Yatsen Holding Ltd
YSG NYSE Perfumes, Cosmetics & Other Toilet Preparations Financials FY2018โFY2025
Revenue
Total sales reported in the income statement.
$598M
26.8%
vs prior year
Operating margin
Operating income as a share of revenue.
โ4.3%
20.0ย pts
Net income
Profit after all expenses, interest and tax.
โ$11.3M
Free cash flow
Cash from operations minus capital spending.
โ$19.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$0.11 EPS (TTM)
What Yatsen Holding Ltd does
No business description yet.
- Legal name
- Yatsen Holding Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Apr 29, 2026
- Accession ยท CIK
- 0001193125-26-192038
0001819580
Revenue and margins
Yatsen Holding Ltd had $598M of revenue in fiscal 2025, up 26.8% on the year before.
FY18
Revenue $96.0M
FY19
Revenue $439M
FY20
Revenue $758M
FY21
Revenue $905M
FY22
Revenue $550M
FY23
Revenue $482M
FY24
Revenue $472M
FY25
Revenue $598M
FY18
Gross 63.5%
Operating โ5.2%
Net โ6.3%
FCF โ15.7%
FY19
Gross 63.6%
Operating 4.7%
Net 2.5%
FCF โ3.7%
FY20
Gross 64.3%
Operating โ51.3%
Net โ51.4%
FCF โ23.1%
FY21
Gross 66.8%
Operating โ27.8%
Net โ26.4%
FCF โ19.9%
FY22
Gross 68.0%
Operating โ25.1%
Net โ22.0%
FCF 2.3%
FY23
Gross 73.6%
Operating โ26.7%
Net โ21.9%
FCF โ4.4%
FY24
Gross 77.1%
Operating โ24.3%
Net โ20.9%
FCF โ8.7%
FY25
Gross 78.2%
Operating โ4.3%
Net โ1.9%
FCF โ3.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income โ$6.1M
FY19
Net income $10.9M
FY20
Net income โ$389M
FY21
Net income โ$239M
FY22
Net income โ$121M
FY23
Net income โ$106M
FY24
Net income โ$98.4M
FY25
Net income โ$11.3M
FY18
Diluted EPS โ$0.51
FY19
Diluted EPS โ$0.29
FY20
Diluted EPS โ$13.85
FY21
Diluted EPS โ$1.89
FY22
Diluted EPS โ$1.01
FY23
Diluted EPS โ$0.96
FY24
Diluted EPS โ$0.97
FY25
Diluted EPS โ$0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital โ
Return on equity โ
Return on assets โ
FY19
Return on capital โ
Return on equity โ
Return on assets 3.8%
FY20
Return on capital โ
Return on equity โ74.9%
Return on assets โ49.9%
FY21
Return on capital โ
Return on equity โ24.6%
Return on assets โ19.8%
FY22
Return on capital โ
Return on equity โ15.4%
Return on assets โ12.1%
FY23
Return on capital โ
Return on equity โ16.7%
Return on assets โ13.6%
FY24
Return on capital โ
Return on equity โ19.7%
Return on assets โ15.8%
FY25
Return on capital โ
Return on equity โ2.7%
Return on assets โ2.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$19.0M in fiscal 2025, โ3.2% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow โ$15.1M
FY19
Free cash flow โ$16.3M
FY20
Free cash flow โ$175M
FY21
Free cash flow โ$180M
FY22
Free cash flow $12.7M
FY23
Free cash flow โ$21.3M
FY24
Free cash flow โ$41.2M
FY25
Free cash flow โ$19.0M
FY18
Cash from operations โ$14.5M
Capital spending $0.6M
FY19
Cash from operations โ$0.9M
Capital spending $15.4M
FY20
Cash from operations โ$142M
Capital spending $32.7M
FY21
Cash from operations โ$158M
Capital spending $21.9M
FY22
Cash from operations $20.2M
Capital spending $7.5M
FY23
Cash from operations โ$15.2M
Capital spending $6.2M
FY24
Cash from operations โ$33.9M
Capital spending $7.3M
FY25
Cash from operations โ$13.2M
Capital spending $5.9M
Cash from operations
Capital spending
Dividends, buybacks and share count
Yatsen Holding Ltd returned $15.4M to shareholders in fiscal 2025. The diluted share count fell 8.0%.
