What is So-Young Intl's earnings per share (EPS)?

So-Young Intl (SY) reported diluted earnings per share of $-0.44 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

So-Young Intl Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 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 7 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).

Rhea AI SY FY2024 2026-04-23

FY2024's reported loss was dominated by a balance-sheet reset, while the core business still looked cash-manageable rather than revenue-collapsed.

The gap between profit and cash burn is the key clue: FY2024 operating cash flow was only -$3.5M while operating income was -$85.6M. At the same time, goodwill almost disappeared from $76.2M to $94K, suggesting the year's loss was shaped much more by an accounting asset reset than by day-to-day cash outflow.

Even before that reset, unit economics had been softening: gross margin slid from 80.6% in FY2021 to 61.3% in FY2024, so the business kept less gross profit from each sale to cover product development and selling costs. Because revenue in the last two years stayed near the same range, this looks less like a demand cliff and more like a weaker margin structure combined with costs that did not flex down enough.

The balance sheet still buys time: current assets of $236.2M were well above current liabilities of $86.3M, so short-term obligations do not appear to be dictating operations. With moderate leverage and cash still meaningful, the financing posture looks more like a business absorbing losses from its own resources than one leaning heavily on debt.

Financial Health Signals

Financial Profile 27/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of So-Young Intl's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

So-Young Intl has an operating margin of -18.8%, meaning the company retains $-19 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 up from -42.6% the prior year.

Growth

So-Young Intl's revenue grew 8.4% year-over-year to $217.8M, a solid pace of expansion. This earns a growth score of 36/100.

Leverage

So-Young Intl carries a low D/E ratio of 0.63, meaning only $0.63 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

So-Young Intl's current ratio of 1.89 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While So-Young Intl generated -$15.1M in operating cash flow, capex of $28.1M consumed most of it, leaving -$43.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

So-Young Intl generates a -15.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -32.0% the prior year.

Piotroski F-Score Weak

3/9

So-Young Intl passes 3 of 9 financial strength tests. 2 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

0.43x

For every $1 of reported earnings, So-Young Intl generates $0.43 in operating cash flow (-$15.1M OCF vs -$34.6M 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

$217.8M

YoY+8.4%

5Y CAGR+1.9%

So-Young Intl generated $217.8M in revenue in fiscal year 2025. This represents an increase of 8.4% from the prior year.

EBITDA

-$32.7M

YoY+58.7%

So-Young Intl's EBITDA was -$32.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 58.7% from the prior year.

Net Income

-$34.6M

YoY+57.1%

So-Young Intl reported -$34.6M in net income in fiscal year 2025. This represents an increase of 57.1% from the prior year.

EPS (Diluted)

$-0.44

So-Young Intl earned $-0.44 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$43.2M

YoY-257.5%

So-Young Intl generated -$43.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 257.5% from the prior year.

Cash & Debt

$59.8M

YoY-25.7%

5Y CAGR-19.1%

So-Young Intl held $59.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

77M

5Y CAGR+1.9%

So-Young Intl had 77M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

47.8%

YoY-13.5pp

5Y CAGR-35.8pp

So-Young Intl's gross margin was 47.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 13.5 percentage points from the prior year.

Operating Margin

-18.8%

YoY+23.8pp

5Y CAGR-14.4pp

So-Young Intl's operating margin was -18.8% in fiscal year 2025, reflecting core business profitability. This is up 23.8 percentage points from the prior year.

Net Margin

-15.9%

YoY+24.3pp

5Y CAGR-16.4pp

So-Young Intl's net profit margin was -15.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 24.3 percentage points from the prior year.

Return on Equity

-15.6%

YoY+16.4pp

5Y CAGR-15.8pp

So-Young Intl's ROE was -15.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 16.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$19.6M

YoY-13.3%

5Y CAGR-11.0%

So-Young Intl invested $19.6M in research and development in fiscal year 2025. This represents a decrease of 13.3% from the prior year.

Share Buybacks

$2.2M

YoY-12.7%

So-Young Intl spent $2.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 12.7% from the prior year.

Capital Expenditures

$28.1M

YoY+228.1%

5Y CAGR+37.8%

So-Young Intl invested $28.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 228.1% from the prior year.

