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ZEPP

Zepp Health Corporation

ZEPP

Zepp Health Corporation • NYSE
$26.95 ▼ -8.02% (-2.35)
Market Cap $107.42 M
52w High $61.85
52w Low $2.13
Dividend Yield 0%
P/E -6.74
Volume 181.64K
Outstanding Shares 3.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $539.565M ▲ $212.205M ▲ $-11.505M ▲ -2.132% ▲ $-2.92 ▲ $6.445M ▲
Q2-2025 $427.075M ▲ $198.354M ▼ $-55.644M ▲ -13.029% ▲ $-14 ▲ $-36.197M ▲
Q1-2025 $279.887M ▼ $237.755M ▲ $-143.375M ▲ -51.226% ▲ $-37.28 ▲ $-130.113M ▲
Q4-2024 $433.029M ▲ $224.485M ▲ $-268.55M ▼ -62.017% ▼ $-66.96 ▼ $-134.275M ▼
Q3-2024 $297.671M $208.774M $-92.893M -31.207% $-23.04 $-80.654M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $446.693M ▼ $4.175B ▲ $2.564B ▲ $1.611B ▼
Q2-2025 $690.146M ▼ $3.933B ▲ $2.318B ▲ $1.615B ▼
Q1-2025 $761.425M ▼ $3.768B ▼ $2.082B ▲ $1.685B ▼
Q4-2024 $815.507M ▼ $3.858B ▼ $2.013B ▲ $1.836B ▼
Q3-2024 $929.804M $4.128B $1.916B $2.202B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.505M ▲ $0 $0 $0 $0 ▲ $0
Q2-2025 $-55.644M ▲ $0 $0 $0 $-61.003M ▼ $0
Q1-2025 $-143.375M ▲ $0 $0 $0 $-50.097M ▼ $0
Q4-2024 $-269.158M ▼ $0 $0 $0 $0 ▲ $0
Q3-2024 $-92.893M $0 $0 $0 $-6.527M $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has been shrinking meaningfully over the past few years, moving from a growth story to a company managing through contraction. Profitability has deteriorated as well: earlier years showed modest profits, while more recent years show recurring losses at both the operating and net income level. On the positive side, gross margins have improved as the business has become more focused, suggesting better pricing, product mix, or cost control on hardware. Overall, the income statement tells a story of a company in transition: stronger unit economics on each device, but not enough scale yet to cover fixed costs and R&D, leading to continued bottom-line losses.

Balance Sheet

Balance Sheet The balance sheet remains positive but has weakened. Total assets have gradually declined from their peak, cash reserves have come down, and debt has increased over time. Shareholders’ equity has also eroded, reflecting cumulative losses. The company still has a capital cushion, but it is thinner than a few years ago, and leverage has crept up. This setup gives Zepp some room to execute its strategy but less margin for prolonged missteps or extended periods of weak profitability.

Cash Flow

Cash Flow Cash generation has been volatile. There have been years with healthy operating cash inflows, followed by periods with meaningful outflows. Free cash flow has mirrored this pattern, swinging between positive and negative. Capital spending is quite light, indicating an asset-light model where most investment is likely going into people, software, and R&D rather than heavy equipment. The main concern is consistency: the business has not yet shown stable, self-funding cash flows, which increases reliance on existing cash and financing while the strategy plays out.

Competitive Edge

Competitive Edge Zepp operates in a very crowded wearables and consumer health electronics market, competing with major global brands and many low-cost players. Its edge comes from offering feature-rich devices at accessible prices, supported by its own operating system, AI chips, and health algorithms. The Amazfit brand has built decent recognition in many countries, and Zepp’s ecosystem approach (watches, rings, wellness services, hearing aids) helps deepen user engagement. However, the revenue decline suggests competitive pressure and possibly market-share or pricing challenges, so its competitive strengths are real but being tested by scale advantages and marketing power of larger rivals.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point. Zepp has invested heavily in its own chips, sensors, operating system, and AI-driven wellness services like Zepp Coach and Zepp Aura. It is pushing into differentiated areas such as the female-focused Wild.AI integration, the Helio smart ring for athletes, the Zepp Clarity hearing line, and the V1TAL nutrition-focused prototype. This R&D-heavy strategy aims to move Zepp from a simple device maker to a broader health and wellness platform. The upside is a stronger, more defensible product portfolio; the risk is that high innovation spending continues to weigh on profits if new products do not scale quickly enough.

Summary

Zepp Health looks like a company in the middle of a strategic shift: from a higher-volume, lower-margin device player to a more focused, ecosystem-driven, AI-powered wellness brand. Financially, it faces headwinds: shrinking revenue, persistent losses, a thinner balance sheet, and choppy cash flows. Strategically, it has real assets—proprietary technology, vertical integration, a growing product ecosystem, and a value-oriented brand position in wearables. The key questions going forward are whether Zepp can stabilize and re-ignite top-line growth, convert its innovation pipeline into scalable, profitable products, and restore more consistent cash generation without over-stretching its balance sheet in the process.

NEWS

November 4, 2025 · 8:15 PM UTC

Zepp Health Corporation Reports Third Quarter 2025 Unaudited Financial Results

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October 20, 2025 · 8:00 AM UTC

Zepp Health Corporation to Report Third Quarter 2025 Financial Results on November 4, 2025

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September 29, 2025 · 12:00 PM UTC

Amazfit Expands HYROX Athlete Roster with Global Champions and Rising Stars

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September 11, 2025 · 7:30 PM UTC

Amazfit Announces Olympic Medalist Grant Fisher as New Brand Ambassador

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