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Yatsen Holding Ltd

YSG Clue Score42
Cayman Islands Fiscal year ends December CIK 0001819580
$2.58 +2.79% Close, 9 Oct 2026
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Price $2.58 −34.02% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 19 Nov 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue635.3Operating income−33.3Net income−40.1EPS, diluted−0.17Fiscal year 2019Revenue3,031.2 +377.1%Operating income143.8Net income75.4EPS, diluted−0.10Fiscal year 2020Revenue5,233.2 +72.6%Operating income−2,682.7Net income−2,687.8 −3,666.7%EPS, diluted−4.78Fiscal year 2021Revenue5,840.0 +11.6%Operating income−1,624.2Net income−1,540.7EPS, diluted−0.61Fiscal year 2022Revenue3,706.1 −36.5%Operating income−928.9Net income−815.4EPS, diluted−0.34Fiscal year 2023Revenue3,414.8 −7.9%Operating income−913.4Net income−747.8EPS, diluted−0.34Fiscal year 2024Revenue3,393.4 −0.6%Operating income−824.9Net income−708.2EPS, diluted−0.35Fiscal year 2025Revenue4,298.1 +26.7%Operating income−185.8Net income−80.9EPS, diluted−0.04
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 635.3 3,031.2 5,233.2 5,840.0 3,706.1 3,414.8 3,393.4 4,298.1
Growth +377.1% +72.6% +11.6% −36.5% −7.9% −0.6% +26.7%
Operating income −33.3 143.8 −2,682.7 −1,624.2 −928.9 −913.4 −824.9 −185.8
Net income −40.1 75.4 −2,687.8 −1,540.7 −815.4 −747.8 −708.2 −80.9
Growth −3,666.7%
EPS, diluted −0.17 −0.10 −4.78 −0.61 −0.34 −0.34 −0.35 −0.04

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin63.5%Operating margin−5.2%Net margin−6.3%Free cash flow margin−15.7%Fiscal year 2019Gross margin63.6%Operating margin4.7%Net margin2.5%Free cash flow margin−3.7%Fiscal year 2020Gross margin64.3%Operating margin−51.3%Net margin−51.4%Free cash flow margin−23.1%Fiscal year 2021Gross margin66.8%Operating margin−27.8%Net margin−26.4%Free cash flow margin−19.9%Fiscal year 2022Gross margin68.0%Operating margin−25.1%Net margin−22.0%Free cash flow margin2.3%Fiscal year 2023Gross margin73.6%Operating margin−26.7%Net margin−21.9%Free cash flow margin−4.4%Fiscal year 2024Gross margin77.1%Operating margin−24.3%Net margin−20.9%Free cash flow margin−8.7%Fiscal year 2025Gross margin78.2%Operating margin−4.3%Net margin−1.9%Free cash flow margin−3.2%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 63.5% 63.6% 64.3% 66.8% 68.0% 73.6% 77.1% 78.2%
Operating margin −5.2% 4.7% −51.3% −27.8% −25.1% −26.7% −24.3% −4.3%
Net margin −6.3% 2.5% −51.4% −26.4% −22.0% −21.9% −20.9% −1.9%
Free cash flow margin −15.7% −3.7% −23.1% −19.9% 2.3% −4.4% −8.7% −3.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow−96.2Capital expenditure−3.8Free cash flow−100.0Fiscal year 2019Operating cash flow−6.2Capital expenditure−106.3Free cash flow−112.5Buybacks−47.3Fiscal year 2020Operating cash flow−983.4Capital expenditure−225.6Free cash flow−1,208.9Buybacks−491.2Fiscal year 2021Operating cash flow−1,020.4Capital expenditure−141.4Free cash flow−1,161.9Buybacks−15.2Fiscal year 2022Operating cash flow136.2Capital expenditure−50.8Free cash flow85.4Buybacks−654.7Fiscal year 2023Operating cash flow−107.4Capital expenditure−43.6Free cash flow−151.1 −276.9%Buybacks−212.7Fiscal year 2024Operating cash flow−243.7Capital expenditure−52.7Free cash flow−296.4Buybacks−405.8Fiscal year 2025Operating cash flow−94.7Capital expenditure−42.1Free cash flow−136.7Buybacks−111.0
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −96.2 −6.2 −983.4 −1,020.4 136.2 −107.4 −243.7 −94.7
Capital expenditure −3.8 −106.3 −225.6 −141.4 −50.8 −43.6 −52.7 −42.1
Free cash flow −100.0 −112.5 −1,208.9 −1,161.9 85.4 −151.1 −296.4 −136.7
Growth −276.9%
Buybacks n/a −47.3 −491.2 −15.2 −654.7 −212.7 −405.8 −111.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2018Shareholders’ equity−58.5Fiscal year 2019Cash676.6Shareholders’ equity−55.8Fiscal year 2020Cash5,727.0Shareholders’ equity6,848.5Fiscal year 2021Cash3,138.0Shareholders’ equity5,659.2Fiscal year 2022Cash1,512.9Shareholders’ equity4,719.4Fiscal year 2023Cash836.9Shareholders’ equity4,135.0Fiscal year 2024Cash817.4Shareholders’ equity3,055.3Fiscal year 2025Cash765.4Shareholders’ equity3,010.6
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a 676.6 5,727.0 3,138.0 1,512.9 836.9 817.4 765.4
Shareholders’ equity −58.5 −55.8 6,848.5 5,659.2 4,719.4 4,135.0 3,055.3 3,010.6

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
n/a 676.6 5,727.0 3,138.0 1,512.9 836.9 817.4 765.4
n/a 265.3 419.3 355.8 200.8 198.9 214.6 220.9
n/a 504.0 616.8 695.8 423.3 352.1 386.1 508.7
n/a 109.4 285.3 245.3 75.6 64.9 74.4 77.0
n/a 20.6 20.6 869.4 857.1 556.6 155.0 155.0
n/a 2,010.3 8,307.7 7,272.0 5,862.7 5,006.0 3,970.9 3,847.0
Growth +313.3% −12.5% −19.4% −14.6% −20.7% −3.1%
Liabilities
n/a 936.1 1,444.1 1,264.5 800.1 821.2 867.9 846.3
Equity
n/a −89.6 −4,240.1 −5,782.2 −6,600.4 −7,345.2 −8,057.3 −8,141.5
−58.5 −55.8 6,848.5 5,659.2 4,719.4 4,135.0 3,055.3 3,010.6
Growth −17.4% −16.6% −12.4% −26.1% −1.5%

Shown in CNY as filed; the screener converts to dollars.