MeritValue

HUYA Inc.

HUYAdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

HUYA Inc. earns about -1% on invested capital, and has bought back 5% 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.78B1$1.34B2$985.1M3$832.8M4$929.8M5
Net income$91.6M6−$70.6M7−$28.8M8−$6.57M9−$16.1M10
Operating cash flow$51.4M11−$63.4M12−$4.52M13$12.9M14−$25.2M15
Capital expenditure$6.2M16$22.7M17$17.4M18$25.5M19$24M20
Free cash flow (derived)$45.2M11−$86.1M12−$21.9M13−$12.6M14−$49.2M15
Total debt—————
Cash & equivalents$281M21$95M22$72.1M23$162.9M24$99M25
Diluted shares241.8M241.4M243.0M231.5M228.8M

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
$30.74
your share of equity
Profit it earned you last year
−$0.7
Free cash flow it threw off
−$2.15
Debt you’d be carrying
—

10 shares is a claim on $30.74 of net worth that earned you −$0.7 and generated −$2.15 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 2%FY22 -4%FY23 -1%FY24 -0%FY25 -2%

It earned an average -1% 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
−5% shares · 5y

Share count is down 5% 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
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-127503 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-116470 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-052244 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000781 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-048944 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-127503 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-116470 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-052244 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000781 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-048944 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-127503 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-116470 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-052244 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000781 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-048944 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-127503 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-116470 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-052244 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000781 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-048944 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001193125-22-127503 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2022-12-31 · accession 0001193125-23-116470 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2023-12-31 · accession 0001104659-24-052244 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2024-12-31 · accession 0001410578-25-000781 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2025-12-31 · accession 0001104659-26-048944 (CashAndCashEquivalentsAtCarryingValue)