The company maintains a conservative capital structure with a debt-to-equity ratio of 0.06 as of 2025Q4, supported by a healthy current ratio of 3.63.
| Total Current Assets | 2.24B | 2.35B | 2.95B | 3.51B | 4.56B | 7.09B | 1.57B | 287.96M |
| Cash & Short-Term Investments | 1.05B | 1.36B | 2.06B | 2.59B | 3.2B | 5.73B | 686.58M | 25.06M |
| Cash Only | 808.01M | 817.39M | 836.89M | 1.51B | 3.14B | 5.73B | 676.58M | 25.06M |
| Short-Term Investments | 246.16M | 539.13M | 1.22B | 1.07B | 62.88M | 0 | 10M | 0 |
| Accounts Receivable | 381.4M | 326.89M | 201.64M | 206.44M | 355.9M | 419.32M | 265.3M | 64.75M |
| Days Sales Outstanding | 33.3 | 34.67 | 21.56 | 19.98 | 22.54 | 30.93 | 32.03 | 35.8 |
| Inventory | 509.05M | 386.05M | 352.09M | 423.29M | 695.76M | 616.81M | 504.05M | 87.49M |
| Days Inventory Outstanding | 213.64 | 178.99 | 142.58 | 127.87 | 132.54 | 127.4 | 167.17 | 132.44 |
| Other Current Assets | 290.98M | 60.47M | 231.79M | 121.67M | 103.65M | 150.04M | 80.84M | 95.44M |
| Total Non-Current Assets | 1.61B | 1.62B | 2.05B | 2.35B | 2.72B | 1.22B | 438.49M | 40.26M |
| Property, Plant & Equipment | 251.09M | 221.87M | 179.23M | 208.62M | 668.28M | 822.01M | 372.76M | 23.43M |
| Fixed Asset Turnover | 16.65x | 15.51x | 19.05x | 18.08x | 8.63x | 6.02x | 8.11x | 28.18x |
| Goodwill | 155.13M | 155.03M | 556.57M | 857.14M | 869.42M | 20.6M | 20.6M | 0 |
| Intangible Assets | 537.85M | 559.71M | 671.4M | 689.67M | 745.85M | 189.09M | 10.03M | 1.11M |
| Long-Term Investments | 653.98M | 664.58M | 618.75M | 502.58M | 350.38M | 34.86M | 29.68M | 3M |
| Other Non-Current Assets | 14.34M | 20.64M | 28.48M | 94.27M | 80.22M | 152.06M | 1.2M | 12.08M |
| Total Assets | 3.85B | 3.97B | 5.01B | 5.86B | 7.27B | 8.31B | 2.01B | 328.22M |
| Asset Turnover | 1.09x | 0.87x | 0.68x | 0.64x | 0.79x | 0.60x | 1.50x | 2.01x |
| Asset Growth % | -3.06% | -20.68% | -14.61% | -19.38% | -12.47% | 313.26% | 512.49% | - |
| Total Current Liabilities | 615.67M | 640.19M | 611.33M | 588.41M | 877.58M | 1.13B | 763.34M | 187.26M |
| Accounts Payable | 149.47M | 72.09M | 105.69M | 119.85M | 240.81M | 466.7M | 400.54M | 90.22M |
| Days Payables Outstanding | 62.73 | 33.42 | 42.8 | 36.21 | 45.87 | 96.4 | 132.84 | 136.57 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9M |
| Deferred Revenue (Current) | 28.84M | 19.57M | 41.58M | 16.65M | 20.68M | 6.23M | 3.18M | 1K |
| Other Current Liabilities | 141.25M | 39.66M | 120.12M | 55.87M | 70.15M | 60.51M | 97.78M | 10.34M |
| Current Ratio | 3.63x | 3.67x | 4.83x | 5.96x | 5.19x | 6.27x | 2.06x | 1.54x |
| Quick Ratio | 2.80x | 3.06x | 4.25x | 5.24x | 4.40x | 5.72x | 1.40x | 1.07x |
| Cash Conversion Cycle | 184.21 | 180.24 | 121.34 | 111.65 | 109.2 | 61.94 | 66.36 | 31.67 |
| Total Non-Current Liabilities | 231.21M | 227.66M | 209.91M | 211.72M | 386.93M | 313.47M | 172.79M | 11.54M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 123.24M | 109.53M | 67.77M | 53M | 206.3M | 311.91M | 171.04M | 11.54M |
| Deferred Tax Liabilities | 107.97M | 103.31M | 111.59M | 113.44M | 124.45M | 1.56M | 1.74M | 0 |
| Other Non-Current Liabilities | 7 | 0 | 0 | 0 | 0 | 1.56M | 1.74M | 0 |
| Total Liabilities | 846.88M | 867.85M | 821.24M | 800.13M | 1.26B | 1.44B | 936.13M | 198.81M |
| Total Debt | 176.7M | 148.94M | 113.23M | 132.58M | 421.15M | 527.21M | 264.96M | 22.77M |
| Net Debt | -631.31M | -668.46M | -723.66M | -1.38B | -2.72B | -5.2B | -411.62M | -2.29M |
| Debt / Equity | 0.06x | 0.05x | 0.03x | 0.03x | 0.07x | 0.08x | 0.25x | 0.18x |
| Debt / EBITDA | - | - | - | - | - | - | 1.26x | - |
| Net Debt / EBITDA | - | - | - | - | - | - | -1.95x | - |
| Interest Coverage | - | - | - | - | - | - | - | -174.30x |
| Total Equity | 3B | 3.1B | 4.18B | 5.06B | 6.01B | 6.86B | 1.07B | 129.41M |
| Equity Growth % | -3.24% | -25.85% | -17.34% | -15.73% | -12.47% | 538.96% | 730.05% | - |
| Book Value per Share | 32.24 | 30.65 | 38.12 | 45.07 | 47.55 | 54.33 | 7.97 | 0.96 |
| Total Shareholders' Equity | 3.01B | 3.06B | 4.14B | 4.72B | 5.66B | 6.85B | 1.07B | 129.41M |
| Common Stock | 173.11K | 173K | 173K | 173K | 173K | 173K | 56K | 47K |
| Retained Earnings | -8.15B | -8.03B | -7.35B | -6.6B | -5.78B | -4.24B | -89.59M | -59.98M |
| Treasury Stock | -1.25B | -1.28B | -864.57M | -669.15M | -22.33M | -12K | -20K | -23K |
