Demonstrações financeiras detalhadas de HUYA Inc. (HUYA): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
HUYA Inc. registou receitas de $6.50B no último exercício, com um CAGR de 5 anos de -9.8%.
Margens dos últimos 12 meses: margem bruta 14.2%, margem operacional -1.7%, margem líquida -1.6%.
Ao preço atual de $2.06, HUYA apresenta lucros negativos (P/L não significativo) e um ROE de -2.29%. A capitalização de mercado é de $472M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $796.9M | $2.18B | $4.66B | $1.20B | $10.91B | $11.35B | $9.26B | $6.99B | $6.08B | $6.50B |
| Custo da Receita | $1.09B | $1.93B | $3.93B | $991.8M | $8.65B | $9.75B | $8.61B | $6.18B | $5.27B | $5.63B |
| Lucro Bruto | -$297.7M | $255.0M | $729.8M | $213.2M | $2.27B | $1.60B | $653.6M | $815.2M | $809.5M | $872.1M |
| P&D | $188.3M | $170.2M | $265.2M | $73.2M | $734.3M | $818.9M | $684.4M | $578.6M | $512.6M | $496.7M |
| Despesas Gerais e Administrativas | $140.1M | $189.3M | $476.9M | $113.8M | $1.00B | $1.09B | $871.7M | $761.4M | $528.9M | $575.4M |
| Despesas Operacionais | $328.4M | $349.8M | $703.1M | $187.0M | $1.54B | $1.63B | $1.39B | $1.26B | $999.0M | $1.03B |
| Lucro Operacional | -$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 |
| Despesas com Juros | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lucro Antes de Impostos | -$625.6M | -$80.8M | -$2.10B | $81.2M | $1.06B | $638.7M | -$523.3M | -$191.3M | -$34.5M | -$99.8M |
| Imposto | 0 | $151000 | -$50.9M | $13.8M | $176.8M | $55.2M | $24.4M | $13.2M | $13.5M | $12.8M |
| Lucro Líquido | -$625.6M | -$81.0M | -$2.05B | $67.4M | $884.2M | $583.5M | -$547.7M | -$204.5M | -$48.0M | -$112.6M |
| LPA | $-5.66 | $-0.81 | $-12.29 | $2.18 | $3.89 | $2.45 | $-2.27 | $-0.84 | $-0.21 | $-0.48 |
| LPA Diluído | $-5.66 | $-0.81 | $-12.29 | $2.02 | $3.71 | $2.41 | $-2.27 | $-0.84 | $-0.21 | $-0.48 |
| Ações em Circulação (Diluídas) | $110.6M | $100.0M | $166.8M | $232.0M | $238.6M | $241.8M | $241.4M | $243.0M | $231.5M | $228.8M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $1.69B | $1.74B | $1.73B | $1.74B |
| Lucro Bruto | $226.6M | $244.7M | $253.2M | $255.0M |
| Lucro Operacional | -$14.3M | -$64.9M | -$28.8M | -$7.0M |
| EBITDA | $10.1M | -$115.9M | -$1.4M | $11.7M |
| Lucro Líquido | $9.6M | -$117.6M | -$4.1M | $1.6M |
| LPA | $0.04 | $-0.50 | $-0.02 | $0.01 |
| LPA Diluído | $0.04 | $-0.50 | $-0.02 | $0.01 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $6.2M | $442.5M | $709.0M | $1.11B | $3.29B | $1.79B | $694.1M | $512.0M | $1.19B | $705.1M |
| Investimentos de Curto Prazo | $95.0M | $593.2M | $5.28B | $8.96B | $7.18B | $9.17B | $9.02B | $6.85B | $4.08B | $3.13B |
| Contas a Receber | $2.9M | $141.7M | $281.2M | $113.6M | $135.7M | $224.1M | $143.9M | $211.8M | $76.0M | $238.7M |
| Estoque | $48.5M | $62.3M | $307.8M | $1.4M | $164.9M | $55.7M | -$9.08B | 0 | 0 | 0 |
| Ativos Circulantes | $156.1M | $1.25B | $6.60B | $10.59B | $11.27B | $11.92B | $10.50B | $8.15B | $6.09B | $4.91B |
| Imobilizado | $6.3M | $32.3M | $87.4M | $199.5M | $182.0M | $475.0M | $546.0M | $705.8M | $823.5M | $909.0M |
| Ágio | 0 | 0 | 0 | 0 | -$310.2M | 0 | $449.4M | $457.0M | $463.8M | $453.8M |
| Ativos Intangíveis | $4.9M | $5.6M | $52.0M | $45.1M | $373.0M | $83.9M | $207.1M | $161.7M | $153.2M | $127.7M |
| Ativos Totais | $167.2M | $1.30B | $7.11B | $11.37B | $12.41B | $13.25B | $13.79B | $12.92B | $9.57B | $6.71B |
| Contas a Pagar | $2.7M | $5.8M | $9.2M | $3.7M | $10.1M | $12.6M | $22.5M | $15.0M | $66.6M | $238.1M |
| Dívida de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $19.0M |
| Passivos Circulantes | $319.9M | $685.6M | $1.38B | $2.45B | $2.38B | $2.58B | $2.26B | $2.16B | $1.94B | $1.73B |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Totais | $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 |
| Patrimônio Líquido | -$164.4M | $569.9M | $5.65B | $8.68B | $9.78B | $10.51B | $11.41B | $10.62B | $7.55B | $4.92B |
| Dívida Total | 0 | 0 | 0 | $102.0M | $86.8M | $81.6M | $38.4M | $79.9M | $48.6M | $20.8M |
| Dívida Líquida | -$101.2M | -$1.04B | -$5.99B | -$9.97B | -$10.39B | -$10.88B | -$9.68B | -$7.28B | -$5.22B | -$3.81B |
