ZEPP

MKT CAP:$237M

Zepp Health Corporation

Market Cap

$237M

Technology·Consumer Electronics·🇨🇳 China·NYSE

Technology·Consumer Elec.·🇨🇳·NYSE

Stock Price

$16.52-$11.51 (-41.06%)

Apr 23, 2026

Company Details

Zepp Health Corporation, together with its subsidiaries, develops, manufactures, and sells smart wearable technological devices in the People's Republic of China. It operates through two segments, Xiaomi Wearable Products, and Self-Branded ...

CEO

Wang Huang

IPO Date

Feb 8, 2018

Website

www.huami.com

Key Metrics TTM

Revenue

$270M

+40.3% YoY

Net Income

-$42M

EPS (Diluted)

-$13.19

Free Cash Flow

$0

Revenue / Share

$271.62

Gross Margin

38.5%

Operating Margin

-11.4%

Net Margin

-15.6%

FCF Margin

0.0%

P/S

0.9x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$265MEPS -$41.36

Q4 2025

Mar 16, 2026

$87M+38.1%EPS -$11.27

Q3 2025

Nov 5, 2025

$79M+81.3%EPS -$0.10

Q2 2025

Aug 4, 2025

$62M+44.6%EPS -$0.51

Q1 2025

May 20, 2025

$41M-3.1%EPS -$1.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$242M	$47M	$1M
Q1 22	$111M	$22M	-$23M
Q2 22	$164M	$29M	-$16M
Q3 22	$184M	$35M	-$11M
Q4 22	$151M	$31M	-$10M
Q1 23	$95M	$15M	-$22M
Q2 23	$98M	$21M	-$11M
Q3 23	$89M	$30M	$2M
Q1 24	$42M	$16M	-$17M
Q2 24	$43M	$17M	-$10M
Q3 24	$43M	$18M	-$13M
Q4 24	$63M	$23M	-$9M
Q1 25	$41M	$15M	-$19M
Q2 25	$62M	$23M	-$6M
Q3 25	$79M	$30M	-$919.6K
Q4 25	$87M	$36M	-$4M

Valuation

Quarter	P/S	P/E
Q4 21	1.4x	63.4x
Q1 22	0.8x	54.3x
Q2 22	0.7x	—
Q3 22	0.5x	—
Q4 22	0.7x	—
Q1 23	0.6x	—
Q2 23	0.6x	—
Q3 23	0.6x	—
Q1 24	0.8x	—
Q2 24	0.6x	—
Q3 24	1.3x	—
Q4 24	0.9x	—
Q1 25	1.0x	—
Q2 25	0.8x	—
Q3 25	12.3x	—
Q4 25	6.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	$0	$0
Q4 21	$0	$0
Q3 22	$0	$0
Q4 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q2 20	$0
Q3 20	$0
Q4 20	$0
Q4 21	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-14.8%	-12.5%
Q1 22	-34.8%	-24.7%
Q2 22	-38.9%	-30.1%
Q3 22	-21.6%	-13.4%
Q4 22	-37.6%	-33.1%
Q1 23	-14.4%	-12.4%
Q2 23	-40.4%	-39.8%
Q3 23	-51.7%	-55.3%
Q1 24	-72.0%	-63.3%
Q2 24	-54.4%	-54.1%
Q3 24	-55.5%	-48.1%
Q4 24	-28.6%	-16.4%
Q1 25	-3.1%	+2.3%
Q2 25	+44.6%	+28.3%
Q3 25	+81.3%	+41.6%
Q4 25	+38.1%	+25.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q4 21	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$1M	1.6%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$14M	—	—	$32M
Q1 22	$21M	—	—	$24M
Q2 22	$19M	—	—	$27M
Q3 22	$19M	—	—	$27M
Q4 22	$16M	—	—	$25M
Q1 23	$17M	—	—	$20M
Q2 23	$13M	—	—	$19M
Q3 23	$11M	—	—	$17M
Q1 24	$14M	—	—	$18M
Q2 24	$11M	—	—	$16M
Q3 24	$11M	—	—	$19M
Q4 24	$12M	—	—	$21M
Q1 25	$13M	—	—	$22M
Q2 25	$12M	$5M	$13M	—
Q3 25	$11M	$7M	$12M	—
Q4 25	$11M	—	—	$28M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$154M	$6M	$160M
Q2 22	$146M	$6M	$152M
Q3 22	$148M	$6M	$154M
Q4 22	$140M	$5M	$145M
Q1 23	$146M	$6M	$152M
Q2 23	$155M	$5M	$160M
Q3 23	$143M	$4M	$148M
Q4 23	$145M	$5M	$151M
Q1 24	$140M	$6M	$146M
Q2 24	$137M	$5M	$142M
Q3 24	$131M	$5M	$136M
Q4 24	$118M	$1M	$119M
Q1 25	$110M	$1M	$111M
Q2 25	$100M	$1M	$101M
Q3 25	$64M	$1M	$65M
Q4 25	$115M	$0	$115M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	17M	-0.7%	+1.0%
Q1 22	16M	-5.6%	-0.5%
Q2 22	15M	-1.5%	-6.8%
Q3 22	15M	-0.2%	-8.0%
Q4 22	15M	-0.1%	-7.4%
Q1 23	15M	+0.1%	-1.8%
Q2 23	15M	-0.6%	-0.9%
Q3 23	16M	+5.2%	+4.5%
Q1 24	16M	+1.3%	+6.0%
Q2 24	16M	-0.2%	+5.6%
Q3 24	16M	-0.2%	+6.1%
Q4 24	16M	+0.2%	+1.1%
Q1 25	16M	-1.0%	-1.2%
Q2 25	16M	-1.1%	-2.1%
Q3 25	16M	-0.2%	-2.0%
Q4 25	992K	-93.7%	-93.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$545.7K	443
Q1 22	$249.8K	443
Q2 22	$370.4K	443
Q3 22	$414.4K	443
Q4 22	$408.6K	369
Q1 23	$256.7K	369
Q2 23	$264.9K	369
Q3 23	$240.3K	369
Q1 24	$140.7K	300
Q2 24	$143.8K	300
Q3 24	$145.0K	300
Q4 24	$82.7K	765
Q1 25	$53.5K	765
Q2 25	$81.6K	765
Q3 25	$103.1K	765
Q4 25	$114.2K	765

Revenue / Employee