YSG

MKT CAP:$265M

Yatsen Holding Limited

Market Cap

$265M

Consumer Cyclical·Specialty Retail·🇨🇳 China·NYSE

Consumer Cyc.·Specialty Retail·🇨🇳·NYSE

Stock Price

$2.89-$1.35 (-31.84%)

Apr 24, 2026

Company Details

Yatsen Holding Limited, together with its subsidiaries, engages in the development and sale of beauty products under the Perfect Diary, Little Ondine, Pink Bear, Abby's Choice, GalÃnic, DR.WU, Eve Lom, and EANTiM brands in the People's Repu...

CEO

Jinfeng Huang

IPO Date

Nov 19, 2020

Website

ir.yatsenglobal.com

Key Metrics TTM

Revenue

$623M

+33.8% YoY

Net Income

-$12M

EPS (Diluted)

-$0.13

Free Cash Flow

$0

Revenue / Share

$6.17

Gross Margin

78.4%

Operating Margin

-4.3%

Net Margin

-1.9%

FCF Margin

0.0%

P/S

0.4x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Dec 30, 2025

$611MEPS -$0.12

Q4 2025

Mar 2, 2026

$199MEPS $0.01

Q3 2025

Nov 17, 2025

$145MEPS -$0.10

Q2 2025

Aug 21, 2025

$157M+35.0%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$214M	$147M	-$51M
Q2 21	$223M	$147M	-$60M
Q3 21	$196M	$133M	-$54M
Q1 22	$130M	$90M	-$45M
Q2 22	$141M	$89M	-$41M
Q3 22	$131M	$90M	-$40M
Q4 22	$141M	$101M	-$11M
Q1 23	$112M	$83M	-$1M
Q2 23	$129M	$97M	-$20M
Q3 23	$106M	$76M	-$34M
Q1 24	$114M	$88M	-$23M
Q2 24	$116M	$89M	-$20M
Q1 25	$122M	$96M	-$5M
Q2 25	$157M	$123M	-$8M
Q3 25	$145M	$113M	-$12M
Q4 25	$199M	$156M	-$2M

Valuation

Quarter	P/S	P/E
Q1 21	0.4x	—
Q2 21	0.4x	—
Q3 21	0.3x	—
Q1 22	0.3x	—
Q2 22	0.4x	—
Q3 22	0.4x	—
Q4 22	0.5x	—
Q1 23	0.5x	—
Q2 23	0.5x	—
Q3 23	0.5x	—
Q1 24	0.6x	—
Q2 24	0.6x	—
Q1 25	0.6x	—
Q2 25	0.5x	—
Q3 25	0.5x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$4M	$4M
Q4 22	$533M	$797M
Q1 23	$4M	$4M
Q2 23	$4M	$4M
Q3 23	$4M	$4M
Q1 24	$0	$0
Q2 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 22	$0
Q4 22	$264M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q1 24	$0
Q2 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+113.0%	+199.9%
Q2 21	+97.7%	+153.3%
Q3 21	+30.3%	+41.5%
Q1 22	-9.9%	-8.8%
Q2 22	-34.1%	-31.3%
Q3 22	-41.5%	-39.6%
Q4 22	-27.7%	-38.9%
Q1 23	-13.7%	-35.3%
Q2 23	-8.1%	-17.7%
Q3 23	-19.0%	-18.3%
Q1 24	-19.7%	-10.3%
Q2 24	+3.7%	+20.2%
Q1 25	-6.1%	-15.5%
Q2 25	+48.7%	+18.2%
Q3 25	+27.7%	+14.9%
Q4 25	+70.6%	+47.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$0	0.0%
Q4 22	-$923M	-652.2%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$5M	4.6%
Q2 24	$1M	1.0%
Q1 25	$1M	1.0%
Q2 25	$4M	2.2%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 21	$4M	$193M
Q2 21	$5M	$201M
Q3 21	$5M	$181M
Q1 22	$5M	$130M
Q2 22	$5M	$125M
Q3 22	$5M	$125M
Q4 22	$4M	$108M
Q1 23	$4M	$81M
Q2 23	$4M	$113M
Q3 23	$4M	$106M
Q1 24	$4M	$107M
Q2 24	$4M	$105M
Q1 25	$3M	$98M
Q2 25	$5M	$126M
Q3 25	$6M	$120M
Q4 25	$6M	$151M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$247M	$186M	$433M
Q2 22	$250M	$192M	$442M
Q3 22	$214M	$160M	$374M
Q4 22	$221M	$157M	$378M
Q1 23	$197M	$167M	$364M
Q2 23	$144M	$228M	$373M
Q3 23	$116M	$208M	$324M
Q4 23	$122M	$178M	$300M
Q1 24	$190M	$83M	$273M
Q2 24	$116M	$115M	$231M
Q3 24	$74M	$118M	$191M
Q4 24	$119M	$79M	$198M
Q1 25	$98M	$89M	$187M
Q2 25	$139M	$51M	$191M
Q3 25	$101M	$51M	$152M
Q4 25	$118M	$36M	$154M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	126M	-6.3%	-6.3%
Q2 21	126M	0.0%	-6.3%
Q3 21	126M	0.0%	-6.3%
Q1 22	126M	+0.0%	-6.3%
Q2 22	124M	-2.0%	-2.0%
Q3 22	113M	-8.8%	-10.7%
Q4 22	112M	-0.9%	-11.5%
Q1 23	119M	+6.1%	-6.1%
Q2 23	111M	-6.1%	-10.0%
Q3 23	109M	-2.5%	-3.7%
Q1 24	107M	-1.5%	-4.3%
Q2 24	102M	-4.6%	-13.9%
Q1 25	92M	-10.1%	-17.5%
Q2 25	93M	+1.0%	-14.6%
Q3 25	94M	+1.2%	-12.3%
Q4 25	101M	+7.5%	-1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$54.3K	4K
Q2 21	$56.7K	4K
Q3 21	$49.7K	4K
Q1 22	$37.2K	3K
Q2 22	$40.3K	3K
Q3 22	$37.4K	3K
Q4 22	$77.0K	2K
Q1 23	$61.2K	2K
Q2 23	$70.5K	2K
Q3 23	$57.6K	2K
Q1 24	$32.5K	3K
Q2 24	$33.3K	3K
Q1 25	$66.2K	2K
Q2 25	$85.6K	2K
Q3 25	$79.0K	2K
Q4 25	$108.2K	2K

Revenue / Employee