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Buy Day today: Good (62) Broad market participation · no major macro event
ZEPP

Zepp Health Corporation

Technology · Consumer Electronics · listed since 2018

4.40$ +3.3% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

The business model works again: the Amazfit brand is growing at a double-digit rate, margins are far better than in contract manufacturing, the company sits on $194.2 million of equity, and the stock trades below book value. What remains open is the one question that decides everything: when will revenue cover the cost base? At $258.9 million of revenue and $128.4 million of operating expenses, roughly a third more gross profit is needed to break even, and operating cash flow has been negative for two years. A red rating would need a substance finding, and there is none — no going-concern language, no broken covenant, cheap borrowing costs and $168.2 million of undrawn credit lines. A green rating would need proof that growth turns into profit. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Zepp Health has completed a restructuring that many contract manufacturers do not survive: away from the Xiaomi business ($92.0 million of revenue in 2023, zero in 2025) and toward its own Amazfit brand. Gross margin rose from 26.2 to 38.3 percent, revenue recovered 41.8 percent to $258.9 million in 2025 and grew another 33.8 percent in the first quarter of 2026. Yet the company still earns nothing: a $40.1 million net loss in 2025 and $25.7 million of operating cash burn. And the largest item on the balance sheet is a Chinese listed stake that cost $144.9 million, whose board is chaired by Zepp's own chief executive and 15.79 percent of which is pledged to a bank. Not investment advice.

Margin and brand build-out

Leaving the contract business behind clearly improved the quality of revenue: gross margin rose from 26.2 percent (2023) through 38.5 percent (2024) to 38.3 percent (2025), reaching 40.4 percent in the fourth quarter of 2025. In 2025, 100 percent of revenue came from the in-house Amazfit brand, and first-quarter 2026 revenue grew 33.8 percent to $51.5 million.

Profitability

Better margins have not produced profit: operating loss of $29.2 million (2025), $47.3 million (2024) and $30.5 million (2023); net loss of $40.1 million, $75.8 million and $31.1 million. Operating cash flow was negative in 2024 (−$24.4 million) and 2025 (−$25.7 million), and the first quarter of 2026 brought another $19.6 million net loss. Operating expenses of $128.4 million (2025) clearly exceed gross profit of $99.2 million.

Balance sheet and liquidity

Equity stood at $194.2 million as of March 31, 2026 (a 36.5 percent ratio) and cash at $103.2 million — but $50.8 million of that is restricted collateral for bank acceptance notes. Only $52.4 million was freely available against roughly $25 million of annual operating cash burn. Financial liabilities total $238.1 million, of which $198.1 million is current; borrowing costs are low at a 2.76 percent weighted average (2025), and $168.2 million of credit lines remain undrawn.

Capital allocation and entanglement

The biggest balance-sheet item is not an operating asset: $220.0 million of long-term investments at December 31, 2025, including $135.0 million in Shenzhen-listed Jiangsu Yitong High-Tech (purchase price $144.89 million in cash in February 2021, 2025 contribution −$1.2 million). A 15.79 percent equity interest is pledged against a $33 million loan. The same company also supplies the main chips and heart-rate sensors for Amazfit watches, and chief executive Wang Wayne Huang chairs its board — a conflict of interest the annual report names explicitly.

Ownership and dilution

Class B shares carry ten votes and account for 88.0 percent of the votes on 42.3 percent of the capital (February 28, 2026); founder Wang Wayne Huang controls 72.7 percent. Minority holders have no practical say. On top of that sit 48,760,845 outstanding options and share awards on Class A shares — a good fifth of the 234.9 million ordinary shares outstanding.

Listing and data quality

After an NYSE minimum-price notice dated April 30, 2024, Zepp changed the ADS ratio from 1:4 to 1:16 on September 16, 2024 and regained compliance on October 2, 2024. The annual report puts the 2025 ADS trading range between $2.17 and $61.27. Many data sources count only the Class A shares — anyone doing so understates both share count and market value by a good 42 percent.

