So-Young International Inc. (SY) 10-Year Financial Performance & Capital Metrics

SY • • Industrial / General

HealthcareHealthcare ITClinical Software & EHR SystemsElectronic Health Record Systems

AboutSo-Young International Inc. operates an online platform for medical aesthetics and consumption healthcare services focusing on discretionary medical treatments in the People's Republic of China and internationally. Its platform enables users to discover content and share their own experience on medical aesthetics procedures and leads users to reserve treatment services from medical aesthetic service providers for offline treatment. The company facilitates research on medical aesthetic treatment trends; ratings and reviews on treatment experiences; and blogs under the name Beauty Diaries. It also provides reservation services in the areas of dermatology, dentistry and orthodontics, ophthalmology, physical examinations, gynecology, human papilloma virus vaccines, and postnatal care; Software as a Service; and guiding and consulting services through training programs for medical service providers. In addition, the company offers internet information and technology advisory, management consulting, and Internet culture services, as well as sells medical equipment; equipment production, sales, and agency services; and micro finance services. As of December 31, 2021, it had approximately 8,400 medical aesthetic service providers and 5,000 other consumption healthcare service providers on its platform. The company was founded in 2013 and is headquartered in Beijing, China.Show more

Revenue $1.47B -2.1%
EBITDA -$578M -3767.1%
Net Income -$590M -2870.3%
EPS (Diluted) -4.39 -2843.8%
Gross Margin 61.3% -3.7%
EBITDA Margin -39.44% -3849.9%
Operating Margin -42.58% -944.8%
Net Margin -40.19% -2929.6%
ROE -26.09% -3268.3%
ROIC -24.07% -1021.2%
Debt/Equity 0.12 +115.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y4.96%

