Baozun Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Baozun Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	488	638	784	1,045	1,357	1,474	1,218	1,241	1,291	1,422
Cost of revenue	277	295	296	399	510	514	327	339	339	368
Gross profit	211	343	488	647	847	960	891	902	952	1,054
Selling and marketing	94.9	140	195	261	327	400	388	398	463	550
General and administrative	12.7	17.9	22.5	31	34.3	82.5	53.9	121	98.5	107
Operating expenses	475	598	733
Operating income	13	39.4	51.7	55.1	85.6	1.1	4.83	-29.1	-15.7	8.09
Interest expense		0.65	1.9	8.81	10.1	8.92	8.25	5.82	5.34	6.37
Interest income	1.71	2.05	1.17	6.12	6.34	9.88	6.64	11.6	9.42	8.37
Pre-tax income	14.7	40.7	48.8	50	84.1	-24.2	-84.1	-30.6	-12.7	-28.7
Income tax	2.42	8.34	9.45	10.2	19.6	8.67	3.84	1.69	2.84	1.42
Net income to minority interests	-0.17	0.04	0.01	-0.03	0.12	0.24
Net income	12.5	32.1	39.2	40.4	65.3	-34.5	-94.7	-39.2	-25.4	-34.6
EBITDA	18.1	47.2	62.2	72.4	109	33.6	33.3	6.37	17.8	39.8
EPS, basic	0.08	0.20	0.23	0.23	0.35	-0.16	-0.52	-0.22	-0.14	-0.20
EPS, diluted	0.08	0.18	0.22	0.23	0.34	-0.16	-0.52	-0.22	-0.14	-0.20
Shares, basic (weighted)	150	162	170	174	187	216	183	179	180	173
Shares, diluted (weighted)	164	176	179	179	191	216	183	179	180	173

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	141	37.6	66.5	164	549	723	311	303	177	130
Short-term investments	5.76	48	8.22	121	222		130	101	174	250
Receivables	90	166	225	259	335	355	332	308	279	311
Inventory	44.9	59.1	94.6	129	157	168	137	147	153	126
Other current assets	15.6	32.6	41.6	55.7	67.2	89.9	80.4	83.1	99.2	82.4
Total current assets	312	379	473	817	1,404	1,444	1,072	1,027	988	973
Property, plant and equipment	14.5	50.9	58.6	59.7	65.9	102	101	120	113	108
Lease right-of-use assets				63.3	80.4	172	123	151	105	93.2
Goodwill		2.02	1.91	1.95	2.08	62.4	48.8	44	49.6	39.2
Intangible assets	3.89	10.2	19.3	21.7	22.4	62	45.1	43.2	49	46.2
Long-term investments									46.8
Other non-current assets	3.83	2.77	4.37	5.96	7.9	13.8	9.44	6.38	9.57	10.2
Total assets	341	457	584	1,019	1,605	1,933	1,468	1,475	1,398	1,386
Accounts payable	75.8	89.7	129	126	64.6	77.5	68.8	79.4	85	66.6
Short-term debt		26.4	63.4	61.5		359	147	157	167	173
Total current liabilities	115	176	254	334	337	750	534	529	513	521
Long-term debt			10	267	270	0
Lease liabilities				44.5	56.8	139	97.7	113	81.9	70
Other non-current liabilities						19.8	9.05	5.74	6.61	5.98
Total liabilities	115	177	265	646	664	916	645	651	606	601
Total debt			10	267	270	0
Paid-in capital	254	280	277	289	798	778	744	644	637	663
Retained earnings	-33.7	-3.84	35.6	75.6	146	66.7	-33.1	-71.3	-94.8	-134
Treasury stock						-60.6	-121		-13.1	-13
Other comprehensive income	6.39	1.54	4.25	4.08	-7.47	-16.1	2.28	4.54	7.48	3.93
Shareholders' equity	226	278	317	369	937	768	592	577	536	521
Minority interests		2.68	2.54	3.13	3.46	25.6	22.3	23.9	26.9	256
Total equity	226	281	319	372	940	794	614	601	563	777
Total liabilities and equity	341	457	584	1,019	1,605	1,933	1,468	1,475	1,398	1,386

