← DouYu International Holdings
The business behind the dividend
| Measure | DOYU | Median | Formula |
|---|---|---|---|
| Return on equity | -1.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-3.93m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-7.51m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 0.1% | 14.3% | Operating income ÷ revenue |
| Net margin | -0.8% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.33x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 0.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | -1.5% | -7.3% | 0.5% | -1.4% | -9.9% | 5.8% | 0.5% | -1.4% |
| Operating margin | 0.1% | -13.4% | -3.0% | -2.8% | -7.1% | 2.7% | -1.8% | -2.8% |
| Net margin | -0.8% | -7.2% | 0.6% | -1.3% | -6.8% | 4.2% | 0.5% | -0.8% |
| Current ratio | 2.33x | 3.63x | 4.86x | 4.54x | 3.91x | 4.27x | 4.79x | 4.27x |
| Cash conversion | — | — | -1.34x | — | — | 1.65x | 24.38x | 1.65x |