3Y-4.66%

TTM-3.77%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-2184.47%

EPS CAGR

10Y-

5Y-

3Y-

TTM-2242.31%

ROCE

10Y Avg-9.97%

5Y Avg-7.12%

3Y Avg-10.77%

Latest-26.13%

Peer Comparison

Electronic Health Record Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OMCLOmnicell, Inc.	2.29B	50.98	188.81	-3.04%	1.69%	1.63%	6.61%	0.31
NUTXNutex Health, Inc.	1.16B	164.21	16.91	93.8%	11.63%	26.04%	1.8%	1.69
SYSo-Young International Inc.	222.7M	2.65	-0.60	-2.09%	-51.75%	-41.37%		0.12
CCLDCareCloud, Inc.	120.83M	2.85	-10.18	-5.32%	9.8%	19.39%	15.68%	0.07
PHRPhreesia, Inc.	991.72M	16.45	-16.13	17.83%	-1.16%	-1.68%	0.84%	0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	49.09M	259.31M	617.23M	1.15B	1.29B	1.69B	1.26B	1.5B	1.47B
Revenue Growth %	-	4.28%	1.38%	0.87%	0.12%	0.31%	-0.26%	0.19%	-0.02%
Cost of Goods Sold+	25.19M	44.8M	91.56M	198.63M	212.21M	327.89M	393.29M	544.34M	567.59M
COGS % of Revenue	0.51%	0.17%	0.15%	0.17%	0.16%	0.19%	0.31%	0.36%	0.39%
Gross Profit+	23.9M	214.51M	525.66M	953.01M	1.08B	1.36B	864.58M	953.69M	899.11M
Gross Margin %	0.49%	0.83%	0.85%	0.83%	0.84%	0.81%	0.69%	0.64%	0.61%
Gross Profit Growth %	-	7.98%	1.45%	0.81%	0.14%	0.26%	-0.37%	0.1%	-0.06%
Operating Expenses+	98.18M	189.74M	476.53M	807.83M	1.14B	1.4B	967.39M	1.01B	1.52B
OpEx % of Revenue	2%	0.73%	0.77%	0.7%	0.88%	0.83%	0.77%	0.68%	1.04%
Selling, General & Admin	80.25M	157.19M	381.8M	630.56M	910.28M	1.04B	732.3M	811.22M	818.57M
SG&A % of Revenue	1.63%	0.61%	0.62%	0.55%	0.7%	0.62%	0.58%	0.54%	0.56%
Research & Development	17.93M	32.56M	94.73M	177.27M	229.19M	286.57M	235.09M	203.52M	165.03M
R&D % of Revenue	0.37%	0.13%	0.15%	0.15%	0.18%	0.17%	0.19%	0.14%	0.11%
Other Operating Expenses	-203K	0	990K	0	0	65.88M	0	0	540.01M
Operating Income+	-74.28M	24.76M	49.13M	145.18M	-56.69M	-32.57M	-102.81M	-61.05M	-624.49M
Operating Margin %	-1.51%	0.1%	0.08%	0.13%	-0.04%	-0.02%	-0.08%	-0.04%	-0.43%
Operating Income Growth %	-	1.33%	0.98%	1.95%	-1.39%	0.43%	-2.16%	0.41%	-9.23%
EBITDA+	-73.72M	25.38M	50.8M	151.3M	-42.61M	-2.49M	-55.72M	-14.96M	-578.4M
EBITDA Margin %	-1.5%	0.1%	0.08%	0.13%	-0.03%	-0%	-0.04%	-0.01%	-0.39%
EBITDA Growth %	-	1.34%	1%	1.98%	-1.28%	0.94%	-21.39%	0.73%	-37.67%
D&A (Non-Cash Add-back)	564K	619K	1.67M	6.13M	14.09M	30.08M	47.09M	46.09M	46.09M
EBIT	-74.28M	24.76M	49.13M	145.18M	-56.69M	33.31M	-102.81M	-61.05M	-84.48M
Net Interest Income+	507K	176K	10.88M	45.05M	39.67M	19.33M	28.88M	48.84M	46.51M
Interest Income	507K	176K	10.88M	45.05M	39.67M	19.33M	28.88M	48.84M	46.51M
Interest Expense	0	0	0	0	0	0	0	0	0
Other Income/Expense	-6.75M	-11.54M	9.12M	81.28M	56.79M	16.16M	15.73M	68.92M	36.41M
Pretax Income+	-81.04M	13.22M	58.25M	226.46M	93K	-16.41M	-87.07M	7.87M	-588.09M
Pretax Margin %	-1.65%	0.05%	0.09%	0.2%	0%	-0.01%	-0.07%	0.01%	-0.4%
Income Tax+	-100K	-3.98M	3.17M	49.73M	-4.78M	21.23M	-20.96M	-18.07M	-905K
Effective Tax Rate %	1%	1.3%	0.95%	0.78%	62.44%	0.51%	0.75%	2.7%	1%
Net Income+	-81.04M	17.2M	55.08M	176.72M	5.81M	-8.37M	-65.55M	21.28M	-589.53M
Net Margin %	-1.65%	0.07%	0.09%	0.15%	0%	-0%	-0.05%	0.01%	-0.4%
Net Income Growth %	-	1.21%	2.2%	2.21%	-0.97%	-2.44%	-6.83%	1.32%	-28.7%
Net Income (Continuing)	-81.04M	17.2M	55.08M	176.72M	4.88M	-37.64M	-66.11M	25.94M	-587.18M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	594.42M	0	0	23.2M	70.84M	109.94M	117.19M	119.61M
EPS (Diluted)+	-1.78	-0.25	1.33	1.65	0.04	-0.06	-0.48	0.16	-4.39
EPS Growth %	-	0.86%	6.32%	0.24%	-0.98%	-2.48%	-6.92%	1.33%	-28.44%
EPS (Basic)	-1.78	-0.25	1.33	1.76	0.04	-0.06	-0.48	0.16	-4.40
Diluted Shares Outstanding	45.43M	45.43M	41.5M	106.99M	141.59M	138.04M	138.04M	131.91M	134.16M
Basic Shares Outstanding	45.43M	45.43M	41.5M	106.89M	137.79M	138.04M	138.04M	133.19M	134.09M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	140.77M	552.44M	1.28B	2.96B	2.8B	2.03B	1.92B	1.72B	1.72B
Cash & Short-Term Investments	111.02M	522.12M	1.21B	2.83B	2.65B	1.74B	1.57B	1.33B	1.19B
Cash Only	18.39M	440.86M	563.38M	884.68M	1.13B	1.33B	694.42M	426.12M	587.75M
Short-Term Investments	92.63M	81.26M	643.54M	1.94B	1.53B	408.95M	875.96M	900.82M	599.04M
Accounts Receivable	2.69M	14.61M	25.84M	45.35M	85.39M	110.45M	170.29M	80.38M	226.25M
Days Sales Outstanding	19.98	20.56	15.28	14.37	24.07	23.82	49.41	19.58	56.3
Inventory	0	15.58M	45.24M	16.51M	21.86M	91.81M	120.48M	118.92M	151.75M
Days Inventory Outstanding	-	126.95	180.35	30.34	37.61	102.2	111.81	79.74	97.59
Other Current Assets	17.69M	1.47M	6.5M	33.74M	277K	18.19M	17.29M	147.45M	159.56M
Total Non-Current Assets+	9.38M	15.95M	62.09M	272.93M	496M	1.3B	1.28B	1.49B	1.01B
Property, Plant & Equipment	1.39M	979K	3.25M	176.83M	149.97M	220.19M	179.08M	235.19M	318.12M
Fixed Asset Turnover	35.27x	264.87x	189.74x	6.51x	8.63x	7.69x	7.02x	6.37x	4.61x
Goodwill	0	0	0	0	48.5M	540.69M	540.69M	540.69M	684K
Intangible Assets	0	0	25.84M	726K	60.03M	193.96M	169.28M	145.25M	126.61M