| Capital de Giro | -$163.8M | $564.7M | $5.21B | $8.15B | $8.89B | $9.34B | $8.25B | $5.99B | $4.15B | $3.18B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $725.8M | $705.1M | $390.5M | $322.2M |
| Ativos Totais | $6.84B | $6.71B | $6.56B | $6.26B |
| Passivos Totais | $1.78B | $1.78B | $1.89B | $1.64B |
| Patrimônio Líquido | $5.05B | $4.92B | $4.67B | $4.62B |
| Dívida Total | $25.0M | $20.8M | $29.2M | $22.9M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$625.6M | -$81.0M | -$1.94B | $468.2M | $884.2M | $583.5M | -$3.33B | -$204.5M | -$48.0M | -$112.6M |
| Depreciação e Amortização | $4.5M | $7.7M | $35.0M | $87.8M | $131.2M | $125.0M | $842.7M | $140.4M | $114.0M | $108.0M |
| Compensação em Ações | $52.1M | $40.1M | $226.7M | $281.7M | $408.2M | $289.7M | $1.07B | $78.3M | $64.5M | $73.6M |
| Variação Capital de Giro | $148.6M | $255.0M | $274.4M | $1.15B | -$162.0M | -$260.8M | -$2.06B | -$307.9M | -$261.8M | -$430.9M |
| Fluxo de Caixa Operacional | -$420.5M | $242.4M | $717.5M | $1.95B | $1.24B | $327.5M | -$3.00B | -$32.1M | $94.3M | -$176.2M |
| CapEx | -$1.1M | -$43.4M | -$127.4M | -$71.4M | -$428.2M | -$98.1M | -$1.13B | -$131.3M | -$210.5M | -$188.8M |
| Aquisições | 0 | -$450000 | $52.6M | -$10.0M | $373.8M | $58.6M | 0 | -$546.1M | -$28.8M | 0 |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$202.4M | -$247.9M | -$90.3M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.86B | -$2.41B |
| Fluxo de Caixa Livre | -$421.6M | $199.1M | $590.1M | $1.87B | $811.7M | $229.4M | -$4.12B | -$163.4M | -$116.2M | -$365.0M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | 0 | 0 | 0 | 0 |
| CapEx | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | 0 | 0 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $14.6M | $22.8M | $20.6M | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +174.2% | +113.4% | -74.2% | +805.8% | +4.0% | -18.4% | -24.5% | -13.1% | +7.0% |
| Crescimento Lucro Líquido (anual) | | +87.1% | -2433.1% | +103.3% | +1212.5% | -34.0% | -193.9% | +62.7% | +76.6% | -134.8% |
| Crescimento LPA (anual) | | +85.7% | -1417.3% | +117.7% | +78.4% | -37.0% | -192.7% | +63.0% | +75.0% | -128.6% |
| Variação de Ações (anual) | | -9.6% | +66.8% | +39.1% | +2.8% | +1.3% | -0.1% | +0.7% | -4.7% | -1.2% |
| Crescimento FCF (anual) | | +147.2% | +196.4% | +217.6% | -56.7% | -71.7% | -1898.2% | +96.0% | +28.9% | -214.0% |
| Margem Bruta | -37.4% | 11.7% | 15.6% | 17.7% | 20.8% | 14.1% | 7.1% | 11.7% | 13.3% | 13.4% |
| Margem Operacional | -78.6% | -4.3% | 48.8% | 2.2% | 6.6% | -0.3% | -7.9% | -6.3% | -3.1% | -2.5% |
| Margem EBITDA | -78.0% | -4.0% | 1.3% | 7.8% | 7.6% | 6.7% | -4.1% | -0.7% | 1.1% | 0.1% |
| Margem Líquida | -78.5% | -3.7% | -44.0% | 5.6% | 8.1% | 5.1% | -5.9% | -2.9% | -0.8% | -1.7% |
| Margem FCF | -52.9% | 9.1% | 12.7% | 155.5% | 7.4% | 2.0% | -44.5% | -2.3% | -1.9% | -5.6% |
| Taxa Efetiva de Imposto | -0.0% | -0.2% | 2.4% | 17.0% | 16.7% | 8.6% | -4.7% | -6.9% | -39.2% | -12.8% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-3.81 | $1.99 | $3.54 | $8.08 | $3.40 | $0.95 | $-17.08 | $-0.67 | $-0.50 | $-1.59 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $12.34 | $10.52 |
| Ações em Circulação (Básicas) | $110.6M | $99.8M | $166.8M | $231.8M | $227.1M | $238.2M | $240.9M | $243.0M | $228.4M | $228.8M |
O que olhar em empresas de Communication Services
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | -2.29% |
| Retorno sobre capital investido | -2.45% |
| Retorno sobre ativos | -1.77% |
| Margem bruta | 14.21% |
| Margem operacional | -1.67% |
| Margem líquida | -1.60% |
Saúde financeira
| Dívida / Patrimônio | 0.00 |
| Liquidez corrente | 2.29 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 2.55 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -19.70 | -129.00 | -8.66 | 57.32 | 33.43 | 17.99 | -12.00 | -30.92 | -106.70 | -41.96 |
| P/VP | -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 |
| Margem Bruta | -37.4% | 11.7% | 15.6% | 17.7% | 20.8% | 14.1% | 7.1% | 11.7% | 13.3% | 13.4% |
| Margem Operacional | -78.6% | -4.3% | 48.8% | 2.2% | 6.6% | -0.3% | -7.9% | -6.3% | -3.1% | -2.5% |
| Margem Líquida | -78.5% | -3.7% | -44.0% | 5.6% | 8.1% | 5.1% | -5.9% | -2.9% | -0.8% | -1.7% |