertainment company delivering live streaming and video content along with services spanning games, e-sports and other interactive genres. In fiscal 2025 total revenues grew modestly, but the growth engine has shifted toward game-related services and advertising, changing the company's profile. Total net revenues reached RMB6502.4 million.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, HUYA Inc. (HUYA) stock was 2.09 USD (+4.50% on the day), with market capitalisation 470.7 m USD, dividend yield 83.16%, beta 0.86, 52-week range 1.99–4.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.5
- weak (30–45)
- Bollinger (20, 2)
- 1.98 – 2.41
- in the lower half of the band · %B 0.26 · band width 19.6%
- SMA 50 / 200
- 2.18 / 2.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.9% | −1.1% | −6.8 pp | — |
| 3 months | −14.0% | −0.5% | −13.5 pp | — |
| 6 months | −36.3% | +4.4% | −40.7 pp | — |
| Year to date | −27.4% | +12.3% | −39.7 pp | — |
| 1 year | −21.7% | +13.5% | −35.3 pp | −15.2% |
| 3 years | −40.3% | +76.4% | −116.7 pp | +5.6% |
| 5 years | −75.1% | +63.7% | −138.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 678.3 m | 1.2 bn | 1.7 bn | 1.8 bn | 1.3 bn | 985.1 m | 832.8 m | 929.8 m |
| Revenue YoY | unavailable | +77.4% | +39.1% | +6.5% | −25.0% | −26.3% | −15.5% | +11.6% |
| Net income | -281.8 m | 67.2 m | 135.5 m | 91.6 m | -70.6 m | -28.8 m | -6.6 m | -16.1 m |
| Net income YoY | unavailable | unavailable | +101.5% | −32.4% | −177.1% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | 0.29 | 0.57 | 0.38 | -0.29 | -0.12 | -0.03 | -0.07 |
| Diluted EPS YoY | unavailable | unavailable | +96.6% | −33.3% | −176.3% | unavailable | unavailable | unavailable |
| net % | -41.6% | 5.6% | 8.1% | 5.1% | -5.3% | -2.9% | -0.8% | -1.7% |
| Free cash flow | 93.5 m | 270.6 m | 181.7 m | 45.2 m | -86.1 m | -21.9 m | -12.6 m | -49.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 99.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 703.5 m USD
- Total assets
- 958.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.84x
- ROE
- -1.9%
- ROA
- -1.4%
- FCF margin
- -5.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.8 bn | 1.3 bn | 985.1 m | 832.8 m | 929.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Cost of revenue | 1.3 bn | 1.5 bn | 1.2 bn | 870.3 m | 721.9 m | 805.1 m | SEC (XBRL)· 27 Apr 2026verified |
| Gross profit | 347.6 m | 251.1 m | 88.6 m | 114.8 m | 110.9 m | 124.7 m | SEC (XBRL)· 27 Apr 2026verified |
| Research & development | 112.5 m | 128.5 m | 98.6 m | 81.5 m | 70.2 m | 71.0 m | SEC (XBRL)· 27 Apr 2026verified |
| Operating income | 111.1 m | -4.7 m | -102.4 m | -62.5 m | -26.0 m | -23.2 m | SEC (XBRL)· 27 Apr 2026verified |
| Pre-tax income | 158.2 m | 40.7 m | -66.4 m | -26.9 m | -4.7 m | -13.9 m | SEC (XBRL)· 27 Apr 2026verified |
| Income tax | — | 8.7 m | 4.0 m | 1.9 m | 1.8 m | 1.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Net income | 135.5 m | 91.6 m | -70.6 m | -28.8 m | -6.6 m | -16.1 m | SEC (XBRL)· 27 Apr 2026verified |
| Diluted EPS | 0.57 | 0.38 | -0.29 | -0.12 | -0.03 | -0.07 | SEC (XBRL)· 27 Apr 2026verified |
| Weighted average diluted shares | 238.6 m | 241.8 m | 241.4 m | 243.0 m | 231.5 m | 228.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Dividend per share | — | — | — | — | 1.74 | — | SEC (XBRL)· 17 Apr 2025derived |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 504.8 m | 281.0 m | 95.0 m | 72.1 m | 162.9 m | 99.0 m | SEC (XBRL)· 27 Apr 2026verified |
| Receivables | 10.9 m | 13.8 m | 11.0 m | 9.1 m | 10.4 m | 34.1 m | SEC (XBRL)· 27 Apr 2026verified |
| Current assets | 1.7 bn | 1.9 bn | 1.5 bn | 1.1 bn | 834.1 m | 701.7 m | SEC (XBRL)· 27 Apr 2026verified |
