BZUN · Baozun Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.42B | $1.29B | $1.24B | $1.22B | $1.47B | $1.36B |
| Cost of Revenue | $368.37M | $338.91M | $339.32M | $327.08M | $514.16M | $509.77M |
| Gross Profit | $1.05B | $951.93M | $901.83M | $890.89M | $960.31M | $846.79M |
| R&D | - | - | - | - | - | - |
| SG&A | $107.48M | $98.52M | $120.55M | $53.86M | $82.51M | $34.34M |
| Total Operating Expenses | $1.41B | $1.31B | $1.27B | $1.21B | $1.47B | $1.27B |
| D&A | $31.71M | $33.54M | $35.44M | $28.50M | $32.47M | $23.25M |
| Operating Income | $8.09M | ($15.73M) | ($29.07M) | $4.83M | $1.10M | $85.62M |
| Interest Expense | $6.37M | $5.34M | $5.82M | $8.25M | $8.92M | $10.13M |
| Income Tax | $1.42M | $2.84M | $1.69M | $3.84M | $8.67M | $19.58M |
| Net Income | ($34.62M) | ($25.37M) | ($39.22M) | ($94.72M) | ($34.50M) | $65.29M |
| EPS - Basic | ($0.20) | ($0.14) | ($0.22) | ($0.52) | ($0.16) | $0.35 |
| EPS - Diluted | ($0.20) | ($0.14) | ($0.22) | ($0.52) | ($0.16) | $0.34 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $129.75M | $176.64M | $302.75M | $310.85M | $722.87M | $548.61M |
| Accounts Receivable | $310.76M | $278.63M | $307.71M | $332.41M | $354.79M | $335.48M |
| Inventory | $125.76M | $153.09M | $147.20M | $136.72M | $168.47M | $157.25M |
| Accounts Payable | $66.65M | $85.03M | $79.38M | $68.83M | $77.53M | $64.61M |
| Current Assets | $972.84M | $988.34M | $1.03B | $1.07B | $1.44B | $1.40B |
| Total Assets | $1.39B | $1.40B | $1.48B | $1.47B | $1.93B | $1.61B |
| Current Liabilities | $521.25M | $513.41M | $529.30M | $533.79M | $749.56M | $336.59M |
| Long-term Debt | - | - | - | - | $0 | $270.17M |
| Total Liabilities | $600.53M | $606.42M | $651.10M | $644.63M | $916.05M | $663.92M |
| Stockholders' Equity | $520.88M | $536.22M | $577.08M | $592.15M | $768.35M | $936.55M |
| Retained Earnings | ($133.55M) | ($94.78M) | ($71.35M) | ($33.08M) | $66.71M | $145.90M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $60.12M | $13.88M | $63.13M | $55.47M | ($15.08M) | $47.51M |
| Investing Cash Flow | ($128.50M) | ($112.01M) | ($47.94M) | ($189.45M) | $58.98M | ($94.46M) |
| Financing Cash Flow | ($15.37M) | ($2.70M) | ($1.13M) | ($239.29M) | $117.68M | $408.71M |
| CapEx | $15.24M | $18.10M | $23.24M | $30.01M | $44.81M | $17.02M |
| Free Cash Flow | $44.88M | ($4.22M) | $39.89M | $25.47M | ($59.90M) | $30.49M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 74.1% | 73.7% | 72.7% | 73.1% | 65.1% | 62.4% |
| Operating margin | 0.6% | -1.2% | -2.3% | 0.4% | 0.1% | 6.3% |
| EBITDA margin | 2.8% | 1.4% | 0.5% | 2.7% | 2.3% | 8.0% |
| Net margin | -2.4% | -2.0% | -3.2% | -7.8% | -2.3% | 4.8% |
| Free cash flow margin | 3.2% | -0.3% | 3.2% | 2.1% | -4.1% | 2.2% |
| FCF / Net income | -1.30 | 0.17 | -1.02 | -0.27 | 1.74 | 0.47 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 7.6% | 7.6% | 9.7% | 4.4% | 5.6% | 2.5% |
| Effective tax rate | - | - | - | - | - | 23.1% |
| Return on assets | -2.5% | -1.8% | -2.7% | -6.5% | -1.8% | 4.1% |
| Return on equity | -6.6% | -4.7% | -6.8% | -16.0% | -4.5% | 7.0% |
| Return on invested capital | - | - | - | - | 0.1% | 5.5% |
| Liquidity | ||||||
| Current ratio | 1.87 | 1.93 | 1.94 | 2.01 | 1.93 | 4.17 |
| Quick ratio | 1.63 | 1.63 | 1.66 | 1.75 | 1.70 | 3.70 |
| Cash ratio | 0.25 | 0.34 | 0.57 | 0.58 | 0.96 | 1.63 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | 0.00 | 0.29 |
| Debt / Assets | - | - | - | - | 0.00 | 0.17 |
| Debt / EBITDA | - | - | - | - | 0.00 | 2.48 |
| Interest coverage | 1.3x | -2.9x | -5.0x | 0.6x | 0.1x | 8.4x |
| Equity multiplier | 2.66 | 2.61 | 2.56 | 2.48 | 2.52 | 1.71 |
| Liabilities / Assets | 0.43 | 0.43 | 0.44 | 0.44 | 0.47 | 0.41 |
| Efficiency | ||||||
| Asset turnover | 1.03 | 0.92 | 0.84 | 0.83 | 0.76 | 0.85 |
| Inventory turnover | 2.93 | 2.21 | 2.31 | 2.39 | 3.05 | 3.24 |
| Days sales outstanding | 80d | 79d | 90d | 100d | 88d | 90d |
| Days inventory outstanding | 125d | 165d | 158d | 153d | 120d | 113d |
| Days payable outstanding | 66d | 92d | 85d | 77d | 55d | 46d |
| Cash conversion cycle | 138d | 152d | 163d | 175d | 152d | 157d |
| Valuation | ||||||
| P / E | - | - | - | - | - | 101.0x |
| P / B | 0.9x | 0.9x | 0.8x | 1.6x | 3.9x | 7.0x |
| P / S | 0.3x | 0.4x | 0.4x | 0.8x | 2.0x | 4.8x |
| EV / EBITDA | 8.3x | 17.5x | 29.3x | 19.8x | 68.0x | 57.7x |
| Growth | ||||||
| Revenue growth (YoY) | 10.2% | 4.0% | 1.9% | -17.4% | 8.7% | 29.8% |
| Revenue CAGR (3y) | 5.3% | -4.3% | -2.9% | 5.2% | 23.4% | 28.6% |
| Revenue CAGR (5y) | 0.9% | 4.3% | 9.6% | 13.8% | 24.7% | 27.6% |
| Gross profit growth (YoY) | 10.7% | 5.6% | 1.2% | -7.2% | 13.4% | 30.9% |
| Operating income growth (YoY) | - | 45.9% | - | 338.0% | -98.7% | 55.4% |
| Net income growth (YoY) | -36.5% | 35.3% | 58.6% | -174.6% | - | 61.6% |
| EPS growth (YoY) | -42.9% | 36.4% | 57.7% | -225.0% | - | 47.8% |
| EPS CAGR (3y) | - | - | - | - | - | 23.6% |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | 56.6% | - | - | 1.0% |
| FCF CAGR (5y) | 8.0% | - | - | - | - | - |
| Book value growth (YoY) | -2.9% | -7.1% | -2.5% | -22.9% | -18.0% | 153.8% |
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.56
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Retail-Catalog & Mail-Order Houses
Comparing Baozun Inc. against the 5 most active filers in the same SIC group.