SY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$217.8M+8.4%	$200.9M-4.8%	$211.0M+15.7%	$182.4M-31.3%	$265.6M+33.8%	$198.5M
Cost of Revenue	$113.8M+46.3%	$77.8M+1.4%	$76.7M+34.5%	$57.0M+10.8%	$51.5M+58.2%	$32.5M
Gross Profit	$104.1M-15.5%	$123.2M-8.3%	$134.3M+7.2%	$125.4M-41.5%	$214.1M+29.0%	$165.9M
R&D Expenses	$19.6M-13.3%	$22.6M-21.1%	$28.7M-15.9%	$34.1M-24.2%	$45.0M+28.0%	$35.1M
SG&A Expenses	$47.0M+5.8%	$44.4M+8.4%	$41.0M+8.6%	$37.7M-4.7%	$39.6M+40.4%	$28.2M
Operating Income	-$40.9M+52.2%	-$85.6M-895.0%	-$8.6M+42.3%	-$14.9M-191.6%	-$5.1M+41.2%	-$8.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$114K+191.9%	-$124K+95.1%	-$2.5M+16.3%	-$3.0M-191.2%	$3.3M+554.6%	-$733K
Net Income	-$34.6M+57.1%	-$80.8M-2794.8%	$3.0M+131.5%	-$9.5M-622.7%	-$1.3M-247.6%	$891K
EPS (Diluted)	$-0.44	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	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	N/A
Cost of Revenue	N/A	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	N/A
R&D Expenses	N/A	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	N/A
Operating Income	N/A	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	N/A
Income Tax	N/A	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	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$378.9M+1.1%	$374.7M-17.2%	$452.8M-2.3%	$463.6M-11.3%	$522.6M+3.6%	$504.5M
Current Assets	$212.3M-10.1%	$236.2M-2.6%	$242.5M-12.7%	$277.9M-12.6%	$318.1M-25.8%	$428.5M
Cash & Equivalents	$59.8M-25.7%	$80.5M+34.2%	$60.0M-40.4%	$100.7M-51.8%	$209.0M+21.0%	$172.7M
Inventory	$33.4M+60.5%	$20.8M+24.1%	$16.8M-4.1%	$17.5M+21.2%	$14.4M	N/A
Accounts Receivable	$7.4M-45.5%	$13.5M+67.9%	$8.1M+54.4%	$5.2M-39.3%	$8.6M+6.2%	$8.1M
Goodwill	$98K+4.3%	$94K-99.9%	$76.2M-2.9%	$78.4M-7.6%	$84.8M+1041.5%	$7.4M
Total Liabilities	$140.3M+31.9%	$106.4M+15.6%	$92.0M+7.6%	$85.5M-33.0%	$127.6M+23.8%	$103.1M
Current Liabilities	$112.1M+29.9%	$86.3M+13.4%	$76.1M-2.4%	$78.0M-30.2%	$111.8M+27.8%	$87.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$222.1M-11.8%	$252.0M-26.8%	$344.2M-4.9%	$362.2M-5.7%	$383.9M-3.5%	$397.9M
Retained Earnings	-$168.0M-32.3%	-$126.9M-172.9%	-$46.5M+7.5%	-$50.3M-17.6%	-$42.7M-9.7%	-$39.0M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Total Assets	$378.9M+1.1%	$374.7M-17.2%	$452.8M-2.3%	$463.6M-11.3%	$522.6M+3.6%	$504.5M+8.7%	$464.0M
Current Assets	$212.3M-10.1%	$236.2M-2.6%	$242.5M-12.7%	$277.9M-12.6%	$318.1M-25.8%	$428.5M+0.9%	$424.7M
Cash & Equivalents	$59.8M-25.7%	$80.5M+34.2%	$60.0M-40.4%	$100.7M-51.8%	$209.0M+21.0%	$172.7M+35.9%	$127.1M
Inventory	$33.4M+60.5%	$20.8M+24.1%	$16.8M-4.1%	$17.5M+21.2%	$14.4M	N/A	N/A
Accounts Receivable	$7.4M-45.5%	$13.5M+67.9%	$8.1M+54.4%	$5.2M-39.3%	$8.6M+6.2%	$8.1M+116.1%	$3.8M
Goodwill	$98K+4.3%	$94K-99.9%	$76.2M-2.9%	$78.4M-7.6%	$84.8M+1041.5%	$7.4M	N/A
Total Liabilities	$140.3M+31.9%	$106.4M+15.6%	$92.0M+7.6%	$85.5M-33.0%	$127.6M+23.8%	$103.1M+22.2%	$84.4M
Current Liabilities	$112.1M+29.9%	$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	N/A
Total Equity	$222.1M-11.8%	$252.0M-26.8%	$344.2M-4.9%	$362.2M-5.7%	$383.9M-3.5%	$397.9M+4.8%	$379.6M
Retained Earnings	-$168.0M-32.3%	-$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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$15.1M-329.4%	-$3.5M-210.7%	$3.2M+119.4%	-$16.4M-223.7%	$13.2M-51.8%	$27.5M
Capital Expenditures	$28.1M+228.1%	$8.6M+18.9%	$7.2M+216.6%	$2.3M-67.8%	$7.1M+24.8%	$5.7M
Free Cash Flow	-$43.2M-257.5%	-$12.1M-199.2%	-$4.0M+78.3%	-$18.6M-402.8%	$6.2M-71.8%	$21.8M
Investing Cash Flow	-$6.1M-117.4%	$35.2M+223.4%	-$28.5M+65.6%	-$83.0M-255.6%	$53.3M+180.9%	$19.0M
Financing Cash Flow	-$9.1M-209.2%	-$2.9M+79.1%	-$14.1M-615.1%	-$2.0M+94.2%	-$34.0M-3725.9%	-$889K
Dividends Paid	$2.7M-54.4%	$6.0M	N/A	N/A	N/A	N/A
Share Buybacks	$2.2M-12.7%	$2.5M-85.9%	$17.7M+706.8%	$2.2M-93.6%	$34.2M	N/A