Long-Term Investments	7.85M	5.66M	14.81M	45.98M	166.1M	252.5M	227.96M	261.02M	280.28M
Other Non-Current Assets	137K	195K	1.63M	14.18M	15.88M	48.1M	99.29M	310.49M	285.1M
Total Assets+	150.15M	568.38M	1.34B	3.23B	3.29B	3.33B	3.2B	3.21B	2.74B
Asset Turnover	0.33x	0.46x	0.46x	0.36x	0.39x	0.51x	0.39x	0.47x	0.54x
Asset Growth %	-	2.79%	1.36%	1.41%	0.02%	0.01%	-0.04%	0.01%	-0.15%
Total Current Liabilities+	54.89M	140.93M	302.16M	466.51M	570.87M	712.4M	538.04M	540.42M	630.21M
Accounts Payable	0	0	0	0	0	0	0	0	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	29.82M	69.77M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	31.12M	15.48M	64.11M	-72.81M	9.55M	256.23M	239.93M	288.77M	-119.6M
Current Ratio	2.56x	3.92x	4.23x	6.34x	4.90x	2.85x	3.56x	3.19x	2.74x
Quick Ratio	2.56x	3.81x	4.08x	6.30x	4.86x	2.72x	3.34x	2.97x	2.50x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	594.42M	0	120.8M	101.57M	100.93M	51.97M	112.83M	146.22M
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	120.8M	93.04M	62.36M	20.97M	86.21M	125.2M
Deferred Tax Liabilities	0	0	0	0	8.52M	38.58M	30.99M	25.08M	19.76M
Other Non-Current Liabilities	0	0	0	0	0	38.58M	0	1.54M	1.26M
Total Liabilities	54.89M	140.93M	302.16M	587.32M	672.44M	813.33M	590M	653.25M	776.43M
Total Debt+	0	0	0	158.6M	132.51M	105.89M	71.26M	145.77M	239.88M
Net Debt	-18.39M	-440.86M	-563.38M	-726.07M	-994.54M	-1.23B	-623.16M	-280.35M	-347.87M
Debt / Equity	-	-	-	0.06x	0.05x	0.04x	0.03x	0.06x	0.12x
Debt / EBITDA	-	-	-	1.05x	-	-	-	-	-
Net Debt / EBITDA	-	-17.37x	-11.09x	-4.80x	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-
Total Equity+	95.26M	427.46M	1.04B	2.64B	2.62B	2.52B	2.61B	2.56B	1.96B
Equity Growth %	-	3.49%	1.43%	1.54%	-0.01%	-0.04%	0.04%	-0.02%	-0.24%
Book Value per Share	2.10	9.41	25.02	24.70	18.50	18.23	18.89	19.42	14.60
Total Shareholders' Equity	95.26M	-166.96M	1.04B	2.64B	2.6B	2.45B	2.5B	2.44B	1.84B
Common Stock	83K	83K	222K	258K	261K	267K	273K	275K	290K
Retained Earnings	-160.34M	-169M	-394.04M	-259.25M	-254.23M	-272.37M	-346.62M	-330.17M	-885.84M
Treasury Stock	0	0	0	0	0	-217.71M	-232.84M	-358.45M	-376.69M
Accumulated OCI	4.16M	1.96M	36.4M	102.3M	-41.93M	-63.56M	33.13M	52.04M	31.56M
Minority Interest	0	594.42M	0	0	23.2M	70.84M	109.94M	117.19M	119.61M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-40.76M	90.88M	198.99M	383.82M	179.18M	84.29M	-112.87M	22.5M	-25.63M
Operating CF Margin %	-0.83%	0.35%	0.32%	0.33%	0.14%	0.05%	-0.09%	0.02%	-0.02%
Operating CF Growth %	-	3.23%	1.19%	0.93%	-0.53%	-0.53%	-2.34%	1.2%	-2.14%
Net Income	-81.04M	17.2M	55.08M	176.72M	4.88M	-37.64M	-66.11M	25.94M	-587.18M
Depreciation & Amortization	564K	619K	1.67M	6.13M	14.09M	30.08M	47.09M	46.09M	45.92M
Stock-Based Compensation	1.68M	2.66M	25.86M	104.21M	92.17M	106.15M	43.34M	36.32M	32.66M
Deferred Taxes	7.32M	-9.11M	-21.78M	-4.31M	-21.36M	1.65M	-24.8M	-33.52M	-16.17M
Other Non-Cash Items	7.46M	14.99M	7.38M	43.99M	37.32M	148.58M	82.62M	70.11M	666.99M
Working Capital Changes	23.25M	64.52M	130.78M	57.08M	52.09M	-164.54M	-195M	-122.44M	-167.85M
Change in Receivables	-50K	-6.53M	-3.89M	-15.64M	-32.6M	14.58M	13.56M	-28.95M	-61.48M
Change in Inventory	0	0	0	0	0	7.87M	-27.99M	-2.12M	-36.75M
Change in Payables	0	0	0	0	0	-158.37M	0	0	0
Cash from Investing+	-108.34M	7.03M	-569.37M	-1.34B	123.84M	339.82M	-572.21M	-202.61M	257.04M
Capital Expenditures	-891K	-222K	-6.41M	-37.54M	-36.96M	-45.06M	-15.71M	-51.18M	-62.55M
CapEx % of Revenue	0.02%	0%	0.01%	0.03%	0.03%	0.03%	0.01%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-15.34M	6.2M	287K	-3.69M	-2.16M	-8.37M	-18.03M	17.16M	10.85M
Cash from Financing+	122.69M	324.67M	485.41M	1.27B	-5.8M	-216.74M	-13.59M	-100.02M	-21.51M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-43.57M
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	1.82M	696K	969K	1.54M	-4.22M	298K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-41.65M	90.66M	192.58M	346.28M	142.22M	39.23M	-128.58M	-28.68M	-88.18M
FCF Margin %	-0.85%	0.35%	0.31%	0.3%	0.11%	0.02%	-0.1%	-0.02%	-0.06%
FCF Growth %	-	3.18%	1.12%	0.8%	-0.59%	-0.72%	-4.28%	0.78%	-2.08%
FCF per Share	-0.92	2.00	4.64	3.24	1.00	0.28	-0.93	-0.22	-0.66
FCF Conversion (FCF/Net Income)	0.50x	5.28x	3.61x	2.17x	30.86x	-10.07x	1.72x	1.06x	0.04x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	7K	243K	38.11M	24.07M	31.17M	11.36M	16.26M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-85.07%	6.58%	7.52%	9.6%	0.22%	-0.33%	-2.56%	0.82%	-26.09%
Return on Invested Capital (ROIC)	-72.48%	58.53%	15.97%	9.11%	-2.4%	-1.68%	-4.71%	-2.15%	-24.07%
Gross Margin	48.68%	82.72%	85.17%	82.75%	83.61%	80.63%	68.73%	63.66%	61.3%
Net Margin	-165.08%	6.63%	8.92%	15.35%	0.45%	-0.49%	-5.21%	1.42%	-40.19%
Debt / Equity	-	-	-	0.06x	0.05x	0.04x	0.03x	0.06x	0.12x
FCF Conversion	0.50x	5.28x	3.61x	2.17x	30.86x	-10.07x	1.72x	1.06x	0.04x
Revenue Growth	-	428.22%	138.03%	86.58%	12.45%	30.69%	-25.68%	19.09%	-2.09%

