Yatsen Hldg Ltd Financials
Yatsen Hldg Ltd (YSG) reported $614.6M in revenue for fiscal year 2025, up 32.2% from the prior fiscal year. This page shows its 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).
FY2025 shows a leaner operating model where higher gross margin and lower overhead mattered more than simple revenue recovery.
The biggest shift is in earnings quality: FY2023 showed a-155.5% net margin while operating cash flow was only-$15.1M , but by FY2025 the net loss narrowed to-$11.6M and operating cash flow to-$13.5M . That convergence suggests reported losses now reflect core operating economics much more closely, rather than being dominated by large non-cash charges.
Revenue recovered to
The balance sheet still looks equity-funded: FY2025 cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Yatsen Hldg Ltd'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.
Yatsen Hldg Ltd has an operating margin of -4.3%, meaning the company loses $4 on every $100 of revenue. This results in a profitability score of 32/100. This is up from -24.3% the prior year.
Yatsen Hldg Ltd's revenue surged 32.2% year-over-year to $614.6M, reflecting rapid business expansion. This strong growth earns a score of 72/100.
Yatsen Hldg Ltd carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 69/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.63, Yatsen Hldg Ltd holds $3.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.
Yatsen Hldg Ltd's operations used $13.5M of cash, and capex of $6.0M added to the outflow, for a free cash flow shortfall of $19.6M. This results in a cash flow score of 20/100.
Yatsen Hldg Ltd posts a -2.7% return on equity (ROE), meaning it loses $3 for every $100 of shareholders' equity. This results in a returns score of 31/100. This is up from -23.2% the prior year.
Yatsen Hldg Ltd scores -0.10, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($281.4M) relative to total liabilities ($121.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Yatsen Hldg Ltd passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Yatsen Hldg Ltd reported a net loss of $11.6M while operations used $13.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Yatsen Hldg Ltd reported an operating loss of $26.6M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Yatsen Hldg Ltd generated $614.6M in revenue in fiscal year 2025. This represents an increase of 32.2% from the prior year.
Yatsen Hldg Ltd's EBITDA was -$14.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 84.6% from the prior year.
Yatsen Hldg Ltd reported -$11.6M in net income in fiscal year 2025. This represents an increase of 88.1% from the prior year.
Cash & Balance Sheet
Yatsen Hldg Ltd recorded an outflow of $19.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 51.9% from the prior year.
Yatsen Hldg Ltd held $109.4M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Yatsen Hldg Ltd's gross margin was 78.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.
Yatsen Hldg Ltd's operating margin was -4.3% in fiscal year 2025, reflecting core business profitability. This is up 20.0 percentage points from the prior year.
Yatsen Hldg Ltd's net profit margin was -1.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.0 percentage points from the prior year.
Yatsen Hldg Ltd's ROE was -2.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 20.5 percentage points from the prior year.
Capital Allocation
Yatsen Hldg Ltd invested $19.6M in research and development in fiscal year 2025. This represents an increase of 31.1% from the prior year.
Yatsen Hldg Ltd spent $15.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 71.4% from the prior year.
Yatsen Hldg Ltd invested $6.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.7% from the prior year.
