So-Young Intl Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows So-Young Intl (SY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 30/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

So-Young Intl has an operating margin of -42.6%, meaning the company retains $-43 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -4.1% the prior year.

Growth

So-Young Intl's revenue declined 4.8% year-over-year, from $211.0M to $200.9M. This contraction results in a growth score of 25/100.

Leverage

So-Young Intl carries a low D/E ratio of 0.42, meaning only $0.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

So-Young Intl's current ratio of 2.74 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While So-Young Intl generated -$3.5M in operating cash flow, capex of $8.6M consumed most of it, leaving -$12.1M in free cash flow. This results in a low score of 10/100, reflecting heavy capital investment rather than weak cash generation.

Returns

So-Young Intl generates a -32.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 0.9% the prior year.

Piotroski F-Score Weak

2/9

So-Young Intl passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.04x

For every $1 of reported earnings, So-Young Intl generates $0.04 in operating cash flow (-$3.5M OCF vs -$80.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$200.9M

YoY-4.8%

5Y CAGR+4.0%

So-Young Intl generated $200.9M in revenue in fiscal year 2024. This represents a decrease of 4.8% from the prior year.

EBITDA

-$79.3M

YoY-3663.7%

So-Young Intl's EBITDA was -$79.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3663.7% from the prior year.

Net Income

-$80.8M

YoY-2794.8%

So-Young Intl reported -$80.8M in net income in fiscal year 2024. This represents a decrease of 2794.8% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$12.1M

YoY-199.2%

So-Young Intl generated -$12.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 199.2% from the prior year.

Cash & Debt

$80.5M

YoY+34.2%

5Y CAGR-8.7%

So-Young Intl held $80.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

61.3%

YoY-2.4pp

5Y CAGR-21.5pp

So-Young Intl's gross margin was 61.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 2.4 percentage points from the prior year.

Operating Margin

-42.6%

YoY-38.5pp

5Y CAGR-55.2pp

So-Young Intl's operating margin was -42.6% in fiscal year 2024, reflecting core business profitability. This is down 38.5 percentage points from the prior year.

Net Margin

-40.2%

YoY-41.6pp

5Y CAGR-55.5pp

So-Young Intl's net profit margin was -40.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 41.6 percentage points from the prior year.

Return on Equity

-32.0%

YoY-32.9pp

5Y CAGR-38.7pp

So-Young Intl's ROE was -32.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 32.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$22.6M

YoY-21.1%

5Y CAGR-2.3%

So-Young Intl invested $22.6M in research and development in fiscal year 2024. This represents a decrease of 21.1% from the prior year.

Share Buybacks

$2.5M

YoY-85.9%

So-Young Intl spent $2.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 85.9% from the prior year.

Capital Expenditures

$8.6M

YoY+18.9%

5Y CAGR+9.7%

So-Young Intl invested $8.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 18.9% from the prior year.

SY Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$200.9M-4.8%	$211.0M+15.7%	$182.4M-31.3%	$265.6M+33.8%	$198.5M+20.0%	$165.4M
Cost of Revenue	$77.8M+1.4%	$76.7M+34.5%	$57.0M+10.8%	$51.5M+58.2%	$32.5M+14.0%	$28.5M
Gross Profit	$123.2M-8.3%	$134.3M+7.2%	$125.4M-41.5%	$214.1M+29.0%	$165.9M+21.2%	$136.9M
R&D Expenses	$22.6M-21.1%	$28.7M-15.9%	$34.1M-24.2%	$45.0M+28.0%	$35.1M+37.9%	$25.5M
SG&A Expenses	$44.4M+8.4%	$41.0M+8.6%	$37.7M-4.7%	$39.6M+40.4%	$28.2M+22.3%	$23.1M
Operating Income	-$85.6M-895.0%	-$8.6M+42.3%	-$14.9M-191.6%	-$5.1M+41.2%	-$8.7M-141.7%	$20.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$124K+95.1%	-$2.5M+16.3%	-$3.0M-191.2%	$3.3M+554.6%	-$733K-110.3%	$7.1M
Net Income	-$80.8M-2794.8%	$3.0M+131.5%	-$9.5M-622.7%	-$1.3M-247.6%	$891K-96.5%	$25.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

