Zepp Health Corp financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Zepp Health Corp 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	315	530	835	986	981	614	353	183	259
Cost of revenue	239	394	624	782	776	495	261	112	160
Gross profit	76	137	211	204	205	119	92.4	70.2	99.2
Research and development	23.6	38.3	61.9	82.5	80.8	77.3	51.5	46.2	45.3
Selling and marketing	6.77	14	26.1	55	68.8	68.3	44.5	46.5	53.8
General and administrative	17.7	31.1	35.7	40.1	40.5	35.1	26.8	24.9	29.3
Operating expenses	48.1	83.4	124	178	190	181	123	117	128
Operating income	28	53.2	87.1	26.7	14.7	-61.9	-30.5	-47.3	-29.2
Interest expense					7.04	8.26	6.72	5.55	5.7
Pre-tax income	29.5	56.2	93.7	40.7	16.7	-55.9	-34.6	-57.9	-35.5
Income tax	4.24	7.57	11.2	4.78	1.69	-9.87	-2.43	13.7	2.54
Net income to minority interests	-0.09	-0.54	-0.26	0.15	-0.13	-0.1	-0.07	-0.08
Net income	25.8	49.5	82.6	35.1	21.6	-43.2	-31	-75.7	-40.1
EBITDA	28.5	54	88.5	30.9	22.9	-53.1	-22.8	-42.2	-24.7
EPS, basic	0.10	0.08	0.34	0.14	0.09	-0.18	-0.13	-0.29	-0.16
EPS, diluted	0.10	0.07	0.32	0.13	0.08	-0.18	-0.13	-0.29	-0.16
Shares, basic (weighted)	67.8	212	244	248	252	246	243	259	254
Shares, diluted (weighted)	76.3	225	256	260	264	246	243	259	254

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	56.3	210	259	348	230	129	134	91.1	57
Short-term investments	2.11	7.34	2.47	2.83	3.04	4.98	5.15	1
Receivables	5.05	8.57	27.1	45.7	84.3	98.9	60.7	63	66.9
Inventory	38.4	70.5	128	187	196	148	84.9	56.8	72.8
Other current assets	7.85	8.47	9.68	23.4	49.4	15.7	16.9	0.24	1.56
Total current assets	199	416	631	740	617	429	317	252	294
Property, plant and equipment	4.42	5.82	9.24	19.1	21	14.6	8.93	6.9	5.66
Lease right-of-use assets			15.6	23.2	17	9.51	6.82	3.46	1.96
Goodwill	0.91	0.86	0.85	9.58	9.58	9.58	9.58	9.58	9.58
Intangible assets	0.82	9.27	12.3	22.3	21.3	17.9	9.87	7.09	13.6
Long-term investments	13.1	30.4	58.3	68	244	245	239	226	220
Other non-current assets	0.46	1.07	1.27	4.32	3.08	7.31	9.7	4.61	3.72
Total assets	225	474	743	905	955	764	636	529	565
Accounts payable	109	155	287	299	207	66.2	37.3	51.1	80.8
Accrued liabilities							0.83	0.12	0.76
Deferred revenue		0.86	6.43	6.51	0.66	0.31	0.23	0.2	0.08
Total current liabilities	135	202	356	428	338	242	155	195	287
Lease liabilities			11	17.8	11.2	4.6	3.2	2.01	1.1
Other non-current liabilities	0.76	8.18	16.3	28.4	27.5	23.6	0.27	0.13	0.21
Total liabilities	136	211	385	486	495	374	283	276	350
Total debt				9.2	114	99.2	120	75.2	59.5
Paid-in capital	11.1	200	212	238	258	245	273	278	281
Retained earnings	20.2	49.5	131	174	199	137	104	28.6	-11.5
Treasury stock					-3.42	-9.74	-12.9	-15	-16.2
Other comprehensive income	3.4	14.1	16	6.84	4.6	15.3	-14	-40.2	-38.6
Shareholders' equity	34.7	263	359	418	458	387	351	252	215
Minority interests	0.37	-0.19	-0.45		2.05	1.8	1.87	1.14
Total equity	35.1	263	359	418	460	389	353	253	215
Total liabilities and equity	225	474	743	905	955	764	636	529	565
Shares outstanding	91.3	0

