So-Young International (SY) Operating Margin (2018 - 2026)
So-Young International (SY) recorded Operating Margin of -8.64% in Q2 2026, up 3.80 percentage points from -12.44% a year earlier and up 4.74 percentage points from the prior quarter.
Powered by 
Analysis
So-Young International (SY) Operating Margin (2018 - 2026) Analysis & Trends
On a TTM basis, So-Young International's Operating Margin came in at -16.56% as of Jun 30, 2026, up 31.04 percentage points year-over-year; for FY2025, it was -18.79%, up 23.79 percentage points from FY2024.
- Annual Operating Margin has a five-year change of -14.41 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at -42.58% in FY2024 (-38.50 pp), -4.08% in FY2023 (+4.10 pp), -8.17% in FY2022 (-6.25 pp) and -1.92% in FY2021 (+2.45 pp).
- The Q2 2026 figure is the highest quarterly Operating Margin since Q3 2024.
- On a year-over-year basis, Operating Margin has increased for three consecutive quarters, with an average year-over-year change of -6.98 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 135.57 percentage points in Q4 2025, against a drop of 161.00 percentage points in Q4 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at -13.38% (Q1 2026), -26.69% (Q4 2025) and -18.80% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 102.50 Bn | 98.51 Bn | - | - |
| 2 | Natera | 58.05 Bn | 53.74 Bn | 485.19 Mn | -10.07% |
| 3 | Labcorp Holdings | 26.39 Bn | 24.13 Bn | 1.11 Bn | 12.10% |
| 4 | Quest Diagnostics | 26.28 Bn | 24.41 Bn | 1.03 Bn | 15.08% |
| 5 | Tenet Healthcare | 22.71 Bn | 11.72 Bn | - | 26.67% |
| 6 | Guardant Health | 21.59 Bn | 17.65 Bn | 219.03 Mn | -38.55% |
| 7 | BrightSpring Health Services | 12.87 Bn | 11.21 Bn | 492.75 Mn | 3.37% |
| 8 | Fresenius Medical Care AG | 12.49 Bn | 4.44 Bn | 1.52 Bn | 9.58% |
| 9 | Encompass Health | 12.04 Bn | 11.70 Bn | - | - |
| 10 | So-Young International | 17.56 Mn | -460.86 Mn | 32.84 Mn | -8.64% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -8.64% |
| 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% |
API Access
So-Young International Operating 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=operating-margin&ticker=SY&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=SY&period=max&api_key=YOUR_API_KEY");
const data = await res.json();