Estados financieros detallados de HUYA Inc. (HUYA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
HUYA Inc. registró ingresos de $6.50B en el último ejercicio fiscal, con un CAGR de 5 años del -9.8%.
Márgenes de los últimos 12 meses: margen bruto 14.2%, margen operativo -1.7%, margen neto -1.6%.
Al precio actual de $2.06, HUYA presenta beneficios negativos (P/E no significativo) y un ROE del -2.29%. La capitalización bursátil es de $472M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $796.9M | $2.18B | $4.66B | $1.20B | $10.91B | $11.35B | $9.26B | $6.99B | $6.08B | $6.50B |
| Coste de Ventas | $1.09B | $1.93B | $3.93B | $991.8M | $8.65B | $9.75B | $8.61B | $6.18B | $5.27B | $5.63B |
| Beneficio Bruto | -$297.7M | $255.0M | $729.8M | $213.2M | $2.27B | $1.60B | $653.6M | $815.2M | $809.5M | $872.1M |
| I+D | $188.3M | $170.2M | $265.2M | $73.2M | $734.3M | $818.9M | $684.4M | $578.6M | $512.6M | $496.7M |
| Generales y Administrativos | $140.1M | $189.3M | $476.9M | $113.8M | $1.00B | $1.09B | $871.7M | $761.4M | $528.9M | $575.4M |
| Gastos Operativos | $328.4M | $349.8M | $703.1M | $187.0M | $1.54B | $1.63B | $1.39B | $1.26B | $999.0M | $1.03B |
| Beneficio Operativo | -$626.1M | -$94.9M | $2.28B | $26.2M | $725.0M | -$30.2M | -$736.2M | -$443.6M | -$189.6M | -$162.5M |
| EBITDA | -$621.6M | -$87.2M | $61.7M | $94.2M | $827.8M | $763.7M | -$379.7M | -$50.9M | $66.7M | $8.3M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$625.6M | -$80.8M | -$2.10B | $81.2M | $1.06B | $638.7M | -$523.3M | -$191.3M | -$34.5M | -$99.8M |
| Impuestos | 0 | $151000 | -$50.9M | $13.8M | $176.8M | $55.2M | $24.4M | $13.2M | $13.5M | $12.8M |
| Beneficio Neto | -$625.6M | -$81.0M | -$2.05B | $67.4M | $884.2M | $583.5M | -$547.7M | -$204.5M | -$48.0M | -$112.6M |
| BPA | $-5.66 | $-0.81 | $-12.29 | $2.18 | $3.89 | $2.45 | $-2.27 | $-0.84 | $-0.21 | $-0.48 |
| BPA Diluido | $-5.66 | $-0.81 | $-12.29 | $2.02 | $3.71 | $2.41 | $-2.27 | $-0.84 | $-0.21 | $-0.48 |
| Acciones en Circulación (Diluidas) | $110.6M | $100.0M | $166.8M | $232.0M | $238.6M | $241.8M | $241.4M | $243.0M | $231.5M | $228.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $1.69B | $1.74B | $1.73B | $1.74B |
| Beneficio Bruto | $226.6M | $244.7M | $253.2M | $255.0M |
| Beneficio Operativo | -$14.3M | -$64.9M | -$28.8M | -$7.0M |
| EBITDA | $10.1M | -$115.9M | -$1.4M | $11.7M |
| Beneficio Neto | $9.6M | -$117.6M | -$4.1M | $1.6M |
| BPA | $0.04 | $-0.50 | $-0.02 | $0.01 |
| BPA Diluido | $0.04 | $-0.50 | $-0.02 | $0.01 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $6.2M | $442.5M | $709.0M | $1.11B | $3.29B | $1.79B | $694.1M | $512.0M | $1.19B | $705.1M |
| Inversiones a Corto | $95.0M | $593.2M | $5.28B | $8.96B | $7.18B | $9.17B | $9.02B | $6.85B | $4.08B | $3.13B |
| Cuentas por Cobrar | $2.9M | $141.7M | $281.2M | $113.6M | $135.7M | $224.1M | $143.9M | $211.8M | $76.0M | $238.7M |