Revenue by Segment

	2019	2020	2021	2022	2023
Services And Others	-	-	-	-	385.58M
Services And Others Growth	-	-	-	-	-
Information services and others	-	-	1.3B	888.48M	-
Information services and others Growth	-	-	-	-31.89%	-
Sales of equipment and maintenance services	-	-	111.96M	240.73M	-
Sales of equipment and maintenance services Growth	-	-	-	115.02%	-
Reservation services	-	-	276.05M	128.67M	-
Reservation services Growth	-	-	-	-53.39%	-
Information Services	833.42M	962.09M	-	-	-
Information Services Growth	-	15.44%	-	-	-
Reservation Services	318.21M	332.9M	-	-	-
Reservation Services Growth	-	4.61%	-	-	-

Frequently Asked Questions

Growth & Financials

So-Young International Inc. (SY) reported $1.43B in revenue for fiscal year 2024. This represents a 2817% increase from $49.1M in 2016.

So-Young International Inc. (SY) saw revenue decline by 2.1% over the past year.

So-Young International Inc. (SY) reported a net loss of $741.0M for fiscal year 2024.

Dividend & Returns

Yes, So-Young International Inc. (SY) pays a dividend with a yield of 12.26%. This makes it attractive for income-focused investors.

So-Young International Inc. (SY) has a return on equity (ROE) of -26.1%. Negative ROE indicates the company is unprofitable.

So-Young International Inc. (SY) had negative free cash flow of $88.2M in fiscal year 2024, likely due to heavy capital investments.

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So-Young International Inc. (SY) 10-Year Financial Performance & Capital Metrics

SY • • Industrial / General

HealthcareHealthcare ITClinical Software & EHR SystemsElectronic Health Record Systems

Revenue $1.47B -2.1%
EBITDA -$578M -3767.1%
Net Income -$590M -2870.3%
EPS (Diluted) -4.39 -2843.8%
Gross Margin 61.3% -3.7%
EBITDA Margin -39.44% -3849.9%
Operating Margin -42.58% -944.8%
Net Margin -40.19% -2929.6%
ROE -26.09% -3268.3%
ROIC -24.07% -1021.2%
Debt/Equity 0.12 +115.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y4.96%

