The company's financial leverage remains elevated, with total debt reaching $36.4 billion and a current ratio of 0.59 as of 2025Q2, indicating tight liquidity constraints.
| Total Current Assets | 44.61B | 25.16B | 20.48B | 14.6B | 9.43B | 6.03B |
| Cash & Short-Term Investments | 8.09B | 7.78B | 3.26B | 3.56B | 3.89B | 141.93M |
| Cash Only | 8.09B | 7.78B | 3.26B | 3.56B | 3.89B | 141.93M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 20.53B | 10.43B | 1.59B | 307.25M | 4.11B | 15.06M |
| Days Sales Outstanding | 58.52 | 50.15 | 11.25 | 3.52 | 230.07 | 1.73 |
| Inventory | 8.01B | 4.15B | 5.23B | 3.16B | 1.21B | 194.05M |
| Days Inventory Outstanding | 33.74 | 23.87 | 42.58 | 264.33 | 520.64 | 209.39 |
| Other Current Assets | 7.99B | 1.32B | 10.07B | 7.29B | 115.49M | 5.59B |
| Total Non-Current Assets | 17.22B | 7.51B | 6.64B | 777.73M | 401.56M | 248.99M |
| Property, Plant & Equipment | 13.32B | 5.37B | 5.36B | 579.85M | 328.37M | 172.32M |
| Fixed Asset Turnover | 9.62x | 14.14x | 9.64x | 55.01x | 19.88x | 18.48x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.93B | 904.08M | 462.67M | 162.88M | 90.5M | 87.29M |
| Long-Term Investments | 3.1B | 685.91M | 459.79M | 53.65M | 30.16M | 43.9M |
| Other Non-Current Assets | 492M | 215.02M | 273.72M | -25.39M | -59.3M | -56.9M |
| Total Assets | 61.83B | 32.67B | 27.12B | 2.8B | 1.87B | 1.15B |
| Asset Turnover | 1.92x | 2.32x | 1.91x | 11.39x | 3.48x | 2.76x |
| Asset Growth % | 987.33% | 20.48% | 867.86% | 49.56% | 62.22% | - |
| Total Current Liabilities | 75.43B | 40.14B | 32.32B | 17.63B | 10.15B | 3.35B |
| Accounts Payable | 14.83B | 4.07B | 4.1B | 13.17B | 5.54B | 551.88M |
| Days Payables Outstanding | 47.01 | 23.42 | 33.43 | 1.1K | 2.38K | 595.48 |
| Short-Term Debt | 27.18B | 13.02B | 5.5B | 475.73M | 2.43B | 2.08B |
| Deferred Revenue (Current) | 330.73M | 330.73M | 0 | 368.87M | 162.49M | 8.55M |
| Other Current Liabilities | 0 | 1.42B | -3.66B | 1.08B | -1.52B | 278.93M |
| Current Ratio | 0.59x | 0.63x | 0.63x | 0.83x | 0.93x | 1.80x |
| Quick Ratio | 0.49x | 0.52x | 0.47x | 0.65x | 0.81x | 1.74x |
| Cash Conversion Cycle | 45.24 | 50.6 | 20.4 | -832.24 | -1.63K | -384.37 |
| Total Non-Current Liabilities | 11.66B | 2.68B | 3.48B | 7.82B | 860M | 817.63M |
| Long-Term Debt | 7.28B | 414.18M | 0 | 6B | 0 | 260M |
| Capital Lease Obligations | 7.35B | 1.49B | 1.81B | 1.56B | 786.2M | 452.44M |
| Deferred Tax Liabilities | 181.48M | 57.25M | 1.18M | 8.06M | 0 | 0 |
| Other Non-Current Liabilities | 2.38B | 718.16M | 1.66B | 37.12M | 73.8M | 105.19M |
| Total Liabilities | 87.09B | 42.82B | 35.8B | 3.66B | 1.73B | 638.01M |
| Total Debt | 36.41B | 15.6B | 7.98B | 8.56B | 3.43B | 2.89B |
| Net Debt | 28.32B | 7.81B | 4.72B | 4.99B | -466.52M | 2.75B |
| Debt / Equity | -1.44x | - | - | - | 23.50x | 5.60x |
| Debt / EBITDA | -13.30x | - | - | - | - | 21.25x |
| Net Debt / EBITDA | -10.34x | - | - | - | - | 20.20x |
| Interest Coverage | -14.40x | -92.42x | -31.94x | -25.21x | -80.87x | 1.24x |
| Total Equity | -25.26B | -10.15B | -8.68B | -859.2M | 145.83M | 516.83M |
| Equity Growth % | -1134.28% | -16.99% | -910.08% | -689.18% | -71.78% | - |
| Book Value per Share | -98.62 | -43.15 | -43.39 | -3.52 | 0.97 | 2.58 |
| Total Shareholders' Equity | -24.06B | -11.74B | -9.63B | -6.84B | 338.06M | 3.38B |
| Common Stock | 3M | 3.36M | 2.58M | 2.58M | 2.58M | 0 |
| Retained Earnings | -34.35B | -27.29B | -20.87B | -12.52B | -4.58B | 2.08B |
| Treasury Stock | -193M | -186.81M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -63M | -22.92M | 17.55M | -32.21M | -46.77M | 56.64M |
| Minority Interest | -1.2B | 1.59B | 952.79M | 125.15M | 92.79M | 0 |
Negative Equity and Leverage
