NYSE : YSG
Yatsen Holding Limited — Financial statements
Consumer Staples · Household & Personal Products · China
Last price 2.36 USD (Oct 30, 2026, 9:44 AM EDT) · Market cap 221.37M
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Financial statements
Yatsen Holding Limited (YSG) reported revenue of 4.54B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.54B | 4.30B | 3.39B | 3.41B | 3.71B | 5.84B |
| Cost of Revenue | 1.03B | 936.78M | 776.24M | 901.46M | 1.19B | 1.94B |
| Gross Profit | 3.51B | 3.36B | 2.62B | 2.51B | 2.52B | 3.90B |
| Selling, General & Admin | 3.64B | 3.37B | 2.82B | 2.96B | 3.25B | 5.38B |
| Research & Development | 155.23M | 137.30M | 109.29M | 111.70M | 126.88M | 142.09M |
| Operating Expenses | 3.80B | 3.50B | 2.93B | 3.07B | 3.38B | 5.52B |
| Operating Income | -284.40M | -143.09M | -315.42M | -559.32M | -856.27M | -1.62B |
| Interest Expense | -743.00K | |||||
| Interest & Investment Income | 33.27M | 40.72M | 86.14M | 89.02M | 34.66M | 45.66M |
| Earnings From Equity Investments | 53.15M | 5.94M | 1.39M | 10.12M | 12.55M | 5.98M |
| Currency Exchange Gain (Loss) | -5.59M | 13.37M | -20.40M | 7.22M | -35.36M | -1.75M |
| Other Non Operating Income (Expenses) | 50.68M | 46.69M | 44.46M | 53.56M | 103.50M | 27.77M |
| EBT Excluding Unusual Items | -153.64M | -36.37M | -203.83M | -399.40M | -740.92M | -1.55B |
| Merger & Restructuring Charges | -42.70M | -42.70M | -106.40M | -72.63M | ||
| Impairment of Goodwill | -403.08M | -354.04M | ||||
| Gain (Loss) on Sale of Investments | -13.45M | -13.45M | -5.08M | -1.38M | ||
| Pretax Income | -209.79M | -92.52M | -713.31M | -753.44M | -818.63M | -1.55B |
| Income Tax Expense | 10.30M | -108.00K | -3.09M | -3.21M | 2.71M | -921.00K |
| Earnings From Continuing Operations | -220.09M | -92.41M | -710.22M | -750.23M | -821.33M | -1.55B |
| Minority Interest in Earnings | 10.86M | 11.55M | 2.05M | 2.46M | 5.96M | 6.30M |
| Net Income | -209.24M | -80.87M | -708.17M | -747.76M | -815.37M | -1.54B |
| Net Income to Common | -209.24M | -80.87M | -708.17M | -747.76M | -815.37M | -1.54B |
| Shares Outstanding (Basic) | 93.87M | 93.13M | 101.25M | 109.79M | 118.64M | 126.34M |
| Shares Outstanding (Diluted) | 93.87M | 93.13M | 101.25M | 109.79M | 118.64M | 126.34M |
| EPS (Basic) | -2.23 | -0.87 | -6.99 | -6.81 | -6.87 | -12.19 |
| EPS (Diluted) | -2.23 | -0.87 | -7.00 | -6.81 | -6.87 | -12.20 |
| Free Cash Flow | -136.73M | -296.41M | -151.09M | 85.43M | -1.16B | |
| Free Cash Flow Per Share | -1.47 | -2.93 | -1.38 | 0.72 | -9.20 | |
| Gross Margin | 77.40% | 78.20% | 77.12% | 73.60% | 67.96% | 66.76% |
| Operating Margin | -6.26% | -3.33% | -9.29% | -16.38% | -23.10% | -27.81% |
| Profit Margin | -4.61% | -1.88% | -20.87% | -21.90% | -22.00% | -26.38% |
| Free Cash Flow Margin | -3.18% | -8.73% | -4.42% | 2.31% | -19.89% | |
| EBITDA | -230.53M | -56.97M | -164.79M | -444.56M | -685.37M | -1.44B |
| EBITDA Margin | -5.08% | -1.32% | -4.86% | -13.02% | -18.49% | -24.71% |
