So-Young International (SY) Gross Margin (2018 - 2026)
So-Young International's Gross Margin came in at 44.11% for Q2 2026, down 7.16 percentage points from 51.27% a year earlier but up 2.11 percentage points from the prior quarter.
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Analysis
So-Young International (SY) Gross Margin (2018 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, So-Young International reported Gross Margin of 44.35%, down 11.14 percentage points year-over-year; for FY2025, it came in at 47.77%, down 13.54 percentage points from FY2024.
- Gross Margin has declined in each of the last five years, with a five-year change of -35.85 percentage points (FY2020 to FY2025).
- Going back by year, Gross Margin was 61.30% in FY2024 (-2.36 pp), 63.66% in FY2023 (-5.07 pp), 68.73% in FY2022 (-11.89 pp) and 80.63% in FY2021 (-2.99 pp).
- The five-year range for quarterly Gross Margin is 42.00% (Q1 2026) to 79.22% (Q3 2021).
- Year-over-year, Gross Margin has declined for 14 consecutive quarters, with an average year-over-year change of -9.37 percentage points over the last eight quarters.
- The fastest year-over-year change in Gross Margin over five years came in Q4 2022 (a gain of 1.15 percentage points), and the weakest in Q1 2022 (a drop of 20.93 percentage points).
- Business Quant data shows SY's Gross Margin at 42.00% (Q1 2026), 44.45% (Q4 2025) and 47.29% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 94.29 Bn | 93.74 Bn | - | - |
| 2 | Natera | 59.14 Bn | 54.82 Bn | 485.19 Mn | 64.46% |
| 3 | Quest Diagnostics | 26.23 Bn | 24.66 Bn | 1.03 Bn | 33.75% |
| 4 | Labcorp Holdings | 25.04 Bn | 22.81 Bn | 1.11 Bn | 29.80% |
| 5 | Guardant Health | 23.69 Bn | 19.76 Bn | 219.03 Mn | 65.39% |
| 6 | Tenet Healthcare | 20.77 Bn | 11.92 Bn | - | - |
| 7 | Tempus AI | 14.91 Bn | 11.94 Bn | 246.50 Mn | 64.45% |
| 8 | Encompass Health | 12.24 Bn | 12.70 Bn | - | - |
| 9 | Davita | 11.39 Bn | 10.15 Bn | 1.16 Bn | 32.70% |
| 10 | So-Young International | 41.47 Mn | -434.09 Mn | 32.84 Mn | 44.11% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 44.11% |
| Mar 31, 2026 | 42.00% |
| Dec 31, 2025 | 44.45% |
| Sep 30, 2025 | 47.29% |
| Jun 30, 2025 | 51.27% |
| Mar 31, 2025 | 49.07% |
| Dec 31, 2024 | 58.55% |
| Sep 30, 2024 | 61.76% |
| Jun 30, 2024 | 61.94% |
| Mar 31, 2024 | 63.14% |
| Dec 31, 2023 | 64.76% |
| Sep 30, 2023 | 62.99% |
| Jun 30, 2023 | 63.51% |
| Mar 31, 2023 | 63.33% |
| Dec 31, 2022 | 72.87% |
| Sep 30, 2022 | 70.92% |
| Jun 30, 2022 | 66.20% |
| Mar 31, 2022 | 64.51% |
| Dec 31, 2021 | 71.73% |
| Sep 30, 2021 | 79.22% |
API Access
So-Young International Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=SY&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "SY", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=SY&period=max&api_key=YOUR_API_KEY");
const data = await res.json();