Joyy Inc-Adr
JOYYBelow valueHeld by 2 superinvestors.
SEC 10-K · fundamentals
Business quality
As of 2025-12-31- Revenue growth
- -5.1%
- Net margin
- 98.8%
- ROE
- 32.1%
- FCF margin
- 7.5%
Valuation · value band
Margin of safety
Zero-growth floor
$93
Central IV
$122
Optimistic top
$144
Joyy Inc-Adr (JOYY): A conservative value band $93–$144 / sh (zero-growth floor to growth-capped optimistic top); central read about $122. Today’s price sits below that band (price $83 as of 2026-10-16).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.8% · Zero-growth downside $93
Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
Method & numbers
Price is at or below the reproducible tangible asset base ($93 / sh) — a rarer, harder floor.
Model cautions
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $82.14 – $143.57 · Greenwald zero-growth $96.51 · zero-growth base $96.51 · reproduction $92.63
Moat Below asset base · terminal value 48% of present value · owner-earnings yield 11% vs 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)
Normalized operating earnings net of maintenance capex are non-positive over the years shown; earnings power cannot be capitalized.
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 236% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$78.96 – $96.51 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 236% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $4.13B + capitalized R&D $808.11M（FY 2025, 2024, 2023, 2022, 2021） = $92.63 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 5% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.60%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
SEC 13F · holders
Superinvestors Holding This Security
2 holders · $9.9M combined · this quarter +0 opened / -0 exited
- Value$7.2MWeight (prev→now)0.5% → 0.1% ▼
- Value$2.7MWeight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Joyy Inc-Adr (JOYY) is held by 2 of the superinvestors tracked on Compounder, with a combined $9.9M in reported 13F value. The largest position belongs to Sarah Ketterer, where it makes up 0.1% of the portfolio.
Other notable holders by value include Dodge & Cox (0.0% of its book).
In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in JOYY, 0 added to existing ones, 2 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Joyy Inc-Adr (JOYY) also commonly hold →
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JOYY's price is below its conservative value band. Browse all undervalued stocks by margin of safety
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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