| Property, plant & equipment, net | 14.5 m | 12.5 m | 29.1 m | 46.0 m | 66.3 m | 86.4 m | SEC (XBRL)· 27 Apr 2026verified |
| Goodwill | — | — | — | 64.4 m | 63.5 m | 64.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Intangibles (excl. goodwill) | 9.6 m | 13.2 m | 8.4 m | 22.8 m | 21.0 m | 18.3 m | SEC (XBRL)· 27 Apr 2026verified |
| Total assets | 1.9 bn | 2.1 bn | 1.9 bn | 1.8 bn | 1.3 bn | 958.3 m | SEC (XBRL)· 27 Apr 2026verified |
| Accounts payable | 1.5 m | 2.0 m | 3.3 m | 2.1 m | 9.1 m | 34.0 m | SEC (XBRL)· 27 Apr 2026verified |
| Current liabilities | 365.5 m | 404.2 m | 319.1 m | 304.4 m | 265.5 m | 247.3 m | SEC (XBRL)· 27 Apr 2026verified |
| Total liabilities | 403.7 m | 430.7 m | 334.0 m | 323.9 m | 276.3 m | 254.8 m | SEC (XBRL)· 27 Apr 2026verified |
| Equity | 1.5 bn † | 1.6 bn † | 1.6 bn † | 1.5 bn † | 1.0 bn † | 703.5 m † | SEC (XBRL)· 27 Apr 2026verified |
| Shares outstanding at year end | — | — | — | 233.1 m | 225.2 m | — | SEC (XBRL)· 17 Apr 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 190.0 m | 51.4 m | -63.4 m | -4.5 m | 12.9 m | -25.2 m | SEC (XBRL)· 27 Apr 2026verified |
| Capex | 8.3 m | 6.2 m | 22.7 m | 17.4 m | 25.5 m | 24.0 m | SEC (XBRL)· 27 Apr 2026verified |
| Free cash flow | 181.7 m ≈ | 45.2 m ≈ | -86.1 m ≈ | -21.9 m ≈ | -12.6 m ≈ | -49.2 m ≈ | SEC (XBRL)· 27 Apr 2026derived |
| Investing cash flow | 154.0 m | -295.1 m | -123.0 m | 7.5 m | 504.0 m | 312.5 m | SEC (XBRL)· 27 Apr 2026verified |
| Financing cash flow | 40.7 m | 1.7 m | 877.0 k | -28.5 m | -425.3 m | -357.2 m | SEC (XBRL)· 27 Apr 2026verified |
| Dividends paid | — | — | — | — | 391.5 m | 344.3 m | SEC (XBRL)· 27 Apr 2026verified |
| Share repurchases | — | — | — | 28.5 m | 34.0 m | 12.9 m | SEC (XBRL)· 27 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 470.7 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 13.4% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | -2.5% | 35 (vs peers) | 11% |
| FCF margin · Quality | -5.3% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -11.4% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 11.6% | 51 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -10.4% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 75.9% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth17/100 · 2/2 factors with a value
- Quality11/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HUYA Inc. (HUYA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 929.8 m USD in 2025; YoY growth 11.6%; net margin -1.7%; ROE -1.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.8x
- Shareholder yield (distributions): 75.9%
What contradicts it
- Gross margin: 13.4%
- FCF margin: -5.3%
- Revenue CAGR 3Y: -11.4%
- FCF yield: -10.4%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| NBISNebius Group N.V. | 35.8 bn | 428.8 | 2.1% | 15.6% | +479.0% | +49% / unavailable |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| MGNIMagnite, Inc. | 3.3 bn | 19.9 | 20.4% | 23.6% | +6.9% | +55% / +182% |
| GRNDGrindr Inc. | 2.4 bn | 27.6 | 108.7% | 18.7% | +27.6% | +9% / +108% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| TRIPTripadvisor, Inc. | 1.2 bn | 332.1 | 0.8% | 0.3% | +3.1% | −31% / −43% |
| SMWBSimilarweb Ltd. | 766.1 m | — | -129.6% | -11.7% | +13.1% | +13% / +75% |
| BMBLBumble Inc. | 718.8 m | — | -85.9% | -61.8% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| HUYAHUYA Inc. | 470.7 m | — | -1.9% | -1.7% | +11.6% | −22% / −40% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| YALAYalla Group Limited | 413.9 m | 6.8 | 19.6% | 43.3% | +0.7% | −20% / −6% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
1- and 3-year price returns: for HUYA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (12 Aug 2026), 6-K (12 May 2026).
