JOYYJOYY Inc.
Is it safe?
Nothing alarming, nothing pristine: heavy debt (BB) and typical volatility.
Net cash, but unprofitable, speculative. A rule of thumb on leverage, not a credit rating.
Moderate price swings, typical volatility. Worst drawdown -84% · now at/near its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can JOYY take a bad year?
JOYY Inc. holds $13.8B more cash than debt, so a bad year is a question about profits, not about lenders.
Net cash · as at FY2020 · cash and short-term investments less total debt
- Net debt / EBITDA
- net cash
Net debt / EBITDA · no net borrowings to measure against earnings
- Interest cover
- none
Interest cover · no operating profit to pay the interest bill from
- Annualised volatility
- 36%
Annualised volatility · S&P 500 16% · roughly twice as jumpy as the market
Details›
- Total debtFY2020
- $734M
- Cash and short-term investments
- $14.6B
- Net cash
- $13.8B
- EBITDA, trailing twelve months
- −$2.29B
- Operating profit, trailing twelve months
- −$2.82B
- Debt / equity
- 0.02×
- Annualised volatilitytwo years of daily moves
- 36%
- Worst drawdown on file
- −84%
- Below its 52-week high
- 1.8%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
The balance sheet
What it owes against what it owns, and how close that comes to trouble.
How far can it fall?
How much the price moves, how deep and how long its falls have run, and what each unit of risk has paid.
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