3Y-4.66%

TTM-3.77%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-2184.47%

EPS CAGR

10Y-

5Y-

3Y-

TTM-2242.31%

ROCE

10Y Avg-9.97%

5Y Avg-7.12%

3Y Avg-10.77%

Latest-26.13%

Peer Comparison

Electronic Health Record Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OMCLOmnicell, Inc.	2.29B	50.98	188.81	-3.04%	1.69%	1.63%	6.61%	0.31
NUTXNutex Health, Inc.	1.16B	164.21	16.91	93.8%	11.63%	26.04%	1.8%	1.69
SYSo-Young International Inc.	222.7M	2.65	-0.60	-2.09%	-51.75%	-41.37%		0.12
CCLDCareCloud, Inc.	120.83M	2.85	-10.18	-5.32%	9.8%	19.39%	15.68%	0.07
PHRPhreesia, Inc.	991.72M	16.45	-16.13	17.83%	-1.16%	-1.68%	0.84%	0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	49.09M	259.31M	617.23M	1.15B	1.29B	1.69B	1.26B	1.5B	1.47B
Revenue Growth %	-	4.28%	1.38%	0.87%	0.12%	0.31%	-0.26%	0.19%	-0.02%
Cost of Goods Sold+	25.19M	44.8M	91.56M	198.63M	212.21M	327.89M	393.29M	544.34M	567.59M
COGS % of Revenue	0.51%	0.17%	0.15%	0.17%	0.16%	0.19%	0.31%	0.36%	0.39%
Gross Profit+	23.9M	214.51M	525.66M	953.01M	1.08B	1.36B	864.58M	953.69M	899.11M
Gross Margin %	0.49%	0.83%	0.85%	0.83%	0.84%	0.81%	0.69%	0.64%	0.61%
Gross Profit Growth %	-	7.98%	1.45%	0.81%	0.14%	0.26%	-0.37%	0.1%	-0.06%
Operating Expenses+	98.18M	189.74M	476.53M	807.83M	1.14B	1.4B	967.39M	1.01B	1.52B
OpEx % of Revenue	2%	0.73%	0.77%	0.7%	0.88%	0.83%	0.77%	0.68%	1.04%
Selling, General & Admin	80.25M	157.19M	381.8M	630.56M	910.28M	1.04B	732.3M	811.22M	818.57M
SG&A % of Revenue	1.63%	0.61%	0.62%	0.55%	0.7%	0.62%	0.58%	0.54%	0.56%
Research & Development	17.93M	32.56M	94.73M	177.27M	229.19M	286.57M	235.09M	203.52M	165.03M
R&D % of Revenue	0.37%	0.13%	0.15%	0.15%	0.18%	0.17%	0.19%	0.14%	0.11%
Other Operating Expenses	-203K	0	990K	0	0	65.88M	0	0	540.01M
Operating Income+	-74.28M	24.76M	49.13M	145.18M	-56.69M	-32.57M	-102.81M	-61.05M	-624.49M
Operating Margin %	-1.51%	0.1%	0.08%	0.13%	-0.04%	-0.02%	-0.08%	-0.04%	-0.43%
Operating Income Growth %	-	1.33%	0.98%	1.95%	-1.39%	0.43%	-2.16%	0.41%	-9.23%
EBITDA+	-73.72M	25.38M	50.8M	151.3M	-42.61M	-2.49M	-55.72M	-14.96M	-578.4M
EBITDA Margin %	-1.5%	0.1%	0.08%	0.13%	-0.03%	-0%	-0.04%	-0.01%	-0.39%
EBITDA Growth %	-	1.34%	1%	1.98%	-1.28%	0.94%	-21.39%	0.73%	-37.67%
D&A (Non-Cash Add-back)	564K	619K	1.67M	6.13M	14.09M	30.08M	47.09M	46.09M	46.09M
EBIT	-74.28M	24.76M	49.13M	145.18M	-56.69M	33.31M	-102.81M	-61.05M	-84.48M
Net Interest Income+	507K	176K	10.88M	45.05M	39.67M	19.33M	28.88M	48.84M	46.51M
Interest Income	507K	176K	10.88M	45.05M	39.67M	19.33M	28.88M	48.84M	46.51M
Interest Expense	0	0	0	0	0	0	0	0	0
Other Income/Expense	-6.75M	-11.54M	9.12M	81.28M	56.79M	16.16M	15.73M	68.92M	36.41M
Pretax Income+	-81.04M	13.22M	58.25M	226.46M	93K	-16.41M	-87.07M	7.87M	-588.09M
Pretax Margin %	-1.65%	0.05%	0.09%	0.2%	0%	-0.01%	-0.07%	0.01%	-0.4%
Income Tax+	-100K	-3.98M	3.17M	49.73M	-4.78M	21.23M	-20.96M	-18.07M	-905K
Effective Tax Rate %	1%	1.3%	0.95%	0.78%	62.44%	0.51%	0.75%	2.7%	1%
Net Income+	-81.04M	17.2M	55.08M	176.72M	5.81M	-8.37M	-65.55M	21.28M	-589.53M
Net Margin %	-1.65%	0.07%	0.09%	0.15%	0%	-0%	-0.05%	0.01%	-0.4%
Net Income Growth %	-	1.21%	2.2%	2.21%	-0.97%	-2.44%	-6.83%	1.32%	-28.7%
Net Income (Continuing)	-81.04M	17.2M	55.08M	176.72M	4.88M	-37.64M	-66.11M	25.94M	-587.18M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	594.42M	0	0	23.2M	70.84M	109.94M	117.19M	119.61M