Metric	Q4'25	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	N/A
Capital Expenditures	N/A	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	N/A
Investing Cash Flow	N/A	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	N/A
Dividends Paid	N/A	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	N/A

SY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	47.8%-13.5pp	61.3%-2.4pp	63.7%-5.1pp	68.7%-11.9pp	80.6%-3.0pp	83.6%
Operating Margin	-18.8%+23.8pp	-42.6%-38.5pp	-4.1%+4.1pp	-8.2%-6.3pp	-1.9%+2.5pp	-4.4%
Net Margin	-15.9%+24.3pp	-40.2%-41.6pp	1.4%+6.6pp	-5.2%-4.7pp	-0.5%-0.9pp	0.4%
Return on Equity	-15.6%+16.4pp	-32.0%-32.9pp	0.9%+3.5pp	-2.6%-2.3pp	-0.3%-0.6pp	0.2%
Return on Assets	-9.1%+12.4pp	-21.6%-22.2pp	0.7%+2.7pp	-2.1%-1.8pp	-0.3%-0.4pp	0.2%
Current Ratio	1.89-0.8	2.74-0.5	3.19-0.4	3.56+0.7	2.85-2.1	4.90
Debt-to-Equity	0.63+0.2	0.42+0.2	0.27+0.0	0.24-0.1	0.33+0.1	0.26
FCF Margin	-19.8%-13.8pp	-6.0%-4.1pp	-1.9%+8.3pp	-10.2%-12.5pp	2.3%-8.7pp	11.0%

Metric	Q4'25	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	N/A
Operating Margin	N/A	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	N/A
Return on Equity	N/A	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	N/A
Current Ratio	1.89-0.8	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	0.63+0.2	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	N/A

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Frequently Asked Questions

What is So-Young Intl's annual revenue?

So-Young Intl (SY) reported $217.8M in total revenue for fiscal year 2025. This represents a 8.4% 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 grew by 8.4% year-over-year, from $200.9M to $217.8M in fiscal year 2025.

Is So-Young Intl profitable?

No, So-Young Intl (SY) reported a net income of -$34.6M in fiscal year 2025, with a net profit margin of -15.9%.

What is So-Young Intl's EBITDA?

So-Young Intl (SY) had EBITDA of -$32.7M in fiscal year 2025, 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 47.8% in fiscal year 2025, 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 -18.8% in fiscal year 2025, 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 -15.9% in fiscal year 2025, 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 -15.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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

So-Young Intl (SY) generated -$43.2M in free cash flow during fiscal year 2025. This represents a -257.5% 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 -$15.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are So-Young Intl's total assets?

So-Young Intl (SY) had $378.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are So-Young Intl's capital expenditures?

So-Young Intl (SY) invested $28.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

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

So-Young Intl (SY) invested $19.6M in research and development during fiscal year 2025.

Does So-Young Intl buy back shares?

Yes, So-Young Intl (SY) spent $2.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does So-Young Intl have outstanding?

So-Young Intl (SY) had 77M shares outstanding as of fiscal year 2025.

What is So-Young Intl's current ratio?

So-Young Intl (SY) had a current ratio of 1.89 as of fiscal year 2025, 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 0.63 as of fiscal year 2025, 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 -9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is So-Young Intl's cash runway?

Based on fiscal year 2025 data, So-Young Intl (SY) had $59.8M in cash against an annual operating cash burn of $15.1M. This gives an estimated cash runway of approximately 48 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 3 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 to 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 0.43x, 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 27 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.