| D&A For EBITDA | 53.87M | 86.12M | 150.62M | 114.76M | 170.90M | 181.37M |
| EBIT | -284.40M | -143.09M | -315.42M | -559.32M | -856.27M | -1.62B |
| EBIT Margin | -6.26% | -3.33% | -9.29% | -16.38% | -23.10% | -27.81% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 710.29M | 765.38M | 817.39M | 836.89M | 1.51B | 3.14B |
| Short-Term Investments | 340.55M | 295.94M | 584.02M | 1.26B | 1.13B | 62.88M |
| Cash & Short-Term Investments | 1.05B | 1.06B | 1.40B | 2.10B | 2.65B | 3.20B |
| Accounts Receivable | 216.72M | 220.87M | 219.67M | 201.64M | 206.44M | 355.84M |
| Other Receivables | 68.00K | 143.14M | 107.22M | 104.39M | 75.11M | 95.96M |
| Receivables | 216.79M | 381.40M | 345.49M | 306.03M | 281.55M | 451.80M |
| Inventory | 554.57M | 508.73M | 386.05M | 352.09M | 423.29M | 695.76M |
| Prepaid Expenses | 178.56M | 159.24M | 110.71M | 103.75M | 130.06M | |
| Restricted Cash | 4.67M | 42.12M | 21.25M | |||
| Other Current Assets | 411.66M | 62.05M | 55.46M | 62.50M | 52.17M | 77.36M |
| Total Current Assets | 2.24B | 2.23B | 2.35B | 2.95B | 3.51B | 4.56B |
| Property, Plant & Equipment | 247.75M | 250.93M | 221.87M | 179.23M | 208.62M | 668.28M |
| Long-Term Investments | 765.58M | 653.56M | 664.58M | 618.75M | 502.58M | 350.38M |
| Goodwill | 155.03M | 155.03M | 155.03M | 556.57M | 857.14M | 869.42M |
| Other Intangible Assets | 491.16M | 537.51M | 559.71M | 671.40M | 689.67M | 745.85M |
| Long-Term Deferred Tax Assets | 686.00K | 1.44M | 1.38M | 1.38M | 1.95M | 2.00M |
| Other Long-Term Assets | 25.94M | 14.33M | 17.84M | 18.00M | 76.17M | 68.42M |
| Total Assets | 3.92B | 3.85B | 3.97B | 5.01B | 5.86B | 7.27B |
| Accounts Payable | 194.03M | 170.63M | 100.97M | 115.12M | 147.09M | 254.78M |
| Accrued Expenses | 304.37M | 266.75M | 289.86M | 330.62M | 251.03M | 255.31M |
| Current Portion of Leases | 61.26M | 53.44M | 39.41M | 45.46M | 79.59M | 214.84M |
| Current Income Taxes Payable | 13.78M | 13.69M | 20.09M | 17.95M | 21.83M | 16.75M |
| Current Unearned Revenue | 32.07M | 28.82M | 19.57M | 41.58M | 16.65M | 20.68M |
| Other Current Liabilities | 81.95M | 170.28M | 60.60M | 72.23M | 115.22M | |
| Total Current Liabilities | 605.50M | 615.28M | 640.19M | 611.33M | 588.41M | 877.58M |
| Long-Term Leases | 127.79M | 123.16M | 109.53M | 67.77M | 53.00M | 206.30M |
| Long-Term Unearned Revenue | 14.83M | 30.56M | 45.28M | 56.18M | ||
| Long-Term Deferred Tax Liabilities | 112.34M | 107.91M | 103.31M | 111.59M | 113.44M | 124.45M |
| Total Liabilities | 1.25B | 846.34M | 867.85M | 821.24M | 800.13M | 1.26B |
| Common Stock | 173.00K | 173.00K | 173.00K | 173.00K | 173.00K | 173.00K |
| Additional Paid-In Capital | 12.18B | 12.30B | 12.27B | 12.26B | 12.04B | 11.70B |
| Retained Earnings | -8.26B | -8.11B | -8.03B | -7.32B | -6.58B | -5.76B |
| Treasury Stock | -1.28B | -1.25B | -1.28B | -864.57M | -669.15M | -22.33M |
| Comprehensive Income & Other | 27.79M | 74.76M | 86.87M | 60.20M | -74.19M | -255.78M |