YSG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | $614.6M+32.2% | $464.9M-3.3% | $481.0M-10.5% | $537.3M-41.4% | $916.4M+14.3% | $802.0M |
| Cost of Revenue | $134.0M+26.0% | $106.3M-16.2% | $127.0M-26.2% | $172.2M-43.5% | $304.6M+6.3% | $286.5M |
| Gross Profit | $480.7M+34.1% | $358.6M+1.3% | $354.0M-3.1% | $365.2M-40.3% | $611.8M+18.7% | $515.6M |
| R&D Expenses | $19.6M+31.1% | $15.0M-4.8% | $15.7M-14.5% | $18.4M-17.5% | $22.3M+118.7% | $10.2M |
| SG&A Expenses | $43.4M-28.7% | $60.9M-13.7% | $70.6M-32.4% | $104.4M-29.3% | $147.7M-55.0% | $328.4M |
| Operating Income | -$26.6M+76.5% | -$113.0M+12.2% | -$128.6M+4.5% | -$134.7M+47.2% | -$254.9M+38.0% | -$411.1M |
| Interest Expense | $5.8M-50.7% | $11.8M-5.9% | $12.5M+149.5% | $5.0M-29.9% | $7.2M+226.6% | $2.2M |
| Income Tax | -$15K+96.5% | -$423K+6.4% | -$452K-215.3% | $392K+370.3% | -$145K-113.6% | $1.1M |
| Net Income | -$11.6M+88.1% | -$97.0M+87.0% | -$747.8M-532.5% | -$118.2M+51.1% | -$241.8M+41.3% | -$411.9M |
| EPS (Diluted) | -$0.01 | -$0.05 | -$0.05 | -$0.05+50.0% | -$0.10 | -$0.73 |
YSG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $550.1M+1.1% | $544.0M-22.8% | $705.1M-17.0% | $850.0M-25.5% | $1.1B-10.4% | $1.3B |
| Current Assets | $319.5M-0.7% | $321.6M-22.6% | $415.7M-18.3% | $508.7M-28.8% | $714.9M-34.2% | $1.1B |
| Cash & Equivalents | $109.4M-2.3% | $112.0M-5.0% | $117.9M-46.3% | $219.4M-55.5% | $492.4M-43.9% | $877.7M |
| Inventory | $72.7M+37.5% | $52.9M+6.7% | $49.6M-19.2% | $61.4M-43.8% | $109.2M+15.5% | $94.5M |
| Accounts Receivable | $31.6M+7.5% | $29.4M+4.9% | $28.0M-3.8% | $29.1M-47.9% | $55.8M-13.1% | $64.3M |
| Goodwill | $22.2M+4.4% | $21.2M-72.9% | $78.4M-36.9% | $124.3M-8.9% | $136.4M+4222.9% | $3.2M |
| Total Liabilities | $121.0M+1.8% | $118.9M+2.8% | $115.7M-0.3% | $116.0M-41.5% | $198.4M-10.3% | $221.3M |
| Current Liabilities | $88.0M+0.3% | $87.7M+1.9% | $86.1M+0.9% | $85.3M-38.1% | $137.7M-20.5% | $173.3M |
| Total Equity | $430.5M+2.9% | $418.6M-28.1% | $582.4M-14.9% | $684.3M-22.9% | $888.1M-15.4% | $1.0B |
| Retained Earnings | -$1.2B-5.5% | -$1.1B-6.7% | -$1.0B-8.1% | -$957.0M-5.5% | -$907.3M-39.6% | -$649.8M |
Not reported in any period shown, so not listed: Long-Term Debt.
YSG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.5M+59.4% | -$33.4M-120.6% | -$15.1M-176.6% | $19.7M+112.3% | -$160.1M-6.3% | -$150.7M |
| Capital Expenditures | $6.0M-16.7% | $7.2M+17.5% | $6.1M-16.5% | $7.4M-66.8% | $22.2M-35.8% | $34.6M |
| Free Cash Flow | -$19.6M+51.9% | -$40.6M-90.8% | -$21.3M-271.8% | $12.4M+106.8% | -$182.3M+1.6% | -$185.3M |
| Investing Cash Flow | $35.3M-56.5% | $81.1M+321.1% | -$36.7M+78.1% | -$167.5M+28.1% | -$232.9M-198.7% | -$78.0M |
| Financing Cash Flow | -$21.7M+59.9% | -$54.0M-12.0% | -$48.2M+49.2% | -$94.9M-35437.8% | -$267K-100.0% | $1.0B |
| Share Buybacks | $15.9M-71.4% | $55.6M+85.6% | $30.0M-68.4% | $94.9M+3889.7% | $2.4M-96.8% | $75.3M |
Not reported in any period shown, so not listed: Dividends Paid.
