Zai Lab Limited (ZLAB) 10-Year Financial Performance & Capital Metrics

ZLAB •

HealthcareBiotechnologyCommercial Specialty Pharma

AboutZai Lab Limited develops and commercializes therapies to treat oncology, autoimmune disorders, infectious diseases, and neuroscience primarily in Mainland China and Hong Kong. The company's commercial products include Zejula, a once-daily small-molecule poly polymerase 1/2 inhibitor; Optune, a device that delivers tumor treating fields; NUZYRA for acute bacterial skin and skin structure infections, and community acquired bacterial pneumonia; and Qinlock to treat gastrointestinal stromal tumors. It also develops Odronextamab to treat follicular lymphoma, diffuse large B-cell lymphoma, and other B-celllymphomas; Repotrectinib, a tyrosine kinase inhibitor (TKI) to target ROS1 and TRK A/B/C in TKI-naïve- or -pretreated cancer patients; Margetuximab for the treatment of breast and gastroesophageal cancers; Adagrasib for treating KRAS-G12C-mutated NSCLC, colorectal cancer, pancreatic cancer, and other solid tumors; and Bemarituzumab to treat gastric and gastroesophageal junction cancer. In addition, the company develops CLN-081 for the treatment of patients with EGFR exon 20 insertion NSCLC; Elzovantinib, an orally bioavailable multi-targeted kinase inhibitor; Tebotelimab, a tetravalent IgG4 monoclonal antibody; Retifanlimab that inhibits interactions between PD-1 and its ligands; ZL-2309, an orally active, selective, and ATP-competitive cell division cycle 7 (CDC7) kinase inhibitor; ZL-1201, a humanized IgG4 monoclonal antibody; Efgartigimod to reduce disease-causing immunoglobulin G antibodies; ZL-1102, a human nanobody targeting interleukin- 17A; KarXT for the treatment of psychiatric and neurological conditions; ZL-2313, an investigational inhibitor of triple-mutant EGFR harboring; ZL-2314, an investigational inhibitor of double-mutant EGFR harboring; and Sulbactam/durlobactam for the treatment of serious infections caused by Acinetobacter. Zai Lab Limited was incorporated in 2013 and is headquartered in Shanghai, China.Show more

Revenue $460M +15.3%
EBITDA -$229M +12.4%
Net Income -$176M +31.7%
EPS (Diluted) -1.60 +38.5%
Gross Margin 58.6% -6.9%
EBITDA Margin -49.86% +24.0%
Operating Margin -49.86% +29.5%
Net Margin -38.15% +40.8%
ROE -22.56% +28.2%
ROIC -42.76% +42.8%
Debt/Equity 0.31 +71.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 56.5%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Shares diluted 10.7% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y56.54%