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks $6.8M
FY20
Dividends โ
Buybacks $71.2M
FY21
Dividends โ
Buybacks $2.4M
FY22
Dividends โ
Buybacks $97.2M
FY23
Dividends โ
Buybacks $30.0M
FY24
Dividends โ
Buybacks $56.4M
FY25
Dividends โ
Buybacks $15.4M
Dividends
Buybacks
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.13B
FY22
Diluted shares 0.12B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.09B
Balance sheet
Cash, debt and the ratios that show how comfortably Yatsen Holding Ltd can carry it.
FY18
Cash โ
Debt โ
FY19
Cash $98.6M
Debt โ
FY20
Cash $876M
Debt โ
FY21
Cash $494M
Debt โ
FY22
Cash $375M
Debt โ
FY23
Cash $289M
Debt โ
FY24
Cash $186M
Debt โ
FY25
Cash $144M
Debt โ
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $494M | $375M | $289M | $186M | $144M |
| Current ratio | 5.2x | 6.0x | 4.8x | 3.7x | 3.6x |
| Quick ratio | 4.4x | 5.2x | 4.3x | 3.1x | 2.8x |
| Total assets | $1.1B | $850M | $705M | $544M | $549M |
| Total liabilities | $199M | $116M | $116M | $119M | $121M |
| Shareholders' equity | $891M | $684M | $582M | $419M | $430M |
| Net debt (โ = net cash) | โ | โ | โ | โ | โ |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 3 / 8 | 4 / 8 | 6 / 8 | 4 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | โ | 4.1% | โ31.7% | โ6.7% | โ14.2% | โ11.6% | โ10.3% | 0.4% |
| Altman Z'' | โ | 2.91 | 5.96 | 3.95 | 4.70 | 2.34 | โ1.51 | โ0.72 |
8 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $96.0M | $439M | $758M | $905M | $550M | $482M | $472M | $598M |
| Net interest income | โ$0.0M | $0.8M | $2.1M | $7.1M | $5.1M | $12.6M | $12.0M | $5.7M |
| Provision for credit losses | โ | โ | $0.4M | โ | โ | โ | โ | โ |
| Gross profit | $60.9M | $279M | $487M | $604M | $374M | $355M | $364M | $468M |
| Research and development | $0.4M | $3.4M | $9.6M | $22.0M | $18.8M | $15.8M | $15.2M | $19.1M |
| Operating income | โ$5.0M | $20.8M | โ$389M | โ$252M | โ$138M | โ$129M | โ$115M | โ$25.8M |
| Pretax income | โ$5.5M | $21.3M | โ$388M | โ$240M | โ$122M | โ$106M | โ$99.1M | โ$12.9M |
| Income tax | $0.6M | $10.4M | $1.0M | โ$0.1M | $0.4M | โ$0.5M | โ$0.4M | โ$0.0M |
| Net income | โ$6.1M | $10.9M | โ$389M | โ$239M | โ$121M | โ$106M | โ$98.4M | โ$11.3M |
| Net income to common | โ$7.1M | โ$6.5M | โ$577M | โ$239M | โ$121M | โ | โ | โ |
| Diluted EPS | โ$0.51 | โ$0.29 | โ$13.85 | โ$1.89 | โ$1.01 | โ$0.96 | โ$0.97 | โ$0.11 |
| Diluted shares | 0.01B | 0.02B | 0.04B | 0.13B | 0.12B | 0.11B | 0.10B | 0.09B |
| Cash flow | ||||||||
| Cash from operations | โ$14.5M | โ$0.9M | โ$142M | โ$158M | $20.2M | โ$15.2M | โ$33.9M | โ$13.2M |
| Capital expenditure | $0.6M | $15.4M | $32.7M | $21.9M | $7.5M | $6.2M | $7.3M | $5.9M |
| Free cash flow | โ$15.1M | โ$16.3M | โ$175M | โ$180M | $12.7M | โ$21.3M | โ$41.2M | โ$19.0M |
| Depreciation and amortization | $0.1M | $1.9M | $10.8M | $20.3M | $16.9M | $7.6M | $5.3M | $5.1M |
| Stock-based compensation | $2.1M | $10.9M | $275M | $82.2M | $50.6M | $10.9M | $12.7M | $8.2M |
| Acquisitions | โ | $4.3M | $0.5M | $153M | $0.3M | โ | โ | โ |
| Share buybacks | โ | $6.8M | $71.2M | $2.4M | $97.2M | $30.0M | $56.4M | $15.4M |