YSG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 78.2%+1.1pp | 77.1%+3.5pp | 73.6%+5.6pp | 68.0%+1.2pp | 66.8%+2.5pp | 64.3% |
| Operating Margin | -4.3%+20.0pp | -24.3%+2.4pp | -26.8%-1.7pp | -25.1%+2.8pp | -27.8%+23.4pp | -51.3% |
| Net Margin | -1.9%+19.0pp | -20.9% | -155.5% | -22.0%+4.4pp | -26.4%+25.0pp | -51.4% |
| Return on Equity | -2.7%+20.5pp | -23.2%+105.2pp | -128.4%-111.1pp | -17.3%+9.9pp | -27.2%+12.0pp | -39.3% |
| Return on Assets | -2.1%+15.7pp | -17.8%+88.2pp | -106.0%-92.1pp | -13.9%+7.3pp | -21.2%+11.2pp | -32.4% |
| Current Ratio | 3.630.0x | 3.67-1.2x | 4.83-1.1x | 5.96+0.8x | 5.19-1.1x | 6.27 |
| Debt-to-Equity | 0.280.0x | 0.28+0.1x | 0.200.0x | 0.17-0.1x | 0.220.0x | 0.21 |
| FCF Margin | -3.2%+5.5pp | -8.7%-4.3pp | -4.4%-6.7pp | 2.3%+22.2pp | -19.9%+3.2pp | -23.1% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Yatsen Hldg Ltd Ranks
Frequently Asked Questions
What is Yatsen Hldg Ltd's annual revenue?
Yatsen Hldg Ltd (YSG) reported $614.6M in total revenue for fiscal year 2025. This represents a 32.2% 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 Yatsen Hldg Ltd's revenue growing?
Yatsen Hldg Ltd (YSG) revenue grew by 32.2% year-over-year, from $464.9M to $614.6M in fiscal year 2025.
Is Yatsen Hldg Ltd profitable?
No, Yatsen Hldg Ltd (YSG) reported a net income of -$11.6M in fiscal year 2025, with a net profit margin of -1.9%.
What is Yatsen Hldg Ltd's EBITDA?
Yatsen Hldg Ltd (YSG) had EBITDA of -$14.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Yatsen Hldg Ltd's gross margin?
Yatsen Hldg Ltd (YSG) had a gross margin of 78.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Yatsen Hldg Ltd's operating margin?
Yatsen Hldg Ltd (YSG) had an operating margin of -4.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Yatsen Hldg Ltd's net profit margin?
Yatsen Hldg Ltd (YSG) had a net profit margin of -1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Yatsen Hldg Ltd's return on equity (ROE)?
Yatsen Hldg Ltd (YSG) has a return on equity of -2.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Yatsen Hldg Ltd's free cash flow?
Yatsen Hldg Ltd (YSG) recorded an outflow of $19.6M in free cash flow during fiscal year 2025. This represents a 51.9% 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 Yatsen Hldg Ltd's operating cash flow?
Yatsen Hldg Ltd (YSG) recorded an outflow of $13.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Yatsen Hldg Ltd's total assets?
Yatsen Hldg Ltd (YSG) had $550.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Yatsen Hldg Ltd's capital expenditures?
Yatsen Hldg Ltd (YSG) invested $6.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Yatsen Hldg Ltd spend on research and development?
Yatsen Hldg Ltd (YSG) invested $19.6M in research and development during fiscal year 2025.
What is Yatsen Hldg Ltd's current ratio?
Yatsen Hldg Ltd (YSG) had a current ratio of 3.63 as of fiscal year 2025, which is generally considered healthy.
What is Yatsen Hldg Ltd's debt-to-equity ratio?
Yatsen Hldg Ltd (YSG) had a debt-to-equity ratio of 0.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Yatsen Hldg Ltd's return on assets (ROA)?
Yatsen Hldg Ltd (YSG) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Yatsen Hldg Ltd's cash runway?
Based on fiscal year 2025 data, Yatsen Hldg Ltd (YSG) had $109.4M in cash against an annual operating cash burn of $13.5M. This gives an estimated cash runway of approximately 97 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 Yatsen Hldg Ltd's Altman Z-Score?
Yatsen Hldg Ltd (YSG) has an Altman Z-Score of -0.10, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Yatsen Hldg Ltd's Piotroski F-Score?
Yatsen Hldg Ltd (YSG) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Yatsen Hldg Ltd's earnings high quality?
Yatsen Hldg Ltd (YSG) reported a net loss of $11.6M while operations used $13.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
Can Yatsen Hldg Ltd cover its interest payments?
Yatsen Hldg Ltd (YSG) reported an operating loss of $26.6M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Yatsen Hldg Ltd?
Yatsen Hldg Ltd (YSG) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.