Zepp Health ZEPP

NYSE · Electronic Computers · $36M

$2.22−2.63%Nov 5 close · Databento

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ZEPP Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $2.221D −2.63%3M −57.23%SMA20 $2.75SMA50 $3.72RSI(14) 16.8

2.22

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 16.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$36M

Revenue$258.9M +41.8%

True FCF (ex-SBC)$-28.7M −1.6%

Rule of 4031.7%

ROIC-19.5%

True FCF Yield-79.2%

EPS, diluted$-0.16 +44.8%

Modern Valuation (EOD)

Market Cap$36M

Enterprise Value—

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales—

P / E (GAAP)—

P / FCF—

P / Oper. CF—

P / Book0.17

Owner & Cash Yields

True FCF Yield-79.2%

FCF Yield-72.3%

Owner Earn. Yield-106.3%

Earnings Yield-110.5%

Shareholder Yield+13.9%

Buyback Yield3.4%

Dividend Yield—

Dividend / sh—

Payout Ratio-16%

FCF / sh—

EPS (diluted)$-0.16

Compounder & Returns

Rule of 4031.7%

ROIC-19.5%

Cash ROIC (CROIC)-16.3%

GP / Assets17.6%

ROE-18.7%

ROA-7.1%

Gross Margin38.3%

Oper. Margin-11.3%

Net Margin-15.5%

FCF Margin-10.1%

True FCF Margin-11.1%

Quality & Dilution

Cash Conversion—

Accrual Ratio−2.5%

SBC % of FCF—

SBC % of Rev1.0%

Reinvest. Rate—

Sales Growth Y/Y+41.8%

Sales 3Y CAGR−25.0%

EPS Growth Y/Y+44.8%

FCF Growth Y/Y−1.6%

FCF 3Y CAGR—

Share Change Y/Y−1.7%

Balance Sheet & Scale

Revenue (FY)$258.9M

Gross Profit (FY)$99.2M

Oper. Income (FY)$-29.2M

GAAP Net Income$-40.1M

True FCF (ex-SBC)$-28.7M

Cash & Equiv$112.9M

Total Debt$59.5M

Net Cash (Debt)$53.5M

Net Cash % MCap+147.4%

Debt / FCF (yrs)—

Current Ratio1.02

Price & Technicals (EOD)

Perf Week−1.33%

Perf Month−42.49%

Perf Quarter−53.26%

Perf Half Y−85.15%

Perf YTD−85.19%

SMA 20 Dist−19.21%$2.75

SMA 50 Dist−40.39%$3.72

SMA 100 Dist−49.33%$4.38

Window High−87.95%$18.43

Window Low+0.91%$2.20

RSI (14) · Vol16.838%v

Income Distribution & Cash Flow ConversionHow every dollar of ZEPP revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$159.7M ($61.7 / $100)

R&D Reinvestment$45.3M ($17.5 / $100)

Operating Expenses$83.1M ($32.1 / $100)

Tax & Non-Operating$10.8M ($4.2 / $100)

Net Profit Kept$-40.1M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-40.1M (-15.5% margin)

Operating Cash Flow (OCF)$-25.7M(-9.9% of rev)

Less: Capital Expenditures−$516,000(0.2% of rev)

Standard Free Cash Flow (FCF)$-26.2M(-10.1% margin)