According to the latest quarterly filings, ZK's total equity has deteriorated to negative $24.1 billion as of 2025Q2, reflecting a persistent accumulation of retained losses that suggests the company's capital structure remains under significant pressure despite its rapid expansion in the premium electric vehicle market.
The widening deficit in retained earnings indicates that the company has yet to achieve the scale necessary to offset its historical development and operational costs. Investors should monitor whether this trajectory stabilizes as the company attempts to transition toward operating profitability.
Based on reported financial statements, ZK's total debt has surged to $36.4 billion in 2025Q2, representing a substantial increase from the $2.6 billion reported in 2024Q2, which highlights a heavy reliance on external financing to fuel its aggressive manufacturing and infrastructure scaling efforts.
This rapid accumulation of debt warrants caution, as it increases the company's interest burden and sensitivity to credit market conditions. The reliance on debt to fund operations suggests that internal cash generation is not yet sufficient to support the company's capital-intensive growth strategy.
As reported in recent balance sheet data, ZK maintains a current ratio of 0.59 as of 2025Q2, which indicates that current liabilities significantly exceed current assets and suggests a limited margin of safety for meeting short-term obligations without continued access to external capital markets.
A current ratio consistently below 1.0 is characteristic of the company's capital-intensive model but underscores the vulnerability of its liquidity position. This tight buffer implies that any disruption in vehicle deliveries or financing access could quickly translate into operational stress.
Based on the 2025Q2 balance sheet, ZK has grown its total assets to $61.8 billion, with net PPE accounting for $13.3 billion, signaling a significant commitment to physical manufacturing capacity within the Geely ecosystem to support its premium vehicle production and global expansion goals.
The concentration of assets in PPE confirms the company's asset-heavy business model, which requires sustained high utilization rates to justify the depreciation and maintenance costs. The quality of these assets is intrinsically linked to the success of the shared Sustainable Experience Architecture.
Data from recent filings reveals that ZK's negative equity position is a critical distortion, as it masks the underlying financial health by highlighting the massive historical losses incurred during the company's rapid, debt-funded ascent into the competitive Chinese premium electric vehicle manufacturing sector.
The reliance on negative equity to fund growth suggests that the company's survival is heavily contingent on the continued support of its parent entity and external creditors. This structure makes the balance sheet appear more vulnerable than a traditional equity-funded enterprise, necessitating careful scrutiny of refinancing risks.
Quick answers to the most common questions about buying ZK stock.
As of 2024, ZEEKR Intelligent Technology Holding Limited (ZK) had total assets of $32.67B including $25.16B in current assets.
ZEEKR Intelligent Technology Holding Limited (ZK) carries total debt of $15.60B, offset by $7.78B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ZEEKR Intelligent Technology Holding Limited (ZK) has total shareholders' equity (book value) of $-11738.5M ($-43.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ZEEKR Intelligent Technology Holding Limited (ZK) reported a current ratio of 0.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.