3Y28.86%

TTM15.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM31.72%

EPS CAGR

10Y-

5Y-

3Y-

TTM91.49%

ROCE

10Y Avg-46.93%

5Y Avg-36.99%

3Y Avg-33.02%

Latest-27.94%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	0	129.45K	12.98M	48.96M	144.31M	215.04M	266.72M	398.99M	460.16M
Revenue Growth %	-	-	-	9930.55%	277.04%	194.77%	49.01%	24.03%	49.59%	15.33%
Cost of Goods Sold+	0	0	43.59K	3.75M	239.45M	52.24M	74.02M	95.82M	147.86M	190.52M
COGS % of Revenue	-	-	33.67%	28.87%	489.09%	36.2%	34.42%	35.92%	37.06%	41.4%
Gross Profit+	0	0	85.86K	9.24M	-190.49M	92.07M	141.02M	170.9M	251.13M	269.64M
Gross Margin %	-	-	66.33%	71.13%	-389.09%	63.8%	65.58%	64.08%	62.94%	58.6%
Gross Profit Growth %	-	-	-	10656.73%	-2162.47%	148.34%	53.16%	21.19%	46.94%	7.37%
Operating Expenses+	38.53M	51.39M	141.85M	212.43M	111.31M	792.14M	545.38M	537.48M	533.25M	498.51M
OpEx % of Revenue	-	-	109580.34%	1636.01%	227.36%	548.91%	253.62%	201.51%	133.65%	108.33%
Selling, General & Admin	6.38M	12.05M	21.58M	70.21M	111.31M	218.83M	258.97M	281.61M	298.74M	277.61M
SG&A % of Revenue	-	-	16667.12%	540.72%	227.36%	151.64%	120.43%	105.58%	74.87%	60.33%
Research & Development	32.15M	39.34M	120.28M	142.22M	222.71M	573.31M	286.41M	265.87M	234.5M	220.9M
R&D % of Revenue	-	-	92913.22%	1095.29%	454.9%	397.27%	133.19%	99.68%	58.77%	48.01%
Other Operating Expenses	0	0	58.78K	0	-222.71M	0	0	-10M	0	0
Operating Income+	-38.53M	-51.39M	-141.77M	-203.2M	-301.8M	-700.06M	-404.36M	-366.57M	-282.12M	-229.43M
Operating Margin %	-	-	-109514.01%	-1564.88%	-616.45%	-485.1%	-188.04%	-137.44%	-70.71%	-49.86%
Operating Income Growth %	-135.66%	-33.38%	-175.86%	-43.33%	-48.53%	-131.96%	42.24%	9.34%	23.04%	18.67%
EBITDA+	-38.33M	-50.84M	-140.12M	-199.43M	-297.16M	-693.58M	-396.13M	-357.54M	-261.84M	-229.43M
EBITDA Margin %	-	-	-108239.58%	-1535.88%	-606.97%	-480.61%	-184.21%	-134.05%	-65.63%	-49.86%
EBITDA Growth %	-136.27%	-32.64%	-175.59%	-42.33%	-49.01%	-133.4%	42.89%	9.74%	26.77%	12.38%
D&A (Non-Cash Add-back)	199K	548K	1.65M	3.77M	4.64M	6.49M	8.23M	9.03M	20.27M	0
EBIT	-38.53M	-51.39M	-138.45M	-194.03M	-301.8M	-695.95M	-443.06M	-374.14M	-254.85M	0
Net Interest Income+	0	0	3.22M	7.94M	4.94M	2.19M	14.58M	39.8M	34.85M	0
Interest Income	403.27K	527.35K	3.26M	8.23M	5.12M	2.19M	14.58M	39.8M	37.1M	33.05M
Interest Expense	0	0	39.67K	293K	181K	0	0	0	2.25M	-5.21M
Other Income/Expense	1.02M	1.01M	3.28M	-2.83M	32.9M	-3.35M	-38.93M	31.95M	25.01M	50.97M
Pretax Income+	-37.51M	-50.13M	-138.49M	-206.02M	-268.9M	-703.41M	-443.29M	-334.62M	-257.1M	-178.46M
Pretax Margin %	-	-	-106980.46%	-1586.66%	-549.26%	-487.43%	-206.14%	-125.46%	-64.44%	-38.78%
Income Tax+	0	477.7K	3.32M	-10.95M	0	1.06M	0	0	0	-2.93M
Effective Tax Rate %	100%	100.5%	100.42%	94.68%	100%	100.15%	100%	100%	100%	98.36%
Net Income+	-37.51M	-50.38M	-139.07M	-195.07M	-268.9M	-704.47M	-443.29M	-334.62M	-257.1M	-175.54M
Net Margin %	-	-	-107433.56%	-1502.31%	-549.26%	-488.16%	-206.14%	-125.46%	-64.44%	-38.15%
Net Income Growth %	-108.15%	-34.31%	-176.03%	-40.26%	-37.85%	-161.98%	37.08%	24.51%	23.17%	31.72%
Net Income (Continuing)	-37.51M	-50.38M	-139.07M	-195.07M	-268.9M	-704.47M	-443.29M	-334.62M	-257.1M	-175.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-39.70	-23.20	-26.40	-30.30	-34.60	-75.80	-46.30	-34.60	-2.60	-1.60
EPS Growth %	-91.79%	41.56%	-13.79%	-14.77%	-14.19%	-119.08%	38.92%	25.27%	92.49%	38.46%
EPS (Basic)	-39.70	-23.20	-26.40	-30.30	-34.60	-75.80	-46.30	-34.60	-2.60	-1.60
