Last 37 quarters of trend data · Healthcare · Biotechnology
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -12.01 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 46.21 | 3.82 | 8.04 | 8.68 | 9.17 | 6.11 | 0.58 | 0.42 | 0.45 | 1.01 | 0.85 | 0.97 | 1.27 |
| — | -37.4% | +1296.5% | +1963.3% | +1950.6% | +506.5% | -32.3% | -56.7% | -64.9% | -14.4% | -40.3% | -43.6% | -43.4% | |
| P/B Ratio | 2.94 | 2.73 | 4.91 | 4.82 | 4.82 | 3.17 | 0.35 | 0.24 | 0.20 | 0.33 | 0.27 | 0.29 | 0.32 |
| — | -14.0% | +1292.8% | +1908.0% | +2255.4% | +851.3% | +32.0% | -16.3% | -36.0% | +18.2% | -9.9% | +4.7% | -0.6% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Zai Lab Limited's operating margin was -54.4% in Q4 2025, down 12.3 pp QoQ and up 7.9 pp YoY. The trailing four-quarter average of -49.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 16.0% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.6% | 51.6% | 59.6% | 60.7% | 63.7% | 61.4% | 63.9% | 64.9% | 61.4% | 61.7% | 63.2% | 65.5% | 66.0% |
| — | -16.0% | -6.7% | -6.5% | +3.7% | -0.4% | +1.1% | -0.8% | -7.0% | -7.4% | -3.0% | +2.5% | +235.5% | |
| Operating Margin | -49.9% | -54.4% | -42.1% | -49.9% | -52.9% | -62.2% | -66.4% | -75.7% | -80.7% | -188.3% | -120.7% | -130.0% | -110.7% |
| — | +12.6% | +36.6% | +34.0% | +34.5% | +66.9% | +45.0% | +41.8% | +27.1% | -21.2% | +46.0% | +36.6% | +35.1% | |
| Net Margin | -38.1% | -39.5% | -31.0% | -37.0% | -45.5% | -74.9% | -40.7% | -79.9% | -61.4% | -145.0% | -99.9% | -175.6% | -78.3% |
| — | +47.2% | +24.0% | +53.6% | +25.9% | +48.3% | +59.2% | +54.5% | +21.6% | -46.9% | +64.3% | +38.7% | +55.6% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.6% | -6.8% | -4.6% | -5.1% | -5.9% | -10.8% | -6.1% | -10.9% | -6.9% | -11.4% | -7.6% | -12.5% | -4.8% |
| — | +36.9% | +23.7% | +53.6% | +14.5% | +4.8% | +20.3% | +12.4% | -42.9% | -98.2% | +45.2% | -14.2% | +21.7% | |
| ROA | -14.9% | -4.3% | -3.1% | -3.5% | -4.1% | -7.5% | -4.2% | -8.1% | -5.3% | -9.2% | -6.4% | -10.6% | -4.1% |
| — | +42.5% | +26.7% | +57.1% | +22.3% | +18.0% | +34.3% | +23.5% | -28.4% | -87.1% | +45.8% | -12.4% | +22.4% | |
| ROIC | -42.8% | -19.9% | -14.3% | -16.6% | -10.7% | -14.1% | -30.4% | -34.3% | -53.8% | -143.1% | -62.3% | -57.4% | -52.3% |
| — | -41.3% | +53.0% | +51.7% | +80.2% | +90.1% | +51.3% | +40.2% | -2.9% | +36.5% | -80.5% | -299.3% | -298.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has weakened 30.2% YoY to 2.45x, tightening the short-term liquidity position. Debt/Equity has risen for 5 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.31 | 0.29 | 0.24 | 0.24 | 0.18 | 0.19 | 0.12 | 0.08 | 0.02 | 0.02 | 0.02 | 0.02 |
| — | +71.7% | +53.3% | +103.4% | +185.4% | +859.0% | +893.5% | +481.5% | +310.0% | -2.4% | +0.4% | +25.2% | +48.2% | |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 2.45 | 2.45 | 2.87 | 3.12 | 3.26 | 3.51 | 3.01 | 3.46 | 4.63 | 4.63 | 7.68 | 7.63 | 8.61 |
| — | -30.2% | -4.5% | -9.7% | -29.6% | -24.2% | -60.9% | -54.7% | -46.3% | -42.4% | -1.2% | -3.5% | -4.3% | |
| Quick Ratio | 2.27 | 2.27 | 2.68 | 2.93 | 3.09 | 3.38 | 2.87 | 3.29 | 4.43 | 4.41 | 7.33 | 7.36 | 8.30 |
| — | -32.8% | -6.4% | -10.8% | -30.2% | -23.4% | -60.9% | -55.3% | -46.6% | -43.6% | -3.4% | -5.3% | -6.3% | |
| Interest Coverage | — | — | -34.87 | -43.50 | -47.44 | -75.10 | -91.08 | -154.60 | -622.20 | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 37 years · Updated daily
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Start ComparisonZai Lab Limited's current P/E is -12.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Zai Lab Limited's current operating margin is -49.9%. 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.