Metrics
The numbers behind Yatsen Holding Limited: as-reported financial statements and company metrics for FY2021–FY2025, traced to the source filings, opened with the share-price history those statements have to justify. Every linked figure opens the exact page of the filing it was printed on, with the statement row highlighted. Amounts in RMB thousands unless noted.
Reading notes: All figures are as printed in the Form 20-F consolidated financial statements in RMB thousands (the filings show a supplemental US$ convenience-translation column at the latest-year rate, which is not used here). Each fiscal year is cited to that year's own Form 20-F, where it appears as the latest reported column (income statement and cash flow print three years; the balance sheet prints two). FY2019 and FY2020 (long-term record only) are comparative columns of the FY2021 Form 20-F. Revenue is disaggregated by reportable segment (Color Cosmetics Brands, Skincare Brands, Others), the company's own product-category cut introduced in the FY2022 20-F and applied retrospectively; the FY2021 20-F had a single reportable segment and only disaggregated revenue by sales channel, so FY2021 segment figures are cited to the FY2022 20-F.
Share Price — Available History Since March 2026
The stock closed at $3.43 on Jul 28, 2026 — down 12% over the window shown, trading between $2.19 and $3.89.
Source: market price feed, daily closes, Mar 2026–Jul 2026 — the feed marks this available history as partial. Price return only, excludes dividends.
FY2025 at a Glance
Revenue (RMB thousands)
Diluted EPS
Source: FY2025 consolidated statements [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Net Revenues by Segment (Product Category)
| Net Revenues by Segment (Product Category) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Color Cosmetics Brands | 4,869,279 | 2,415,500 | 1,973,726 | 1,968,350 | 2,005,911 |
| Skincare Brands | 855,241 | 1,241,528 | 1,383,578 | 1,393,259 | 2,277,334 |
| Others | 115,453 | 49,094 | 57,470 | 31,805 | 14,879 |
| Total net revenues | 5,839,973 | 3,706,122 | 3,414,774 | 3,393,414 | 4,298,124 |
| Total net revenues growth, derived | — | -36.5% | -7.9% | -0.6% | +26.7% |
Source: Note 25 — Segment Information (net revenues by reportable segment). FY2021 is cited to the FY2022 20-F, the earliest filing that reports the retrospectively-adjusted segment split. [5] [6] [7] [8]. Click any linked figure to open the filing page with the row highlighted.
Income Statement
| Income Statement | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026E | FY2027E |
|---|---|---|---|---|---|---|---|
| Total net revenues | 5,839,973 | 3,706,122 | 3,414,774 | 3,393,414 | 4,298,124 | 5,238,000 | 5,733,000 |
| Total cost of revenues | (1,941,177) | (1,187,370) | (901,455) | (776,236) | (936,780) | — | — |
| Gross profit | 3,898,796 | 2,518,752 | 2,513,319 | 2,617,178 | 3,361,344 | — | — |
| Selling and marketing expenses | (4,005,589) | (2,330,480) | (2,230,974) | (2,268,793) | (2,852,288) | — | — |
| General and administrative expenses | (941,347) | (720,409) | (500,942) | (444,373) | (303,628) | — | — |
| Research and development expenses | (142,086) | (126,875) | (111,698) | (109,287) | (137,296) | — | — |
| Impairment of goodwill | — | — | (354,039) | (403,076) | 0 | — | — |
| Total operating expenses | (5,523,040) | (3,447,650) | (3,426,674) | (3,442,069) | (3,547,138) | — | — |
| Loss from operations | (1,624,244) | (928,898) | (913,355) | (824,891) | (185,794) | — | — |
| Loss before income tax expenses | (1,547,959) | (818,628) | (753,437) | (713,307) | (92,522) | — | — |
| Net loss | (1,547,038) | (821,333) | (750,227) | (710,221) | (92,414) | — | — |
| Net loss attributable to the Yatsen Holding Limited's shareholders | (1,540,734) | (815,371) | (747,763) | (708,174) | (80,868) | — | — |
| Net loss per ordinary share-diluted | (0.61) | (0.34) | (0.34) | (0.35) | (0.04) | 1.56 | 3.01 |
| Total net revenues growth, derived | — | -36.5% | -7.9% | -0.6% | +26.7% | +21.9% | +9.5% |
Source: Consolidated Statements of Operations [1] [2] [3] [4]. Click any linked figure to open the filing page with the row highlighted.
Columns marked E are consensus analyst estimates from S&P Capital IQ (CapIQ), shown alongside reported results for direct comparison; they are not company guidance.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-29. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Balance Sheet
| Balance Sheet | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3,138,008 | 1,512,945 | 836,888 | 817,395 | 765,379 |
| Short-term investments | — | 1,072,867 | 1,218,481 | 539,130 | 246,008 |
| Accounts receivable, net | 355,837 | 200,843 | 198,851 | 214,558 | 220,870 |
| Inventories, net | 695,761 | 423,287 | 352,090 | 386,054 | 508,730 |
| Total current assets | 4,555,857 | 3,508,421 | 2,951,599 | 2,347,654 | 2,234,188 |
| Investments | 350,380 | 502,579 | 618,752 | 664,579 | 653,560 |
| Goodwill, net | 869,421 | 857,145 | 556,567 | 155,029 | 155,029 |
| Intangible assets, net | 745,851 | 689,669 | 671,396 | 559,708 | 537,509 |
| Total assets | 7,272,009 | 5,862,656 | 5,006,015 | 3,970,867 | 3,846,982 |
| Total current liabilities | 877,583 | 588,412 | 611,328 | 640,188 | 615,279 |
| Total liabilities | 1,264,516 | 800,130 | 821,242 | 867,852 | 846,342 |
| Total Yatsen Holding Limited shareholders' equity | 5,659,188 | 4,719,442 | 4,135,037 | 3,055,326 | 3,010,604 |
| Total shareholders' equity | 5,668,906 | 4,722,602 | 4,133,307 | 3,052,031 | 2,999,303 |
Source: Consolidated Balance Sheets [9] [10] [11] [12]. Click any linked figure to open the filing page with the row highlighted.
