Yatsen Holding Ltd balance sheet

At the end of fiscal 2025, Yatsen Holding Ltd had total assets of $550m, total liabilities of $121m and shareholders' equity of $431m. It held $109m in cash against $0 of debt.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Yatsen Holding Ltd: balance sheet, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	—	97	878	492	219	118	112	109
Receivables	—	38	64	56	29	28	29	32
Inventory	—	72	95	109	61	50	53	73
Total current assets	—	226	1,086	715	509	416	322	319
Goodwill	—	3	3	136	124	78	21	22
Total assets	—	289	1,273	1,141	850	705	544	550
Accounts payable	—	58	72	38	17	15	10	—
Deferred revenue (current)	—	0	1	3	2	6	3	4
Total current liabilities	—	110	173	138	85	86	88	88
Total debt	—	0	0	0	0	0	0	0
Total liabilities	—	134	221	198	116	116	119	121
Shareholders' equity	−9	−8	1,050	888	684	582	419	431
Non-controlling interests and other (assets − liabilities − equity)	—	162	—	55	50	—	—	—

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Yatsen Holding Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Yatsen Holding Ltd.