Less: Stock-Based Comp (SBC)−$2.5M

True FCF (Owner Cash ex-SBC)$-28.7M(-11.1% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$980.8M	$613.6M	$352.9M	$182.6M	$258.9M	+41.8%	−28.3%
Cost of Revenue (COGS)	$775.9M	$494.8M	$260.5M	$112.4M	$159.7M	+42.1%	−32.6%
Gross Profit	$204.9M	$118.9M	$92.4M	$70.2M	$99.2M	+41.2%	−16.6%
Research & Development (R&D)	$80.8M	$77.3M	$51.5M	$46.2M	$45.3M	−1.8%	−13.5%
Total Operating Expenses	$190.1M	$180.7M	$122.8M	$117.5M	$128.4M	+9.3%	−9.3%
Operating Income (EBIT)	$14.7M	$-61.9M	$-30.4M	$-47.3M	$-29.2M	+38.1%	—
Interest Expense	$7.0M	$8.3M	$6.7M	$5.6M	$5.7M	+2.6%	−5.2%
Income Tax Expense	$1.7M	$-9.9M	$-2.4M	$13.7M	$2.5M	−81.5%	+10.8%
GAAP Net Income	$21.6M	$-43.2M	$-31.0M	$-75.7M	$-40.1M	+47.1%	—
Diluted EPS	$0.08	$-0.18	$-0.13	$-0.29	$-0.16	+44.8%	—
Diluted Shares	264.4M	246.3M	243.1M	258.9M	254.4M	−1.7%	−1.0%
Balance Sheet
Cash & Equivalents	$236.9M	$141.1M	$140.5M	$110.7M	$112.9M	+2.0%	−16.9%
Inventory	$196.0M	$148.2M	$84.9M	$56.8M	$72.8M	+28.1%	−21.9%
Total Current Assets	$616.9M	$428.9M	$316.7M	$251.6M	$293.5M	+16.7%	−16.9%
Total Assets	$955.0M	$763.7M	$635.5M	$528.6M	$564.8M	+6.9%	−12.3%
Total Current Liabilities	$337.7M	$241.9M	$155.1M	$195.4M	$286.8M	+46.8%	−4.0%
Total Debt (Short + Long Term)	$114.1M	$99.2M	$120.0M	$75.2M	$59.5M	−21.0%	−15.0%
Total Liabilities	$494.6M	$374.5M	$282.8M	$275.9M	$350.3M	+27.0%	−8.3%
Stockholders' Equity	$460.3M	$389.3M	$352.8M	$252.7M	$214.5M	−15.1%	−17.4%
Net Cash / (Net Debt)	$122.8M	$41.9M	$20.4M	$35.5M	$53.5M	+50.6%	−18.8%
Invested Capital	$337.5M	$347.4M	$332.3M	$217.2M	$161.1M	−25.9%	−16.9%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-36.5M	$-117.1M	$42.6M	$-24.4M	$-25.7M	−5.3%	—
Depreciation & Amortization (D&A)	$8.1M	$8.7M	$7.7M	$5.0M	$4.5M	−9.6%	−13.6%
Stock-Based Compensation (SBC)	$13.0M	$7.3M	$8.8M	$4.8M	$2.5M	−47.8%	−33.9%
Capital Expenditures (CapEx)	$7.2M	$1.2M	$1.6M	$1.4M	$516,000	−63.2%	−48.3%
Free Cash Flow (FCF)	$-43.7M	$-118.3M	$41.0M	$-25.8M	$-26.2M	−1.6%	—
True FCF (ex-SBC Owner Cash)	$-56.7M	$-125.6M	$32.2M	$-30.6M	$-28.7M	+6.1%	—
Share Repurchases (Buybacks)	$2.2M	$8.2M	$2.5M	$2.3M	$1.2M	−45.7%	−13.0%
Dividends Paid	—	$6.3M	—	—	$6.3M	—	+0.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what ZEPP did at the next close after each story

No Wire story has named ZEPP yet.

What happened · big days

23 big days in a year, and what we hold on each

A big day is a close more than 9.82% from the one before, three times ZEPP’s median day (3.27%). On 0 of the 23, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±9.82%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayZEPPWhat we hold that dayGroup (median of 4) · each

