Yatsen Holding Limited (YSG) Cash Flow Statement

NYSE: YSGOperating cash, capex, free cash flow and buybacks.

Where YSG’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
−CN¥94.7M
Capital expenditures
CN¥43.8M
1.0% of revenue
Free cash flow
−CN¥138.5M
−3.3% margin
Returned to shareholders
CN¥111.0M
Change in cash
−CN¥9.9M
cash at year-end CN¥807.5M
Investments (net): CN¥286.5MInvestments (net)CN¥286.5MDrawn from cash: CN¥9.9MDrawn from cashCN¥9.9MAcquisitions & other: CN¥4.1MAcquisitions & otherCN¥4.1MShare buybacks: CN¥111.0MShare buybacksCN¥111.0M · 37%Cash used in operations: CN¥94.7MCash used in operationsCN¥94.7M · 32%Capital expenditures: CN¥43.8MCapital expendituresCN¥43.8M · 15%Other financing: CN¥40.4MOther financingCN¥40.4M · 13%Currency & other: CN¥10.6MCurrency & otherCN¥10.6M · 4%CN¥300.5M
Cash from operations
−CN¥94.7M
Capital expenditures
−CN¥43.8M
Investments (net)
+CN¥286.5M
Acquisitions & other
+CN¥4.1M
Share buybacks (net)
−CN¥111.0M
Other financing
−CN¥40.4M
Currency & other
−CN¥10.6M
Change in cash
−CN¥9.9M

Drawn to scale: where the cash came from and how it was used. Hover for values.

YSG operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

YSG cash flow trends, 2018–2025

MetricTrendThenLatestChange
Operating cash flow−CN¥96.2M2018−CN¥94.7M2025—
Capital expendituresCN¥4.9M2018CN¥43.8M2025+36.8%/yr
Free cash flow−CN¥101.1M2018−CN¥138.5M2025—
Free cash flow margin−15.3%2018−3.3%2025+12.0 pts
Stock-based compensationCN¥14.0M2018CN¥59.0M2025+22.8%/yr
Share buybacks (net)CN¥02018CN¥111.0M2025—
Capex / revenue0.7%20181.0%2025+0.3 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

YSG cash flow by activity

OperatingInvestingFinancingChange in cash

YSG net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

YSG cash flow statement in Chinese yuan

20252024202320222021202020192018
Operating activities
Net income−CN¥92.4M−CN¥710.2M−CN¥750.2M−CN¥821.3M−CN¥1.55B−CN¥2.69BCN¥75.4M−CN¥40.1M
Depreciation & amortizationCN¥146.1MCN¥220.1MCN¥203.4MCN¥339.3MCN¥427.3MCN¥263.9MCN¥67.7MCN¥4.1M
Stock-based compensationCN¥59.0MCN¥91.2MCN¥77.5MCN¥340.9MCN¥530.4MCN¥1.90BCN¥75.0MCN¥14.0M
Change in working capital−CN¥205.2M−CN¥198.6MCN¥61.5MCN¥230.1M−CN¥530.4M−CN¥502.4M−CN¥222.3M−CN¥81.2M
Other non-cash items−CN¥2.2MCN¥353.9MCN¥300.4MCN¥47.4MCN¥99.3MCN¥43.0M−CN¥1.9MCN¥7.0M
Cash from operating activities−CN¥94.7M−CN¥243.7M−CN¥107.4MCN¥136.2M−CN¥1.02B−CN¥983.4M−CN¥6.2M−CN¥96.2M
Investing activities
Capital expenditures−CN¥43.8M−CN¥57.0M−CN¥44.0M−CN¥59.3M−CN¥166.7M−CN¥384.6M−CN¥108.8M−CN¥4.9M
Investments (net)CN¥286.5MCN¥592.1M−CN¥260.5M−CN¥1.16B−CN¥1.48B−CN¥25.6M−CN¥148.2M−CN¥7.9M
Acquisitions & other investingCN¥4.1MCN¥57.0MCN¥44.0MCN¥59.3MCN¥166.7M−CN¥98.7MCN¥108.8MCN¥4.9M
Cash from investing activitiesCN¥246.8MCN¥592.1M−CN¥260.5M−CN¥1.16B−CN¥1.48B−CN¥508.8M−CN¥148.2M−CN¥7.9M
Financing activities
Share repurchases & issuance (net)−CN¥111.0M−CN¥405.8M−CN¥212.7M−CN¥654.6M−CN¥15.2M−CN¥491.2M−CN¥117.6MCN¥140.8M
Net borrowing (repayment)——CN¥0CN¥0−CN¥100,000−CN¥100,000−CN¥2.9MCN¥2.9M
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥8.25BCN¥895.7MCN¥140.8M
Other financing−CN¥40.4MCN¥11.6M−CN¥129.8MCN¥200,000CN¥13.6M−CN¥1.08BCN¥20.0M−CN¥160.8M
Cash from financing activities−CN¥151.4M−CN¥394.2M−CN¥342.5M−CN¥654.5M−CN¥1.7MCN¥6.68BCN¥795.2MCN¥123.7M
Summary
Net change in cash−CN¥9.9M−CN¥40.7M−CN¥696.2M−CN¥1.58B−CN¥2.60BCN¥5.06BCN¥651.5MCN¥20.4M
Cash at end of periodCN¥807.5MCN¥817.4MCN¥858.1MCN¥1.55BCN¥3.14BCN¥5.73BCN¥676.6MCN¥25.1M
Free cash flow−CN¥138.5M−CN¥300.7M−CN¥151.4MCN¥76.9M−CN¥1.19B−CN¥1.37B−CN¥114.9M−CN¥101.1M
Free cash flow margin−3.3%−8.7%−4.4%2.0%−20.6%−27.6%−3.8%−15.3%
Capex / revenue1.0%1.7%1.3%1.6%2.9%7.8%3.6%0.7%
Operating cash flow / net income——————−0.08—

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

YSG cash generation

In fiscal 2025 (ended December 31, 2025), Yatsen generated -CN¥94.7 million of cash from operations and spent CN¥43.8 million on capital expenditures, leaving free cash flow of -CN¥138.5 million, −3.3% of revenue. It returned CN¥111.0 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥111.0 million). Cash and equivalents fell by CN¥9.9 million over the year.

Related: YSG income statement. See the YSG stock overview for the latest quote and news.

YSG cash flow FAQ

What is Yatsen's free cash flow?

Yatsen's free cash flow was -CN¥138.5 million in fiscal 2025: -CN¥94.7 million of operating cash flow minus CN¥43.8 million of capital expenditures It was -CN¥300.7 million a year earlier..

How much cash does Yatsen generate from operations?

Yatsen generated -CN¥94.7 million of cash from operating activities in fiscal 2025.

How much does Yatsen spend on capital expenditures?

Yatsen spent CN¥43.8 million on capital expenditures in fiscal 2025, 1.0% of revenue, compared with CN¥57.0 million the year before.

How much stock does Yatsen buy back?

Yatsen spent CN¥111.0 million on net share repurchases in fiscal 2025.

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