The business behind the dividend
| Measure | HUYA | Median | Formula |
|---|---|---|---|
| Return on equity | -2.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-35.03m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-49.19m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -2.5% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.84x | 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 | 0.9% | -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 | 2018 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -2.3% | -0.6% | -1.9% | -4.5% | 5.6% | 9.0% | 5.4% | -34.3% | -0.6% |
| Operating margin | -2.5% | -3.1% | -6.3% | -7.7% | -0.3% | 6.6% | 3.1% | 0.6% | -0.3% |
| Net margin | -1.7% | -0.8% | -2.9% | -5.3% | 5.1% | 8.1% | 5.6% | -41.6% | -0.8% |
| Current ratio | 2.84x | 3.14x | 3.77x | 4.75x | 4.63x | 4.73x | 4.33x | 4.78x | 4.63x |
| Cash conversion | — | — | — | — | 0.56x | 1.40x | 4.16x | — | 1.40x |