Worth Noting

Zepp Health came onto the desk through a ratio anomaly in the universe covered by our in-house stock scanner: a company whose entire market value (roughly $68 million, calculated as of June 26, 2026) is below half its book equity ($194.2 million at March 31, 2026), while first-quarter 2026 revenue grew 33.8 percent. Scanner result lists are recalculated daily.

Share-count trap: many data sources show about 8.5 million shares for ZEPP — that is the 135,608,316 Class A shares divided by the ADS ratio of 16. The 99,277,687 Class B shares are missing from that figure. Every valuation number in this analysis uses 234,886,003 ordinary shares, or 14.68 million ADS equivalents (annual report cover page, as of December 31, 2025). The company itself uses a broader denominator for earnings per share: a weighted average of 254,431,492 shares in 2025 and 253,929,090 in the first quarter of 2026. The difference is the Class A shares held by the depositary bank, which the cover page explicitly excludes from shares outstanding; on that broader basis the market value would be roughly 8 percent higher.

The reporting currency has been the U.S. dollar since the second quarter of 2024 (Renminbi before that, applied retrospectively), so balance sheet and listing currency match. As a foreign private issuer, Zepp files an annual report on Form 20-F and interim reports on Form 6-K — there is no Form 10-Q.

Not to be confused: Zepp Health Corporation (NYSE: ZEPP) was named Huami Corporation until February 2021 and is filed with the SEC under the same identifier, CIK 0001720446. The Amazfit brand belongs to Zepp, not to Xiaomi.

Read the Full Deep Dive Zepp Health: Xiaomi Is Gone — and the Largest Item on the Balance Sheet Is a Chinese Stake That Cost $144.9 Million Zepp Health builds the Amazfit sports watches — and was called Huami until February 2021. Back then a good quarter of revenue came from contract manufacturing for Xiaomi. In 2025 not a single dollar did: revenue fell from $352.9 million to $182.6 million before recovering to $258.9 million, while gross margin climbed from 26.2 to 38.3 percent. Open the annual report, though, and something else appears: $220.0 million of investments, including $135.0 million in a Shenzhen-listed company whose board is chaired by Zepp's own chief executive. Not investment advice — but the watch on your wrist is only one third of the package here. Read the analysis →

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ZEPP since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 4.00 $ to 61.30 $ · Last price: 4.40 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.1$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 9m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 78.1%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 1.9

Performance

Perf. 1M ?Price performance over the last month. 3.30%
Perf. 3M ?Price performance over the last 3 months. –
Perf. 6M ?Price performance over the last 6 months. –
YTD Performance (%) ?Price performance since the start of the year (Year to Date). –
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -39.0%
Perf. 1Y ?Price performance over the last 12 months. -90.76%
Perf. 3Y ?Price performance over the last 3 years. -6.78%
Perf. 5Y ?Price performance over the last 5 years. -87.72%
Perf. Since Inception ?Price performance since the first available trading day (02/08/2018) — with a complete history, that is since the IPO. -89.89%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 4.90$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 5.00$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 14.00$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 40.8
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 71.5%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 110.8%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 3.1
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 0.3
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. –
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. -0.5
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 38.6%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -33.9%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. -15.8%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -18.8%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). -3.9%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 38.0%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.8
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. –
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 6 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 33.80%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). -68.10%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 36.12%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 16.83%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 266.70%

Dividend

This stock currently pays no dividend.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (68 out of 100)