1 Nov 6, 2025−20.41%
Before our storiesgroup −1.1%, did not move with it
1Nov 6, 2025−20.41%
Before our stories
−1.1% did not move with itSMCI −4.0 · DELL −2.1 · AAPL −0.1 · OMCL +0.1
2 Nov 10, 2025−17.92%
Before our storiesgroup +0.7%, did not move with it
2Nov 10, 2025−17.92%
Before our stories
+0.7% did not move with itDELL −2.7 · AAPL +0.4 · SMCI +1.1 · OMCL +3.2
3 Nov 11, 2025+17.19%
Before our storiesgroup −1.0%, did not move with it
3Nov 11, 2025+17.19%
Before our stories
−1.0% did not move with itAAPL +2.2 · OMCL +0.8 · DELL −2.8 · SMCI −3.4
4 Nov 21, 2025+10.70%
Before our storiesgroup +3.2%, did not move with it
4Nov 21, 2025+10.70%
Before our stories
+3.2% did not move with itOMCL +4.9 · DELL +4.3 · SMCI +2.0 · AAPL +2.0
5 Jan 7, 2026+11.22%
Before our storiesgroup −1.3%, did not move with it
5Jan 7, 2026+11.22%
Before our stories
−1.3% did not move with itOMCL +0.8 · AAPL −0.8 · SMCI −1.7 · DELL −3.1
6 Jan 8, 2026−13.63%
Before our storiesgroup −0.4%, did not move with it
6Jan 8, 2026−13.63%
Before our stories
−0.4% did not move with itDELL −1.3 · AAPL −0.5 · SMCI −0.4 · OMCL +6.6
7 Jan 13, 2026−14.51%
Before our storiesgroup −0.2%, did not move with it
7Jan 13, 2026−14.51%
Before our stories
−0.2% did not move with itSMCI −5.0 · DELL −0.7 · AAPL +0.3 · OMCL +0.4
8 Jan 30, 2026−14.23%
Before our storiesgroup −2.3%, did not move with it
8Jan 30, 2026−14.23%
Before our stories
−2.3% did not move with itDELL −3.4 · SMCI −3.4 · OMCL −1.2 · AAPL +0.5
9 Feb 9, 2026+26.79%
Before our storiesgroup −1.4%, did not move with it
9Feb 9, 2026+26.79%
Before our stories
−1.4% did not move with itDELL −0.1 · AAPL −1.3 · OMCL −1.5 · SMCI −2.5
10 Feb 27, 2026−12.76%
Before our storiesgroup −0.8%, did not move with it
10Feb 27, 2026−12.76%
Before our stories
−0.8% did not move with itAAPL −3.2 · OMCL −2.0 · SMCI +0.3 · DELL +21.9
11 Mar 16, 2026−22.13%
Before our storiesgroup +2.2%, did not move with it
11Mar 16, 2026−22.13%
Before our stories
+2.2% did not move with itOMCL −0.3 · AAPL +1.1 · DELL +3.2 · SMCI +3.6
12 Mar 25, 2026−10.34%
Before our storiesgroup +2.7%, did not move with it
12Mar 25, 2026−10.34%
Before our stories
+2.7% did not move with itAAPL +0.4 · OMCL +1.4 · DELL +4.0 · SMCI +8.2
13 Mar 26, 2026−12.14%
Before our storiesgroup −2.2%, did not move with it
13Mar 26, 2026−12.14%
Before our stories
−2.2% did not move with itSMCI −7.7 · DELL −4.5 · AAPL +0.1 · OMCL +0.7
14 Apr 17, 2026+16.39%
Before our storiesgroup +1.8%, did not move with it
14Apr 17, 2026+16.39%
Before our stories
+1.8% did not move with itAAPL +2.6 · OMCL +1.8 · DELL +1.8 · SMCI +0.6
15 Apr 22, 2026+10.08%
Before our storiesgroup +1.9%, did not move with it
15Apr 22, 2026+10.08%
Before our stories
+1.9% did not move with itSMCI +2.6 · AAPL +2.6 · DELL +1.1 · OMCL −0.3
16 May 7, 2026−16.99%
Before our storiesgroup −2.0%, did not move with it
16May 7, 2026−16.99%
Before our stories
−2.0% did not move with itDELL −3.6 · SMCI −3.0 · OMCL −1.0 · AAPL −0.0
17 May 8, 2026−17.26%
Before our storiesgroup +3.6%, did not move with it
17May 8, 2026−17.26%
Before our stories
+3.6% did not move with itOMCL +1.1 · AAPL +2.0 · SMCI +5.2 · DELL +13.1
18 May 12, 2026−15.41%
Before our storiesgroup −0.7%, did not move with it
18May 12, 2026−15.41%
Before our stories
−0.7% did not move with itDELL −3.3 · SMCI −2.2 · AAPL +0.7 · OMCL +0.9
19 May 19, 2026−13.59%
Before our storiesgroup −0.3%, did not move with it
19May 19, 2026−13.59%
Before our stories
−0.3% did not move with itDELL −1.2 · SMCI −0.9 · AAPL +0.4 · OMCL +1.4
20 Jun 3, 2026−10.53%
Before our storiesgroup −2.4%, did not move with it
20Jun 3, 2026−10.53%
Before our stories
−2.4% did not move with itSMCI −5.5 · DELL −3.3 · AAPL −1.6 · OMCL −0.1
21 Jun 9, 2026−28.64%
Before our storiesgroup −4.2%, did not move with it
21Jun 9, 2026−28.64%
Before our stories
−4.2% did not move with itSMCI −7.6 · DELL −4.7 · AAPL −3.6 · OMCL −3.0
22 Jun 11, 2026+21.55%
Nothing on ZEPPgroup +3.6%, did not move with it
22Jun 11, 2026+21.55%
Nothing on ZEPPNo ZEPP story, brief or results filing in our record that day
+3.6% did not move with itSMCI +9.2 · DELL +5.8 · AAPL +1.4 · OMCL −0.9
23 Jun 30, 2026+10.15%
Nothing on ZEPPgroup +3.4%, did not move with it
23Jun 30, 2026+10.15%
Nothing on ZEPPNo ZEPP story, brief or results filing in our record that day
+3.4% did not move with itSMCI +4.2 · DELL +4.1 · AAPL +2.7 · OMCL +1.5

A story on the same day is not a cause, and a group move is not proof either. Group: the median of AAPL, DELL, SMCI and OMCL that day, the largest companies in ZEPP’s SEC industry; “moved with ZEPP” means the same direction and at least half the size.

Same industry

ZEPP against four computer peers, a year at 100

ZEPP is down 91.7% in a year. Dell Technologies is up 2.5 times, Apple is up 30.2%, Omnicell 6.6% and Super Micro Computer is down 31.9%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 2.5-fold rise and a 91.7% fall both read honestly.

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ZEPP −91.7%. Dell Technologies ×2.5, Apple +30.2%, Omnicell +6.6%, Super Micro Computer −31.9%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in ZEPP’s SEC industry (Electronic Computers) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

AAPL	Apple	$5.10T	−1.53%
DELL	Dell Technologies	$254.7B	−14.89%
SMCI	Super Micro Computer	$19.4B	−8.51%
OMCL	Omnicell	$1.8B	−3.50%
OSS	One Stop Systems	$116M	−15.88%
SCKT	Socket Mobile	$2M	−8.20%