| Inventario | $48.5M | $62.3M | $307.8M | $1.4M | $164.9M | $55.7M | -$9.08B | 0 | 0 | 0 |
| Activos Corrientes | $156.1M | $1.25B | $6.60B | $10.59B | $11.27B | $11.92B | $10.50B | $8.15B | $6.09B | $4.91B |
| Inmovilizado Material | $6.3M | $32.3M | $87.4M | $199.5M | $182.0M | $475.0M | $546.0M | $705.8M | $823.5M | $909.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | -$310.2M | 0 | $449.4M | $457.0M | $463.8M | $453.8M |
| Activos Intangibles | $4.9M | $5.6M | $52.0M | $45.1M | $373.0M | $83.9M | $207.1M | $161.7M | $153.2M | $127.7M |
| Activos Totales | $167.2M | $1.30B | $7.11B | $11.37B | $12.41B | $13.25B | $13.79B | $12.92B | $9.57B | $6.71B |
| Cuentas por Pagar | $2.7M | $5.8M | $9.2M | $3.7M | $10.1M | $12.6M | $22.5M | $15.0M | $66.6M | $238.1M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $19.0M |
| Pasivos Corrientes | $319.9M | $685.6M | $1.38B | $2.45B | $2.38B | $2.58B | $2.26B | $2.16B | $1.94B | $1.73B |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $331.6M | $730.7M | $1.46B | $2.68B | $2.63B | $2.74B | $2.38B | $2.30B | $2.02B | $1.78B |
| Reservas | -$164.4M | -$81.0M | -$2.42B | -$1.99B | -$1.88B | -$1.30B | -$1.73B | -$2.05B | -$1.98B | -$2.22B |
| Patrimonio Neto | -$164.4M | $569.9M | $5.65B | $8.68B | $9.78B | $10.51B | $11.41B | $10.62B | $7.55B | $4.92B |
| Deuda Total | 0 | 0 | 0 | $102.0M | $86.8M | $81.6M | $38.4M | $79.9M | $48.6M | $20.8M |
| Deuda Neta | -$101.2M | -$1.04B | -$5.99B | -$9.97B | -$10.39B | -$10.88B | -$9.68B | -$7.28B | -$5.22B | -$3.81B |
| Capital Circulante | -$163.8M | $564.7M | $5.21B | $8.15B | $8.89B | $9.34B | $8.25B | $5.99B | $4.15B | $3.18B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $725.8M | $705.1M | $390.5M | $322.2M |
| Activos Totales | $6.84B | $6.71B | $6.56B | $6.26B |
| Pasivos Totales | $1.78B | $1.78B | $1.89B | $1.64B |
| Patrimonio Neto | $5.05B | $4.92B | $4.67B | $4.62B |
| Deuda Total | $25.0M | $20.8M | $29.2M | $22.9M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$625.6M | -$81.0M | -$1.94B | $468.2M | $884.2M | $583.5M | -$3.33B | -$204.5M | -$48.0M | -$112.6M |
| Amortizaciones | $4.5M | $7.7M | $35.0M | $87.8M | $131.2M | $125.0M | $842.7M | $140.4M | $114.0M | $108.0M |
| Compensación en Acciones | $52.1M | $40.1M | $226.7M | $281.7M | $408.2M | $289.7M | $1.07B | $78.3M | $64.5M | $73.6M |
| Cambio en Capital Circulante | $148.6M | $255.0M | $274.4M | $1.15B | -$162.0M | -$260.8M | -$2.06B | -$307.9M | -$261.8M | -$430.9M |
| Flujo de Caja Operativo | -$420.5M | $242.4M | $717.5M | $1.95B | $1.24B | $327.5M | -$3.00B | -$32.1M | $94.3M | -$176.2M |
| Inversiones (CapEx) | -$1.1M | -$43.4M | -$127.4M | -$71.4M | -$428.2M | -$98.1M | -$1.13B | -$131.3M | -$210.5M | -$188.8M |
| Adquisiciones | 0 | -$450000 | $52.6M | -$10.0M | $373.8M | $58.6M | 0 | -$546.1M | -$28.8M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$202.4M | -$247.9M | -$90.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.86B | -$2.41B |
