JOYY Inc. Sponsored ADR
JOYY Communication Services Internet Content & Information
JOYY Inc. Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, down 5.07% from fiscal 2024. In the quarter to June 2026, revenue grew 16.4%, EPS fell 10.4%, free cash flow grew 43.7% and total debt rose 162.2%, each against the same quarter a year earlier.
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JOYY Inc. Sponsored ADR (JOYY) Beneish M-score
JOYY Inc. Sponsored ADR's Beneish M-score for fiscal 2025 is −0.80; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.80 | 1.92 |
| FY2024 | −2.72 | (0.40) |
| FY2023 | −2.31 | 0.21 |
| FY2022 | −2.53 | 0.52 |
| FY2021 | −3.04 | (1.03) |
| FY2020 | −2.02 | 0.60 |
| FY2019 | −2.62 | (3.59) |
| FY2018 | 0.97 | 3.62 |
| FY2017 | −2.65 | 0.03 |
| FY2016 | −2.68 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.34 | — | 1.23 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.20 | — | 0.48 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.09 | — | 0.13 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | 0.24 | — | 1.11 | |
| Leverage index | 0.33 | — | −0.11 | |
| Beneish M-score | Flagged by the model | −0.80 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BILI Bilibili Inc. Sponsored ADR compare | −3.2× |
| GENI Genius Sports Limited compare | −3.0× |
| PPLI People Incorporated compare | −2.8× |
| OPRA Opera Limited Sponsored ADR compare | −2.3× |
| ATHM Autohome Inc. compare | −1.9× |
| STUB StubHub Holdings, Inc. compare | −1.4× |
| JOYY JOYY Inc. Sponsored ADR | −0.8× |
| DJT Trump Media & Technology Group Corp. compare | 4.4× |
| RUM RUM Group Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI