Zepp Health Corp
ZEPP NYSE Electronic Computers Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$259M
41.8%
vs prior year
Operating margin
Operating income as a share of revenue.
−11.3%
14.6 pts
Net income
Profit after all expenses, interest and tax.
−$40.1M
Free cash flow
Cash from operations minus capital spending.
−$26.2M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−10.6%
5.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.56 EPS (TTM)
What Zepp Health Corp does
No business description yet.
- Legal name
- Zepp Health Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 24, 2026
- Accession · CIK
- 0001104659-26-048127
0001720446
Revenue and margins
Zepp Health Corp had $259M of revenue in fiscal 2025, up 41.8% on the year before.
FY17
Revenue $315M
FY18
Revenue $530M
FY19
Revenue $835M
FY20
Revenue $986M
FY21
Revenue $981M
FY22
Revenue $614M
FY23
Revenue $353M
FY24
Revenue $183M
FY25
Revenue $259M
FY17
Gross 24.1%
Operating 8.9%
Net 8.2%
FCF 10.6%
FY18
Gross 25.8%
Operating 10.0%
Net 9.3%
FCF 18.9%
FY19
Gross 25.3%
Operating 10.4%
Net 9.9%
FCF 6.8%
FY20
Gross 20.7%
Operating 2.7%
Net 3.6%
FCF 1.1%
FY21
Gross 20.9%
Operating 1.5%
Net 2.2%
FCF −4.5%
FY22
Gross 19.4%
Operating −10.1%
Net −7.0%
FCF −19.3%
FY23
Gross 26.2%
Operating −8.6%
Net −8.8%
FCF 11.6%
FY24
Gross 38.5%
Operating −25.9%
Net −41.5%
FCF −14.1%
FY25
Gross 38.3%
Operating −11.3%
Net −15.5%
FCF −10.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income $25.8M
FY18
Net income $49.5M
FY19
Net income $82.6M
FY20
Net income $35.1M
FY21
Net income $21.6M
FY22
Net income −$43.2M
FY23
Net income −$31.0M
FY24
Net income −$75.7M
FY25
Net income −$40.1M
FY17
Diluted EPS $1.60
FY18
Diluted EPS $1.12
FY19
Diluted EPS $5.12
FY20
Diluted EPS $2.08
FY21
Diluted EPS $1.28
FY22
Diluted EPS −$2.88
FY23
Diluted EPS −$2.08
FY24
Diluted EPS −$4.64
FY25
Diluted EPS −$2.56
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 74.3%
Return on assets 11.4%
FY18
Return on capital —
Return on equity 33.2%
Return on assets 14.1%
FY19
Return on capital —
Return on equity 26.5%
Return on assets 13.6%
FY20
Return on capital 30.8%
Return on equity 9.0%
Return on assets 4.3%
FY21
Return on capital 3.9%
Return on equity 4.9%
Return on assets 2.3%
FY22
Return on capital −13.8%
Return on equity −10.2%
Return on assets −5.0%
FY23
Return on capital −7.2%
Return on equity −8.4%
Return on assets −4.4%
FY24
Return on capital −15.9%
Return on equity −25.1%
Return on assets −13.0%
FY25
Return on capital −10.6%
Return on equity −17.2%
Return on assets −7.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$26.2M in fiscal 2025, −10.1% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $33.3M
FY18
Free cash flow $100M
FY19
Free cash flow $56.6M
FY20
Free cash flow $11.3M
FY21
Free cash flow −$43.7M
FY22
Free cash flow −$118M
FY23
Free cash flow $41.0M
FY24
Free cash flow −$25.8M
FY25
Free cash flow −$26.2M
FY17
Cash from operations $36.6M
Capital spending $3.3M
FY18
Cash from operations $103M
Capital spending $2.5M
FY19
Cash from operations $61.5M
Capital spending $4.9M
FY20
Cash from operations $24.1M
Capital spending $12.8M
FY21
Cash from operations −$36.5M
Capital spending $7.2M
FY22
Cash from operations −$117M
Capital spending $1.2M
FY23
Cash from operations $42.6M
Capital spending $1.6M
FY24
Cash from operations −$24.4M
Capital spending $1.4M
FY25
Cash from operations −$25.7M
Capital spending $0.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Zepp Health Corp returned $1.2M to shareholders in fiscal 2025. The diluted share count fell 1.7%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks $1.2M
FY19
Dividends $0.7M
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $2.2M
FY22
Dividends $6.3M
Buybacks $8.2M
FY23
Dividends —
Buybacks $2.5M
FY24
Dividends —
Buybacks $2.3M
FY25
Dividends —
Buybacks $1.2M
Dividends
Buybacks
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Zepp Health Corp can carry it.
FY17
Cash $58.4M
Debt —
FY18
Cash $217M
Debt —
FY19
Cash $261M
Debt —
FY20
Cash $351M
Debt $9.2M
FY21
Cash $233M
Debt $114M
FY22
Cash $134M
Debt $99.2M
FY23
Cash $139M
Debt $120M
FY24
Cash $92.1M
Debt $75.2M
FY25
Cash $57.0M
Debt $59.5M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $233M | $134M | $139M | $92.1M | $57.0M |
| Debt incl. finance leases | $114M | $99.2M | $120M | $75.2M | $59.5M |
| Net debt / EBITDA | −5.2x | — | — | — | — |
| Debt / equity | 0.2x | 0.3x | 0.3x | 0.3x | 0.3x |
| Interest coverage | 2.1x | −7.5x | −4.5x | −8.5x | −5.1x |
| Current ratio | 1.8x | 1.8x | 2.0x | 1.3x | 1.0x |
| Quick ratio | 1.2x | 1.2x | 1.5x | 1.0x | 0.8x |
| Total assets | $955M | $764M | $636M | $529M | $565M |
| Total liabilities | $495M | $374M | $283M | $276M | $350M |
| Shareholders' equity | $458M | $387M | $351M | $252M | $215M |
| Net debt (− = net cash) | −$119M | −$34.3M | −$18.8M | −$16.8M | $2.4M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” 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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 5 / 8 | 4 / 8 | 2 / 8 | 3 / 9 | 1 / 9 | 6 / 9 | 3 / 9 | 5 / 9 |
| Accruals ratio | −4.8% | −15.3% | 3.5% | 1.3% | 6.2% | 8.6% | −10.5% | −8.8% | −2.6% |
| Altman Z'' | 3.26 | 5.37 | 4.76 | 3.99 | 3.68 | 2.73 | 3.18 | 1.23 | 0.31 |
9 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $315M | $530M | $835M | $986M | $981M | $614M | $353M | $183M | $259M |
| Net interest income | $0.5M | $1.7M | $4.8M | $7.1M | — | — | — | — | — |
| Gross profit | $76.0M | $137M | $211M | $204M | $205M | $119M | $92.4M | $70.2M | $99.2M |
| Research and development | $23.6M | $38.3M | $61.9M | $82.5M | $80.8M | $77.3M | $51.5M | $46.2M | $45.3M |
| Operating income | $28.0M | $53.2M | $87.1M | $26.7M | $14.7M | −$61.9M | −$30.5M | −$47.3M | −$29.2M |
| Interest expense | — | — | — | — | $7.0M | $8.3M | $6.7M | $5.6M | $5.7M |
| Pretax income | $29.5M | $56.2M | $93.7M | $40.7M | $16.7M | −$55.9M | −$34.6M | −$57.9M | −$35.5M |
| Income tax | $4.2M | $7.6M | $11.2M | $4.8M | $1.7M | −$9.9M | −$2.4M | $13.7M | $2.5M |
| Net income | $25.8M | $49.5M | $82.6M | $35.1M | $21.6M | −$43.2M | −$31.0M | −$75.7M | −$40.1M |
| Net income to common | $7.1M | $16.5M | $82.3M | $35.1M | $21.6M | −$43.2M | −$31.0M | −$75.7M | −$40.1M |
| Diluted EPS | $1.60 | $1.12 | $5.12 | $2.08 | $1.28 | −$2.88 | −$2.08 | −$4.64 | −$2.56 |
| Diluted shares | 0.00B | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | |||||||||
| Cash from operations | $36.6M | $103M | $61.5M | $24.1M | −$36.5M | −$117M | $42.6M | −$24.4M | −$25.7M |
| Capital expenditure | $3.3M | $2.5M | $4.9M | $12.8M | $7.2M | $1.2M | $1.6M | $1.4M | $0.5M |
| Free cash flow | $33.3M | $100M | $56.6M | $11.3M | −$43.7M | −$118M | $41.0M | −$25.8M | −$26.2M |
| Depreciation and amortization | $0.5M | $0.8M | $1.4M | $4.2M | $8.1M | $8.7M | $7.7M | $5.0M | $4.5M |
| Stock-based compensation | $9.7M | $19.6M | $7.9M | $10.0M | $13.0M | $7.3M | $8.8M | $4.8M | $2.5M |
| Acquisitions | — | — | — | $4.1M | — | — | — | — | — |
| Share buybacks | — | $1.2M | — | — | $2.2M | $8.2M | $2.5M | $2.3M | $1.2M |
| Dividends paid | — | — | $0.7M | — | — | $6.3M | — | — | — |
| Dividends and buybacks | — | $1.2M | $0.7M | — | $2.2M | $14.5M | $2.5M | $2.3M | $1.2M |
| Balance sheet | |||||||||
| Cash and short-term investments | $58.4M | $217M | $261M | $351M | $233M | $134M | $139M | $92.1M | $57.0M |
| Total debt | — | — | — | $9.2M | $114M | $99.2M | $120M | $75.2M | $59.5M |
| Current assets | $199M | $416M | $631M | $740M | $617M | $429M | $317M | $252M | $294M |
| Current liabilities | $135M | $202M | $356M | $428M | $338M | $242M | $155M | $195M | $287M |
| Inventory | $38.4M | $70.5M | $128M | $187M | $196M | $148M | $84.9M | $56.8M | $72.8M |
| Property and equipment, net | $4.4M | $5.8M | $9.2M | $19.1M | $21.0M | $14.6M | $8.9M | $6.9M | $5.7M |
| Goodwill | $0.9M | $0.9M | $0.9M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M | $9.6M |
| Intangible assets | $0.8M | $9.3M | $12.3M | $22.3M | $21.3M | $17.9M | $9.9M | $7.1M | $13.6M |
| Total assets | $225M | $474M | $743M | $905M | $955M | $764M | $636M | $529M | $565M |
| Total liabilities | $136M | $211M | $385M | $486M | $495M | $374M | $283M | $276M | $350M |
| Shareholders' equity | $34.7M | $263M | $359M | $418M | $458M | $387M | $351M | $252M | $215M |
| Margins | |||||||||
| Gross margin | 24.1% | 25.8% | 25.3% | 20.7% | 20.9% | 19.4% | 26.2% | 38.5% | 38.3% |
| Operating margin | 8.9% | 10.0% | 10.4% | 2.7% | 1.5% | −10.1% | −8.6% | −25.9% | −11.3% |
| EBITDA margin | 9.1% | 10.2% | 10.6% | 3.1% | 2.3% | −8.7% | −6.5% | −23.1% | −9.5% |
| Net margin | 8.2% | 9.3% | 9.9% | 3.6% | 2.2% | −7.0% | −8.8% | −41.5% | −15.5% |
| FCF margin | 10.6% | 18.9% | 6.8% | 1.1% | −4.5% | −19.3% | 11.6% | −14.1% | −10.1% |
| Net interest share of revenue | 0.1% | 0.3% | 0.6% | 0.7% | — | — | — | — | — |
| Returns | |||||||||
| Return on capital | — | — | — | 30.8% | 3.9% | −13.8% | −7.2% | −15.9% | −10.6% |
| Return on capital employed | 30.9% | 19.5% | 22.5% | 5.6% | 2.4% | −11.9% | −6.3% | −14.2% | −10.5% |
| Return on equity | 74.3% | 33.2% | 26.5% | 9.0% | 4.9% | −10.2% | −8.4% | −25.1% | −17.2% |
| Return on assets | 11.4% | 14.1% | 13.6% | 4.3% | 2.3% | −5.0% | −4.4% | −13.0% | −7.3% |
| Return on tangible equity | 21.5% | 6.5% | 23.8% | 9.1% | 5.1% | −12.0% | −9.4% | −32.2% | −20.9% |
| Growth | |||||||||
| Revenue growth | — | 68.4% | 57.5% | 18.1% | −0.5% | −37.4% | −42.5% | −48.3% | 41.8% |
| Net income growth | — | 91.9% | 67.1% | −57.6% | −38.3% | −300.0% | — | — | — |
| EPS growth | — | −30.0% | 357.1% | −59.4% | −38.5% | −325.0% | — | — | — |
| FCF growth | — | 201.3% | −43.7% | −80.0% | −486.7% | — | — | −162.9% | — |
| Share count change | — | 195.0% | 13.7% | 1.7% | 1.5% | −6.8% | −1.3% | 6.5% | −1.7% |
| Financial health | |||||||||
| Net debt / EBITDA | — | — | — | −11.1x | −5.2x | — | — | — | — |
| Debt / equity | — | — | — | 0.0x | 0.2x | 0.3x | 0.3x | 0.3x | 0.3x |
| Interest coverage | — | — | — | — | 2.1x | −7.5x | −4.5x | −8.5x | −5.1x |
| Current ratio | 1.5x | 2.1x | 1.8x | 1.7x | 1.8x | 1.8x | 2.0x | 1.3x | 1.0x |
| Quick ratio | 1.2x | 1.7x | 1.4x | 1.3x | 1.2x | 1.2x | 1.5x | 1.0x | 0.8x |
| Capital allocation | |||||||||
| Capex / revenue | 1.0% | 0.5% | 0.6% | 1.3% | 0.7% | 0.2% | 0.5% | 0.8% | 0.2% |
| Stock comp / revenue | 3.1% | 3.7% | 0.9% | 1.0% | 1.3% | 1.2% | 2.5% | 2.6% | 1.0% |
| Payouts / FCF | — | 1.2% | 1.2% | — | — | — | 6.1% | — | — |
| Quality scores | |||||||||
| Piotroski F-score | — | 5.0 | 4.0 | 2.0 | 3.0 | 1.0 | 6.0 | 3.0 | 5.0 |
| Altman Z'' | 3.3 | 5.4 | 4.8 | 4.0 | 3.7 | 2.7 | 3.2 | 1.2 | 0.3 |
| Accruals ratio | −4.8% | −15.3% | 3.5% | 1.3% | 6.2% | 8.6% | −10.5% | −8.8% | −2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001720446). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Per-share figures are per US-listed share (1 ADS = 16 ordinary shares). For information only — not investment advice. Check the original filings before relying on any figure.