Cash Flow
| Cash Flow | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash provided by (used in) operating activities | (1,020,441) | 136,208 | (107,442) | (243,666) | (94,663) |
| Share-based compensation | 530,440 | 340,860 | 77,502 | 91,174 | 59,031 |
| Purchases of property and equipment | (141,433) | (50,778) | (43,648) | (52,740) | (42,065) |
| Purchases of intangible assets | (25,304) | (8,550) | (321) | (4,280) | (1,735) |
| Acquisition of businesses, net of cash and cash equivalents acquired | (989,652) | (2,107) | 0 | 0 | — |
| Net cash used in investing activities | (1,484,257) | (1,155,416) | (260,487) | 592,123 | 246,794 |
| Repurchases of ordinary shares | (15,161) | (654,650) | (212,693) | (405,792) | (111,019) |
| Net cash used in financing activities | (1,706) | (654,450) | (342,455) | (394,226) | (151,445) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (2,595,384) | (1,583,680) | (696,192) | (40,741) | (9,899) |
| Cash and cash equivalents and restricted cash at the end of the year | 3,138,008 | 1,554,328 | 858,136 | 817,395 | 807,496 |
| Free cash flow, derived | (1,161,874) | 85,430 | (151,090) | (296,406) | (136,728) |
Source: Consolidated Statements of Cash Flows [13] [14] [15] [16]. Click any linked figure to open the filing page with the row highlighted.
Long-Term Record
| Fiscal year | Total net revenues | Loss from operations | Net loss attributable to the Yatsen Holding Limited's shareholders | Net loss per ordinary share-diluted | Net cash provided by (used in) operating activities |
|---|---|---|---|---|---|
| FY2019 | 3,031,167 | 143,761 | 75,359 | (0.10) | (6,179) |
| FY2020 | 5,233,170 | (2,682,671) | (2,687,807) | (4.78) | (983,368) |
| FY2021 | 5,839,973 | (1,624,244) | (1,540,734) | (0.61) | (1,020,441) |
| FY2022 | 3,706,122 | (928,898) | (815,371) | (0.34) | 136,208 |
| FY2023 | 3,414,774 | (913,355) | (747,763) | (0.34) | (107,442) |
| FY2024 | 3,393,414 | (824,891) | (708,174) | (0.35) | (243,666) |
| FY2025 | 4,298,124 | (185,794) | (80,868) | (0.04) | (94,663) |
Source: consolidated statements across filings; older years from the standardized feed [13] [1] [15] [2]. Click any linked figure to open the filing page with the row highlighted.
Analyst Consensus
Mean target
Median target
High target
Low target
Street ratings: 1 strong buy. Consensus: Strong Buy.
Estimate source: S&P Capital IQ (CapIQ) consensus, as of 2026-07-29. Estimate figures are S&P Capital IQ consensus (vendor data — no filing page links). EPS and net income use the normalized (adjusted) consensus where the street reports it. Line-item analyst models (segments, drivers, KPIs) are in the Visible Alpha tab.
Traceability
228 of 231 figures on this page (99%) link to the filing page where they are printed — click a linked figure to open the source PDF at that page with the row highlighted. Unlinked figures come from standardized data feeds or pre-filing years.
All figures are as printed in the Form 20-F consolidated financial statements in RMB thousands (the filings show a supplemental US$ convenience-translation column at the latest-year rate, which is not used here).
Each fiscal year is cited to that year's own Form 20-F, where it appears as the latest reported column (income statement and cash flow print three years; the balance sheet prints two).
FY2019 and FY2020 (long-term record only) are comparative columns of the FY2021 Form 20-F.
Revenue is disaggregated by reportable segment (Color Cosmetics Brands, Skincare Brands, Others), the company's own product-category cut introduced in the FY2022 20-F and applied retrospectively; the FY2021 20-F had a single reportable segment and only disaggregated revenue by sales channel, so FY2021 segment figures are cited to the FY2022 20-F.
Impairment of goodwill is a distinct income-statement line only in FY2023 (RMB354,039) and FY2024 (RMB403,076); it is nil in FY2025 and was not a separate line in FY2021–FY2022.
Yatsen carries essentially no interest-bearing debt across the period, so no borrowings line is shown; liquidity is held in cash, short-term investments and long-term investments.
The numeric feed (data/financials/*.json, source yfinance) is labelled 'USD' but its values are as-reported RMB in full units (e.g. FY2025 revenue 4,298,124,000 = RMB4,298,124 thousand); it standardises operating income to exclude goodwill impairment — see discrepancies.
2 figure(s) differed between the data feed and the filing; the filing value is shown (see the run's metrics/metrics_tab.json for the audit trail).