Diluted Shares Outstanding	943.9K	2.18M	5.26M	6.44M	7.77M	9.3M	9.58M	9.66M	98.95M	109.53M
Basic Shares Outstanding	943.9K	2.18M	5.26M	6.44M	7.77M	9.3M	9.58M	9.66M	98.95M	109.53M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	84.09M	230.61M	269.14M	292.46M	1.22B	1.5B	1.12B	939.61M	1.05B	1.02B
Cash & Short-Term Investments	83.95M	229.66M	263.3M	275.93M	1.19B	1.41B	1.01B	806.45M	779.67M	689.57M
Cash Only	83.95M	229.66M	62.95M	75.93M	442.12M	964.1M	1.01B	790.15M	449.67M	679.57M
Short-Term Investments	0	0	200.35M	200M	744.68M	445M	0	16.3M	330M	10M
Accounts Receivable	0	0	90K	3.79M	5.17M	54.81M	48.57M	65.33M	89.41M	106.12M
Days Sales Outstanding	-	-	253.76	106.56	38.51	138.63	82.44	89.41	81.79	84.17
Inventory	0	0	3.82K	6M	13.14M	18.95M	31.62M	44.83M	39.88M	74.75M
Days Inventory Outstanding	-	-	32	584.67	20.04	132.41	155.93	170.76	98.43	143.2
Other Current Assets	0	0	-603	0	0	0	35.67M	23M	141.53M	148.85M
Total Non-Current Assets+	4.81M	19.02M	32.84M	62.69M	81.6M	109.08M	95.8M	96.69M	135.27M	153.1M
Property, Plant & Equipment	2.66M	11.98M	20.77M	36.86M	47.14M	58.28M	78.77M	68.69M	69.47M	66.54M
Fixed Asset Turnover	-	-	0.01x	0.35x	1.04x	2.48x	2.73x	3.88x	5.74x	6.92x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	7K	20.09K	321.57K	8.8M	9.44M	9.66M	8.4M	16.46M	58.93M	76.14M
Long-Term Investments	500K	1.65M	3.15M	2.4M	1.28M	15.61M	6.43M	9.22M	3.12M	0
Other Non-Current Assets	3.06M	5.5M	8.88M	14.62M	23.75M	25.53M	2.2M	2.32M	3.75M	7.02M
Total Assets+	88.91M	249.63M	301.99M	355.15M	1.3B	1.61B	1.22B	1.04B	1.19B	1.17B
Asset Turnover	-	-	0.00x	0.04x	0.04x	0.09x	0.18x	0.26x	0.34x	0.39x
Asset Growth %	537.79%	180.78%	20.97%	17.61%	265.37%	24.07%	-24.21%	-15.07%	14.42%	-1.13%
Total Current Liabilities+	5.17M	12.07M	48.84M	46.63M	98.04M	192.9M	139.84M	203.07M	299.38M	416.17M
Accounts Payable	523.34K	8.97M	37.43M	22.66M	62.64M	126.16M	65.97M	112.99M	100.91M	141.61M
Days Payables Outstanding	-	-	313.44K	2.21K	95.49	881.52	325.33	430.43	249.09	271.29
Short-Term Debt	0	0	3.64M	6.45M	0	0	0	0	131.71M	210.87M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	27.33M
Other Current Liabilities	4.05M	778.96K	2.5M	2.39M	4.57M	4.42M	4.05M	5.35M	6.35M	177.96M
Current Ratio	16.25x	19.11x	5.51x	6.27x	12.40x	7.78x	8.04x	4.63x	3.51x	2.45x
Quick Ratio	16.25x	19.11x	5.51x	6.14x	12.27x	7.68x	7.81x	4.41x	3.38x	2.27x
Cash Conversion Cycle	-	-	-313.15K	-1.52K	-36.94	-610.48	-86.96	-170.26	-68.86	-43.92
Total Non-Current Liabilities+	135.29M	2.39M	2.06M	13.86M	30.25M	37.1M	34.7M	37.11M	45.47M	40.72M
Long-Term Debt	0	0	0	0	0	0	0	0	0	13.38M
Capital Lease Obligations	0	0	0	10.98M	13.39M	9.61M	13.34M	8.05M	13.71M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	134.51M	0	0	0	0	0	0	325K	325K	27.33M
Total Liabilities	140.46M	14.46M	50.91M	60.49M	128.29M	230M	174.54M	240.18M	344.86M	456.88M
Total Debt+	0	0	3.64M	21.78M	18.6M	15.54M	20.39M	15.15M	153.47M	224.26M
Net Debt	-83.95M	-229.66M	-59.31M	-54.15M	-423.52M	-948.56M	-988.08M	-775M	-296.2M	-455.31M
Debt / Equity	-	-	0.01x	0.07x	0.02x	0.01x	0.02x	0.02x	0.18x	0.31x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-3573.50x	-693.50x	-1667.41x	-	-	-	-125.16x	-
Total Equity+	-51.55M	235.17M	251.08M	294.66M	1.17B	1.38B	1.05B	796.12M	840.9M	715.5M
Equity Growth %	-180.63%	556.18%	6.77%	17.36%	296.85%	18.01%	-24.23%	-23.86%	5.62%	-14.91%
Book Value per Share	-54.62	108.11	47.73	45.78	150.56	148.39	109.14	82.38	8.50	6.53
