Yatsen Holding Ltd (YSG)
Yatsen Holding Limited, operating with its subsidiaries, is a prominent player in the beauty industry within the People's Republic of China. The company specializes in the creation and distribution of a diverse array of beauty items, marketed under well-known brands such as Perfect Diary, Little Ondine, Pink Bear, Abby's Choice, Galánic, DR.WU, Eve Lom, and EANTiM. Its extensive product catalog encompasses color cosmetics for eyes, lips, and face, alongside a variety of skincare and nail care solutions. Additionally, Yatsen offers essential makeup accessories and tools, including brush sets, cotton pads, compact mirrors, and sponges. Beyond these, the company provides curated product kits and other unique offerings like fragrances, beauty devices, and colored contact lenses. These products are made available to consumers through both traditional brick-and-mortar retail outlets and robust online sales channels. Founded in 2016 and headquartered in Guangzhou, China, the company officially adopted the name Yatsen Holding Limited in January 2019, having previously been known as Mangrove Bay Ecommerce Holding (Cayman).
Sector: Perfumes, Cosmetics & Other Toilet Preparations
Industry: Household & Personal Products
Yatsen Holding Limited
NYSE:YSGConsumer Cyclical · Specialty Retail
+0.00%$2.42
AH Close$2.42+0.00%vs close
AH Close$2.42+0.00%vs close
Mkt Cap$227M
Float61.06M
O/S93.8M
Inst Own13.6%
SI0.2%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$626.82M
Net Income-$11.79M
Total Assets$577.11M
Free Cash Flow-$20.76M
Debt & Equity
Debt 6%
Equity 94%
Total Debt$26.49M
Total Equity$451.64M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
- 1:5Reverse splitMar 18, 20245 shares → 1
Balance Sheet Details
Assets$577.11M
Liabilities$126.96M
Accounts Receivable$57.18M
Accounts Payable$22.41M
Inventory$76.32M
PP&E (Net)$37.64M
Goodwill$23.26M
Intangible Assets$80.63M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Revenue | $626.82M | $515.95M | $511.87M | $565.38M | $864.19M | $741.73M | $453.2M | $98.96M |
| YoY Growth | 21.5% | 0.8% | -9.5% | -34.6% | 16.5% | 63.7% | 358.0% | - |
| Cost of Revenue | $130.38M | $118.02M | $135.13M | $181.14M | $287.25M | $264.92M | $164.99M | $36.15M |
| Gross Profit | $496.43M | $397.93M | $376.74M | $384.24M | $576.94M | $476.8M | $288.21M | $62.81M |
| Gross Margin | 79.2% | 77.1% | 73.6% | 68.0% | 66.8% | 64.3% | 63.6% | 63.5% |
| Research and Development | $20.02M | $16.62M | $16.74M | $19.36M | $21.03M | $9.43M | $3.47M | $411K |
| Selling, General, and Administrative | $497.27M | $445.44M | $443.84M | $506.59M | $796.27M | $847.61M | $263.25M | $67.59M |
| Other | $6.23M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $523.53M | $462.06M | $460.59M | $525.95M | $817.29M | $857.03M | $266.72M | $68M |
| Operating Income (EBIT) | -$27.1M | -$64.13M | -$83.84M | -$141.71M | -$240.35M | -$380.23M | $21.49M | -$5.19M |
| Operating Margin | -4.3% | -12.4% | -16.4% | -25.1% | -27.8% | -51.3% | 4.7% | -5.2% |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $32K |
| Interest Income | $5.94M | $12.91M | $13.35M | $5.2M | $6.85M | $2.15M | $798K | $0 |
| Other Income (Expense) | $13.6M | -$44.32M | -$29.1M | $16.82M | $11.29M | $174K | $534K | -$436K |
| Income Before Tax (EBT) | -$13.49M | -$108.45M | -$112.94M | -$124.88M | -$229.06M | -$380.06M | $22.03M | -$5.63M |
| Income Tax Expense | -$16K | -$469K | -$481K | $413K | -$136K | $988K | $10.76M | $625K |
| Net Income | -$11.79M | -$107.67M | -$111.64M | -$124.39M | -$228M | -$380.96M | $11.27M | -$6.25M |
| Net Income Margin | -1.9% | -20.9% | -21.8% | -22.0% | -26.4% | -51.4% | 2.5% | -6.3% |
| Supplementary Data | ||||||||
