YSGNYSEPerfumes, Cosmetics & Other Toilet PreparationsFiscal year ends December 31
Yatsen Holding Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026
$2.55−0.03 (-1.16%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
78.2%+13.9 pts over 5 years
Operating margin
-4.3%+46.9 pts over 5 years
Net margin
-1.9%+49.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +26.7% | +5.1% | -3.9% | – | |
| Gross profit | +28.4% | +10.1% | -0.0% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -79.1% | -2.7% | |
| Return on assets | – | -52.1% | -2.1% | |
| Current ratio | – | 6.27 | 3.63 | |
| Inventory turnover | – | 3.3× | 2.1× | |
| Capex to revenue | 0.6% | 4.3% | 1.0% | |
| Diluted shares | 271M | 834M | 1.86B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Yatsen generated CN¥1.60B from operations and spent CN¥1.73B on capital expenditure, dividends and share buybacks. 19% of that went back into the business.
Generated
CN¥1.60B
Used
CN¥1.73B
Capital expenditureCN¥330.66M19%DividendsCN¥00%Share buybacksCN¥1.40B81%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.9%
×Asset turnover1.10×
×Equity multiplier1.29×
=Return on equity, FY2025-2.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.9% | 1.10× | 1.29× | -2.7% |
| FY2024 | -20.9% | 0.76× | 1.25× | -19.7% |
| FY2023 | -21.9% | 0.63× | 1.23× | -16.9% |
| FY2022 | -22.0% | 0.56× | 1.27× | -15.7% |
| FY2021 | -26.4% | 0.75× | 1.25× | -24.6% |
| FY2020 | -51.4% | 1.01× | 1.52× | -79.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥80.87M
- Cash generatingOperating cash flow above zero-CN¥94.66M
- Return on assets improvedROA up on the prior year-14.1% → -2.0%
- Earnings backed by cashOperating cash flow above net income-CN¥94.66M vs -CN¥80.87M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.67 → 3.63
- No dilutionShare count did not rise2.03B → 1.86B
- Gross margin improvedGross margin up on the prior year77.13% → 78.20%
- More efficientAsset turnover rose0.68 → 1.08