SY Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$374.7M-17.2%	$452.8M-2.3%	$463.6M-11.3%	$522.6M+3.6%	$504.5M+8.7%	$464.0M
Current Assets	$236.2M-2.6%	$242.5M-12.7%	$277.9M-12.6%	$318.1M-25.8%	$428.5M+0.9%	$424.7M
Cash & Equivalents	$80.5M+34.2%	$60.0M-40.4%	$100.7M-51.8%	$209.0M+21.0%	$172.7M+35.9%	$127.1M
Inventory	$20.8M+24.1%	$16.8M-4.1%	$17.5M+21.2%	$14.4M	N/A	N/A
Accounts Receivable	$13.5M+67.9%	$8.1M+54.4%	$5.2M-39.3%	$8.6M+6.2%	$8.1M+116.1%	$3.8M
Goodwill	$94K-99.9%	$76.2M-2.9%	$78.4M-7.6%	$84.8M+1041.5%	$7.4M	N/A
Total Liabilities	$106.4M+15.6%	$92.0M+7.6%	$85.5M-33.0%	$127.6M+23.8%	$103.1M+22.2%	$84.4M
Current Liabilities	$86.3M+13.4%	$76.1M-2.4%	$78.0M-30.2%	$111.8M+27.8%	$87.5M+30.6%	$67.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$252.0M-26.8%	$344.2M-4.9%	$362.2M-5.7%	$383.9M-3.5%	$397.9M+4.8%	$379.6M
Retained Earnings	-$126.9M-172.9%	-$46.5M+7.5%	-$50.3M-17.6%	-$42.7M-9.7%	-$39.0M-4.6%	-$37.2M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Total Assets	$374.7M-17.2%	$452.8M-2.3%	$463.6M-11.3%	$522.6M+3.6%	$504.5M+8.7%	$464.0M
Current Assets	$236.2M-2.6%	$242.5M-12.7%	$277.9M-12.6%	$318.1M-25.8%	$428.5M+0.9%	$424.7M
Cash & Equivalents	$80.5M+34.2%	$60.0M-40.4%	$100.7M-51.8%	$209.0M+21.0%	$172.7M+35.9%	$127.1M
Inventory	$20.8M+24.1%	$16.8M-4.1%	$17.5M+21.2%	$14.4M	N/A	N/A
Accounts Receivable	$13.5M+67.9%	$8.1M+54.4%	$5.2M-39.3%	$8.6M+6.2%	$8.1M+116.1%	$3.8M
Goodwill	$94K-99.9%	$76.2M-2.9%	$78.4M-7.6%	$84.8M+1041.5%	$7.4M	N/A
Total Liabilities	$106.4M+15.6%	$92.0M+7.6%	$85.5M-33.0%	$127.6M+23.8%	$103.1M+22.2%	$84.4M
Current Liabilities	$86.3M+13.4%	$76.1M-2.4%	$78.0M-30.2%	$111.8M+27.8%	$87.5M+30.6%	$67.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$252.0M-26.8%	$344.2M-4.9%	$362.2M-5.7%	$383.9M-3.5%	$397.9M+4.8%	$379.6M
Retained Earnings	-$126.9M-172.9%	-$46.5M+7.5%	-$50.3M-17.6%	-$42.7M-9.7%	-$39.0M-4.6%	-$37.2M

SY Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$3.5M-210.7%	$3.2M+119.4%	-$16.4M-223.7%	$13.2M-51.8%	$27.5M-50.2%	$55.1M
Capital Expenditures	$8.6M+18.9%	$7.2M+216.6%	$2.3M-67.8%	$7.1M+24.8%	$5.7M+5.0%	$5.4M
Free Cash Flow	-$12.1M-199.2%	-$4.0M+78.3%	-$18.6M-402.8%	$6.2M-71.8%	$21.8M-56.2%	$49.7M
Investing Cash Flow	$35.2M+223.4%	-$28.5M+65.6%	-$83.0M-255.6%	$53.3M+180.9%	$19.0M+109.9%	-$191.8M
Financing Cash Flow	-$2.9M+79.1%	-$14.1M-615.1%	-$2.0M+94.2%	-$34.0M-3725.9%	-$889K-100.5%	$182.2M
Dividends Paid	$6.0M	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.5M-85.9%	$17.7M+706.8%	$2.2M-93.6%	$34.2M	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