Total Shareholders' Equity	-51.55M	235.17M	251.08M	294.66M	1.17B	1.38B	1.05B	796.12M	840.9M	715.5M
Common Stock	579	3K	3.48K	4K	5K	6K	6K	6K	7K	7K
Retained Earnings	-60.17M	-110.55M	-249.63M	-444.7M	-713.6M	-1.42B	-1.86B	-2.2B	-2.45B	-2.63B
Treasury Stock	0	0	0	0	0	-4.28M	-11.86M	-20.84M	-20.84M	0
Accumulated OCI	-698.53K	449.91K	2.66M	4.62M	-14.52M	-23.64M	25.68M	37.63M	50.52M	29.7M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-32.16M	-32.37M	-97.54M	-191.01M	-216.06M	-549.23M	-367.64M	-198.18M	-214.87M	-150.79M
Operating CF Margin %	-	-	-75346.86%	-1471.04%	-441.31%	-380.59%	-170.96%	-74.3%	-53.85%	-32.77%
Operating CF Growth %	-180.49%	-0.65%	-201.35%	-95.83%	-13.11%	-154.21%	33.06%	46.09%	-8.42%	29.82%
Net Income	-37.51M	-50.38M	-139.07M	-195.07M	-268.9M	-704.47M	-443.29M	-334.62M	-257.1M	-175.54M
Depreciation & Amortization	199K	548.13K	1.65M	3.77M	4.64M	6.49M	8.23M	9.03M	11.86M	15.01M
Stock-Based Compensation	4.93M	9.93M	12.23M	20.29M	24.83M	40.71M	61.3M	79.63M	70.65M	65.6M
Deferred Taxes	0	0	587.25K	767K	1.13M	17.08M	0	0	0	-3.34M
Other Non-Cash Items	1.92M	62.61K	-312K	2.52M	4.01M	67.85M	72.36M	8.17M	28.12M	-52.52M
Working Capital Changes	-1.69M	7.48M	27.38M	-23.28M	18.25M	23.11M	-66.25M	39.61M	-68.39M	0
Change in Receivables	0	0	-89.71K	-3.7M	-1.38M	-42.32M	25.14M	-17.69M	-26.58M	-18.93M
Change in Inventory	0	0	-3.82K	-6M	-7.17M	-7.17M	-15.38M	-14.91M	3.9M	12.29M
Change in Payables	-929.72K	8.44M	28.46M	-14.77M	39.98M	63.52M	-53.77M	36.8M	-2.21M	19.93M
Cash from Investing+	-2.73M	-10.43M	-212.55M	-14.89M	-554.83M	249.96M	420.02M	-10.78M	-375.19M	307.87M
Capital Expenditures	-2.23M	-9.12M	-10.12M	-15.24M	-10.67M	-18.95M	-24.59M	-7.21M	-5.66M	-8.1M
CapEx % of Revenue	-	-	7815.9%	117.38%	21.79%	13.13%	11.43%	2.7%	1.42%	1.76%
Acquisitions	0	-1.9M	-2.09M	9.21M	539K	-30M	0	0	29K	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-505.62K	68.1K	-102.83K	-9.21M	-539K	3K	-399K	12.74M	-55.86M	-5.24M
Cash from Financing+	106.2M	187.86M	144.15M	219.3M	1.13B	820.2M	-1.73M	-6.43M	349.89M	72.35M
Debt Issued (Net)	0	0	3.64M	2.9M	-6.53M	0	0	0	131.32M	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	-1.67M	-496.2K	201K	1.28M	1.33M	-1.73M	-6.43M	1.22M	72.35M
Net Change in Cash	70.79M	145.71M	-166.71M	13.49M	366.42M	522.04M	44.37M	-218.01M	-240.48M	229.91M
Free Cash Flow+	-34.39M	-41.48M	-107.66M	-206.25M	-226.72M	-568.18M	-392.63M	-206.67M	-276.39M	-158.89M
FCF Margin %	-	-	-83162.76%	-1588.42%	-463.1%	-393.72%	-182.58%	-77.49%	-69.27%	-34.53%
FCF Growth %	-181.79%	-20.64%	-159.51%	-91.59%	-9.93%	-150.6%	30.9%	47.36%	-33.74%	42.51%
FCF per Share	-36.43	-19.07	-20.46	-32.04	-29.19	-61.10	-40.98	-21.39	-2.79	-1.45
FCF Conversion (FCF/Net Income)	0.86x	0.64x	0.70x	0.98x	0.80x	0.78x	0.83x	0.59x	0.84x	0.86x
Interest Paid	0	0	0	0	0	0	0	0	2.02M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-54.88%	-57.2%	-71.49%	-36.74%	-55.27%	-36.55%	-36.34%	-31.41%	-22.56%
Return on Invested Capital (ROIC)	-	-699.41%	-107.79%	-70.51%	-45.9%	-89.2%	-124.06%	-699.25%	-74.79%	-42.76%
Gross Margin	-	-	66.33%	71.13%	-389.09%	63.8%	65.58%	64.08%	62.94%	58.6%
Net Margin	-	-	-107433.56%	-1502.31%	-549.26%	-488.16%	-206.14%	-125.46%	-64.44%	-38.15%
Debt / Equity	-	-	0.01x	0.07x	0.02x	0.01x	0.02x	0.02x	0.18x	0.31x
Interest Coverage	-	-	-3573.50x	-693.50x	-1667.41x	-	-	-	-125.16x	-
FCF Conversion	0.86x	0.64x	0.70x	0.98x	0.80x	0.78x	0.83x	0.59x	0.84x	0.86x
Revenue Growth	-	-	-	9930.55%	277.04%	194.77%	49.01%	24.03%	49.59%	15.33%

