Yunji Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Yunji 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	1,677	848	338	167	90.2	57.2	45.3
Cost of revenue	1,329	604	211	94.5	46.9	28.9	25.2
Gross profit	348	244	127	72.9	43.3	28.3	20.1
Selling and marketing	171	124	46.5	31.1	17	13.3	14.7
General and administrative	39.9	40.1	35.5	21.1	17	17.9	18.1
Operating income	-42.9	-14.9	2.72	-11.4	-11.4	-18.7	-20.5
Other non-operating income	7.48	-0.25	17.7	0.3	-0.34	0.11	-0.57
Pre-tax income	-19.7	-16.6	32.8	-15.4	-21.1	-15.9	-19.5
Income tax	-2.4	6.02	9.49	3.59	1.11	0.28	0.07
Net income to minority interests	0.28	-0.82	0.05	-0.03	0	-0
Net income	-18.1	-22.4	20.7	-20	-23.3	-16.9	-19.1
EBITDA	-40	-11.7	5.23	-10.3	-10.4	-17.5	-18.9
EPS, basic	-0.13	-0.01	0.01	-0.01	-0.01	-0.01	-0.01
EPS, diluted	-0.13	-0.01	0.01	-0.01	-0.01	-0.01	-0.01
Shares, basic (weighted)	1,818	2,126	1,971	2,088	1,971	1,967	1,970
Shares, diluted (weighted)	1,818	2,126	1,971	2,088	1,971	1,967	1,970

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	127	163	89	60.1	72.9	30.1	15.7
Short-term investments	111	20.6	59.6	30.7	1.01		12
Receivables	4.1	25.2	18.5	13.6	9.06	7.7	0.55
Inventory	61.5	20.7	13.3	7.92	6.02	4.03	5.86
Other current assets	81.5	62.9	67.6	52.5	18.9	24.3	12.3
Total current assets	411	329	268	176	114	70.7	51.1
Property, plant and equipment	6.51	3.99	2.02	24.5	24.7	28.1	39.9
Lease right-of-use assets	6.18	1.74	0.85	0.03	2.33	1.89	0.49
Intangible assets						23.9	24.3
Long-term investments	28.6	24.4	59.9	60.1	51.3	49.9	44
Other non-current assets	8.08	22.8	35.7	14	26.6	10.7	13.2
Total assets	474	391	369	274	219	185	173
Accounts payable	107	76.9	40	20.1	13.6	7.49	7
Deferred revenue	26.1	7.81	16.6	3.15	1.33	1.18	1.59
Short-term debt							5.73
Total current liabilities	258	188	136	77.8	49.5	35.9	36.1
Lease liabilities	3.98	1.27	0.49	0.02	1.57	1.07	0.23
Other non-current liabilities						0.6	2.77
Total liabilities	264	189	137	77.8	51.1	37.6	39.1
Paid-in capital	1,042	1,123	1,152	1,063	1,032	1,004	1,048
Retained earnings	-834	-912	-913	-864	-863	-856	-912
Treasury stock	-13.9	-13.1	-6.94	-14.3	-16.4	-15.5	-16.2
Other comprehensive income	12.8	1.45	-2.46	9.15	12	12.8	12
Shareholders' equity	209	201	232	196	168	148	134
Minority interests	1.54	0.44	0.1	0.13	0.12	0.09	0.09
Total equity	210	202	232	197	168	148	134
Total liabilities and equity	474	391	369	274	219	185	173

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-17.8	-23.2	20.8	-20.1	-23.3	-16.9	-19.1
Depreciation and amortization	2.86	3.23	2.51	1.12	0.92	1.22	1.6
Stock-based compensation	18.4	15.1	8.77	4.37	-0.13	0.33	0.04
Deferred income tax	-4.31	4.42	6.7	2.16
Change in receivables	-0.65	-23.7	6.2	-3.03	-5.54	1.13	7.65
Change in inventory	35	38.6	3.93	3.63	0.38	0.08	-2.14
Cash from operations	-160	-40.1	-4.08	-31.4	-26.5	-17.3	-8.26
Capital expenditures	-4.05	-12.9	-13.6	-13.4	-1.75	-2.18	-9.84
Purchases of investments	-689	-272	-59.3	-67.5	-1.01		-6.18
Sales and maturities of investments	722	382	19.9	94.4	30.2	1.01
Cash from investing	-16.6	84.4	-80.6	13.4	41.4	-22.8	-12.6
Stock issued	0.16	1.07	0.16	0.1
Share buybacks	-16.9	-3.55	-0.04	-13.8	-2.95
Cash from financing	89.5	-2.13	-0.07	-13.7	-3.57	-1.83	5.53
Exchange rate effect	1.64	-8.22	-3.1	6.64	1.06	0.53	-0.45
Net change in cash	-85.8	34	-87.9	-25.1	12.4	-41.4	-15.8
Free cash flow	-164	-53	-17.7	-44.8	-28.3	-19.5	-18.1
Interest paid							0.07
Income taxes paid	1.93	0.65	1.25	3.03	0.58	0.48	0.26

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.4%	Gross profit / revenue.
Operating margin	-45.2%	Operating income / revenue.
EBITDA margin	-41.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-43.0%	Pre-tax income / revenue.
Net margin	-42.0%	Net income / revenue.
FCF margin	-39.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-18.2%	Cash from operations / revenue.
Return on equity (ROE)	-13.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-10.6%	Net income / average total assets.
Return on invested capital (ROIC)	-13.8%	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	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	21.7%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-20.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-35.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-44.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-28.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-34.9%	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	-39.3%	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	-9.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.0%	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	-7.8%	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	-6.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.3%	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	-15.0%	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	0.1%	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	-1.9%	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	1.41x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.76x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	22.6%	Total liabilities / total assets.
Working capital	$15.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$109.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.
Fixed asset turnover	1.33x	Revenue / average property, plant and equipment.
Inventory turnover	5.09x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	11.0x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	105 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-0 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.01	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	-$0.01	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.02	Revenue / diluted weighted shares.
FCF per share	-$0.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.00	Cash from operations / diluted weighted shares.
Book value per share	$0.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.06	Tangible book value / shares outstanding.
Cash per share	$0.01	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.0M	Share price x shares outstanding.
Enterprise value	-$18.7M	Market cap + total debt - cash - short-term investments.
P/S	0.20x	Market cap / revenue.
P/B	0.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.08x	Market cap / tangible book value, when positive.
FCF yield	-201.9%	Free cash flow / market cap.
Earnings yield	-212.6%	Net income / market cap (the inverse of P/E).

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

Yunji Inc. reported revenue of $45.3M for fiscal 2025, 20.8% lower than the year before.

Was Yunji Inc. profitable in fiscal 2025?

No. It reported a net loss of $19.1M.

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

Cash from operations of $8.3M minus capital expenditures of $9.8M left free cash flow of -$18.1M.

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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