SY Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	61.3%-2.4pp	63.7%-5.1pp	68.7%-11.9pp	80.6%-3.0pp	83.6%+0.9pp	82.8%
Operating Margin	-42.6%-38.5pp	-4.1%+4.1pp	-8.2%-6.3pp	-1.9%+2.5pp	-4.4%-17.0pp	12.6%
Net Margin	-40.2%-41.6pp	1.4%+6.6pp	-5.2%-4.7pp	-0.5%-0.9pp	0.4%-14.9pp	15.3%
Return on Equity	-32.0%-32.9pp	0.9%+3.5pp	-2.6%-2.3pp	-0.3%-0.6pp	0.2%-6.5pp	6.7%
Return on Assets	-21.6%-22.2pp	0.7%+2.7pp	-2.1%-1.8pp	-0.3%-0.4pp	0.2%-5.3pp	5.5%
Current Ratio	2.74-0.5	3.19-0.4	3.56+0.7	2.85-2.1	4.90-1.4	6.34
Debt-to-Equity	0.42+0.2	0.27+0.0	0.24-0.1	0.33+0.1	0.26+0.0	0.22
FCF Margin	-6.0%-4.1pp	-1.9%+8.3pp	-10.2%-12.5pp	2.3%-8.7pp	11.0%-19.1pp	30.1%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.74-0.5	3.19-0.4	3.56+0.7	2.85-2.1	4.90-1.4	6.34
Debt-to-Equity	0.42+0.2	0.27+0.0	0.24-0.1	0.33+0.1	0.26+0.0	0.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is So-Young Intl's annual revenue?

So-Young Intl (SY) reported $200.9M in total revenue for fiscal year 2024. This represents a -4.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is So-Young Intl's revenue growing?

So-Young Intl (SY) revenue declined by 4.8% year-over-year, from $211.0M to $200.9M in fiscal year 2024.

Is So-Young Intl profitable?

No, So-Young Intl (SY) reported a net income of -$80.8M in fiscal year 2024, with a net profit margin of -40.2%.

What is So-Young Intl's EBITDA?

So-Young Intl (SY) had EBITDA of -$79.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is So-Young Intl's gross margin?

So-Young Intl (SY) had a gross margin of 61.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is So-Young Intl's operating margin?

So-Young Intl (SY) had an operating margin of -42.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is So-Young Intl's net profit margin?

So-Young Intl (SY) had a net profit margin of -40.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is So-Young Intl's return on equity (ROE)?

So-Young Intl (SY) has a return on equity of -32.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is So-Young Intl's free cash flow?

So-Young Intl (SY) generated -$12.1M in free cash flow during fiscal year 2024. This represents a -199.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is So-Young Intl's operating cash flow?

So-Young Intl (SY) generated -$3.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are So-Young Intl's total assets?

So-Young Intl (SY) had $374.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are So-Young Intl's capital expenditures?

So-Young Intl (SY) invested $8.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does So-Young Intl spend on research and development?

So-Young Intl (SY) invested $22.6M in research and development during fiscal year 2024.

Does So-Young Intl buy back shares?

Yes, So-Young Intl (SY) spent $2.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is So-Young Intl's current ratio?

So-Young Intl (SY) had a current ratio of 2.74 as of fiscal year 2024, which is generally considered healthy.

What is So-Young Intl's debt-to-equity ratio?

So-Young Intl (SY) had a debt-to-equity ratio of 0.42 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is So-Young Intl's return on assets (ROA)?

So-Young Intl (SY) had a return on assets of -21.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is So-Young Intl's cash runway?

Based on fiscal year 2024 data, So-Young Intl (SY) had $80.5M in cash against an annual operating cash burn of $3.5M. This gives an estimated cash runway of approximately 275 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is So-Young Intl's Piotroski F-Score?

So-Young Intl (SY) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are So-Young Intl's earnings high quality?

So-Young Intl (SY) has an earnings quality ratio of 0.04x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is So-Young Intl?

So-Young Intl (SY) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.