US Stock Screener

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Zai Lab Limited (ZLAB) 10-Year Financial Performance & Capital Metrics

ZLAB •

HealthcareBiotechnologyCommercial Specialty Pharma

Revenue $460M +15.3%
EBITDA -$229M +12.4%
Net Income -$176M +31.7%
EPS (Diluted) -1.60 +38.5%
Gross Margin 58.6% -6.9%
EBITDA Margin -49.86% +24.0%
Operating Margin -49.86% +29.5%
Net Margin -38.15% +40.8%
ROE -22.56% +28.2%
ROIC -42.76% +42.8%
Debt/Equity 0.31 +71.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 56.5%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Shares diluted 10.7% in last year
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y56.54%

3Y28.86%

TTM15.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM31.72%

EPS CAGR

10Y-

5Y-

3Y-

TTM91.49%

ROCE

10Y Avg-46.93%

5Y Avg-36.99%

3Y Avg-33.02%

Latest-27.94%

Peer Comparison

Commercial Specialty Pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALKSAlkermes plc	4.98B	30.10	21.05	-5.25%	16.37%	13.28%	0.01%	0.04
ADMAADMA Biologics, Inc.	3.71B	15.57	19.22	65.15%	42.87%	48.57%	2.97%	0.24
UTHRUnited Therapeutics Corporation	21.99B	503.90	18.09	10.61%	41.94%	18.81%	4.73%
PCSAProcessa Pharmaceuticals, Inc.	114.71M	2.17	-0.56			-221.71%		0.04
UNCYUnicycive Therapeutics, Inc.	144.49M	6.93	-1.24	-100%		-89.15%		0.10
PTHSPelthos Therapeutics Inc.	85.29M	26.36	-1.95		-318.41%	-40.48%
MISTMilestone Pharmaceuticals Inc.	145.64M	1.71	-2.55	-100%		-282.97%		4.17
AMRNAmarin Corporation plc	5.74B	13.80	-3.45	-25.51%	-38.01%	-18.78%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	0	129.45K	12.98M	48.96M	144.31M	215.04M	266.72M	398.99M	460.16M
Revenue Growth %	-	-	-	9930.55%	277.04%	194.77%	49.01%	24.03%	49.59%	15.33%
Cost of Goods Sold+	0	0	43.59K	3.75M	239.45M	52.24M	74.02M	95.82M	147.86M	190.52M
COGS % of Revenue	-	-	33.67%	28.87%	489.09%	36.2%	34.42%	35.92%	37.06%	41.4%
Gross Profit+	0	0	85.86K	9.24M	-190.49M	92.07M	141.02M	170.9M	251.13M	269.64M
Gross Margin %	-	-	66.33%	71.13%	-389.09%	63.8%	65.58%	64.08%	62.94%	58.6%
Gross Profit Growth %	-	-	-	10656.73%	-2162.47%	148.34%	53.16%	21.19%	46.94%	7.37%
Operating Expenses+	38.53M	51.39M	141.85M	212.43M	111.31M	792.14M	545.38M	537.48M	533.25M	498.51M
OpEx % of Revenue	-	-	109580.34%	1636.01%	227.36%	548.91%	253.62%	201.51%	133.65%	108.33%
Selling, General & Admin	6.38M	12.05M	21.58M	70.21M	111.31M	218.83M	258.97M	281.61M	298.74M	277.61M
SG&A % of Revenue	-	-	16667.12%	540.72%	227.36%	151.64%	120.43%	105.58%	74.87%	60.33%
Research & Development	32.15M	39.34M	120.28M	142.22M	222.71M	573.31M	286.41M	265.87M	234.5M	220.9M
R&D % of Revenue	-	-	92913.22%	1095.29%	454.9%	397.27%	133.19%	99.68%	58.77%	48.01%
Other Operating Expenses	0	0	58.78K	0	-222.71M	0	0	-10M	0	0
Operating Income+	-38.53M	-51.39M	-141.77M	-203.2M	-301.8M	-700.06M	-404.36M	-366.57M	-282.12M	-229.43M
Operating Margin %	-	-	-109514.01%	-1564.88%	-616.45%	-485.1%	-188.04%	-137.44%	-70.71%	-49.86%
Operating Income Growth %	-135.66%	-33.38%	-175.86%	-43.33%	-48.53%	-131.96%	42.24%	9.34%	23.04%	18.67%
