Zepp Health Corporation
Navigating Tariffs & Capitalizing on Affordability
Published: 3/28/2025
Author: FRC Analysts
Sector: Technology | Industry: Consumer Electronics
Ticker Symbols:ZEPP - NYSE 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | US $3.46 |
| Fair Value | US $13.87 |
| Risk | 3 |
| 52 Week Range | US $2.06-4.38 |
| Shares O/S (M) | 15 |
| Market Cap. (M) | US $51 |
| Current Yield (%) | N/A |
| P/E (forward) | N/A |
| P/B | 0.2 |
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Report Highlights
⭐️ Zepp Health is an FRC Top Pick ⭐️
- ZEPP is up 28% since our previous report in November 2024.
- Q4-2024 revenue surged 40% QoQ, exceeding our estimate by 9%, primarily driven by a 29% increase in product shipments. Adjusted EPS remained negative, but improved sequentially (-$0.05 to -$0.04). However, it fell short of our -$0.02 forecast due to higher operating expenses.
- On a YoY basis, both shipments and revenue fell in Q4, and for the full year, following Zepp's strategic decision to discontinue low-margin products.
- In Q4, Zepp maintained its position as the seventh-largest global smartwatch maker by unit sales, trailing Apple (NASDAQ: AAPL), Samsung (KOSE: A005930), Garmin (NYSE: GRMN), Fitbit (Google/NASDAQ: GOOGL), Xiaomi (SEHK: 1810), and Huawei. For comparison, Apple sells ∼25M units annually, while Zepp sells ∼4M units.
- Global smartwatch shipments declined 7% YoY in 2024, mainly due to fewer product upgrades. While Apple’s shipments dropped 19%, other key players experienced robust growth. Consensus es
