So-Young International Inc. (SY) AI Stock Analysis

So-Young International Inc. operates an online platform dedicated to medical aesthetics and consumer healthcare services across domestic and international markets. The platform lets users discover medical aesthetics content, share treatment experiences, and book appointments with providers. It provides ratings, reviews, and blogs termed Beauty Diaries, alongside reservation services for dermatology, dentistry, orthodontics, ophthalmology, physical examinations, gynecology, HPV vaccines, and postnatal care. The company also supplies Software as a Service (SaaS) solutions, consultancy services, and training programs for medical service providers, in addition to internet information, technology advisory, and management consulting services.

Revenue increased at a 5-year CAGR of 2.7% from FY2020 to FY2025. Annual revenue reached $1.69B in FY2021 before dropping 25.7% to $1.26B in FY2022, then rebounding to $1.50B in FY2023, $1.47B in FY2024, and $1.48B in FY2025. Gross margin contracted steadily from 80.6% in FY2021 to 47.8% in FY2025. Profitability has been pressured, with net income declining from $21.3M in FY2023 to -$589.5M in FY2024 and -$235.7M in FY2025, when operating margin was -17.5%. In the trailing twelve months, revenue was $1.66B with a profit margin of -15.6%. In the latest quarter ended June 30, 2026, revenue increased 45.6% year-over-year while quarterly earnings grew 7.5%.

As of June 30, 2026, So-Young held $848.5M in cash and short-term investments against total debt of $378.4M, resulting in net cash of $470.1M. Shareholders' equity stood at $1.46B and total assets were $2.68B, with a debt-to-equity ratio of 0.26 and a current ratio of 1.61. Operating cash flow in FY2025 was -$105.4M and free cash flow was -$302.0M. During FY2025, the company spent $196.6M on capital expenditures, repurchased $15.3M in shares, and paid $19.0M in dividends.

At $2.27, So-Young trades at a market cap of $228.4M and an enterprise value of $225.1M. Its forward P/E of 16.3x is below the 17.3x median of its US-listed Healthcare peers. Its price-to-sales of 0.1x and EV/EBITDA of 2.3x compare with sector peer medians of 4.1x and 12.0x, respectively. The stock has posted a 1-year return of -29.5% and a 5-year return of -40.1%, underperforming the S&P 500 (SPY), which gained 16.8% over 1 year and 83.0% over 5 years. The stock's beta stands at 2.05.

All 2 analysts covering So-Young rate the stock a Strong Buy, with 0 Buy, Hold, Sell, or Strong Sell ratings. The mean price target is $7.33, which is 222.7% above the last close of $2.27. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $2.05B and an EPS of -$1.45. For the next fiscal year, analysts anticipate revenue of $2.79B and an EPS of -$0.49. The company beat EPS estimates in 2 of the last 4 quarters, and its next earnings date is November 16, 2026.

This page is an AI-written research summary of So-Young International Inc. (SY). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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