EPS (Diluted)+	-1.78	-0.25	1.33	1.65	0.04	-0.06	-0.48	0.16	-4.39
EPS Growth %	-	0.86%	6.32%	0.24%	-0.98%	-2.48%	-6.92%	1.33%	-28.44%
EPS (Basic)	-1.78	-0.25	1.33	1.76	0.04	-0.06	-0.48	0.16	-4.40
Diluted Shares Outstanding	45.43M	45.43M	41.5M	106.99M	141.59M	138.04M	138.04M	131.91M	134.16M
Basic Shares Outstanding	45.43M	45.43M	41.5M	106.89M	137.79M	138.04M	138.04M	133.19M	134.09M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	140.77M	552.44M	1.28B	2.96B	2.8B	2.03B	1.92B	1.72B	1.72B
Cash & Short-Term Investments	111.02M	522.12M	1.21B	2.83B	2.65B	1.74B	1.57B	1.33B	1.19B
Cash Only	18.39M	440.86M	563.38M	884.68M	1.13B	1.33B	694.42M	426.12M	587.75M
Short-Term Investments	92.63M	81.26M	643.54M	1.94B	1.53B	408.95M	875.96M	900.82M	599.04M
Accounts Receivable	2.69M	14.61M	25.84M	45.35M	85.39M	110.45M	170.29M	80.38M	226.25M
Days Sales Outstanding	19.98	20.56	15.28	14.37	24.07	23.82	49.41	19.58	56.3
Inventory	0	15.58M	45.24M	16.51M	21.86M	91.81M	120.48M	118.92M	151.75M
Days Inventory Outstanding	-	126.95	180.35	30.34	37.61	102.2	111.81	79.74	97.59
Other Current Assets	17.69M	1.47M	6.5M	33.74M	277K	18.19M	17.29M	147.45M	159.56M
Total Non-Current Assets+	9.38M	15.95M	62.09M	272.93M	496M	1.3B	1.28B	1.49B	1.01B
Property, Plant & Equipment	1.39M	979K	3.25M	176.83M	149.97M	220.19M	179.08M	235.19M	318.12M
Fixed Asset Turnover	35.27x	264.87x	189.74x	6.51x	8.63x	7.69x	7.02x	6.37x	4.61x
Goodwill	0	0	0	0	48.5M	540.69M	540.69M	540.69M	684K
Intangible Assets	0	0	25.84M	726K	60.03M	193.96M	169.28M	145.25M	126.61M
Long-Term Investments	7.85M	5.66M	14.81M	45.98M	166.1M	252.5M	227.96M	261.02M	280.28M
Other Non-Current Assets	137K	195K	1.63M	14.18M	15.88M	48.1M	99.29M	310.49M	285.1M
Total Assets+	150.15M	568.38M	1.34B	3.23B	3.29B	3.33B	3.2B	3.21B	2.74B
Asset Turnover	0.33x	0.46x	0.46x	0.36x	0.39x	0.51x	0.39x	0.47x	0.54x
Asset Growth %	-	2.79%	1.36%	1.41%	0.02%	0.01%	-0.04%	0.01%	-0.15%
Total Current Liabilities+	54.89M	140.93M	302.16M	466.51M	570.87M	712.4M	538.04M	540.42M	630.21M
Accounts Payable	0	0	0	0	0	0	0	0	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	29.82M	69.77M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	31.12M	15.48M	64.11M	-72.81M	9.55M	256.23M	239.93M	288.77M	-119.6M
Current Ratio	2.56x	3.92x	4.23x	6.34x	4.90x	2.85x	3.56x	3.19x	2.74x
Quick Ratio	2.56x	3.81x	4.08x	6.30x	4.86x	2.72x	3.34x	2.97x	2.50x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	594.42M	0	120.8M	101.57M	100.93M	51.97M	112.83M	146.22M
Long-Term Debt	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	120.8M	93.04M	62.36M	20.97M	86.21M	125.2M
Deferred Tax Liabilities	0	0	0	0	8.52M	38.58M	30.99M	25.08M	19.76M
Other Non-Current Liabilities	0	0	0	0	0	38.58M	0	1.54M	1.26M
Total Liabilities	54.89M	140.93M	302.16M	587.32M	672.44M	813.33M	590M	653.25M	776.43M
Total Debt+	0	0	0	158.6M	132.51M	105.89M	71.26M	145.77M	239.88M
Net Debt	-18.39M	-440.86M	-563.38M	-726.07M	-994.54M	-1.23B	-623.16M	-280.35M	-347.87M
Debt / Equity	-	-	-	0.06x	0.05x	0.04x	0.03x	0.06x	0.12x
Debt / EBITDA	-	-	-	1.05x	-	-	-	-	-
Net Debt / EBITDA	-	-17.37x	-11.09x	-4.80x	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-
Total Equity+	95.26M	427.46M	1.04B	2.64B	2.62B	2.52B	2.61B	2.56B	1.96B