EBITDA+	-38.33M	-50.84M	-140.12M	-199.43M	-297.16M	-693.58M	-396.13M	-357.54M	-261.84M	-229.43M
EBITDA Margin %	-	-	-108239.58%	-1535.88%	-606.97%	-480.61%	-184.21%	-134.05%	-65.63%	-49.86%
EBITDA Growth %	-136.27%	-32.64%	-175.59%	-42.33%	-49.01%	-133.4%	42.89%	9.74%	26.77%	12.38%
D&A (Non-Cash Add-back)	199K	548K	1.65M	3.77M	4.64M	6.49M	8.23M	9.03M	20.27M	0
EBIT	-38.53M	-51.39M	-138.45M	-194.03M	-301.8M	-695.95M	-443.06M	-374.14M	-254.85M	0
Net Interest Income+	0	0	3.22M	7.94M	4.94M	2.19M	14.58M	39.8M	34.85M	0
Interest Income	403.27K	527.35K	3.26M	8.23M	5.12M	2.19M	14.58M	39.8M	37.1M	33.05M
Interest Expense	0	0	39.67K	293K	181K	0	0	0	2.25M	-5.21M
Other Income/Expense	1.02M	1.01M	3.28M	-2.83M	32.9M	-3.35M	-38.93M	31.95M	25.01M	50.97M
Pretax Income+	-37.51M	-50.13M	-138.49M	-206.02M	-268.9M	-703.41M	-443.29M	-334.62M	-257.1M	-178.46M
Pretax Margin %	-	-	-106980.46%	-1586.66%	-549.26%	-487.43%	-206.14%	-125.46%	-64.44%	-38.78%
Income Tax+	0	477.7K	3.32M	-10.95M	0	1.06M	0	0	0	-2.93M
Effective Tax Rate %	100%	100.5%	100.42%	94.68%	100%	100.15%	100%	100%	100%	98.36%
Net Income+	-37.51M	-50.38M	-139.07M	-195.07M	-268.9M	-704.47M	-443.29M	-334.62M	-257.1M	-175.54M
Net Margin %	-	-	-107433.56%	-1502.31%	-549.26%	-488.16%	-206.14%	-125.46%	-64.44%	-38.15%
Net Income Growth %	-108.15%	-34.31%	-176.03%	-40.26%	-37.85%	-161.98%	37.08%	24.51%	23.17%	31.72%
Net Income (Continuing)	-37.51M	-50.38M	-139.07M	-195.07M	-268.9M	-704.47M	-443.29M	-334.62M	-257.1M	-175.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-39.70	-23.20	-26.40	-30.30	-34.60	-75.80	-46.30	-34.60	-2.60	-1.60
EPS Growth %	-91.79%	41.56%	-13.79%	-14.77%	-14.19%	-119.08%	38.92%	25.27%	92.49%	38.46%
EPS (Basic)	-39.70	-23.20	-26.40	-30.30	-34.60	-75.80	-46.30	-34.60	-2.60	-1.60
Diluted Shares Outstanding	943.9K	2.18M	5.26M	6.44M	7.77M	9.3M	9.58M	9.66M	98.95M	109.53M
Basic Shares Outstanding	943.9K	2.18M	5.26M	6.44M	7.77M	9.3M	9.58M	9.66M	98.95M	109.53M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	84.09M	230.61M	269.14M	292.46M	1.22B	1.5B	1.12B	939.61M	1.05B	1.02B
Cash & Short-Term Investments	83.95M	229.66M	263.3M	275.93M	1.19B	1.41B	1.01B	806.45M	779.67M	689.57M
Cash Only	83.95M	229.66M	62.95M	75.93M	442.12M	964.1M	1.01B	790.15M	449.67M	679.57M
Short-Term Investments	0	0	200.35M	200M	744.68M	445M	0	16.3M	330M	10M
Accounts Receivable	0	0	90K	3.79M	5.17M	54.81M	48.57M	65.33M	89.41M	106.12M
Days Sales Outstanding	-	-	253.76	106.56	38.51	138.63	82.44	89.41	81.79	84.17
Inventory	0	0	3.82K	6M	13.14M	18.95M	31.62M	44.83M	39.88M	74.75M
Days Inventory Outstanding	-	-	32	584.67	20.04	132.41	155.93	170.76	98.43	143.2
Other Current Assets	0	0	-603	0	0	0	35.67M	23M	141.53M	148.85M
Total Non-Current Assets+	4.81M	19.02M	32.84M	62.69M	81.6M	109.08M	95.8M	96.69M	135.27M	153.1M
Property, Plant & Equipment	2.66M	11.98M	20.77M	36.86M	47.14M	58.28M	78.77M	68.69M	69.47M	66.54M
Fixed Asset Turnover	-	-	0.01x	0.35x	1.04x	2.48x	2.73x	3.88x	5.74x	6.92x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	7K	20.09K	321.57K	8.8M	9.44M	9.66M	8.4M	16.46M	58.93M	76.14M