| EPS | -0.84 | -7.00 | -6.80 | -7.40 | -12.20 | -4.60 | -0.05 | -0.05 |
| Diluted EPS | -0.84 | -7.00 | -6.80 | -7.40 | -12.20 | -4.60 | -0.05 | -0.05 |
| Weighted Average OS | 93.13M | 101.17M | 109.79M | 111.13M | 126.29M | 126.32M | 134.86M | 134.86M |
| EBITDA | $8.41M | -$75.67M | -$83.96M | -$75.94M | -$165.89M | -$340.5M | $32.17M | -$4.97M |
| EBITDA Margin | 1.3% | -14.7% | -16.4% | -13.4% | -19.2% | -45.9% | 7.1% | -5.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | $121.14M | $122.54M | $125.47M | $226.82M | $470.45M | $858.59M | $101.43M | $3.76M |
| Short-Term Investments | $36.9M | $80.83M | $182.67M | $160.84M | $9.43M | $0 | $1.5M | $0 |
| Cash and Short-Term Investments | $158.04M | $203.37M | $308.14M | $387.66M | $479.88M | $858.59M | $102.93M | $3.76M |
| Accounts Receivable | $57.18M | $49.01M | $30.23M | $30.95M | $53.36M | $62.86M | $39.77M | $9.71M |
| Inventory | $76.32M | $57.88M | $52.79M | $63.46M | $104.31M | $92.47M | $75.57M | $13.12M |
| Other Current Assets | $43.62M | $9.07M | $34.75M | $18.24M | $15.54M | $22.49M | $12.12M | $14.31M |
| Total Current Assets | $335.16M | $351.96M | $442.5M | $525.98M | $683.01M | $1.06B | $235.65M | $43.17M |
| Long-Term Assets | ||||||||
| Property, Plant & Equipment Net | $37.64M | $33.26M | $26.87M | $31.28M | $100.19M | $123.23M | $55.88M | $3.51M |
| Goodwill | $23.26M | $23.24M | $83.44M | $128.5M | $130.34M | $3.09M | $3.09M | $0 |
| Intangible Assets | $80.63M | $83.91M | $100.66M | $103.39M | $111.82M | $28.35M | $1.5M | $167K |
| Long-Term Investments | $98.04M | $99.63M | $92.76M | $75.35M | $52.53M | $5.23M | $4.45M | $450K |
| Deferred Tax Assets | $215K | $207K | $206K | $292K | $300K | $90K | $635K | $97K |
| Other Long-Term Assets | $2.15M | $3.09M | $4.27M | $14.13M | $12.03M | $22.8M | $180K | $1.81M |
| Total Long-Term Assets | $241.94M | $243.35M | $308M | $352.95M | $407.2M | $182.78M | $65.74M | $6.04M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $577.11M | $595.31M | $750.5M | $878.93M | $1.09B | $1.25B | $301.39M | $49.21M |
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $22.41M | $10.81M | $15.85M | $17.97M | $36.1M | $69.97M | $60.05M | $13.53M |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $435K |
| Current Income Tax Payable | $0 | $6.63M | $5.32M | $3.27M | $2.51M | $2.8M | $20.49M | $2.89M |
| Current Unearned Revenue | $4.32M | $2.93M | $6.23M | $2.5M | $3.1M | $934K | $476K | $150 |
| Other Current Liabilities | $21.18M | $5.95M | $18.01M | $8.38M | $10.52M | $9.07M | $14.66M | $1.55M |
| Total Current Liabilities | $92.3M | $95.98M | $91.65M | $88.21M | $131.57M | $169.51M | $114.44M | $28.07M |
| Long-Term Liabilities | ||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $2.22M | $4.58M | $6.79M | $8.42M | -$233K | -$261K | $0 |
| Long-Term Deferred Tax Liabilities | $16.19M | $15.49M | $16.73M | $17.01M | $18.66M | $233K | $261K | $0 |
| Other Long-Term Liabilities | $1 | $0 | $0 | $0 | $0 | $233K | $261K | $0 |
| Total Long-Term Liabilities | $34.66M | $34.13M | $31.47M | $31.74M | $58.01M | $46.99M | $25.9M | $1.73M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $126.96M | $130.11M | $123.12M | $119.96M | $189.58M | $216.51M | $140.34M | $29.81M |
| Stockholders' Equity | ||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $169.41M | $28.17M |
| Common Stock | $26K | $26K | $26K | $26K | $26K | $26K | $8K | $7K |
| Retained Earnings | -$1.22B | -$1.2B | -$1.1B | -$989.52M | -$866.86M | -$635.68M | -$13.43M | -$8.99M |
| Comprehensive Income & Other | $15.94M | $13.02M | $12.65M | -$7.5M | -$35.15M | -$11.58M | $5.06M | $91K |
| Other Stockholders' Equity | $1.67B | $1.66B | $1.72B | $1.7B | $1.72B | $1.66B | $174.46M | $28.39M |