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Consumer Electronics

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Zepp Health Corporation ZEPP 0.1 – -0.5 38.6 -33.9 36.1 -90.8
Apple Inc AAPL 4,949.6 41.9 29.1 48.7 32.3 6.4 41.5
Sony Group Corp SONY 139.4 20.2 8.2 32.3 16.7 2.1 -14.4
Xiaomi Corp ADR XIACY 85.4 17.8 11.6 21.4 4.0 21.6 -54.5
Sonos Inc SONO 1.9 – 13.5 45.0 -9.1 -4.9 6.5
Turtle Beach Corporation TBCH 0.3 612.8 13.3 37.6 – -14.2 -16.4
GoPro Inc GPRO 0.2 – 129.5 27.7 -37.2 -18.7 -45.5
Vuzix Corp Cmn Stk VUZI 0.2 – -1.1 -9.6 – 9.1 16.0
UTime Limited FXHO 0.1 – -0.2 -1.0 11.2 45.8 -99.8
Median of companies shown 0.3 31.1 11.6 32.3 4.0 6.4 -16.4

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 234 $M 2016 · Operating income: 2 $M 2016 · Net income: 4 $M 2017 · Revenue: 303 $M 2017 · Operating income: 27 $M 2017 · Net income: 25 $M 2018 · Revenue: 579 $M 2018 · Operating income: 58 $M 2018 · Net income: 54 $M 2019 · Revenue: 841 $M 2019 · Operating income: 90 $M 2019 · Net income: 83 $M 2020 · Revenue: 932 $M 2020 · Operating income: 25 $M 2020 · Net income: 33 $M 2021 · Revenue: 969 $M 2021 · Operating income: 15 $M 2021 · Net income: 21 $M 2022 · Revenue: 616 $M 2022 · Operating income: -61 $M 2022 · Net income: -43 $M 2023 · Revenue: 353 $M 2023 · Operating income: -30 $M 2023 · Net income: -31 $M 2024 · Revenue: 1,333 $M 2024 · Operating income: -345 $M 2024 · Net income: -554 $M 2025 · Revenue: 1,815 $M 2025 · Operating income: -205 $M 2025 · Net income: -281 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 234 2 4 0.24 2 49 140
2017 303 27 25 1.67 35 88 225
2018 579 58 54 3.84 110 277 498
2019 841 90 83 5.15 428 359 751
2020 932 25 33 2.04 23 417 902
2021 969 15 21 1.29 -52 458 954
2022 616 -61 -43 -2.78 -788 385 758
2023 353 -30 -31 -2.05 6 351 636
2024 1,333 -345 -554 -34.25 -24 1,836 3,858
2025 1,815 -205 -281 -282.65 -180 1,500 3,950

Screening

Appears in These Scanners

This stock currently matches 3 of our scanner strategies — each hit links to the scanner.

Breakout & Setup

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Strong Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 1
Price Target (average) 53.01$
Distance to price 1,104.8% The price target sits 1,104.8% above the current price.

Distribution of Recommendations

Strong Buy 1
Buy 0
Hold 0
Sell 0
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 -0.03 -0.03 – -0.03 2,121 98.5% 1
12/31/2027 0.05 0.05 – 0.05 2,413 266.7% 1

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

AI classification

AI Rating

Sells AI

KI ist bei Zepp Health nicht Beiwerk, sondern Produktmerkmal und Umsatzquelle: Der Jahresbericht 20-F für 2025 führt die KI-gestützten Hörgeräte Zepp Clarity und die KI-Klangplattform Zepp Aura als eigene Produkt- und Servicelinien, beschreibt den hauseigenen KI-Chip Huangshan als Kern der Wearables und nennt die Einbindung von OpenAIs GPT-4 in Zepp OS 4.

View the full file — quotes, sources, reviewed filings
„Zepp Clarity offers discreet, AI-powered hearing aids to combat hearing loss, and Zepp Aura provides personalized, AI-generated soundscapes to improve sleep and relaxation."

Zepp Clarity bietet dezente, KI-gestützte Hörgeräte gegen Hörverlust, und Zepp Aura liefert personalisierte, KI-erzeugte Klanglandschaften zur Verbesserung von Schlaf und Entspannung.