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	25.7	48.9	82.4	35.2	21.5	-43.3	-31.1	-75.8	-40.1
Depreciation and amortization	0.54	0.84	1.35	4.16	8.14	8.71	7.69	5.02	4.54
Stock-based compensation	9.65	19.6	7.92	9.99	13	7.27	8.79	4.78	2.49
Deferred income tax	-2.92	-4.78				-9.92	-2.88	13.4	2.24
Change in receivables	-2.02	-3.79	-18.7	-20.1	-37.6	-22.9	36.4	-5.08	-8.33
Change in inventory	-8.85	-34.2	-62.2	-62.9	-13	27.9	51.9	5.56	-22.1
Change in payables	27.9	51.8	134	-1.5	-106	-135	-27.8	14.8	28.3
Cash from operations	36.6	103	61.5	24.1	-36.5	-117	42.6	-24.4	-25.7
Capital expenditures	-3.3	-2.49	-4.92	-12.8	-7.23	-1.21	-1.6	-1.4	-0.52
Acquisitions				-4.09
Purchases of investments	-1	-6.01				-2.43
Cash from investing	-5.98	-47.2	-16.2	-31.7	-168	-6.24	7.73	-1.58	1.48
Stock issued	0.01				0.86
Share buybacks		-1.19			-2.16	-8.16	-2.52	-2.28	-1.24
Dividends paid			-0.65			-6.31
Cash from financing	3.09	93	3.68	86.5	86.5	42.4	-41.7	0.48	24.8
Exchange rate effect	-0.49	8.78	1.62	-6.64	-2.44
Net change in cash	33.7	149	49	78.9	-118	-81	8.65	-25.5	0.62
Free cash flow	33.3	100	56.6	11.3	-43.7	-118	41	-25.8	-26.2
Interest paid	0.31	0.19	0.04	2.28	7.4	8.3	6.27	0.09	1.24
Income taxes paid	5.52	7.57	13.2	12.6	11.7	0.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.3%	Gross profit / revenue.
Operating margin	-11.3%	Operating income / revenue.
EBITDA margin	-9.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.7%	Pre-tax income / revenue.
Net margin	-15.5%	Net income / revenue.
FCF margin	-10.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-9.9%	Cash from operations / revenue.
Return on equity (ROE)	-17.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.3%	Net income / average total assets.
Return on invested capital (ROIC)	-10.2%	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	17.5%	Research and development expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	41.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-25.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-23.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	41.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.9%	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	-13.5%	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	-14.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-17.9%	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	-12.5%	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	6.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.6%	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	-9.0%	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	-1.7%	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	1.1%	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	-0.5%	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	1.02x	Current assets / current liabilities.
Quick ratio	0.43x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.5%	Total debt / total assets.
Liabilities / assets	62.0%	Total liabilities / total assets.
Net debt	$2.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-5.13x	Operating income / interest expense.
Working capital	$6.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$191.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	41.2x	Revenue / average property, plant and equipment.
Inventory turnover	2.47x	Cost of revenue / average inventory.
Days inventory	148 days	365 x average inventory / cost of revenue.
Receivables turnover	3.99x	Revenue / average receivables.
Days sales outstanding	92 days	365 x average receivables / revenue.
Days payables	151 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	89 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.16	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	-$0.16	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.02	Revenue / diluted weighted shares.
FCF per share	-$0.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.10	Cash from operations / diluted weighted shares.
Book value per share	$0.84	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.75	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$60.7M	Share price x shares outstanding.
Enterprise value	$63.1M	Market cap + total debt - cash - short-term investments.
P/S	0.23x	Market cap / revenue.
P/B	0.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.32x	Market cap / tangible book value, when positive.
EV/Sales	0.24x	Enterprise value / revenue.
FCF yield	-43.2%	Free cash flow / market cap.
Earnings yield	-66.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.

What was Zepp Health Corp's revenue in fiscal 2025?

Zepp Health Corp reported revenue of $258.9M for fiscal 2025, 41.8% higher than the year before.

Was Zepp Health Corp profitable in fiscal 2025?

No. It reported a net loss of $40.1M.

How much free cash flow did Zepp Health Corp generate in fiscal 2025?

Cash from operations of $25.7M minus capital expenditures of $516.0K left free cash flow of -$26.2M.

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.

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