| Dividends and buybacks | โ | $6.8M | $71.2M | $2.4M | $97.2M | $30.0M | $56.4M | $15.4M |
| Balance sheet | ||||||||
| Cash and short-term investments | โ | $98.6M | $876M | $494M | $375M | $289M | $186M | $144M |
| Current assets | โ | $226M | $1.1B | $717M | $509M | $415M | $322M | $319M |
| Current liabilities | โ | $110M | $173M | $138M | $85.3M | $86.0M | $87.7M | $87.9M |
| Inventory | โ | $72.4M | $94.3M | $110M | $61.4M | $49.6M | $52.9M | $72.7M |
| Property and equipment, net | โ | $15.7M | $43.6M | $38.6M | $11.0M | $9.1M | $10.2M | $11.0M |
| Goodwill | โ | $3.0M | $3.2M | $137M | $124M | $78.3M | $21.2M | $22.1M |
| Intangible assets | โ | $1.4M | $28.9M | $117M | $100.0M | $94.5M | $76.7M | $76.8M |
| Total assets | โ | $289M | $1.3B | $1.1B | $850M | $705M | $544M | $549M |
| Total liabilities | โ | $134M | $221M | $199M | $116M | $116M | $119M | $121M |
| Shareholders' equity | โ$8.5M | โ$8.0M | $1.0B | $891M | $684M | $582M | $419M | $430M |
| Margins | ||||||||
| Gross margin | 63.5% | 63.6% | 64.3% | 66.8% | 68.0% | 73.6% | 77.1% | 78.2% |
| Operating margin | โ5.2% | 4.7% | โ51.3% | โ27.8% | โ25.1% | โ26.7% | โ24.3% | โ4.3% |
| EBITDA margin | โ5.2% | 5.2% | โ49.8% | โ25.6% | โ22.0% | โ25.2% | โ23.2% | โ3.5% |
| Net margin | โ6.3% | 2.5% | โ51.4% | โ26.4% | โ22.0% | โ21.9% | โ20.9% | โ1.9% |
| FCF margin | โ15.7% | โ3.7% | โ23.1% | โ19.9% | 2.3% | โ4.4% | โ8.7% | โ3.2% |
| Net interest share of revenue | โ0.0% | 0.2% | 0.3% | 0.8% | 0.9% | 2.6% | 2.5% | 0.9% |
| Returns | ||||||||
| Return on capital employed | โ | 11.6% | โ35.4% | โ25.0% | โ18.0% | โ20.8% | โ25.1% | โ5.6% |
| Return on equity | โ | โ | โ74.9% | โ24.6% | โ15.4% | โ16.7% | โ19.7% | โ2.7% |
| Return on assets | โ | 3.8% | โ49.9% | โ19.8% | โ12.1% | โ13.6% | โ15.8% | โ2.1% |
| Return on tangible equity | โ | โ | โ56.8% | โ37.5% | โ26.3% | โ25.8% | โ30.7% | โ3.4% |
| Growth | ||||||||
| Revenue growth | โ | 356.9% | 72.8% | 19.4% | โ39.2% | โ12.4% | โ2.2% | 26.8% |
| Net income growth | โ | โ | โ3,670.9% | โ | โ | โ | โ | โ |
| FCF growth | โ | โ | โ | โ | โ | โ268.1% | โ | โ |
| Share count change | โ | 66.1% | 85.1% | 203.1% | โ6.1% | โ7.5% | โ7.8% | โ8.0% |
| Financial health | ||||||||
| Current ratio | โ | 2.1x | 6.3x | 5.2x | 6.0x | 4.8x | 3.7x | 3.6x |
| Quick ratio | โ | 1.4x | 5.7x | 4.4x | 5.2x | 4.3x | 3.1x | 2.8x |
| Capital allocation | ||||||||
| Capex / revenue | 0.6% | 3.5% | 4.3% | 2.4% | 1.4% | 1.3% | 1.6% | 1.0% |
| Stock comp / revenue | 2.2% | 2.5% | 36.3% | 9.1% | 9.2% | 2.3% | 2.7% | 1.4% |
| Payouts / FCF | โ | โ | โ | โ | 766.3% | โ | โ | โ |
| Quality scores | ||||||||
| Piotroski F-score | โ | โ | 3.0 | 4.0 | 6.0 | 4.0 | 4.0 | 4.0 |
| Altman Z'' | โ | 2.9 | 6.0 | 3.9 | 4.7 | 2.3 | โ1.5 | โ0.7 |
| Accruals ratio | โ | 4.1% | โ31.7% | โ6.7% | โ14.2% | โ11.6% | โ10.3% | 0.4% |
Source: SEC EDGAR XBRL filings (CIK 0001819580). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 20 ordinary shares). For information only โ not investment advice. Check the original filings before relying on any figure.