DouYu International Holdings Ltd
DOYUdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
The thesis, from the filings
DouYu International Holdings Ltd earns about -7% on invested capital, and has bought back 7% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.44B1 | $1.03B2 | $778.9M3 | $585.1M4 | $546.1M5 |
| Net income | −$97.3M6 | −$13.1M7 | $5M8 | −$42M9 | −$4.16M10 |
| Operating cash flow | −$92M11 | −$9.83M12 | −$6.72M13 | −$32.7M14 | −$7.47M15 |
| Capital expenditure | $1.08M16 | $854,80317 | $726,25018 | $97,25119 | $41,59520 |
| Free cash flow (derived) | −$93.1M11 | −$10.7M12 | −$7.44M13 | −$32.8M14 | −$7.51M15 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $699.3M21 | $586M22 | $625.4M23 | $139.3M24 | $251.6M25 |
| Diluted shares | 32.5M | 32.0M | 32.0M | 30.8M | 30.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$94.17
your share of equity
Profit it earned you last year
−$1.38
Free cash flow it threw off
−$2.49
Debt you’d be carrying
—
10 shares is a claim on $94.17 of net worth that earned you −$1.38 and generated −$2.49 of cash last year.
iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 -27%FY22 -5%FY23 3%FY24 -7%FY25 0%
It earned an average -7% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Management signal · capital allocation
−7% shares · 5y
Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined
Different models answer different questions — which to trust when →
Sources — the receipts
- 20-F · period ending 2021-12-31 · accession 0001193125-22-130251 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049244 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053257 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000965 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-044566 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-130251 (ProfitLoss)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049244 (ProfitLoss)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053257 (ProfitLoss)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000965 (ProfitLoss)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-044566 (ProfitLoss)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-130251 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049244 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053257 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000965 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-044566 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-130251 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049244 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053257 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000965 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-044566 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001193125-22-130251 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001104659-23-049244 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001104659-24-053257 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001410578-25-000965 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2025-12-31 · accession 0001104659-26-044566 (CashAndCashEquivalentsAtCarryingValue)