Comprehensive Stock Comparison
Compare Liquidia Corporation (LQDA) vs Zai Lab Limited (ZLAB) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ZLAB | 15.3% revenue growth vs LQDA's -20.0% |
| Quality / Margins | ZLAB | -38.1% net margin vs LQDA's -176.0% |
| Stability / Safety | ZLAB | Beta 0.99 vs LQDA's 1.08, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | LQDA | +100.3% vs ZLAB's -44.5% |
| Efficiency (ROA) | ZLAB | -15.0% ROA vs LQDA's -44.2%, ROIC -42.8% vs -5.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Liquidia Corporation is a biopharmaceutical company that develops and commercializes inhaled therapies for pulmonary arterial hypertension and other cardiopulmonary diseases. It generates revenue primarily from its YUTREPIA inhaled dry powder treatment for pulmonary hypertension and generic treprostinil injection distribution. The company's key advantage lies in its proprietary PRINT particle engineering technology platform, which enables precise control over drug particle size and shape for optimized pulmonary delivery.
Zai Lab is a biopharmaceutical company that licenses, develops, and commercializes innovative therapies for oncology, autoimmune disorders, and infectious diseases primarily in Greater China. It generates revenue through product sales of its commercialized drugs — like Zejula for ovarian cancer and NUZYRA for bacterial infections — supplemented by milestone payments and royalties from its extensive partnership network. The company's key advantage lies in its strategic licensing model that gives it exclusive rights to promising late-stage and commercial-stage therapies for the Greater China market, allowing it to build a diversified portfolio without bearing full R&D costs.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ZLAB leads in 2 of 6 categories (Valuation Metrics, Profitability & Efficiency). LQDA leads in 1 (Total Returns). 2 tied.
Financial Metrics (TTM)
ZLAB is the larger business by revenue, generating $460M annually — 6.6x LQDA's $69M. ZLAB is the more profitable business, keeping -38.1% of every revenue dollar as net income compared to LQDA's -176.0%. On growth, LQDA holds the edge at +11.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | LQDALiquidia Corporat… | ZLABZai Lab Limited |
|---|---|---|
| RevenueTrailing 12 months | $69M | $460M |
| EBITDAEarnings before interest/tax | -$106M | -$218M |
| Net IncomeAfter-tax profit | -$122M | -$176M |
| Free Cash FlowCash after capex | -$108M | -$159M |
| Gross MarginGross profit ÷ Revenue | +89.4% | +58.6% |
| Operating MarginEBIT ÷ Revenue | -155.0% | -49.9% |
| Net MarginNet income ÷ Revenue | -176.0% | -38.1% |
| FCF MarginFCF ÷ Revenue | -155.8% | -34.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +11.2% | +17.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +86.4% | +43.8% |
Valuation Metrics
| Metric | LQDALiquidia Corporat… | ZLABZai Lab Limited |
|---|---|---|
| Market CapShares × price | $2.7B | $21.3B |
| Enterprise ValueMkt cap + debt − cash | $2.6B | $20.8B |
| Trailing P/EPrice ÷ TTM EPS | -18.69x | -12.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.50x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | — | — |
| Price / SalesMarket cap ÷ Revenue | 192.42x | 46.21x |
| Price / BookPrice ÷ Book value/share | 31.59x | 2.94x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
ZLAB delivers a -24.5% return on equity — every $100 of shareholder capital generates $-25 in annual profit, vs $-6 for LQDA. ZLAB carries lower financial leverage with a 0.31x debt-to-equity ratio, signaling a more conservative balance sheet compared to LQDA's 1.58x. On the Piotroski fundamental quality scale (0–9), ZLAB scores 3/9 vs LQDA's 1/9, reflecting mixed financial health.
| Metric | LQDALiquidia Corporat… | ZLABZai Lab Limited |
|---|---|---|
| ROE (TTM)Return on equity | -5.5% | -24.5% |
| ROA (TTM)Return on assets | -44.2% | -15.0% |
| ROICReturn on invested capital | -5.0% | -42.8% |
| ROCEReturn on capital employed | -84.1% | -27.9% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 3 |
| Debt / EquityFinancial leverage | 1.58x | 0.31x |
| Net DebtTotal debt minus cash | -$54M | -$455M |
| Cash & Equiv.Liquid assets | $176M | $680M |
| Total DebtShort + long-term debt | $122M | $224M |
| Interest CoverageEBIT ÷ Interest expense | -4.63x | -48.75x |
Total Returns (with DRIP)
A $10,000 investment in LQDA five years ago would be worth $105,870 today (with dividends reinvested), compared to $1,186 for ZLAB. Over the past 12 months, LQDA leads with a +100.3% total return vs ZLAB's -44.5%. The 3-year compound annual growth rate (CAGR) favors LQDA at 60.0% vs ZLAB's -19.7% — a key indicator of consistent wealth creation.