In brief
HUYA Inc. is a game-related entertainment company delivering live streaming and video content along with services spanning games, e-sports and other interactive genres. In fiscal 2025 total revenues grew modestly, but the growth engine has shifted toward game-related services and advertising, changing the company's profile. Total net revenues reached RMB6502.4 million 1.
SWOT
Strengths
- The company has a large base of engaged younger users and a well-developed live streaming and e-sports ecosystem 1.
- The company holds broadcasting rights for major e-sports competitions and maintains close relations with game developers and publishers 1.
- The platform uses data analytics and AI technologies for recommendations and content organization 1.
Weaknesses
Opportunities
- Game-related services, game distribution and in-game item sales could become a more important revenue source 1.
- Expansion into foreign markets through platforms and acquisitions could create new advertising and service revenue 1.
- Distributing content on third-party platforms could help reach a broader audience 1.
Risks
- Dependence on users and broadcastershigh
If users stop engaging or broadcasters leave, monetization and results could decline 1.
- VIE corporate structurehigh
The company holds no direct equity in the variable interest entity in China, and a change in regulation could have significant effects 1.
- Content costsmedium
Revenue sharing and content costs could limit profitability if they do not grow in step with revenue 1.
- Strategic transformationmedium
There is no assurance that the shift toward games will succeed or produce the anticipated effects 1.
- Controlling shareholder influencemedium
Tencent controls the outcome of shareholder votes and could have conflicts of interest with the company 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Growth of game-related services and advertising revenue2026
- Gross margin and revenue sharing costs2026
- Development of live streaming and user spending2026
- Chinese regulation affecting the VIE structure2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Apr 2026; since then the company filed 6-K (12 Aug 2026), 6-K (12 May 2026).
The business
The Huya platform was launched in 2014 as a game live streaming unit of JOYY Inc. and operates mainly in mainland China through Huya Technology and the variable interest entity Guangzhou Huya 1. The company describes an ecosystem of live streaming, e-sports and other entertainment content, with social features such as real-time messaging and virtual gifting 1. Since 2023 it has expanded toward game-related services such as game distribution, in-game item sales and advertising 1. It also has an international presence through Nimo TV and the acquisition of a global mobile application service provider in December 2023 1.
Main revenue sources are sales of virtual items in live streams and game-related services, advertising and other products 1. Live streaming revenue declined in fiscal 2025, while game-related services and advertising grew, linked to deeper cooperation with game companies 1.
The company is controlled by Tencent, which holds all outstanding Class B ordinary shares 1. Major decisions may therefore be influenced by the controlling shareholder, which is relevant for investors analysing the company 1.
Segments
Live streaming
Live streaming is generated mainly from the sale of virtual items and reached RMB4594.0 million in fiscal 2025 1. The decline in 2025 reflected macroeconomic and industry conditions, partly offset by better monetization 1.
Market context
The company operates in China's game live streaming and entertainment content market, where user demand and spending are sensitive to macroeconomic conditions 1. Average MAUs were 161.1 million in fiscal 2025 1. Starting in 2026 the company has stopped regular disclosure of MAUs and paying users 1.
The company is expanding abroad through Nimo TV and a global mobile application service provider, which could create advertising and game-related service opportunities in foreign markets 1.
Trends
- Shift in monetization modelmixed
The company is moving from reliance on live streaming toward game-related services and advertising, which could support revenue if these services keep growing 1.
- Pressure on user spendingheadwind
Soft macroeconomic conditions have affected spending on live streaming and the number of paying users 1.
- Cooperation with game companiestailwind
Partnerships with game companies support growth in game-related services and advertising 1.
- Internet regulation in Chinaheadwind
Regulation in China could limit traffic, user spending and access to new market opportunities 1.
Competitive position
The company faces competition in several major areas of its business, including attracting users, broadcasters and game content 1. The sources do not detail competitors beyond those explicitly named in the filing 1.
The relationship with Tencent can bring both benefits and conflict-of-interest risks, and Tencent's market position may affect the user base and brand image 1.
- Tencent
Controlling shareholder that determines the outcome of shareholder votes 1.
- JOYY Inc.
Former parent from which the platform originated and which no longer holds shares in the company 1.
- Nimo TV
The company's international platform for game live streaming outside China 1.
- Partner content platforms
These distribute the company's content and may compete for audience and broadcasters 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)12 May 2026
- Current report (foreign issuer)27 Apr 2026
- Annual report (foreign issuer)27 Apr 2026
- Current report (foreign issuer)18 Mar 2026
- Current report (foreign issuer)17 Mar 2026
- Current report (foreign issuer)12 Nov 2025
- Current report (foreign issuer)12 Aug 2025
- Current report (foreign issuer)13 May 2025
- Current report (foreign issuer)22 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / HUYA Inc. · 27 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.