Long-Term Investments	500K	1.65M	3.15M	2.4M	1.28M	15.61M	6.43M	9.22M	3.12M	0
Other Non-Current Assets	3.06M	5.5M	8.88M	14.62M	23.75M	25.53M	2.2M	2.32M	3.75M	7.02M
Total Assets+	88.91M	249.63M	301.99M	355.15M	1.3B	1.61B	1.22B	1.04B	1.19B	1.17B
Asset Turnover	-	-	0.00x	0.04x	0.04x	0.09x	0.18x	0.26x	0.34x	0.39x
Asset Growth %	537.79%	180.78%	20.97%	17.61%	265.37%	24.07%	-24.21%	-15.07%	14.42%	-1.13%
Total Current Liabilities+	5.17M	12.07M	48.84M	46.63M	98.04M	192.9M	139.84M	203.07M	299.38M	416.17M
Accounts Payable	523.34K	8.97M	37.43M	22.66M	62.64M	126.16M	65.97M	112.99M	100.91M	141.61M
Days Payables Outstanding	-	-	313.44K	2.21K	95.49	881.52	325.33	430.43	249.09	271.29
Short-Term Debt	0	0	3.64M	6.45M	0	0	0	0	131.71M	210.87M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	27.33M
Other Current Liabilities	4.05M	778.96K	2.5M	2.39M	4.57M	4.42M	4.05M	5.35M	6.35M	177.96M
Current Ratio	16.25x	19.11x	5.51x	6.27x	12.40x	7.78x	8.04x	4.63x	3.51x	2.45x
Quick Ratio	16.25x	19.11x	5.51x	6.14x	12.27x	7.68x	7.81x	4.41x	3.38x	2.27x
Cash Conversion Cycle	-	-	-313.15K	-1.52K	-36.94	-610.48	-86.96	-170.26	-68.86	-43.92
Total Non-Current Liabilities+	135.29M	2.39M	2.06M	13.86M	30.25M	37.1M	34.7M	37.11M	45.47M	40.72M
Long-Term Debt	0	0	0	0	0	0	0	0	0	13.38M
Capital Lease Obligations	0	0	0	10.98M	13.39M	9.61M	13.34M	8.05M	13.71M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	134.51M	0	0	0	0	0	0	325K	325K	27.33M
Total Liabilities	140.46M	14.46M	50.91M	60.49M	128.29M	230M	174.54M	240.18M	344.86M	456.88M
Total Debt+	0	0	3.64M	21.78M	18.6M	15.54M	20.39M	15.15M	153.47M	224.26M
Net Debt	-83.95M	-229.66M	-59.31M	-54.15M	-423.52M	-948.56M	-988.08M	-775M	-296.2M	-455.31M
Debt / Equity	-	-	0.01x	0.07x	0.02x	0.01x	0.02x	0.02x	0.18x	0.31x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-3573.50x	-693.50x	-1667.41x	-	-	-	-125.16x	-
Total Equity+	-51.55M	235.17M	251.08M	294.66M	1.17B	1.38B	1.05B	796.12M	840.9M	715.5M
Equity Growth %	-180.63%	556.18%	6.77%	17.36%	296.85%	18.01%	-24.23%	-23.86%	5.62%	-14.91%
Book Value per Share	-54.62	108.11	47.73	45.78	150.56	148.39	109.14	82.38	8.50	6.53
Total Shareholders' Equity	-51.55M	235.17M	251.08M	294.66M	1.17B	1.38B	1.05B	796.12M	840.9M	715.5M
Common Stock	579	3K	3.48K	4K	5K	6K	6K	6K	7K	7K
Retained Earnings	-60.17M	-110.55M	-249.63M	-444.7M	-713.6M	-1.42B	-1.86B	-2.2B	-2.45B	-2.63B
Treasury Stock	0	0	0	0	0	-4.28M	-11.86M	-20.84M	-20.84M	0
Accumulated OCI	-698.53K	449.91K	2.66M	4.62M	-14.52M	-23.64M	25.68M	37.63M	50.52M	29.7M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-32.16M	-32.37M	-97.54M	-191.01M	-216.06M	-549.23M	-367.64M	-198.18M	-214.87M	-150.79M
Operating CF Margin %	-	-	-75346.86%	-1471.04%	-441.31%	-380.59%	-170.96%	-74.3%	-53.85%	-32.77%
Operating CF Growth %	-180.49%	-0.65%	-201.35%	-95.83%	-13.11%	-154.21%	33.06%	46.09%	-8.42%	29.82%
Net Income	-37.51M	-50.38M	-139.07M	-195.07M	-268.9M	-704.47M	-443.29M	-334.62M	-257.1M	-175.54M
Depreciation & Amortization	199K	548.13K	1.65M	3.77M	4.64M	6.49M	8.23M	9.03M	11.86M	15.01M
