Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Yatsen Holding Ltd 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
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
802
916
537
481
465
615
Cost of revenue
286
305
172
127
106
134
Gross profit
516
612
365
354
359
481
Research and development
10.2
22.3
18.4
15.7
15
19.6
Selling and marketing
523
629
338
314
311
408
General and administrative
328
148
104
70.6
60.9
43.4
Operating expenses
927
867
500
483
472
507
Operating income
-411
-255
-135
-129
-113
-26.6
Other non-operating income
4.36
15
7.54
6.09
6.68
Pre-tax income
-411
-243
-119
-106
-97.7
-13.2
Income tax
1.07
-0.15
0.39
-0.45
-0.42
-0.02
Net income to minority interests
-0.09
-0.99
-0.86
-0.77
-0.28
-1.65
Net income
-412
-242
-118
-748
-97
-11.6
EBITDA
-400
-234
-118
-121
-108
-21.3
EPS, basic
-0.73
-0.10
-0.05
-0.05
-0.05
-0.01
EPS, diluted
-0.73
-0.10
-0.05
-0.05
-0.05
-0.01
Shares, basic (weighted)
834
2,527
2,373
2,196
2,025
1,863
Shares, diluted (weighted)
834
2,527
2,373
2,196
2,025
1,863
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
878
492
219
118
112
109
Short-term investments
156
172
73.9
35.2
Receivables
64.3
55.8
29.1
28
29.4
31.6
Inventory
94.5
109
61.4
49.6
52.9
72.7
Other current assets
46.7
57.5
42.5
42.8
52.3
64.5
Total current assets
1,086
715
509
416
322
319
Property, plant and equipment
43.7
38.5
11
9.14
10.2
11
Lease right-of-use assets
82.3
66.4
19.3
16.1
20.2
24.9
Goodwill
3.16
136
124
78.4
21.2
22.2
Intangible assets
29
117
100
94.6
76.7
76.9
Long-term investments
5.34
55
72.9
87.1
91
93.5
Other non-current assets
23.3
12.6
7.67
3.82
2.83
2.05
Total assets
1,273
1,141
850
705
544
550
Accounts payable
71.5
37.8
17.4
14.9
9.88
Accrued liabilities
63.1
58.1
46.9
55.1
63
49.9
Deferred revenue
0.95
3.25
2.41
5.86
2.68
4.12
Total current liabilities
173
138
85.3
86.1
87.7
88
Lease liabilities
47.8
32.4
7.68
9.55
15
17.6
Total liabilities
221
198
116
116
119
121
Paid-in capital
1,711
1,836
1,745
1,727
1,681
1,758
Retained earnings
-650
-907
-957
-1,035
-1,104
-1,164
Treasury stock
-0
-3.5
-97
-122
-175
-179
Other comprehensive income
-14.9
-40.1
-10.8
8.48
11.9
10.7
Shareholders' equity
1,050
888
684
582
419
431
Minority interests
2.31
1.53
0.46
-0.24
-0.45
-1.62
Total equity
1,052
890
685
582
418
429
Total liabilities and equity
1,273
1,141
850
705
544
550
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-412
-243
-119
-13.2
-97.3
-13.2
Depreciation and amortization
11.4
20.5
16.5
7.56
5.21
5.27
Stock-based compensation
291
83.2
49.4
10.9
12.5
8.44
Deferred income tax
0.53
-0.85
-1.21
-1.22
-1.18
0.21
Change in receivables
-23.6
15.7
22.5
-0.63
-2.24
-0.58
Change in inventory
-20.6
-17.3
40.3
15.4
-1.53
-17.8
Change in payables
10.1
-38.4
-17.5
-1.99
-4.6
Cash from operations
-151
-160
19.7
-15.1
-33.4
-13.5
Capital expenditures
-34.6
-22.2
-7.36
-6.15
-7.23
-6.02
Acquisitions
-0.49
-155
-0.31
Purchases of investments
-351
-330
-180
-86.1
Cash from investing
-78
-233
-168
-36.7
81.1
35.3
Stock issued
671
0.28
0.69
1.59
0.79
Share buybacks
-75.3
-2.38
-94.9
-30
-55.6
-15.9
Cash from financing
1,024
-0.27
-94.9
-48.2
-54
-21.7
Net change in cash
775
-407
-230
-98.1
-5.58
-1.42
Free cash flow
-185
-182
12.4
-21.3
-40.6
-19.6
Interest paid
0.01
Income taxes paid
9.11
0.97
0.89
1.09
0.4
0.7
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.54 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
78.2%
Gross profit / revenue.
Operating margin
-4.3%
Operating income / revenue.
EBITDA margin
-3.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-2.2%
Pre-tax income / revenue.
Net margin
-1.9%
Net income / revenue.
FCF margin
-3.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2.2%
Cash from operations / revenue.
Return on equity (ROE)
-2.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-2.1%
Net income / average total assets.
Return on invested capital (ROIC)
-6.7%
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%.
R&D / revenue
3.2%
Research and development expense / revenue.
Stock-based pay / revenue
1.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.0%
Capital expenditures / revenue.
D&A / revenue
0.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
32.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
4.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-5.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
34.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
9.6%
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
-1.4%
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
2.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-14.3%
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
-16.3%
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
-13.5%
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
-15.5%
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
-8.0%
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
-7.8%
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
17.4%
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
3.63x
Current assets / current liabilities.
Quick ratio
2.00x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.64x
(Cash + short-term investments) / current liabilities.
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
$0.33
Revenue / diluted weighted shares.
FCF per share
-$0.01
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.01
Cash from operations / diluted weighted shares.
Book value per share
$0.23
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.39x
Market cap / revenue.
P/B
0.55x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.72x
Market cap / tangible book value, when positive.
EV/Sales
0.15x
Enterprise value / revenue.
FCF yield
-8.2%
Free cash flow / market cap.
Earnings yield
-4.9%
Net income / market cap (the inverse of P/E).
Shareholder yield
6.7%
(Dividends paid + share buybacks) / market cap.
What was Yatsen Holding Ltd's revenue in fiscal 2025?
Yatsen Holding Ltd reported revenue of $614.6M for fiscal 2025, 32.2% higher than the year before.
Was Yatsen Holding Ltd profitable in fiscal 2025?
No. It reported a net loss of $11.6M.
How much free cash flow did Yatsen Holding Ltd generate in fiscal 2025?
Cash from operations of $13.5M minus capital expenditures of $6.0M left free cash flow of -$19.6M.
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.