Equity Growth %	-	3.49%	1.43%	1.54%	-0.01%	-0.04%	0.04%	-0.02%	-0.24%
Book Value per Share	2.10	9.41	25.02	24.70	18.50	18.23	18.89	19.42	14.60
Total Shareholders' Equity	95.26M	-166.96M	1.04B	2.64B	2.6B	2.45B	2.5B	2.44B	1.84B
Common Stock	83K	83K	222K	258K	261K	267K	273K	275K	290K
Retained Earnings	-160.34M	-169M	-394.04M	-259.25M	-254.23M	-272.37M	-346.62M	-330.17M	-885.84M
Treasury Stock	0	0	0	0	0	-217.71M	-232.84M	-358.45M	-376.69M
Accumulated OCI	4.16M	1.96M	36.4M	102.3M	-41.93M	-63.56M	33.13M	52.04M	31.56M
Minority Interest	0	594.42M	0	0	23.2M	70.84M	109.94M	117.19M	119.61M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-40.76M	90.88M	198.99M	383.82M	179.18M	84.29M	-112.87M	22.5M	-25.63M
Operating CF Margin %	-0.83%	0.35%	0.32%	0.33%	0.14%	0.05%	-0.09%	0.02%	-0.02%
Operating CF Growth %	-	3.23%	1.19%	0.93%	-0.53%	-0.53%	-2.34%	1.2%	-2.14%
Net Income	-81.04M	17.2M	55.08M	176.72M	4.88M	-37.64M	-66.11M	25.94M	-587.18M
Depreciation & Amortization	564K	619K	1.67M	6.13M	14.09M	30.08M	47.09M	46.09M	45.92M
Stock-Based Compensation	1.68M	2.66M	25.86M	104.21M	92.17M	106.15M	43.34M	36.32M	32.66M
Deferred Taxes	7.32M	-9.11M	-21.78M	-4.31M	-21.36M	1.65M	-24.8M	-33.52M	-16.17M
Other Non-Cash Items	7.46M	14.99M	7.38M	43.99M	37.32M	148.58M	82.62M	70.11M	666.99M
Working Capital Changes	23.25M	64.52M	130.78M	57.08M	52.09M	-164.54M	-195M	-122.44M	-167.85M
Change in Receivables	-50K	-6.53M	-3.89M	-15.64M	-32.6M	14.58M	13.56M	-28.95M	-61.48M
Change in Inventory	0	0	0	0	0	7.87M	-27.99M	-2.12M	-36.75M
Change in Payables	0	0	0	0	0	-158.37M	0	0	0
Cash from Investing+	-108.34M	7.03M	-569.37M	-1.34B	123.84M	339.82M	-572.21M	-202.61M	257.04M
Capital Expenditures	-891K	-222K	-6.41M	-37.54M	-36.96M	-45.06M	-15.71M	-51.18M	-62.55M
CapEx % of Revenue	0.02%	0%	0.01%	0.03%	0.03%	0.03%	0.01%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-15.34M	6.2M	287K	-3.69M	-2.16M	-8.37M	-18.03M	17.16M	10.85M
Cash from Financing+	122.69M	324.67M	485.41M	1.27B	-5.8M	-216.74M	-13.59M	-100.02M	-21.51M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	-43.57M
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	1.82M	696K	969K	1.54M	-4.22M	298K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-41.65M	90.66M	192.58M	346.28M	142.22M	39.23M	-128.58M	-28.68M	-88.18M
FCF Margin %	-0.85%	0.35%	0.31%	0.3%	0.11%	0.02%	-0.1%	-0.02%	-0.06%
FCF Growth %	-	3.18%	1.12%	0.8%	-0.59%	-0.72%	-4.28%	0.78%	-2.08%
FCF per Share	-0.92	2.00	4.64	3.24	1.00	0.28	-0.93	-0.22	-0.66
FCF Conversion (FCF/Net Income)	0.50x	5.28x	3.61x	2.17x	30.86x	-10.07x	1.72x	1.06x	0.04x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	7K	243K	38.11M	24.07M	31.17M	11.36M	16.26M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-85.07%	6.58%	7.52%	9.6%	0.22%	-0.33%	-2.56%	0.82%	-26.09%
Return on Invested Capital (ROIC)	-72.48%	58.53%	15.97%	9.11%	-2.4%	-1.68%	-4.71%	-2.15%	-24.07%
Gross Margin	48.68%	82.72%	85.17%	82.75%	83.61%	80.63%	68.73%	63.66%	61.3%
Net Margin	-165.08%	6.63%	8.92%	15.35%	0.45%	-0.49%	-5.21%	1.42%	-40.19%
Debt / Equity	-	-	-	0.06x	0.05x	0.04x	0.03x	0.06x	0.12x
FCF Conversion	0.50x	5.28x	3.61x	2.17x	30.86x	-10.07x	1.72x	1.06x	0.04x
Revenue Growth	-	428.22%	138.03%	86.58%	12.45%	30.69%	-25.68%	19.09%	-2.09%