Stock-Based Compensation	4.93M	9.93M	12.23M	20.29M	24.83M	40.71M	61.3M	79.63M	70.65M	65.6M
Deferred Taxes	0	0	587.25K	767K	1.13M	17.08M	0	0	0	-3.34M
Other Non-Cash Items	1.92M	62.61K	-312K	2.52M	4.01M	67.85M	72.36M	8.17M	28.12M	-52.52M
Working Capital Changes	-1.69M	7.48M	27.38M	-23.28M	18.25M	23.11M	-66.25M	39.61M	-68.39M	0
Change in Receivables	0	0	-89.71K	-3.7M	-1.38M	-42.32M	25.14M	-17.69M	-26.58M	-18.93M
Change in Inventory	0	0	-3.82K	-6M	-7.17M	-7.17M	-15.38M	-14.91M	3.9M	12.29M
Change in Payables	-929.72K	8.44M	28.46M	-14.77M	39.98M	63.52M	-53.77M	36.8M	-2.21M	19.93M
Cash from Investing+	-2.73M	-10.43M	-212.55M	-14.89M	-554.83M	249.96M	420.02M	-10.78M	-375.19M	307.87M
Capital Expenditures	-2.23M	-9.12M	-10.12M	-15.24M	-10.67M	-18.95M	-24.59M	-7.21M	-5.66M	-8.1M
CapEx % of Revenue	-	-	7815.9%	117.38%	21.79%	13.13%	11.43%	2.7%	1.42%	1.76%
Acquisitions	0	-1.9M	-2.09M	9.21M	539K	-30M	0	0	29K	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-505.62K	68.1K	-102.83K	-9.21M	-539K	3K	-399K	12.74M	-55.86M	-5.24M
Cash from Financing+	106.2M	187.86M	144.15M	219.3M	1.13B	820.2M	-1.73M	-6.43M	349.89M	72.35M
Debt Issued (Net)	0	0	3.64M	2.9M	-6.53M	0	0	0	131.32M	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	0	-1.67M	-496.2K	201K	1.28M	1.33M	-1.73M	-6.43M	1.22M	72.35M
Net Change in Cash	70.79M	145.71M	-166.71M	13.49M	366.42M	522.04M	44.37M	-218.01M	-240.48M	229.91M
Free Cash Flow+	-34.39M	-41.48M	-107.66M	-206.25M	-226.72M	-568.18M	-392.63M	-206.67M	-276.39M	-158.89M
FCF Margin %	-	-	-83162.76%	-1588.42%	-463.1%	-393.72%	-182.58%	-77.49%	-69.27%	-34.53%
FCF Growth %	-181.79%	-20.64%	-159.51%	-91.59%	-9.93%	-150.6%	30.9%	47.36%	-33.74%	42.51%
FCF per Share	-36.43	-19.07	-20.46	-32.04	-29.19	-61.10	-40.98	-21.39	-2.79	-1.45
FCF Conversion (FCF/Net Income)	0.86x	0.64x	0.70x	0.98x	0.80x	0.78x	0.83x	0.59x	0.84x	0.86x
Interest Paid	0	0	0	0	0	0	0	0	2.02M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-54.88%	-57.2%	-71.49%	-36.74%	-55.27%	-36.55%	-36.34%	-31.41%	-22.56%
Return on Invested Capital (ROIC)	-	-699.41%	-107.79%	-70.51%	-45.9%	-89.2%	-124.06%	-699.25%	-74.79%	-42.76%
Gross Margin	-	-	66.33%	71.13%	-389.09%	63.8%	65.58%	64.08%	62.94%	58.6%
Net Margin	-	-	-107433.56%	-1502.31%	-549.26%	-488.16%	-206.14%	-125.46%	-64.44%	-38.15%
Debt / Equity	-	-	0.01x	0.07x	0.02x	0.01x	0.02x	0.02x	0.18x	0.31x
Interest Coverage	-	-	-3573.50x	-693.50x	-1667.41x	-	-	-	-125.16x	-
FCF Conversion	0.86x	0.64x	0.70x	0.98x	0.80x	0.78x	0.83x	0.59x	0.84x	0.86x
Revenue Growth	-	-	-	9930.55%	277.04%	194.77%	49.01%	24.03%	49.59%	15.33%

Zai Lab Limited (ZLAB) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

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Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

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Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Zai Lab Limited (ZLAB) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ZLAB vs Peers

vs UTHR

vs AMRN

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