Sohu.com Ltd
SOHU · Services-Computer Processing & Data Preparation · EDGAR filings ↗
Grade
C52Chinese internet/media company — reported profit is investment-gain-driven, with an operating loss.
Strengths
- Reported net profit and returns (gain-driven) — net margin 67% artifact, ROA 24% (94th)
- High gross margin — 77%
Risks
- Underlying operating loss — operating margin -16%
- China/VIE and revenue-decline risk — -2%
- Cash-burn at the operating level — FCF -$5M
Notable findings
- Cash burnNegative free cash flow (-5.3M)
- Customer concentration~60% of revenue from one customer/distributor — For the year ended December 31, 2025, 60% of our total revenues and 69% of our online game revenues were derived from TLBB PC and Legacy TLBB Mobile
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $875M cash & investments, ~655 quarters of runway
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, STATE STREET CORP +1 more (as of 2026-03-31)
Key metrics
Gross margin
77.5%
Operating margin
-16.1%
Net margin
67.4%
Return on equity
30.8%
Return on assets
24.1%
Revenue growth (QoQ)
-2.4%
Current ratio
2.9×
Free cash flow
-$5M
Tangible book value
$1.3B
Cash & investments
$875M
Cash runway
655q
Stock comp / revenue
0.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-12 | 2025-12-31 | 0001193125-26-102990 ↗ |
| 20-F | 2025-03-13 | 2024-12-31 | 0001193125-25-053425 ↗ |
| 20-F | 2024-03-18 | 2023-12-31 | 0001193125-24-069620 ↗ |
| 20-F | 2023-03-30 | 2022-12-31 | 0001193125-23-084383 ↗ |
| 20-F | 2022-03-31 | 2021-12-31 | 0001193125-22-090684 ↗ |
| 20-F | 2021-03-18 | 2020-12-31 | 0001193125-21-084895 ↗ |
| 20-F | 2020-04-21 | 2019-12-31 | 0001193125-20-112755 ↗ |
| 20-F | 2019-03-28 | 2018-12-31 | 0001193125-19-089233 ↗ |