Latest Ratios: P/E Ratio -6.5x · EV/EBITDA N/A · ROE -13.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $223M | $337M | $111M | $170M | $178M | $440M | $1.6B | $1.3B | — | — | — |
| Enterprise Value | $196M | $154M | $-236520316 | $-110177235 | $-445091334 | $-785735237 | $579M | $581M | — | — | — |
| P/E Ratio → | -6.49 | — | — | 8.06 | — | — | 270.98 | 7.41 | — | — | — |
| P/S Ratio | 1.02 | 0.23 | 0.08 | 0.11 | 0.14 | 0.26 | 1.21 | 1.14 | — | — | — |
| P/B Ratio | 0.91 | 0.20 | 0.06 | 0.07 | 0.07 | 0.17 | 0.60 | 0.49 | — | — | — |
| P/FCF | — | — | — | — | — | 11.22 | 11.06 | 3.78 | — | — | — |
| P/OCF | — | — | — | 7.56 | — | 5.22 | 8.78 | 3.41 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.10 | -0.16 | -0.07 | -0.35 | -0.46 | 0.45 | 0.50 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | 3.84 | — | — | — |
| EV / EBIT | — | — | — | -14.00 | — | -23.59 | — | 4.00 | — | — | — |
| EV / FCF | — | — | — | — | — | -20.03 | 4.07 | 1.68 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.8% | 47.8% | 61.3% | 63.7% | 68.7% | 80.6% | 83.6% | 82.8% | 85.2% | 82.7% | 48.7% |
| Operating Margin | -17.5% | -17.5% | -42.6% | -4.1% | -8.2% | -1.9% | -4.4% | 12.6% | 8.0% | 9.5% | -151.3% |
| Net Profit Margin | -15.9% | -15.9% | -40.2% | 1.4% | -5.2% | -0.5% | 0.4% | 15.3% | 8.9% | 6.6% | -165.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -13.0% | -13.0% | -26.1% | 0.8% | -2.6% | -0.3% | 0.2% | 9.6% | 7.5% | 6.6% | -85.1% |
| ROA | -8.8% | -8.8% | -19.8% | 0.7% | -2.0% | -0.3% | 0.2% | 7.7% | 5.8% | 4.8% | -54.0% |
| ROIC | -12.6% | -12.6% | -24.1% | -2.1% | -4.7% | -1.7% | -2.4% | 9.1% | 16.0% | 58.5% | -72.5% |
| ROCE | -13.1% | -13.1% | -26.1% | -2.3% | -3.9% | -1.2% | -2.1% | 7.6% | 6.7% | 9.5% | -78.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.12 | 0.06 | 0.03 | 0.04 | 0.05 | 0.06 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 1.05 | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.18 | -0.11 | -0.24 | -0.49 | -0.38 | -0.27 | -0.54 | -1.03 | -0.19 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -4.80 | -11.09 | -17.37 | — |
| Debt / FCF | — | — | — | — | — | -31.25 | -6.99 | -2.10 | -2.93 | -4.86 | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($483M) exceeds total debt ($300M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.89 | 1.89 | 2.74 | 3.19 | 3.56 | 2.85 | 4.90 | 6.34 | 4.23 | 3.92 | 2.56 |
| Quick Ratio | 1.60 | 1.60 | 2.50 | 2.97 | 3.34 | 2.72 | 4.86 | 6.30 | 4.08 | 3.81 | 2.56 |
| Cash Ratio | 1.19 | 1.19 | 1.88 | 2.46 | 2.92 | 2.44 | 4.65 | 6.06 | 3.99 | 3.70 | 2.02 |
| Asset Turnover | — | 0.56 | 0.54 | 0.47 | 0.39 | 0.51 | 0.39 | 0.36 | 0.46 | 0.46 | 0.33 |
| Inventory Turnover | 3.31 | 3.31 | 3.74 | 4.58 | 3.26 | 3.57 | 9.71 | 12.03 | 2.02 | 2.88 | — |
| Days Sales Outstanding | — | 51.70 | 56.30 | 19.58 | 49.41 | 23.82 | 24.07 | 14.37 | 15.28 | 20.56 | 19.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 5.6% | 39.1% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 12.4% | — | — | 0.4% | 13.5% | — | — | — |
| FCF Yield | — | — | — | — | — | 8.9% | 9.0% | 26.5% | — | — | — |
| Buyback Yield | 1.0% | 4.5% | 16.4% | 73.8% | 8.5% | 49.4% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 2.3% | 10.2% | 55.5% | 73.8% | 8.5% | 49.4% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $132M | $134M | $132M | $138M | $138M | $142M | $107M | $41M | $45M | $45M |
Strategic Pivot Execution Risk
According to current market data, So-Young trades at a price-to-sales multiple of 0.85, which, when paired with a negative P/E of -5.42, suggests that investors are pricing the company as a distressed asset rather than a growth-oriented platform within the Chinese medical aesthetics sector.
