The company faces significant liquidity pressure, evidenced by a 2025Q4 free cash flow of -$302.0 million and a capital intensity ratio of 43.3% of revenue.
| Cash from Operations | -105.39M | -25.63M | 22.5M | -112.87M | 84.29M | 179.18M | 383.82M | 198.99M | 90.88M | -40.76M |
| Operating CF Margin % | -7.11% | -1.75% | 1.5% | -8.97% | 4.98% | 13.84% | 33.33% | 32.24% | 35.05% | -83.02% |
| Operating CF Growth % | -311.15% | -213.92% | 119.93% | -233.92% | -52.96% | -53.32% | 92.89% | 118.96% | 322.98% | - |
| Net Income | -246.91M | -587.18M | 25.94M | -66.11M | -37.64M | 4.88M | 176.72M | 55.08M | 17.2M | -81.04M |
| Depreciation & Amortization | 57.21M | 45.92M | 46.09M | 47.09M | 30.08M | 14.09M | 6.13M | 1.67M | 619K | 564K |
| Stock-Based Compensation | 8.92M | 32.66M | 36.32M | 43.34M | 106.15M | 92.17M | 104.21M | 25.86M | 2.66M | 1.68M |
| Deferred Taxes | -1.79M | -16.17M | -33.52M | -24.8M | 1.65M | -21.36M | -4.31M | -21.78M | -9.11M | 7.32M |
| Other Non-Cash Items | 103.29M | 666.99M | 70.11M | 82.62M | 148.58M | 37.32M | 43.99M | 7.38M | 14.99M | 7.46M |
| Working Capital Changes | -26.11M | -167.85M | -122.44M | -195M | -164.54M | 52.09M | 57.08M | 130.78M | 64.52M | 23.25M |
| Change in Receivables | 29.72M | -61.48M | -28.95M | 13.56M | 14.58M | -32.6M | -15.64M | -3.89M | -6.53M | -50K |
| Change in Inventory | -115.98M | -36.75M | -2.12M | -27.99M | 7.87M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | -158.37M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -42.81M | 257.04M | -202.61M | -572.21M | 339.82M | 123.84M | -1.34B | -569.37M | 7.03M | -108.34M |
| Capital Expenditures | -196.62M | -62.55M | -51.18M | -15.71M | -45.06M | -36.96M | -37.54M | -6.41M | -222K | -891K |
| CapEx % of Revenue | 13.27% | 4.26% | 3.42% | 1.25% | 2.66% | 2.85% | 3.26% | 1.04% | 0.09% | 1.81% |
| Acquisitions | 0 | 0 | 0 | -97.49M | -636.87M | -40.91M | 0 | 0 | 17K | 82K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 500K | 10.85M | 17.16M | -18.03M | -8.37M | -2.16M | -3.69M | 287K | 6.2M | -15.34M |
| Cash from Financing | -63.7M | -21.51M | -100.02M | -13.59M | -216.74M | -5.8M | 1.27B | 485.41M | 324.67M | 122.69M |
| Debt Issued (Net) | -30M | 40M | 29.82M | 0 | 0 | -6.5M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -15.18M | -18.24M | -125.62M | -15.12M | -217.71M | 0 | 1.27B | 485.41M | 324.67M | 122.69M |
| Dividends Paid | -19.03M | -43.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -15.25M | -18.24M | -125.62M | -15.12M | -217.71M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 500K | 298K | -4.22M | 1.54M | 969K | 696K | 1.82M | 0 | 0 | 0 |
| Net Change in Cash | -213.38M | 213.23M | -268.26M | -642.81M | 198.12M | 244.5M | 337.8M | 122.52M | 422.47M | -26.23M |
| Free Cash Flow | -302.01M | -88.18M | -28.68M | -128.58M | 39.23M | 142.22M | 346.28M | 192.58M | 90.66M | -41.65M |
| FCF Margin % | -20.38% | -6.01% | -1.91% | -10.22% | 2.32% | 10.98% | 30.07% | 31.2% | 34.96% | -84.84% |
| FCF Growth % | -242.49% | -207.52% | 77.7% | -427.75% | -72.41% | -58.93% | 79.81% | 112.43% | 317.67% | - |
| FCF per Share | -2.30 | -0.66 | -0.22 | -0.93 | 0.28 | 1.00 | 3.24 | 4.64 | 2.00 | -0.92 |
| FCF Conversion (FCF/Net Income) | 0.45x | 0.04x | 1.06x | 1.72x | -10.07x | 30.86x | 2.17x | 3.61x | 5.28x | 0.50x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 9.77M | 0 | 16.26M | 11.36M | 31.17M | 24.07M | 38.11M | 243K | 7K | 0 |
Regulatory and Discretionary Spending
As indicated by the 2025Q4 financial data, So-Young reported a net loss of $107.3 million alongside an operating cash outflow of $105.4 million, resulting in an OCF/NI ratio of 0.98, which suggests that the company's reported losses are currently being mirrored by actual cash depletion.
The near-parity between net income and operating cash flow implies that the company is not currently masking operational losses through significant non-cash accruals. Investors should monitor whether this alignment persists as the company attempts to scale its lower-margin medical equipment business, which may introduce more complex working capital requirements.
Based on the most recent quarterly filings, So-Young recorded a free cash flow of -$302.0 million in 2025Q4, representing a FCF margin of -66.5%, which highlights the significant cash burn associated with the company's current strategic pivot toward medical equipment distribution and platform expansion.
This trajectory suggests that the company is currently in a heavy investment phase that is not yet self-funding. The substantial negative FCF margin warrants further investigation into whether this represents a temporary capital expenditure spike or a structural shift toward a more capital-intensive business model.
According to reported figures for 2025Q4, So-Young incurred capital expenditures of $196.6 million, which equates to a capital intensity ratio of 43.3% of revenue, suggesting a significant commitment to physical infrastructure that far exceeds historical norms for a digital-first medical aesthetics platform.
The high level of capital expenditure relative to revenue appears to be driven by the transition into medical equipment sales and potential infrastructure investments. This shift may indicate that the company is moving away from its asset-light digital roots, which could permanently alter its long-term return on invested capital.
As reported in recent financial statements, So-Young utilized $19.0 million for dividends and $15.3 million for share repurchases in 2025Q4, despite generating negative free cash flow, which suggests a management strategy that prioritizes shareholder returns even while the core business remains in a cash-burning state.
This capital allocation strategy appears contradictory given the company's negative operating margins and significant cash burn. Investors should monitor whether these distributions are sustainable or if they may be curtailed to preserve the company's remaining cash buffer as the strategic pivot continues.
Quick answers to the most common questions about buying SY stock.
So-Young International Inc. (SY) generated $-105.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
So-Young International Inc. (SY) reported negative free cash flow of $302.0M in 2025, indicating capital requirements exceeded cash from operations.
So-Young International Inc. (SY) spent $196.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, So-Young International Inc. (SY) returned $19.0M to shareholders via cash dividends and spent $15.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.