So-Young International (SY) Operating Margin (2018 - 2026)
So-Young International's (SY) quarterly Operating Margin came in at 13.38% in Q1 2026, up 122.0% year-on-year from 6.03% in Q1 2025, and up 49.87% quarter-over-quarter from 26.69% in Q4 2025.
So-Young International (SY) Operating Margin (2018 - 2026) Analysis & Trends
So-Young International's Operating Margin history runs 9 years deep, the most recent figure standing at 13.38% for Q1 2026.
- On a quarterly basis, Operating Margin rose 122.0% year-over-year to 13.38% in Q1 2026; TTM through Mar 2026 was 18.13%, a 2497.0% increase from a year earlier, with the FY2025 full-year figure at 18.79%, up 2379.0% from the prior year.
- Operating Margin improved to 13.38% in Q1 2026 per SY's latest filing, from 26.69% in the prior quarter.
- Across five years, Operating Margin topped out at 7.49% in Q4 2022 and bottomed at 162.25% in Q4 2024.
- The 5-year median for Operating Margin is 11.57% (2024), against an average of 18.16%.
- Across the five-year window, Operating Margin slumped 16100 bps in 2024 and jumped 13557 bps in 2025, its largest moves.
- Year by year, Operating Margin stood at 7.49% in 2022, then slumped by 117 bps to 1.26% in 2023, then plunged by 12817 bps to 162.25% in 2024, then soared by 84 bps to 26.69% in 2025, then surged by 50 bps to 13.38% in 2026.
- Per Business Quant, the three latest SY Operating Margin figures stand at 13.38% (Q1 2026), 26.69% (Q4 2025), and 18.8% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 29.34 Bn | 22.03 Bn | 662.02 Mn | 30.93% |
| 2 | BrightSpring Health Services | 13.49 Bn | 12.59 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.96 Bn | 7.70 Bn | 256.31 Mn | 29.03% |
| 4 | 10x Genomics | 6.17 Bn | 5.63 Bn | 106.18 Mn | -11.30% |
| 5 | Hinge Health | 6.02 Bn | 5.70 Bn | 154.23 Mn | 17.59% |
| 6 | MiniMed | 4.19 Bn | 3.89 Bn | 480.00 Mn | -11.11% |
| 7 | Waystar Holding | 4.14 Bn | 4.07 Bn | 216.84 Mn | 25.64% |
| 8 | Doximity | 3.82 Bn | 3.08 Bn | 125.97 Mn | 17.08% |
| 9 | Privia Health | 3.10 Bn | 2.73 Bn | - | 1.23% |
| 10 | So-Young International | 149.13 Mn | 34.00 Mn | 26.35 Mn | -13.38% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -13.38% |
| Dec 31, 2025 | -26.69% |
| Sep 30, 2025 | -18.80% |
| Jun 30, 2025 | -12.44% |
| Mar 31, 2025 | -14.60% |
| Dec 31, 2024 | -162.25% |
| Sep 30, 2024 | 1.26% |
| Jun 30, 2024 | 1.65% |
| Mar 31, 2024 | -11.57% |
| Dec 31, 2023 | -1.26% |
| Sep 30, 2023 | -0.52% |
| Jun 30, 2023 | -5.03% |
| Mar 31, 2023 | -10.78% |
| Dec 31, 2022 | 7.49% |
| Sep 30, 2022 | -2.27% |
| Jun 30, 2022 | -13.59% |
| Mar 31, 2022 | -25.89% |
| Dec 31, 2021 | -11.01% |
| Sep 30, 2021 | 4.47% |
| Jun 30, 2021 | 12.77% |