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YSG

Yatsen Holding Limited

YSG

Yatsen Holding Limited • NYSE
$6.26 ▲ 0.00% (+0.00)
Market Cap $586.81 M
52w High $11.57
52w Low $3.01
Dividend Yield 0%
P/E -8.58
Volume 63.00K
Outstanding Shares 93.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $993.197M ▼ $859.536M ▼ $-65.617M ▼ -6.607% ▼ $-0.7 ▼ $-60.104M ▼
Q2-2025 $1.076B ▲ $897.219M ▲ $-17.499M ▼ -1.626% ▼ $-0.19 ▼ $-9.873M ▼
Q1-2025 $831.937M ▼ $691.851M ▼ $-5.293M ▲ -0.636% ▲ $-0.058 ▲ $2.018M ▲
Q4-2024 $1.166B ▲ $893.996M ▲ $-390.093M ▼ -33.455% ▼ $-4 ▼ $-311.067M ▼
Q3-2024 $662.148M $640.766M $-118.408M -17.882% $-1.24 $-96.594M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.038B ▼ $4.021B ▼ $1.008B ▲ $3.018B ▼
Q2-2025 $1.304B ▲ $4.043B ▲ $904.346M ▲ $3.093B ▲
Q1-2025 $1.28B ▼ $3.877B ▼ $762.656M ▼ $3.067B ▲
Q4-2024 $1.357B ▲ $3.971B ▼ $867.852M ▲ $3.055B ▼
Q3-2024 $1.309B $4.461B $789.676M $3.629B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-65.962M ▼ $0 $0 $0 $0 $0
Q2-2025 $-17.668M ▼ $0 $0 $0 $0 $0
Q1-2025 $-5.303M ▲ $0 $0 $0 $0 $0
Q4-2024 $-384.234M ▼ $0 $0 $0 $0 $0
Q3-2024 $-121.067M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Sales have stepped down from their early peak and are now moving sideways at a lower level. The company is still losing money, but the size of those losses has been shrinking every year. Gross profitability on products remains decent, which suggests the core economics of selling beauty products are not the main issue; instead, the drag comes from operating costs such as marketing, overhead, and higher R&D. Overall, the income statement tells a story of a business in transition: less focused on rapid top-line growth, more focused on improving quality of revenue and gradually narrowing losses, but still far from consistent profitability.

Balance Sheet

Balance Sheet The balance sheet has been slowly slimming down. Total assets, cash, and shareholders’ equity have all declined over the past few years, showing that the company has been drawing on its resources to fund losses and its strategic shift. On the positive side, debt remains quite low, so financial leverage is modest and the capital structure is relatively conservative. However, the cushion of excess cash and equity is thinner than before, which reduces flexibility if the turnaround takes longer than expected.

Cash Flow

Cash Flow Cash flows have improved from heavy burn to more controlled outflows. Operating cash flow was deeply negative a few years ago and is now only modestly negative, indicating better cost discipline and a more efficient business model, even though it is not yet self-funding. Free cash flow shows a similar pattern: still negative but much less so than in the past, helped by restrained spending on new equipment and facilities. Most of the cash usage is tied to operating losses and investment in brand building and R&D rather than big one-off projects.

Competitive Edge

Competitive Edge Yatsen operates in a very crowded and fast-moving Chinese beauty market, where trends change quickly and local and global brands compete intensely. Its key strengths are a well-known mass brand in Perfect Diary, a growing portfolio of higher-end skincare labels, and deep digital and social media capabilities. The mix of mass and premium positioning helps diversify its customer base and offers room to push into higher-margin categories. The main challenges are rising competition, the risk of brand fatigue, and the need to keep up with consumers who are becoming more demanding on product efficacy rather than just marketing appeal.

Innovation and R&D

Innovation and R&D The company is clearly leaning into a science-driven identity. R&D spending has risen meaningfully, it has built a sizable patent portfolio, and it runs a global research network spanning China and Europe with many academic and medical partners. The focus on makeup–skincare hybrids, biotechnology-based formulations, and products tailored to Chinese skin types gives it a differentiated angle versus more generic beauty brands. This innovation push could become a real moat if it translates into clearly superior products and stronger pricing power, but in the meantime it raises costs and puts pressure on near-term profitability.

Summary

Yatsen is in the middle of a strategic makeover: from a fast-growing, marketing-heavy color cosmetics player to a more balanced, science-led beauty group with multiple brands and a tilt toward premium skincare. Financially, revenue has reset lower and is stabilizing, losses are narrowing but still material, and the balance sheet—while not highly leveraged—has less of a safety buffer than in the past due to ongoing cash usage. The company’s biggest positives are its strong digital DNA, recognizable brands, and serious commitment to R&D and innovation. Its main risks are intense competition, execution risk in shifting its brand mix and pricing, and the need to reach sustained profitability before its financial flexibility tightens further. The payoff from its innovation and premiumization strategy will likely be the key factor determining how attractive its long-term trajectory becomes.

NEWS

November 17, 2025 · 5:00 AM UTC

Yatsen Announces Third Quarter 2025 Financial Results

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November 13, 2025 · 5:00 AM UTC

Yatsen Group Unveils Beauty Innovation Insight, Defining the Next Era of World-Class Beauty Science

Read more

November 10, 2025 · 5:00 AM UTC

Yatsen to Announce Third Quarter 2025 Financial Results on November 17, 2025

Read more