| Total Common Equity | 2.67B | 3.01B | 3.06B | 4.14B | 4.72B | 5.66B |
| Minority Interest | 1.34M | -9.96M | 47.69M | 49.74M | 343.08M | 348.31M |
| Shareholders' Equity | 2.67B | 3.00B | 3.10B | 4.18B | 5.06B | 6.01B |
| Total Liabilities & Equity | 3.92B | 3.85B | 3.97B | 5.01B | 5.86B | 7.27B |
| Total Debt | 597.70M | 176.59M | 148.94M | 113.23M | 132.58M | 421.15M |
| Net Cash (Debt) | 453.13M | 884.73M | 1.25B | 1.99B | 2.52B | 2.78B |
| Net Cash Per Share | 4.83 | 9.50 | 12.37 | 18.09 | 21.20 | 22.00 |
| Filing Date Shares Outstanding | 93.80M | 93.87M | 91.86M | 107.24M | 128.68M | 127.36M |
| Total Common Shares Outstanding | 93.80M | 93.86M | 91.76M | 107.71M | 111.81M | 126.34M |
| Working Capital | 1.63B | 1.62B | 1.71B | 2.34B | 2.92B | 3.68B |
| Book Value Per Share | 28.45 | 32.07 | 33.30 | 38.39 | 42.21 | 44.79 |
| Tangible Book Value | 2.02B | 2.32B | 2.34B | 2.91B | 3.17B | 4.04B |
| Tangible Book Value Per Share | 21.57 | 24.70 | 25.51 | 26.99 | 28.37 | 32.01 |
| Machinery | 74.42M | 80.01M | 63.82M | 63.25M | 87.43M | |
| Construction In Progress | 12.25M | 12.00K | 31.39M | 1.79M | 60.00K | |
| Leasehold Improvements | 93.90M | 114.32M | 131.59M | 149.47M | 340.97M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -80.87M | -708.17M | -747.76M | -815.37M | -1.54B | |
| Depreciation & Amortization | 146.08M | 220.06M | 203.41M | 339.26M | 427.26M | |
| Loss (Gain) From Sale of Assets | 381.00K | 920.00K | 2.67M | |||
| Asset Writedown & Restructuring Costs | -732.00K | 401.95M | 352.85M | 80.29M | 36.23M | |
| Loss (Gain) From Sale of Investments | 13.45M | 5.08M | 1.38M | |||
| Loss (Gain) on Equity Investments | 5.14M | -1.39M | -10.12M | -12.55M | -5.98M | |
| Stock-Based Compensation | 59.03M | 91.17M | 77.50M | 340.86M | 530.44M | |
| Provision & Write-off of Bad Debts | -2.27M | 617.00K | 19.89M | |||
| Other Operating Activities | -29.30M | -49.55M | -65.10M | -32.34M | 58.70M | |
| Change in Accounts Receivable | -4.05M | -16.32M | -4.47M | 155.00M | 99.75M | |
| Change in Inventory | -124.79M | -11.16M | 109.44M | 278.00M | -109.93M | |
| Change in Accounts Payable | 77.28M | -33.60M | -14.16M | -120.97M | -244.44M | |
| Change in Unearned Revenue | 9.25M | -22.00M | 24.93M | -4.03M | 86.04M | |
| Change in Income Taxes | -6.40M | 2.14M | -3.88M | 5.08M | -1.44M | |
| Change in Other Net Operating Assets | -156.50M | -117.41M | -50.35M | -83.02M | -360.39M | |
| Operating Cash Flow | -94.66M | -243.67M | -107.44M | 136.21M | -1.02B | |
| Capital Expenditures | -42.06M | -52.74M | -43.65M | -50.78M | -141.43M | |
| Sale of Property, Plant & Equipment | 4.12M | 2.10M | 1.95M | 4.10M | ||
| Cash Acquisitions | -2.11M | -994.70M | ||||
| Sale (Purchase) of Intangibles | -1.74M | -4.28M | -321.00K | -8.55M | -25.30M | |
| Investment in Securities | 286.48M | 647.04M | -218.47M | -1.10B | -322.82M | |
