Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data So-Young International 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
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
165
198
266
182
211
201
218
Cost of revenue
28.5
32.5
51.5
57
76.7
77.8
114
Gross profit
137
166
214
125
134
123
104
Research and development
25.5
35.1
45
34.1
28.7
22.6
19.6
Selling and marketing
67.5
111
124
68.4
73.3
67.7
General and administrative
23.1
28.2
39.6
37.7
41
44.4
Operating expenses
116
175
219
140
143
209
145
Operating income
20.9
-8.69
-5.11
-14.9
-8.6
-85.6
-40.9
Interest income
6.47
6.08
3.03
4.19
6.88
6.37
3.37
Other non-operating income
5
1.37
1.89
1.2
3.08
0.16
1.85
Pre-tax income
32.5
0.02
-2.58
-12.6
1.11
-80.6
-35.2
Income tax
7.14
-0.73
3.33
-3.04
-2.55
-0.12
0.11
Net income to minority interests
-0.14
-4.59
-0.08
0.66
0.32
-0.66
Net income
25.4
0.89
-1.32
-9.5
3
-80.8
-34.6
EBITDA
21.7
-6.53
-0.39
-8.08
-2.11
-79.3
-32.7
Shares, basic (weighted)
59.4
81.5
81.7
82.7
77.6
79.4
77.9
Shares, diluted (weighted)
63.3
83.8
81.7
82.7
78.1
79.4
77.9
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
127
173
209
101
60
80.5
59.8
Receivables
3.75
8.1
8.6
5.22
8.06
13.5
7.37
Inventory
14.4
17.5
16.8
20.8
33.4
Other current assets
9.71
6.62
14.4
18.4
24.2
26.7
35.2
Total current assets
425
429
318
278
243
236
212
Property, plant and equipment
4.65
4.57
19.5
16.8
16.4
21.3
42
Lease right-of-use assets
20.8
18.4
15
9.12
16.7
22.3
36
Goodwill
7.43
84.8
78.4
76.2
0.09
0.1
Intangible assets
9.2
30.4
24.5
20.5
17.3
20.6
Long-term investments
6.61
25.5
39.6
33.1
36.8
38.4
39.3
Other non-current assets
2.14
2.43
7.55
14.4
32.7
27.4
18.7
Total assets
464
505
523
464
453
375
379
Accrued liabilities
14.5
14.7
16.3
10.5
12.2
15.3
18.6
Deferred revenue
13.5
20.7
21.8
16
14.6
10.5
9.43
Short-term debt
4.2
9.56
5.69
Total current liabilities
67
87.5
112
78
76.1
86.3
112
Lease liabilities
17.4
14.3
9.79
3.04
12.1
17.2
26.2
Other non-current liabilities
0.22
0.17
0.4
Total liabilities
84.4
103
128
85.5
92
106
140
Paid-in capital
402
443
471
441
434
421
438
Retained earnings
-37.2
-39
-42.7
-50.3
-46.5
-127
-168
Treasury stock
-34.2
-33.8
-50.5
-51.6
-56
Other comprehensive income
13.2
-8.05
-13.2
0.6
2.56
4.32
1.91
Shareholders' equity
380
398
384
362
344
252
222
Minority interests
11.1
15.9
16.5
16.4
16.5
Total equity
380
398
395
378
361
268
239
Total liabilities and equity
464
505
523
464
453
375
379
Shares outstanding
70.2
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
25.4
0.75
-5.91
-9.58
3.65
-80.4
-35.3
Depreciation and amortization
0.88
2.16
4.72
6.83
6.49
6.29
8.18
Stock-based compensation
15
14.1
16.7
6.28
5.12
4.47
1.28
Deferred income tax
-0.62
-3.27
0.26
-3.6
-4.72
-2.22
-0.26
Change in receivables
-2.25
-5
2.29
1.97
-4.08
-8.27
3.11
Change in inventory
1.24
-4.06
-0.3
-5.04
-16.6
Cash from operations
55.1
27.5
13.2
-16.4
3.17
-3.51
-15.1
Capital expenditures
-5.39
-5.67
-7.07
-2.28
-7.21
-8.57
-28.1
Acquisitions
-6.27
-99.9
-14.1
Cash from investing
-192
19
53.3
-83
-28.5
35.2
-6.12
Stock issued
0.26
0.11
0.15
0.13
0.03
Share buybacks
-34.2
-2.19
-17.7
-2.5
-2.18
Dividends paid
-5.97
-2.72
Cash from financing
182
-0.89
-34
-1.97
-14.1
-2.95
-9.11
Exchange rate effect
2.96
-8.08
-1.45
Net change in cash
48.5
37.5
31.1
-93.2
-37.8
29.2
-30.5
Free cash flow
49.7
21.8
6.16
-18.6
-4.04
-12.1
-43.2
Income taxes paid
-5.47
-3.69
-4.89
-1.65
-2.29
1.59
-1.4
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.70 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
47.8%
Gross profit / revenue.
Operating margin
-18.8%
Operating income / revenue.
EBITDA margin
-15.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-16.2%
Pre-tax income / revenue.
Net margin
-15.9%
Net income / revenue.
FCF margin
-19.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-6.9%
Cash from operations / revenue.
Return on equity (ROE)
-14.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-9.2%
Net income / average total assets.
Return on invested capital (ROIC)
-19.4%
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%.
R&D / revenue
9.0%
Research and development expense / revenue.
Stock-based pay / revenue
0.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
12.9%
Capital expenditures / revenue.
D&A / revenue
3.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
8.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
6.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
1.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-15.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-6.0%
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
-8.9%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-11.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-15.0%
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
-11.0%
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
1.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-6.5%
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
-5.6%
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
-1.9%
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
-2.0%
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
-1.5%
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
1.89x
Current assets / current liabilities.
Quick ratio
0.60x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.53x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/S
1.24x
Market cap / revenue.
P/B
1.22x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.34x
Market cap / tangible book value, when positive.
EV/Sales
0.97x
Enterprise value / revenue.
FCF yield
-15.9%
Free cash flow / market cap.
Earnings yield
-12.8%
Net income / market cap (the inverse of P/E).
Dividend yield
1.0%
Dividends paid over the period / market cap.
Shareholder yield
1.8%
(Dividends paid + share buybacks) / market cap.
What was So-Young International Inc.'s revenue in fiscal 2025?
So-Young International Inc. reported revenue of $217.8M for fiscal 2025, 8.4% higher than the year before.
Was So-Young International Inc. profitable in fiscal 2025?
No. It reported a net loss of $34.6M.
How much free cash flow did So-Young International Inc. generate in fiscal 2025?
Cash from operations of $15.1M minus capital expenditures of $28.1M left free cash flow of -$43.2M.
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.