Yatsen Holding (YSG)
NYSE:YSG
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Yatsen Holding
(NYSE:YSG)
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Rating:48Neutral
Price Target:
$2.50
▼(-60.06% Downside)
Action:Reiterated
Date:05/05/26
Overall score reflects improving operating results and a low-leverage balance sheet, but is held back primarily by ongoing negative operating/free cash flow. Weak technical trend and a high P/E further limit the score, partially offset by constructive guidance and improved profitability signals from the latest earnings call.
Positive Factors
Balance-sheet conservatism
A very low debt-to-equity ratio and sizable equity base materially reduce refinancing and downturn risk, giving the company financial flexibility. This conservatism provides durable optionality to fund R&D, overseas expansion or M&A without immediate reliance on high-cost borrowing.
Negative Factors
Persistent negative operating cash flow
Continued negative operating and free cash flow is a structural vulnerability: it forces reliance on external financing or equity dilution to fund operations and growth. Until cash generation consistently turns positive, funding risk and constraints on reinvestment and margin improvement remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet conservatism
A very low debt-to-equity ratio and sizable equity base materially reduce refinancing and downturn risk, giving the company financial flexibility. This conservatism provides durable optionality to fund R&D, overseas expansion or M&A without immediate reliance on high-cost borrowing.
Read all positive factors
Yatsen Holding (YSG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$231.84M
Dividend YieldN/A
Average Volume (3M)266.85K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth27.00%
EPS Growth88.21%
CountryUS
Employees1,350
SectorConsumer Defensive
Sector Strength42
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.87
Shares Outstanding63,836,758
10 Day Avg. Volume320,295
30 Day Avg. Volume266,853
Financial Highlights & Ratios
PEG Ratio0.37
Price to Book (P/B)0.84
Price to Sales (P/S)0.61
P/FCF Ratio-18.30
Enterprise Value/Market Cap3.26
Enterprise Value/Revenue0.18
Enterprise Value/Gross Profit0.23
Enterprise Value/Ebitda-9.39
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.56
Revenue Forecast (FY)$5.24B
Yatsen Holding Business Overview & Revenue Model
Company Description
Yatsen Holding Limited (YSG) is a leading beauty and personal care company based in China, specializing in the development, marketing, and sale of skincare and makeup products. The company operates primarily in the beauty sector, with a portfolio ...
How the Company Makes Money
Yatsen primarily makes money by selling beauty products (including color cosmetics and skincare) under its owned brands. Revenue is generated when consumers purchase products through (1) online channels—such as major third-party e-commerce marketp...
Yatsen Holding Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 26, 2026
Earnings Call Sentiment Positive
The call presents a materially improved financial and operational picture: robust revenue growth (especially skincare-led), margin expansion, return to non-GAAP profitability, and successful R&D-driven product wins. However, there are notable concerns including elevated selling and marketing spend, a decline in color cosmetics, negative operating cash flow and reduced cash balances. On balance, the positive developments around recovery, margin improvement and strategic execution outweigh the remaining operational and cash-flow challenges.Positive Updates
Quarterly Revenue Growth
Total net revenue for Q4 2025 increased 20.1% year-over-year to RMB 1.38 billion (from RMB 1.15 billion), meeting prior guidance and outpacing the industry.
Negative Updates
Color Cosmetics Softness
Color Cosmetics revenue declined 9.1% in Q4 YoY and grew only 1.9% for FY2025, indicating slower recovery/weakness in this segment compared with skincare.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth
Total net revenue for Q4 2025 increased 20.1% year-over-year to RMB 1.38 billion (from RMB 1.15 billion), meeting prior guidance and outpacing the industry.
Read all positive updates
Company Guidance
For the first quarter of 2026, management guided total net revenues of RMB 958.6 million to RMB 1.08 billion, implying year‑over‑year growth of approximately 15% to 30%; they noted these forecasts reflect their current and preliminary views on market and operational conditions and are subject to change.Yatsen Holding Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
76
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.18B | 3.44B | 3.41B | 3.77B | 5.76B |
| Gross Profit | 3.31B | 2.65B | 2.51B | 2.56B | 3.85B |
| EBITDA | -180.73M | -501.64M | -560.08M | -500.55M | -1.11B |
| Net Income | -78.66M | -718.21M | -744.69M | -829.69M | -1.52B |
Balance Sheet | |||||
| Total Assets | 3.85B | 3.97B | 5.01B | 5.86B | 7.27B |
| Cash, Cash Equivalents and Short-Term Investments | 1.05B | 1.36B | 2.06B | 2.59B | 3.20B |
| Total Debt | 176.70M | 148.94M | 113.23M | 132.58M | 421.15M |
| Total Liabilities | 846.88M | 867.85M | 821.24M | 800.13M | 1.26B |
| Stockholders Equity | 3.01B | 3.06B | 4.14B | 4.72B | 5.66B |
Cash Flow | |||||
| Free Cash Flow | -138.46M | -300.69M | -151.41M | 76.88M | -1.19B |
| Operating Cash Flow | -94.66M | -243.67M | -107.44M | 136.21M | -1.02B |
| Investing Cash Flow | 246.79M | 592.12M | -260.49M | -1.16B | -1.48B |
| Financing Cash Flow | -151.44M | -394.23M | -342.45M | -654.45M | -1.71M |
Yatsen Holding Technical Analysis
Negative
6.26
Price Trends
3.16
Negative
3.67
Negative
5.72
Negative
Market Momentum
-0.20
Positive
25.30
Positive
8.06
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For YSG, the sentiment is Negative. The current price of 6.26 is above the 20-day moving average (MA) of 2.82, above the 50-day MA of 3.16, and above the 200-day MA of 5.72, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 25.30 is Positive, neither overbought nor oversold. The STOCH value of 8.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for YSG.
Yatsen Holding Risk Analysis
Yatsen Holding disclosed 109 risk factors in its most recent earnings report. Yatsen Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Yatsen Holding Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $438.81M | 11.87 | 34.25% | 1.52% | 6.73% | 4.47% | |
63 Neutral | $987.79M | 26.11 | 8.68% | ― | 29.17% | ― | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | $1.13B | 7.84 | 22.86% | ― | 0.77% | 2.73% | |
57 Neutral | $525.20M | -16.18 | -36.11% | ― | 10.25% | 70.25% | |
56 Neutral | $359.96M | -1,974.35 | -10.61% | ― | -9.56% | -862.29% | |
48 Neutral | $231.84M | -32.20 | -2.64% | ― | 27.00% | 88.21% |
* Consumer Defensive Sector Average
YSG
Yatsen Holding
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Yatsen Holding Corporate Events
Yatsen Raises US$120 Million via Convertible Notes and Warrants in Trustar-Led Deal
Mar 11, 2026
On March 11, 2026, Yatsen Holding Limited announced it had entered into a definitive agreement for a private placement of approximately US$120 million equivalent in RMB-denominated convertible senior notes, to be issued in two equal tranches, toge...
Yatsen Revamps Board and Committees After Director Resignation
Mar 2, 2026
Yatsen Holding Limited announced changes to its board composition following the resignation of independent director Sidney Xuande Huang for personal reasons, effective February 28, 2026. The company stated that Huang’s departure was not due ...
Yatsen Returns to Profit in Q4 as Skincare-Led Growth Sharpens 2025 Turnaround
Mar 2, 2026
On March 2, 2026, Yatsen Holding reported unaudited financial results for the fourth quarter and full year ended December 31, 2025, showing a strong top-line recovery led by its skincare portfolio. Total net revenues rose 20.1% year-on-year in the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.