| Metric | LQDALiquidia Corporat… | ZLABZai Lab Limited |
|---|---|---|
| YTD ReturnYear-to-date | -1.2% | +10.9% |
| 1-Year ReturnPast 12 months | +100.3% | -44.5% |
| 3-Year ReturnCumulative with dividends | +309.8% | -48.3% |
| 5-Year ReturnCumulative with dividends | +958.7% | -88.1% |
| 10-Year ReturnCumulative with dividends | +179.5% | -31.2% |
| CAGR (3Y)Annualised 3-year return | +60.0% | -19.7% |
Risk & Volatility
ZLAB is the less volatile stock with a 0.99 beta — it tends to amplify market swings less than LQDA's 1.08 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. LQDA currently trades 66.5% from its 52-week high vs ZLAB's 43.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | LQDALiquidia Corporat… | ZLABZai Lab Limited |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.08x | 0.99x |
| 52-Week HighHighest price in past year | $46.67 | $44.34 |
| 52-Week LowLowest price in past year | $11.26 | $15.96 |
| % of 52W HighCurrent price vs 52-week peak | +66.5% | +43.3% |
| RSI (14)Momentum oscillator 0–100 | 31.7 | 57.7 |
| Avg Volume (50D)Average daily shares traded | 1.5M | 622K |
Analyst Outlook
Wall Street rates LQDA as "Buy" and ZLAB as "Buy". Consensus price targets imply 82.1% upside for ZLAB (target: $35) vs 63.3% for LQDA (target: $51).
| Metric | LQDALiquidia Corporat… | ZLABZai Lab Limited |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $50.67 | $35.00 |
| # AnalystsCovering analysts | 7 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Liquidia Corporation (LQDA) | 100 | 1,062.74 | +962.7% |
| Zai Lab Limited (ZLAB) | 100 | 28.99 | -71.0% |
Liquidia Corporation (LQDA) returned +959% over 5 years vs Zai Lab Limited (ZLAB)'s -88%. A $10,000 investment in LQDA 5 years ago would be worth $105,870 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Liquidia Corporation (LQDA) | $13M | $14M | +5.9% |
| Zai Lab Limited (ZLAB) | $0.00 | $460M | — |
Zai Lab Limited's revenue grew from $0M (2016) to $460M (2025) — a 0.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Liquidia Corporation (LQDA) | -120.6% | -9.3% | +92.3% |
| Zai Lab Limited (ZLAB) | -1074.3% | -38.1% | +96.4% |
Chart 4EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Liquidia Corporation (LQDA) | -1.86 | -1.66 | +10.8% |
| Zai Lab Limited (ZLAB) | -39.7 | -1.6 | +96.0% |
Zai Lab Limited's EPS grew from $-39.70 (2016) to $-1.60 (2025).
Chart 5Free Cash Flow — 5 Years
Liquidia Corporation generated $-98M FCF in 2024 (-188% vs 2021). Zai Lab Limited generated $-159M FCF in 2025 (+72% vs 2021).
LQDA vs ZLAB: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is LQDA or ZLAB a better buy right now?
Analysts rate Liquidia Corporation (LQDA) a "Buy" — based on 7 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — LQDA or ZLAB?
Over the past 5 years, Liquidia Corporation (LQDA) delivered a total return of +958.7%, compared to -88.1% for Zai Lab Limited (ZLAB). A $10,000 investment in LQDA five years ago would be worth approximately $106K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LQDA returned +179.5% versus ZLAB's -31.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — LQDA or ZLAB?
By beta (market sensitivity over 5 years), Zai Lab Limited (ZLAB) is the lower-risk stock at 0.99β versus Liquidia Corporation's 1.08β — meaning LQDA is approximately 9% more volatile than ZLAB relative to the S&P 500. On balance sheet safety, Zai Lab Limited (ZLAB) carries a lower debt/equity ratio of 31% versus 158% for Liquidia Corporation — giving it more financial flexibility in a downturn.
04Which has better profit margins — LQDA or ZLAB?
Zai Lab Limited (ZLAB) is the more profitable company, earning -38.1% net margin versus -931.7% for Liquidia Corporation — meaning it keeps -38.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ZLAB leads at -49.9% versus -866.6% for LQDA. At the gross margin level — before operating expenses — ZLAB leads at 58.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is LQDA or ZLAB more undervalued right now?
Analyst consensus price targets imply the most upside for ZLAB: 82.1% to $35.00.
06Which pays a better dividend — LQDA or ZLAB?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is LQDA or ZLAB better for a retirement portfolio?
For long-horizon retirement investors, Liquidia Corporation (LQDA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.08), +179.5% 10Y return). Both have compounded well over 10 years (LQDA: +179.5%, ZLAB: -31.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between LQDA and ZLAB?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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