| Investing Cash Flow | 246.79M | 592.12M | -260.49M | -1.16B | -1.48B | |
| Short-Term Debt Repaid | -100.00K | |||||
| Total Debt Repaid | -100.00K | |||||
| Net Debt Issued (Repaid) | -100.00K | |||||
| Issuance of Common Stock | 5.49M | 11.57M | 4.90M | 1.91M | 12.96M | |
| Repurchase of Common Stock | -111.02M | -405.79M | -212.69M | -654.65M | -15.16M | |
| Other Financing Activities | -45.92M | -134.66M | -1.71M | 596.00K | ||
| Financing Cash Flow | -151.44M | -394.23M | -342.45M | -654.45M | -1.71M | |
| Foreign Exchange Rate Adjustments | -10.59M | 5.03M | 14.19M | 89.98M | -88.98M | |
| Net Cash Flow | -9.90M | -40.74M | -696.19M | -1.58B | -2.60B | |
| Free Cash Flow | -136.73M | -296.41M | -151.09M | 85.43M | -1.16B | |
| Free Cash Flow Margin | -3.18% | -8.73% | -4.42% | 2.31% | -19.89% | |
| Free Cash Flow Per Share | -1.47 | -2.93 | -1.38 | 0.72 | -9.20 | |
| Levered Free Cash Flow | -193.68M | -1.67M | -47.42M | 425.93M | -505.32M | |
| Unlevered Free Cash Flow | -193.68M | -1.67M | -47.42M | 425.93M | -505.32M | |
| Cash Income Tax Paid | 4.90M | 2.91M | 7.75M | 6.11M | 6.19M | |
| Change in Working Capital | -205.21M | -198.37M | 61.52M | 230.05M | -530.41M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 211.05M | 365.68M | 392.26M | 392.45M | 816.28M | 1.36B |
| Enterprise Value | 144.34M | 244.36M | 230.29M | 153.94M | 526.32M | 898.73M |
| Last Close Price | 2.25 | 3.89 | 3.98 | 3.66 | 7.30 | 10.75 |
| Forward PE | 12.22 | 129.40 | 12.38 | |||
| PS Ratio | 0.32 | 0.59 | 0.84 | 0.81 | 1.52 | 1.48 |
| PB Ratio | 0.54 | 0.85 | 0.92 | 0.67 | 1.11 | 1.44 |
| P/TBV Ratio | 0.71 | 1.10 | 1.22 | 0.96 | 1.77 | 2.13 |
| P/FCF Ratio | 65.90 | |||||
| P/OCF Ratio | 41.33 | |||||
| EV/Sales Ratio | 0.22 | 0.40 | 0.49 | 0.32 | 0.98 | 0.98 |
| EV/FCF Ratio | 42.49 | |||||
| Debt / Equity Ratio | 0.22 | 0.06 | 0.05 | 0.03 | 0.03 | 0.07 |
| Debt / EBITDA Ratio | 23.82 | |||||
| Debt / FCF Ratio | 1.55 | |||||
| Net Debt / Equity Ratio | -0.17 | -0.29 | -0.40 | -0.47 | -0.50 | -0.46 |
| Net Debt / EBITDA Ratio | 1.97 | 15.53 | 7.60 | 4.47 | 3.67 | 1.93 |
| Net Debt / FCF Ratio | 6.47 | 4.23 | 13.14 | -29.44 | 2.39 | |
| Asset Turnover | 1.14 | 1.10 | 0.76 | 0.63 | 0.56 | 0.75 |
| Inventory Turnover | 2.17 | 2.09 | 2.10 | 2.33 | 2.12 | 2.96 |
| Quick Ratio | 2.09 | 2.32 | 2.70 | 3.93 | 4.98 | 4.16 |
| Current Ratio | 3.70 | 3.63 | 3.67 | 4.83 | 5.96 | 5.19 |
| Return on Equity (ROE) | -7.58% | -3.03% | -19.49% | -16.23% | -14.84% | -24.04% |
| Return on Assets (ROA) | -4.46% | -2.29% | -4.39% | -6.43% | -8.15% | -13.03% |
| Return on Invested Capital (ROIC) | -12.89% | -7.22% | -15.58% | -23.57% | -29.65% | -66.89% |
| Return on Capital Employed (ROCE) | -8.60% | -4.40% | -9.50% | -12.70% | -16.20% | -25.40% |
| Earnings Yield | -14.58% | -3.16% | -24.73% | -26.87% | -14.48% | -17.86% |
| FCF Yield | -9.74% | -5.35% | -10.35% | -5.43% | 1.52% | -13.47% |
| Buyback Yield / Dilution | 1.30% | 8.03% | 7.78% | 7.46% | 6.10% | -203.08% |