The valuation discount relative to peers like Doximity or Match Group implies that the market remains skeptical of the company's ability to successfully transition from a high-margin advertising model to a capital-intensive equipment distributor. This pricing suggests that the market is currently ignoring potential long-term value in the SaaS and supply chain integration, focusing instead on the immediate earnings volatility and negative margins.
Based on reported financial figures, So-Young's ROIC has declined from a near-neutral level in 2023Q3 to -4.8% in 2025Q4, indicating that the company's recent capital allocation into physical infrastructure and medical equipment is currently failing to generate positive returns on invested capital for shareholders.
The consistent decay in ROIC highlights the difficulty of maintaining historical efficiency levels while shifting toward a more asset-heavy business model. Investors should monitor whether this trend represents a temporary investment phase or a structural impairment of the company's ability to compound capital effectively in its new operational segments.
As reported in recent quarterly filings, So-Young's days inventory outstanding has increased from 77 days in 2023Q3 to 78 days in 2025Q4, while asset turnover has simultaneously compressed to 0.17, signaling a significant slowdown in the company's ability to convert its growing physical asset base into revenue.
The lengthening of the inventory cycle suggests that the company's pivot into medical equipment sales is creating new working capital pressures that were not present in its historical digital-only model. This inefficiency, combined with low asset turnover, implies that the company is struggling to optimize its supply chain and inventory management in a challenging macroeconomic environment.
According to the latest balance sheet data, So-Young's current ratio has tightened from 3.26 in 2023Q3 to 1.89 in 2025Q4, reflecting a reduction in short-term liquidity as the company aggressively deploys its cash reserves into capital-intensive projects and operational expansion.
While the current ratio remains above 1.0, the rapid compression of liquidity warrants close monitoring, especially given the company's ongoing negative free cash flow. The shift toward less liquid assets suggests that the company's ability to withstand further macroeconomic shocks or regulatory volatility is becoming more constrained than in previous periods.
The most commonly misapplied metric for So-Young is the price-to-earnings ratio, which obscures the company's ongoing structural transition from a high-margin digital advertising platform to a lower-margin, capital-intensive medical equipment distributor, rendering traditional earnings-based valuation models largely irrelevant in the current investment phase.
Investors should instead focus on metrics that capture the value of the company's ecosystem, such as revenue per active medical service provider or the growth of the SaaS-based recurring revenue stream. Relying on P/E ratios during this pivot ignores the heavy investment in infrastructure that is currently depressing net income but may be building long-term switching costs for the company's clinic partners.
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Quick answers to the most common questions about buying SY stock.
So-Young International Inc.'s current P/E ratio is -6.5x. The historical average is 7.7x.
So-Young International Inc.'s return on equity (ROE) is -13.0%. The historical average is -10.2%.
Based on historical data, So-Young International Inc. is trading at a P/E of -6.5x. Compare with industry peers and growth rates for a complete picture.
So-Young International Inc.'s current dividend yield is 1.25%.
So-Young International Inc. has 47.8% gross margin and -17.5% operating margin.