Last 40 quarters of trend data · Healthcare · Oncology Biotech
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -14.43 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 6.51 | 6.84 | 4.99 | 5.23 | 3.82 | 8.04 | 8.68 | 9.17 | 6.11 | 0.58 | 0.42 | 0.45 | 1.01 | 0.85 | 0.97 | 1.27 | 1.18 | 1.43 | 1.72 | 2.25 | 3.40 |
| — | -15.0% | -42.5% | -43.0% | -37.4% | +1296.5% | +1963.3% | +1950.6% | +506.5% | -32.3% | -56.7% | -64.9% | -14.4% | -40.3% | -43.6% | -43.4% | -65.3% | -75.5% | -84.5% | -84.7% | -82.7% | |
| P/B Ratio | 3.90 | 5.25 | 3.50 | 3.15 | 2.73 | 4.91 | 4.82 | 4.82 | 3.17 | 0.35 | 0.24 | 0.20 | 0.33 | 0.27 | 0.29 | 0.32 | 0.28 | 0.30 | 0.27 | 0.32 | 0.43 |
| — | +6.9% | -27.5% | -34.7% | -14.0% | +1292.8% | +1908.0% | +2255.4% | +851.3% | +32.0% | -16.3% | -36.0% | +18.2% | -9.9% | +4.7% | -0.6% | -35.2% | -53.0% | -72.2% | -72.5% | -57.1% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.5% | 52.6% | 54.7% | 61.5% | 51.2% | 59.6% | 60.7% | 63.7% | 61.4% | 63.9% | 64.9% | 61.4% | 61.7% | 63.2% | 65.5% | 66.0% | 66.6% | 65.2% | 63.9% | -48.7% | -338.7% |
| — | -11.8% | -9.9% | -3.4% | -16.7% | -6.7% | -6.5% | +3.7% | -0.4% | +1.1% | -0.8% | -7.0% | -7.4% | -3.0% | +2.5% | +235.5% | +119.7% | +216.1% | +120.3% | +94.9% | +76.2% | |
| Operating Margin | -48.6% | -58.2% | -71.9% | -69.5% | -54.4% | -42.1% | -49.9% | -52.9% | -62.2% | -66.4% | -75.7% | -80.7% | -188.3% | -120.7% | -130.0% | -110.7% | -155.4% | -223.5% | -204.9% | -170.7% | -496.2% |
| — | -38.4% | -44.1% | -31.5% | +12.6% | +36.6% | +34.0% | +34.5% | +66.9% | +45.0% | +41.8% | +27.1% | -21.2% | +46.0% | +36.6% | +35.1% | +68.7% | -15.8% | +55.6% | +84.9% | +21.4% | |
| Net Margin | -38.1% | -42.6% | -47.8% | -51.2% | -39.5% | -31.0% | -37.0% | -45.5% | -74.9% | -40.7% | -79.9% | -61.4% | -145.0% | -99.9% | -175.6% | -78.3% | -98.7% | -280.1% | -286.3% | -176.3% | -479.6% |
| — | -37.6% | -29.1% | -12.6% | +47.2% | +24.0% | +53.6% | +25.9% | +48.3% | +59.2% | +54.5% | +21.6% | -46.9% | +64.3% | +38.7% | +55.6% | +79.4% | -25.2% | +35.3% | +84.8% | +5.4% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.6% | -7.9% | -8.0% | -7.4% | -6.8% | -4.6% | -5.1% | -5.9% | -10.8% | -6.1% | -10.9% | -6.9% | -11.4% | -7.6% | -12.5% | -4.8% | -5.7% | -13.9% | -10.9% | -6.1% | -14.3% |
| — | -70.1% | -57.6% | -26.3% | +36.9% | +23.7% | +53.6% | +14.5% | +4.8% | +20.3% | +12.4% | -42.9% | -98.2% | +45.2% | -14.2% | +21.7% | +59.8% | -135.1% | +10.1% | +71.3% | -52.4% | |
| ROA | -14.9% | -4.4% | -4.7% | -4.5% | -4.3% | -3.1% | -3.5% | -4.1% | -7.5% | -4.2% | -8.1% | -5.3% | -9.2% | -6.4% | -10.6% | -4.1% | -4.9% | -11.9% | -9.4% | -5.3% | -12.7% |
| — | -42.0% | -34.4% | -9.5% | +42.5% | +26.7% | +57.1% | +22.3% | +18.0% | +34.3% | +23.5% | -28.4% | -87.1% | +45.8% | -12.4% | +22.4% | +61.4% | -122.9% | +12.5% | +72.4% | -53.0% | |
| ROIC | -41.7% | -17.7% | -23.1% | -20.7% | -19.9% | -14.3% | -16.6% | -10.7% | -14.1% | -30.4% | -34.3% | -53.8% | -143.1% | -62.3% | -57.4% | -52.3% | -225.3% | -34.5% | -14.4% | -13.1% | -51.6% |
| — | -23.7% | -39.4% | -93.4% | -41.3% | +53.0% | +51.7% | +80.2% | +90.1% | +51.3% | +40.2% | -2.9% | +36.5% | -80.5% | -299.3% | -298.3% | -337.0% | +64.1% | — | +70.7% | -250.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.47 | 0.42 | 0.35 | 0.31 | 0.29 | 0.24 | 0.24 | 0.18 | 0.19 | 0.12 | 0.08 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 |
| — | +64.5% | +73.5% | +47.7% | +71.7% | +53.3% | +103.4% | +185.4% | +859.0% | +893.5% | +481.5% | +310.0% | -2.4% | +0.4% | +25.2% | +48.2% | +73.2% | +76.7% | +48.8% | -22.9% | -29.2% | |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 2.45 | 2.04 | 2.13 | 2.40 | 2.45 | 2.87 | 3.12 | 3.26 | 3.51 | 3.01 | 3.46 | 4.63 | 4.63 | 7.68 | 7.63 | 8.61 | 8.04 | 7.78 | 7.91 | 8.99 | 7.78 |
| — | -29.0% | -31.6% | -26.2% | -30.2% | -4.5% | -9.7% | -29.6% | -24.2% | -60.9% | -54.7% | -46.3% | -42.4% | -1.2% | -3.5% | -4.3% | +3.3% | -46.2% | -15.2% | -20.6% | -37.3% | |
| Quick Ratio | 2.27 | 1.84 | 1.92 | 2.19 | 2.27 | 2.68 | 2.93 | 3.09 | 3.38 | 2.87 | 3.29 | 4.43 | 4.41 | 7.33 | 7.36 | 8.30 | 7.81 | 7.59 | 7.77 | 8.86 | 7.68 |
| — | -31.6% | -34.5% | -29.3% | -32.8% | -6.4% | -10.8% | -30.2% | -23.4% | -60.9% | -55.3% | -46.6% | -43.6% | -3.4% | -5.3% | -6.3% | +1.7% | -47.1% | -16.2% | -20.8% | -37.4% | |
| Interest Coverage | -33.26 | -29.44 | -31.67 | -29.28 | -38.19 | -24.69 | -31.27 | -39.81 | -89.36 | -54.93 | -162.16 | -472.19 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 40 years · Updated daily
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Quick answers to the most common questions about buying ZLAB stock.
Zai Lab Limited's current P/E is -14.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Zai Lab Limited's current operating margin is -48.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Zai Lab Limited's business trajectory between earnings reports.