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	12.3	32.1	39.2	40.5	65.4	-32.3	-88.5	-31.4	-19	-28.5
Depreciation and amortization	5.17	7.78	10.5	17.3	23.3	32.5	28.5	35.4	33.5	31.7
Stock-based compensation	4.92	8.95	11	10.8	16.6	30.8	20.6	14.6	10.4	2.85
Deferred income tax	0.21	-0.52	-3.34	-2.41	-0.09	-9.99	-8.14	-6.42	-5.6	-8.13
Change in receivables	-37.5	-70.2	-67.2	-35.6	-61.3	-15.5	-6.14	32	24.9	-47
Change in inventory	-2.37	-16.4	-44.7	-46	-36.4	-21.5	-4.5	-4.76	-30.5	13.1
Change in payables	9.41	8.38	44
Cash from operations	1.94	-26	-14.3	43.3	47.5	-15.1	55.5	63.1	13.9	60.1
Capital expenditures	-11	-41	-17.9	-13.1	-17	-44.8	-30	-23.2	-18.1	-15.2
Acquisitions		-2.62	0	1.95	-0.02	-32.7	-11.3	-14.7	-8.62	0
Purchases of investments	-0.97	0	-2.53	-220	-303	-150	-132	-116	-154	-259
Cash from investing	-17.2	-97.9	5.46	-163	-94.5	59	-189	-47.9	-112	-128
Debt issued			9.21
Debt repaid				-9.97	0	0	-255	0	0
Stock issued	0.57	0.66	0.54	0.25	0.07	0.01	0	0	0.02	0
Share buybacks	-6.53	0	0			-166	-64.8	0	-13.1	-1.46
Dividends paid								-0.16	-0.15	-3.17
Cash from financing	30.4	25.8	48.2	255	409	118	-239	-1.13	-2.7	-15.4
Exchange rate effect			2.75	-0.13	-9.27	4.11
Net change in cash			39.3	136	362	162	-373	14.1	-101	-83.7
Free cash flow	-9.03	-67	-32.2	30.2	30.5	-59.9	25.5	39.9	-4.22	44.9
Interest paid		0.47	1.89	5.4	5.93	4.68	6.84	5.38	3.71	3.98
Income taxes paid	-1.06	-6.61	-8.08	-9.87	21.1	22.8	23.7	11.9	7.38	8.35

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.1%	Gross profit / revenue.
Operating margin	0.6%	Operating income / revenue.
EBITDA margin	2.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.0%	Pre-tax income / revenue.
Net margin	-2.4%	Net income / revenue.
FCF margin	3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.2%	Cash from operations / revenue.
Return on equity (ROE)	-6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.5%	Net income / average total assets.
Return on invested capital (ROIC)	1.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	18.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-37.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	123.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-18.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	333.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	20.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.87x	Current assets / current liabilities.
Quick ratio	1.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.73x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.3%	Total liabilities / total assets.
Interest coverage	1.27x	Operating income / interest expense.
Working capital	$451.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$435.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.02x	Revenue / average total assets.
Fixed asset turnover	12.9x	Revenue / average property, plant and equipment.
Inventory turnover	2.64x	Cost of revenue / average inventory.
Days inventory	138 days	365 x average inventory / cost of revenue.
Receivables turnover	4.83x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	75 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	139 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	25.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.20	Net income per basic share, as reported (split-adjusted).
Revenue per share	$8.20	Revenue / diluted weighted shares.
FCF per share	$0.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.35	Cash from operations / diluted weighted shares.
Book value per share	$3.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.51	Tangible book value / shares outstanding.
Cash per share	$2.19	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	7.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$170.9M	Share price x shares outstanding.
Enterprise value	-$208.7M	Market cap + total debt - cash - short-term investments.
P/S	0.12x	Market cap / revenue.
P/B	0.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.39x	Market cap / tangible book value, when positive.
P/FCF	3.81x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.84x	Market cap / cash from operations, when positive.
FCF yield	26.3%	Free cash flow / market cap.
Earnings yield	-20.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.

What was Baozun Inc.'s revenue in fiscal 2025?

Baozun Inc. reported revenue of $1.42B for fiscal 2025, 10.2% higher than the year before.

Was Baozun Inc. profitable in fiscal 2025?

No. It reported a net loss of $34.6M.

How much free cash flow did Baozun Inc. generate in fiscal 2025?

Cash from operations of $60.1M minus capital expenditures of $15.2M left free cash flow of $44.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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