| Accumulated OCI | 106.35M | 86.87M | 84.38M | -50.02M | -234.43M | -77.21M | 33.75M | 610K |
| Minority Interest | -9.97M | 47.69M | 49.74M | 343.08M | 348.31M | 15.08M | 0 | 0 |
High customer acquisition costs
According to recent financial filings, YSG's total assets have declined from $5.6 billion in 2023Q3 to $3.8 billion by 2025Q4, reflecting a significant reduction in the company's balance sheet footprint as it pivots away from its initial aggressive acquisition-led growth strategy toward a more focused operational model.
The reduction in total assets appears largely driven by the impairment and rationalization of goodwill, which plummeted from $887.9 million to $155.1 million over the same period. This suggests that management is actively cleaning up the balance sheet from past over-leveraged acquisitions, though the persistent negative retained earnings of $8.1 billion indicate that this transformation has yet to translate into cumulative shareholder value creation.
As reported in quarterly balance sheets, YSG maintains a current ratio of 3.63 as of 2025Q4, providing a substantial liquidity cushion that appears sufficient to absorb short-term operating cash outflows despite the company's ongoing struggle to achieve consistent GAAP profitability in its core beauty segments.
The company's cash position of $808.0 million remains robust relative to its debt obligations, suggesting that YSG is not currently facing immediate solvency risks. However, investors should monitor the sustainability of this liquidity, as the company's reliance on high marketing spend to drive revenue could rapidly deplete these reserves if the current conversion of traffic to sales fails to improve.
Based on reported figures, YSG maintains a conservative capital structure with a debt-to-equity ratio of 0.06 as of 2025Q4, indicating that the company has successfully avoided reliance on external credit markets to fund its ongoing operational transformation and high-cost customer acquisition strategies.
The minimal debt load provides management with significant strategic flexibility, as the company is not burdened by interest expense during this period of negative operating margins. This debt-light profile is a critical defensive feature, allowing the firm to navigate the highly competitive Chinese beauty market without the added pressure of debt service obligations.
Analysis of the company's equity section reveals a persistent negative retained earnings balance of $8.1 billion as of 2025Q4, which highlights the significant historical capital destruction incurred during the company's rapid expansion phase and subsequent pivot to a premium skincare-focused business model.
While the total equity remains positive at $3.0 billion, the sheer scale of the accumulated deficit suggests that the company's past growth was achieved at a high cost to shareholders. Future equity quality will depend heavily on whether the current shift toward higher-margin skincare can generate the sustained profitability required to begin reversing these historical losses.
As indicated by the sharp decline in goodwill from $887.9 million in 2023Q3 to $155.1 million in 2025Q4, YSG has been forced to recognize significant write-downs on its past acquisitions, suggesting that the initial purchase prices for these assets were likely based on overly optimistic growth projections.
This massive reduction in intangible assets serves as a warning that the company's inorganic growth strategy was fundamentally flawed, potentially overpaying for brands that have not delivered the expected synergies. Investors should remain cautious, as further impairments may be necessary if the current skincare portfolio fails to meet long-term performance expectations.
Quick answers to the most common questions about buying YSG stock.
As of 2025, Yatsen Holding Limited (YSG) had total assets of $3.85B including $2.24B in current assets.
Yatsen Holding Limited (YSG) carries total debt of $176.7M, offset by $1.05B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Yatsen Holding Limited (YSG) has total shareholders' equity (book value) of $3.01B ($32.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Yatsen Holding Limited (YSG) reported a current ratio of 3.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.