DouYu International Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data DouYu International Holdings Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,041	1,472	1,438	1,031	779	585	546
Cost of revenue	870	1,232	1,267	887	683	541	476
Gross profit	171	239	171	144	96.3	44.4	70
Research and development	54.9	63.8	76.9	55.5	39	24.9	17.3
Selling and marketing	85.6	88.9	150	92.8	49.5	42.6	33.5
General and administrative	63.8	57.6	59	41.8	33.5	28	19.7
Operating expenses	190	199	273	172	119	123	69.3
Operating income	-18.8	40.2	-102	-28.8	-23.1	-78.6	0.68
Interest income	22.7	22.3	12.1
Other non-operating income	-3.27	-4.2	-5.31	-11.6	-7.45	3	-9.63
Pre-tax income	5.23	61.8	-95	-21.6	9.61	-39.4	0.18
Income tax				0.51	0.15	2.11	4.06
Net income to minority interests	-0.92	-12.4	-6.02	-2.17
Net income	5.68	74.4	-91.3	-10.9	5	-42	-4.16
EBITDA	-14.1	43.4	-98.9	-27.1	-22.3	-77.7	0.95
EPS, basic	0.19	2.33	-2.81	-0.34	0.16	-1.36	-0.14
EPS, diluted	0.18	2.25	-2.81	-0.34	0.16	-1.36	-0.14
Shares, basic (weighted)	19.3	32	32.5	32	32	30.8	30.2
Shares, diluted (weighted)	31.4	33	32.5	32	32	30.8	30.2

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,157	809	699	586	625	139	252
Receivables	26.9	30.6	30	15.8	10.3	6.72	11.1
Other current assets	29.2	36.3	59.1	48.9	49	31.7	26.5
Total current assets	1,230	1,231	1,134	1,026	942	612	376
Property, plant and equipment	5.56	5.79	3.94	2.46	1.94	0.97	0.72
Lease right-of-use assets		9.52	11.3	7.24	3.21	2.17	1.13
Goodwill	4.43	1.98	1.98	2
Intangible assets	28.3	21.7	25.3	15.5	17	8.35	4.8
Long-term investments	32.2	76.7	77.1	77.1	61.4	62.6	54.9
Other non-current assets	1.22	2.91	10.2	14.3	23	10.5	8.27
Total assets	1,301	1,365	1,280	1,181	1,137	746	446
Accounts payable	127	151	129	96.7	75.3	68.3	79.2
Accrued liabilities	56.1	58.9	71.9	43.9	34.7	33.2	31.3
Deferred revenue	28	37.1	36.9	41.8	44.5	34.6	33.9
Total current liabilities	256	289	290	226	194	169	162
Lease liabilities		2.6	4.91	2.84	0.94	0.58	0.19
Total liabilities	263	296	298	230	195	169	162
Paid-in capital	1,476	1,607	1,666	1,547	1,503	1,029	767
Retained earnings	-479	-439	-541	-510	-491	-519	-546
Treasury stock	-24.1	-107	-126	-132	-128
Other comprehensive income	62.2	1.67	-17.7	46.7	58.5	66.8	63.6
Shareholders' equity	1,035	1,063	982	951	942	577	284
Minority interests	3.07	5.88	0	0
Total equity	1,038	1,069	982	951	942	577	284
Total liabilities and equity	1,301	1,365	1,280	1,181	1,137	746	446
Shares outstanding	32.8	33.4	34.1	32	32	30.2	30.2

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4.77	62	-97.3	-13.1	5	-42	-4.16
Depreciation and amortization	4.69	3.24	2.87	1.72	0.85	0.86	0.27
Stock-based compensation	41.6	21.8	20.7	9.68
Change in receivables	-9.93	-3.96	0.97	12.6	3.37	3.61	-3.66
Cash from operations	116	102	-92	-9.83	-6.72	-32.7	-7.47
Capital expenditures	-2.29	-2.9	-1.08	-0.85	-0.73	-0.1	-0.04
Acquisitions	-1.57
Purchases of investments	-616	-741	-272	-350
Cash from investing	-35.2	-400	-3	-88.2	58.3	-147	425
Share buybacks	-16.5	-88.9	-16.8	-15.8		-14.5
Dividends paid						-288	-308
Cash from financing	271	-73.4	-16.8	-15.8	-0	-302	-308
Exchange rate effect	15.7	-64.2	-17.6
Net change in cash	368	-436	-129	-60.8	65	-476	106
Free cash flow	114	99.4	-93.1	-10.7	-7.44	-32.8	-7.51
Income taxes paid				0.36	0.06	1.41	4.06

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.8%	Gross profit / revenue.
Operating margin	0.1%	Operating income / revenue.
EBITDA margin	0.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.0%	Pre-tax income / revenue.
Net margin	-0.8%	Net income / revenue.
FCF margin	-1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.4%	Cash from operations / revenue.
Effective tax rate	2,265.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-1.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.7%	Net income / average total assets.
Return on invested capital (ROIC)	0.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.2%	Research and development expense / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-18.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	57.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-21.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-21.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-55.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-53.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-50.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-33.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-23.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-40.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-27.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-20.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.33x	Current assets / current liabilities.
Quick ratio	1.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	36.3%	Total liabilities / total assets.
Working capital	$214.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$279.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.92x	Revenue / average total assets.
Fixed asset turnover	645x	Revenue / average property, plant and equipment.
Receivables turnover	61.3x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.14	Net income per basic share, as reported (split-adjusted).
Revenue per share	$18.10	Revenue / diluted weighted shares.
FCF per share	-$0.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.25	Cash from operations / diluted weighted shares.
Book value per share	$9.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.26	Tangible book value / shares outstanding.
Cash per share	$8.34	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$139.1M	Share price x shares outstanding.
Enterprise value	-$112.4M	Market cap + total debt - cash - short-term investments.
P/S	0.25x	Market cap / revenue.
P/B	0.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.50x	Market cap / tangible book value, when positive.
FCF yield	-5.4%	Free cash flow / market cap.
Earnings yield	-3.0%	Net income / market cap (the inverse of P/E).
Dividend yield	221.1%	Dividends paid over the period / market cap.
Shareholder yield	221.1%	(Dividends paid + share buybacks) / market cap.

What was DouYu International Holdings Ltd's revenue in fiscal 2025?

DouYu International Holdings Ltd reported revenue of $546.1M for fiscal 2025, 6.7% lower than the year before.

Was DouYu International Holdings Ltd profitable in fiscal 2025?

No. It reported a net loss of $4.2M.

How much free cash flow did DouYu International Holdings Ltd generate in fiscal 2025?

Cash from operations of $7.5M minus capital expenditures of $41.6K left free cash flow of -$7.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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