| Total Equity | $451.64M | $458.05M | $619.92M | $707.54M | $848.42M | $1.03B | $161.04M | $19.4M |
| Minority Interest | -$1.49M | $7.15M | $7.46M | $51.44M | $52.22M | $2.26M | $0 | $0 |
| Total Liabilities and Equity | $578.6M | $588.16M | $743.04M | $827.49M | $1.04B | $1.24B | $301.39M | $49.21M |
| Supplementary Data | ||||||||
| Total Debt | $26.49M | $22.33M | $16.98M | $19.88M | $63.14M | $79.04M | $39.72M | $3.41M |
| Net Debt | -$94.65M | -$100.22M | -$108.49M | -$206.94M | -$407.31M | -$779.55M | -$61.71M | -$343K |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Operating Activities | ||||||||
| Net Income | -$13.85M | -$106.48M | -$112.47M | -$123.13M | -$231.93M | -$403.05M | $11.3M | -$6.02M |
| Depreciation & Amortization | $21.9M | $32.99M | $30.49M | $50.86M | $64.06M | $39.56M | $10.14M | $617K |
| Deferred Income Tax | $215K | $0 | -$1.3M | -$1.25M | -$814K | $517K | -$554K | $344K |
| Stock-Based Compensation | $8.85M | $13.67M | $11.62M | $51.1M | $79.52M | $284.94M | $11.24M | $2.1M |
| Changes in Working Capital: | ||||||||
| Accounts Receivable | $742K | -$785K | -$670K | $23.24M | $14.95M | -$23.09M | -$30.07M | -$8.98M |
| Inventory | -$18.71M | -$1.67M | $16.41M | $41.68M | -$16.48M | -$20.13M | -$61.63M | -$11.66M |
| Accounts Payable | $11.59M | -$5.04M | -$2.12M | -$18.14M | -$36.65M | $9.92M | $46.52M | $12.17M |
| Other Working Capital | -$24.38M | -$22.28M | -$4.39M | -$12.29M | -$41.35M | -$42.02M | $11.85M | -$3.7M |
| Total Working Capital Change | -$30.76M | -$29.78M | $9.22M | $34.49M | -$79.52M | -$75.32M | -$33.32M | -$12.17M |
| Other Non-Cash Items | -$538K | $53.06M | $46.33M | $8.35M | $15.7M | $5.93M | $265K | $702K |
| Net Cash from Operating | -$14.19M | -$36.53M | -$16.11M | $20.42M | -$152.98M | -$147.43M | -$926K | -$14.42M |
| Investing Activities | ||||||||
| Capital Expenditures | -$6.31M | -$7.91M | -$6.54M | -$8.89M | -$25M | -$57.66M | -$16.31M | -$731K |
| Acquisitions | $0 | -$6.3M | -$18.22M | -$20.68M | -$197.52M | -$20.2M | -$4.41M | -$450K |
| Purchases of Investments | -$90.24M | -$197.3M | -$351.04M | -$363.08M | $0 | $23.84M | -$10.49M | $0 |
| Sales of Investments | $133.19M | $300.6M | $336.51M | $218.82M | $0 | $1.5M | $9M | $0 |
| Other Investing Activities | $357K | -$327K | $245K | $615K | $0 | -$23.77M | $0 | -$607K |
| Net Cash from Investing | $37M | $88.77M | -$39.05M | -$173.22M | -$222.52M | -$76.28M | -$22.21M | -$1.18M |
| Financing Activities | ||||||||
| Debt Repaid | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $823K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$16.64M | -$60.84M | -$31.89M | -$98.14M | -$2.27M | -$73.64M | -$17.62M | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$6.88M | $1.73M | -$19.45M | $30K | $2.03M | $1.08B | $126.31M | $18.11M |
| Net Cash from Financing | -$22.7M | -$59.1M | -$51.34M | -$98.11M | -$256K | $1B | $119.22M | $18.54M |
| Forex Effect | -$1.59M | $754K | $2.13M | $13.49M | -$13.34M | -$19.77M | $1.59M | $118K |
| Net Change in Cash | -$1.48M | -$6.11M | -$104.37M | -$237.42M | -$389.1M | $758.12M | $97.68M | $3.06M |
| Supplementary Data | ||||||||
| Operating Cash Flow | -$14.19M | -$36.53M | -$16.11M | $20.42M | -$152.98M | -$147.43M | -$926K | -$14.42M |
| Capital Expenditure | -$6.57M | -$8.55M | -$6.59M | -$8.89M | -$25M | -$57.66M | -$16.31M | -$731K |
| Free Cash Flow | -$20.76M | -$45.08M | -$22.7M | $11.53M | -$177.98M | -$205.08M | -$17.23M | -$15.15M |
| Cash at Beginning | $122.54M | $128.65M | $233.02M | $470.45M | $859.55M | $101.43M | $3.76M | $701K |
| Cash at End | $121.06M | $122.54M | $128.65M | $233.02M | $470.45M | $859.55M | $101.43M | $3.76M |