| Flujo de Caja Libre | -$421.6M | $199.1M | $590.1M | $1.87B | $811.7M | $229.4M | -$4.12B | -$163.4M | -$116.2M | -$365.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | 0 | 0 | 0 | 0 |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $14.6M | $22.8M | $20.6M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +174.2% | +113.4% | -74.2% | +805.8% | +4.0% | -18.4% | -24.5% | -13.1% | +7.0% |
| Crecimiento Beneficio Neto (anual) | | +87.1% | -2433.1% | +103.3% | +1212.5% | -34.0% | -193.9% | +62.7% | +76.6% | -134.8% |
| Crecimiento BPA (anual) | | +85.7% | -1417.3% | +117.7% | +78.4% | -37.0% | -192.7% | +63.0% | +75.0% | -128.6% |
| Cambio en Acciones (anual) | | -9.6% | +66.8% | +39.1% | +2.8% | +1.3% | -0.1% | +0.7% | -4.7% | -1.2% |
| Crecimiento FCF (anual) | | +147.2% | +196.4% | +217.6% | -56.7% | -71.7% | -1898.2% | +96.0% | +28.9% | -214.0% |
| Margen Bruto | -37.4% | 11.7% | 15.6% | 17.7% | 20.8% | 14.1% | 7.1% | 11.7% | 13.3% | 13.4% |
| Margen Operativo | -78.6% | -4.3% | 48.8% | 2.2% | 6.6% | -0.3% | -7.9% | -6.3% | -3.1% | -2.5% |
| Margen EBITDA | -78.0% | -4.0% | 1.3% | 7.8% | 7.6% | 6.7% | -4.1% | -0.7% | 1.1% | 0.1% |
| Margen Neto | -78.5% | -3.7% | -44.0% | 5.6% | 8.1% | 5.1% | -5.9% | -2.9% | -0.8% | -1.7% |
| Margen FCF | -52.9% | 9.1% | 12.7% | 155.5% | 7.4% | 2.0% | -44.5% | -2.3% | -1.9% | -5.6% |
| Tasa Impositiva Efectiva | -0.0% | -0.2% | 2.4% | 17.0% | 16.7% | 8.6% | -4.7% | -6.9% | -39.2% | -12.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-3.81 | $1.99 | $3.54 | $8.08 | $3.40 | $0.95 | $-17.08 | $-0.67 | $-0.50 | $-1.59 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $12.34 | $10.52 |
| Acciones en Circulación (Básicas) | $110.6M | $99.8M | $166.8M | $231.8M | $227.1M | $238.2M | $240.9M | $243.0M | $228.4M | $228.8M |
Qué mirar en empresas de Communication Services
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -2.29% |
| Rentabilidad sobre capital invertido | -2.45% |
| Rentabilidad sobre activos | -1.77% |
| Margen bruto | 14.21% |
| Margen operativo | -1.67% |
| Margen neto | -1.60% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 2.29 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 2.55 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -19.70 | -129.00 | -8.66 | 57.32 | 33.43 | 17.99 | -12.00 | -30.92 | -106.70 | -41.96 |
| P/VC | -75.00 | 18.30 | 3.15 | 3.33 | 3.02 | 1.00 | 0.58 | 0.59 | 0.68 | 0.94 |
| P/V | 15.47 | 4.77 | 3.81 | 24.04 | 2.71 | 0.93 | 0.71 | 0.90 | 0.84 | 0.71 |
| Margen Bruto | -37.4% | 11.7% | 15.6% | 17.7% | 20.8% | 14.1% | 7.1% | 11.7% | 13.3% | 13.4% |
| Margen Operativo | -78.6% | -4.3% | 48.8% | 2.2% | 6.6% | -0.3% | -7.9% | -6.3% | -3.1% | -2.5% |
| Margen Neto | -78.5% | -3.7% | -44.0% | 5.6% | 8.1% | 5.1% | -5.9% | -2.9% | -0.8% | -1.7% |