Revenue by Segment

	2019	2020	2021	2022	2023
Services And Others	-	-	-	-	385.58M
Services And Others Growth	-	-	-	-	-
Information services and others	-	-	1.3B	888.48M	-
Information services and others Growth	-	-	-	-31.89%	-
Sales of equipment and maintenance services	-	-	111.96M	240.73M	-
Sales of equipment and maintenance services Growth	-	-	-	115.02%	-
Reservation services	-	-	276.05M	128.67M	-
Reservation services Growth	-	-	-	-53.39%	-
Information Services	833.42M	962.09M	-	-	-
Information Services Growth	-	15.44%	-	-	-
Reservation Services	318.21M	332.9M	-	-	-
Reservation Services Growth	-	4.61%	-	-	-

Frequently Asked Questions

Growth & Financials

So-Young International Inc. (SY) reported $1.43B in revenue for fiscal year 2024. This represents a 2817% increase from $49.1M in 2016.

So-Young International Inc. (SY) saw revenue decline by 2.1% over the past year.

So-Young International Inc. (SY) reported a net loss of $741.0M for fiscal year 2024.

Dividend & Returns

Yes, So-Young International Inc. (SY) pays a dividend with a yield of 12.26%. This makes it attractive for income-focused investors.

So-Young International Inc. (SY) has a return on equity (ROE) of -26.1%. Negative ROE indicates the company is unprofitable.

So-Young International Inc. (SY) had negative free cash flow of $88.2M in fiscal year 2024, likely due to heavy capital investments.