11 years of historical data (2015–2025) · Healthcare · Biotechnology
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Zai Lab Limited currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.3B | $1.9B | $2.6B | $264M | $294M | $584M | $1.1B | $268M | $122M | $46M | — |
| Enterprise Value | $20.8B | $1.5B | $2.3B | $-510884492 | $-693950400 | $-364104589 | $628M | $214M | $63M | $-183479060 | — |
| P/E Ratio → | -12.01 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 46.21 | 4.20 | 6.50 | 0.99 | 1.37 | 4.05 | 21.47 | 20.62 | 943.67 | — | — |
| P/B Ratio | 2.94 | 2.70 | 3.08 | 0.33 | 0.28 | 0.42 | 0.90 | 0.91 | 0.49 | 0.20 | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.21 | 5.75 | -1.92 | -3.23 | -2.52 | 12.82 | 16.45 | 485.52 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Zai Lab Limited earns an operating margin of -49.9%. Operating margins have expanded from -137.4% to -49.9% over the past 3 years, signaling improving operational efficiency. A negative ROE of -22.6% indicates the company is currently destroying shareholder equity.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.6% | 58.6% | 62.9% | 64.1% | 65.6% | 63.8% | -389.1% | 71.1% | 66.3% | — | — |
| Operating Margin | -49.9% | -49.9% | -70.7% | -137.4% | -188.0% | -485.1% | -616.4% | -1564.9% | -109514.0% | — | — |
| Net Profit Margin | -38.1% | -38.1% | -64.4% | -125.5% | -206.1% | -488.2% | -549.3% | -1502.3% | -107433.6% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.6% | -22.6% | -31.4% | -36.3% | -36.6% | -55.3% | -36.7% | -71.5% | -57.2% | -54.9% | — |
| ROA | -14.9% | -14.9% | -23.1% | -29.7% | -31.3% | -48.5% | -32.5% | -59.4% | -50.4% | -29.8% | -72.9% |
| ROIC | -42.8% | -42.8% | -74.8% | -699.2% | -124.1% | -89.2% | -45.9% | -70.5% | -107.8% | -699.4% | — |
| ROCE | -27.9% | -27.9% | -32.8% | -38.3% | -32.4% | -53.5% | -40.0% | -72.4% | -57.8% | -32.0% | -82.2% |
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $680M exceeds total debt of $224M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.31 | 0.18 | 0.02 | 0.02 | 0.01 | 0.02 | 0.07 | 0.01 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.64 | -0.35 | -0.97 | -0.94 | -0.69 | -0.36 | -0.18 | -0.24 | -0.98 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -125.16 | — | — | — | -1667.41 | -693.50 | -3573.50 | — | — |
Net cash position: cash ($680M) exceeds total debt ($224M)
Short-term solvency ratios and asset-utilisation metrics
Zai Lab Limited's current ratio of 2.45x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 4.63x to 2.45x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.45 | 2.45 | 3.51 | 4.63 | 8.04 | 7.78 | 12.40 | 6.27 | 5.51 | 19.11 | 16.25 |
| Quick Ratio | 2.27 | 2.27 | 3.38 | 4.41 | 7.81 | 7.68 | 12.27 | 6.14 | 5.51 | 19.11 | 16.25 |
| Cash Ratio | 1.66 | 1.66 | 2.60 | 3.97 | 7.21 | 7.30 | 12.10 | 5.92 | 5.39 | 19.03 | 16.23 |
| Asset Turnover | — | 0.39 | 0.34 | 0.26 | 0.18 | 0.09 | 0.04 | 0.04 | 0.00 | — | — |
| Inventory Turnover | 2.55 | 2.55 | 3.71 | 2.14 | 2.34 | 2.76 | 18.22 | 0.62 | 11.41 | — | — |
| Days Sales Outstanding | — | 84.17 | 81.79 | 89.41 | 82.44 | 138.63 | 38.51 | 106.56 | 253.76 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Zai Lab Limited does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $110M | $99M | $10M | $10M | $9M | $8M | $6M | $5M | $2M | $943902 |
Compare ZLAB with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| ZLABYou | $21B | -12.0 | — | — | 58.6% | -49.9% | -22.6% | -42.8% | — |
| UTHR | $22B | 18.1 | 12.9 | 21.1 | 87.9% | 46.9% | 19.7% | 21.1% | — |
| AMRN | $6B | -3.5 | — | — | 35.6% | -40.2% | -15.8% | -18.7% | — |
| ALKS | $5B | 21.0 | 15.9 | 9571.4 | 86.3% | 17.2% | 14.7% | 14.9% | 0.2 |
| ADMA | $4B | 19.2 | 25.1 | 33.7 | 51.5% | 32.6% | 81.6% | 37.7% | 0.6 |
| ARQT | $3B | -207.5 | — | — | 90.2% | -3.3% | -9.3% | -5.2% | — |
| LQDA | $3B | -18.7 | — | — | 58.0% | -866.6% | -209.4% | -500.7% | — |
| SLGL | $3B | -241.3 | — | — | 98.0% | -104.1% | -31.4% | -41.5% | — |
| MLYS | $2B | -8.0 | — | — | — | — | -82.2% | -107.3% | — |
| ARDX | $2B | -25.2 | — | — | 90.3% | -10.1% | -36.2% | -10.8% | — |
| TBPH | $925M | -15.9 | — | — | 100.0% | -72.9% | -29.0% | -17.2% | — |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 11 years · Updated daily
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View ValuationSee how ZLAB stacks up against sector leader United Therapeutics Corporation.
Start ComparisonZai Lab Limited's current P/E ratio is -12.0x. This places it at the 50th percentile of its historical range.
Zai Lab Limited's return on equity (ROE) is -22.6%. The historical average is -44.7%.
Based on historical data, Zai Lab Limited is trading at a P/E of -12.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zai Lab Limited has 58.6% gross margin and -49.9% operating margin.