DOYU

MKT CAP:$150M

DouYu International Holdings Limited

Market Cap

$150M

Communication Services·Internet Content & Information·🇨🇳 China·NASDAQ

Communication·Internet·🇨🇳·NASDAQ

Stock Price

$4.99-$1.90 (-27.58%)

Apr 23, 2026

Company Details

DouYu International Holdings Limited, together with its subsidiaries, operates a platform on PC and mobile apps that provides interactive games and entertainment live streaming services in the People's Republic of China. Its platform connec...

CEO

Shaojie Chen

IPO Date

Jul 17, 2019

Website

www.douyu.com

Key Metrics TTM

Revenue

$556M

-10.9% YoY

Net Income

-$4M

EPS (Diluted)

-$0.14

Free Cash Flow

$0

Revenue / Share

$18.43

Gross Margin

12.8%

Operating Margin

0.3%

Net Margin

-0.8%

FCF Margin

0.0%

P/S

0.3x

P/E

—

Earnings Reports

Q4 2025

Apr 17, 2026

NEW

$132M-20.2%EPS $0.01

Q3 2025

Nov 20, 2025

$131M-15.4%EPS $0.05

Q2 2025

Aug 18, 2025

$154M+2.1%EPS $0.18

Q1 2025

May 20, 2025

$138M-8.9%EPS -$0.39

Q4 2024

Apr 29, 2025

$166M-12.3%EPS -$0.79

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$372M	$54M	$6M
Q1 21	$315M	$38M	-$18M
Q2 21	$341M	$45M	-$29M
Q3 21	$343M	$41M	-$18M
Q1 22	$262M	$36M	-$10M
Q2 22	$268M	$45M	-$4M
Q3 23	$199M	$28M	-$1M
Q4 23	$189M	$18M	-$18M
Q1 24	$152M	$16M	-$24M
Q2 24	$151M	$12M	-$17M
Q3 24	$155M	$9M	-$14M
Q4 24	$166M	$10M	-$28M
Q1 25	$138M	$17M	-$4M
Q2 25	$154M	$21M	$2M
Q3 25	$131M	$17M	$2M
Q4 25	$132M	$17M	$1M

Valuation

Quarter	P/S	P/E
Q3 20	33.7x	375.3x
Q1 21	24.6x	376.0x
Q2 21	16.1x	720.4x
Q3 21	8.0x	—
Q1 22	5.5x	—
Q2 22	3.3x	—
Q3 23	2.8x	—
Q4 23	3.2x	—
Q1 24	2.9x	—
Q2 24	5.2x	—
Q3 24	5.2x	—
Q4 24	5.5x	—
Q1 25	3.7x	—
Q2 25	3.2x	—
Q3 25	3.8x	—
Q4 25	3.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	-$10M	-$10M
Q4 19	$79M	$70M
Q2 20	$0	$0
Q3 20	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 18	$683.0K
Q4 19	$9M
Q2 20	$0
Q3 20	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+37.0%	+22.0%
Q1 21	+4.4%	+17.5%
Q2 21	+2.6%	+23.0%
Q3 21	-6.4%	+8.9%
Q1 22	-29.5%	-25.7%
Q2 22	-14.8%	-18.2%
Q3 23	-41.8%	-46.0%
Q4 23	-44.8%	-42.7%
Q1 24	-42.1%	-35.3%
Q2 24	-43.7%	-38.2%
Q3 24	-21.8%	-15.4%
Q4 24	-12.3%	-6.2%
Q1 25	-8.9%	-19.3%
Q2 25	+2.1%	-9.7%
Q3 25	-15.4%	-23.3%
Q4 25	-20.2%	-32.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$642.0K	0.7%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 20	$16M	$14M	$23M	—
Q1 21	$16M	$13M	$31M	—
Q2 21	$18M	$15M	$43M	—
Q3 21	$18M	$13M	$32M	—
Q1 22	$17M	$13M	$27M	—
Q2 22	$15M	$13M	$24M	—
Q3 23	$11M	$7M	$13M	—
Q4 23	$9M	$12M	$12M	—
Q1 24	$8M	$6M	$11M	—
Q2 24	$7M	$7M	$11M	—
Q3 24	$6M	$6M	$12M	—
Q4 24	$5M	$10M	$12M	—
Q1 25	$5M	$5M	$11M	—
Q2 25	$4M	$6M	$9M	—
Q3 25	$4M	$5M	$8M	—
Q4 25	$5M	—	—	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$518M	$389M	$907M
Q2 22	$554M	$407M	$961M
Q3 22	$637M	$367M	$1.0B
Q4 22	$591M	$367M	$957M
Q1 23	$562M	$356M	$918M
Q2 23	$660M	$284M	$944M
Q3 23	$615M	$341M	$956M
Q4 23	$649M	$251M	$900M
Q1 24	$538M	$349M	$888M
Q2 24	$593M	$288M	$882M
Q3 24	$294M	$284M	$578M
Q4 24	$149M	$449M	$597M
Q1 25	$271M	$12M	$282M
Q2 25	$224M	$85M	$310M
Q3 25	$227M	$80M	$307M
Q4 25	$257M	$73M	$331M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	33M	+0.7%	+18.2%
Q1 21	32M	-2.2%	-4.8%
Q2 21	33M	+0.5%	-1.4%
Q3 21	33M	+0.5%	-0.5%
Q1 22	32M	-1.9%	-3.1%
Q2 22	32M	-0.7%	-1.6%
Q3 23	32M	+0.5%	-1.7%
Q4 23	32M	+0.0%	-2.2%
Q1 24	32M	-0.5%	-0.8%
Q2 24	31M	-2.1%	-2.2%
Q3 24	31M	0.0%	-2.7%
Q4 24	30M	-3.1%	-5.6%
Q1 25	30M	0.0%	-5.1%
Q2 25	30M	-0.0%	-3.1%
Q3 25	30M	0.0%	-3.1%
Q4 25	30M	0.0%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$191.0K	2K
Q1 21	$167.6K	2K
Q2 21	$181.9K	2K
Q3 21	$182.8K	2K
Q1 22	$121.8K	2K
Q2 22	$124.3K	2K
Q3 23	$100.7K	2K
Q4 23	$141.7K	1K
Q1 24	$113.7K	1K
Q2 24	$112.9K	1K
Q3 24	$116.3K	1K
Q4 24	$202.7K	819
Q1 25	$169.0K	819
Q2 25	$188.0K	819
Q3 25	$160.4K	819
Q4 25	$161.7K	819

Revenue / Employee