20-F · 2026-04-24 · View SEC filing

„software and data services, including Zepp Aura, our AI-powered sound health platform, and our data analytics capabilities."

Software- und Datendienste, darunter Zepp Aura, unsere KI-gestützte Klanggesundheits-Plattform, sowie unsere Datenanalyse-Fähigkeiten.

20-F · 2026-04-24 · View SEC filing

„In the second quarter of 2024, we launched Zepp OS 4, a major leap in wearable tech by integrating OpenAI’s GPT-4, making Amazfit smartwatches more effective wellness companions."

Im zweiten Quartal 2024 brachten wir Zepp OS 4 auf den Markt, einen großen Sprung in der Wearable-Technik durch die Einbindung von OpenAIs GPT-4, die Amazfit-Smartwatches zu wirksameren Wellness-Begleitern macht.

20-F · 2026-04-24 · View SEC filing

Filings Reviewed: 20-F 2026-04-24 · 6-K 2026-06-09 · 6-K 2026-03-16 · 20-F/A 2025-05-21 · 20-F 2025-04-25 · 6-K 2025-11-05

Rated on July 29, 2026 · How the Rating Is Built

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

4 of 10 Weak growth
  • Revenue grows by more than 15% a year over three years 43.4%
  • More than 10% revenue growth is expected for the coming year 16.8%
  • Share count grows by less than 3% a year -59.9%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 25.9%
  • Gross margin at 40% or higher and without meaningful erosion 39.2%
  • Goodwill from acquisitions does not grow faster than revenue 1.7%
  • Net debt below twice EBITDA failed
  • Operating cash flow covers the profits of the last three years 668 m
  • Return on capital at 15% or higher, or up versus two years ago -10.5%
  • Insiders hold at least 10% or are net buyers 22.2%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

3/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 25.5%
  • Exp. sales growth 3Y > 5% 15.3%
  • EBIT growth 10Y > 5% –
  • Exp. EBIT growth 3Y > 5% 15.3%
  • Net debt < 4x EBIT –
  • EBIT positive, 10Y straight 6
  • Max. EBIT decline < 50% 100.0%
  • Return on equity > 15% -21.0%
  • ROCE > 15% -10.5%
  • Expected return > 10% -289.7%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

The company

About the Company

Zepp Health Corporation operates as a smart wearable and health technology company worldwide. It empowers users to live lives by optimizing health, fitness, and wellness journeys through its consumer brands, Amazfit, Zepp Clarity, and Zepp Aura. The company offers smart bands, smart watches, smart rings, hearables, the Helio Strap, smart scales, and accessories; and sportswear, home appliances, and smart watch accessories. It also provides Zepp Aura, a real-time, personalized sound health solution offering health management, including emotional regulation and sports performance optimization; and provides charts and graphs to display analysis of the activity and biometric data collected from users through its Zepp Life and Zepp mobile apps. The company offers its products under the Amazfit and Zepp brand names in approximately 90 countries. The company was formerly known as Huami Corporation and changed its name to Zepp Health Corporation in February 2021. Zepp Health Corporation was founded in 2013 and is based in Gorinchem, The Netherlands.

Employees
763
Headquarters
Gorinchem, Netherlands
Address
Edisonweg 44 – B08, 4207 HG Gorinchem, Netherlands
Phone
31 616 086 658
Website
zepp.com
IPO Date
02/08/2018
ISIN
US98945L2043
Stock Split
1:4 on 09/16/2024

Management

Management
Name Title Birth Year
Mike Yan Yeung COO & Director 1971
Meihui Fan CTO & Director 1979
Wang Huang Founder, Chairman & CEO 1979
Leon Cheng Deng Chief Financial Officer 1983
Grace Yujia Zhang Director of Investor Relations –
Xiaojun Zhang VP of Human Resources 1972
Pengtao Yu Chief Industrial Designer 1982
Ramesh Jain Ph.D. Chief Technical Advisor of Huami AI Research Institute –

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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