Zhengye Biotechnology Holding Limited (ZYBT) 10-Year Financial Performance & Capital Metrics

ZYBT • • Industrial / General

HealthcareSpecialty & Generic PharmaAnimal Health ProductsLivestock Health

AboutZhengye Biotechnology Holding Limited engages in the research, development, manufacture, and sale of veterinary vaccines for livestock in China. It offers vaccines for swine, cattle, goats, sheep, poultry, and dogs. The company also exports its products to Vietnam, Pakistan, and Egypt. The company was founded in 2004 and is based in Jilin, China. Zhengye Biotechnology Holding Limited operates as a subsidiary of Securingium Holding Limited.Show more

Revenue $186M -12.0%
EBITDA $41M -41.1%
Net Income $11M -64.0%
EPS (Diluted) 0.00
Gross Margin 48.99% -20.2%
EBITDA Margin 21.79% -33.1%
Operating Margin 8.82% -58.5%
Net Margin 6.07% -59.2%
ROE 3.27% -63.8%
ROIC 2.96% -63.8%
Debt/Equity 0.25 -7.4%
Interest Coverage 4.07 -60.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 14.3%
✓Trading at only 0.1x book value

✗Weaknesses

✗Weak momentum: RS Rating 2 (bottom 2%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-4.52%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-33.78%

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg13.19%

5Y Avg13.19%

3Y Avg12.12%

Latest4.65%

Peer Comparison

Livestock Health

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PAHCPhibro Animal Health Corporation	819.13M	40.06	33.66	27.37%	4.85%	21.76%	5.11%	2.67
ZYBTZhengye Biotechnology Holding Limited	52.6M	1.11		-11.95%	6.07%	3.27%	25.23%	0.25

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	214.07M	260.27M	211.65M	186.36M
Revenue Growth %	-	0.22%	-0.19%	-0.12%
Cost of Goods Sold+	88.67M	106.75M	81.8M	95.06M
COGS % of Revenue	0.41%	0.41%	0.39%	0.51%
Gross Profit+	125.39M	153.52M	129.85M	91.3M
Gross Margin %	0.59%	0.59%	0.61%	0.49%
Gross Profit Growth %	-	0.22%	-0.15%	-0.3%
Operating Expenses+	73.01M	87.69M	84.87M	74.86M
OpEx % of Revenue	0.34%	0.34%	0.4%	0.4%
Selling, General & Admin	58.19M	63.56M	66.63M	63.84M
SG&A % of Revenue	0.27%	0.24%	0.31%	0.34%
Research & Development	11.37M	13.42M	11.9M	12.79M
R&D % of Revenue	0.05%	0.05%	0.06%	0.07%
Other Operating Expenses	3.45M	10.7M	6.33M	-1.78M
Operating Income+	52.38M	65.83M	44.99M	16.44M
Operating Margin %	0.24%	0.25%	0.21%	0.09%
Operating Income Growth %	-	0.26%	-0.32%	-0.63%
EBITDA+	68.39M	84.63M	68.9M	40.6M
EBITDA Margin %	0.32%	0.33%	0.33%	0.22%
EBITDA Growth %	-	0.24%	-0.19%	-0.41%
D&A (Non-Cash Add-back)	16.01M	18.8M	23.91M	24.16M
EBIT	54.11M	66.75M	48.19M	18.44M
Net Interest Income+	-934K	-2.73M	-4.11M	-3.81M
Interest Income	112K	114K	312K	231K
Interest Expense	1.05M	2.84M	4.42M	4.04M
Other Income/Expense	683K	-1.92M	-1.22M	-2.04M
Pretax Income+	53.07M	63.91M	43.76M	14.39M
Pretax Margin %	0.25%	0.25%	0.21%	0.08%
Income Tax+	6.6M	8.17M	6.25M	924K
Effective Tax Rate %	0.73%	0.73%	0.72%	0.79%
Net Income+	38.96M	46.73M	31.46M	11.31M
Net Margin %	0.18%	0.18%	0.15%	0.06%
Net Income Growth %	-	0.2%	-0.33%	-0.64%
Net Income (Continuing)	46.47M	55.74M	37.51M	13.47M
Discontinued Operations	0	0	0	0
Minority Interest	51.36M	60.37M	66.42M	68.58M
EPS (Diluted)+	0.00	0.00	0.00	0.00
EPS Growth %	-	-	-	-
EPS (Basic)	0.00	0.00	0.00	0.00
Diluted Shares Outstanding	0	0	0	0
Basic Shares Outstanding	0	0	0	0
Dividend Payout Ratio	0.28%	0.46%	1.25%	1.42%

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	164.94M	214.31M	205.59M	177.57M
Cash & Short-Term Investments	6.28M	9.75M	16.3M	20.04M
Cash Only	6.28M	9.75M	15.07M	18.6M
Short-Term Investments	0	0	1.22M	1.43M
Accounts Receivable	102.19M	134.25M	99.42M	88.52M
Days Sales Outstanding	174.24	188.27	171.46	173.37
Inventory	43.62M	55.42M	58.3M	58.22M
Days Inventory Outstanding	179.56	189.51	260.15	223.54
Other Current Assets	11.14M	12.46M	24.03M	2K
Total Non-Current Assets+	280.33M	305.37M	294.3M	315.68M
Property, Plant & Equipment	255.12M	283.67M	271.5M	255.16M
Fixed Asset Turnover	0.84x	0.92x	0.78x	0.73x
Goodwill	0	0	0	0
Intangible Assets	12.05M	19.46M	16.3M	22.78M
Long-Term Investments	0	0	0	0
Other Non-Current Assets	13.17M	2.23M	6.5M	26.75M
Total Assets+	445.28M	519.67M	499.89M	493.25M
Asset Turnover	0.48x	0.50x	0.42x	0.38x
Asset Growth %	-	0.17%	-0.04%	-0.01%
Total Current Liabilities+	125.63M	152.23M	150.23M	135.91M
Accounts Payable	77.57M	79.28M	45.66M	42.96M
Days Payables Outstanding	319.28	271.06	203.75	164.95
Short-Term Debt	30M	54.89M	79.86M	81.63M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	3.28M
Current Ratio	1.31x	1.41x	1.37x	1.31x
Quick Ratio	0.97x	1.04x	0.98x	0.88x
Cash Conversion Cycle	34.52	106.72	227.86	231.97
Total Non-Current Liabilities+	816K	10.58M	10.38M	4.8M
Long-Term Debt	0	9.99M	9.99M	4.8M
Capital Lease Obligations	0	0	0	0
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	816K	590K	393K	0
Total Liabilities	126.44M	162.81M	160.62M	140.71M
Total Debt+	30M	64.88M	89.85M	86.43M
Net Debt	23.72M	55.13M	74.78M	67.83M
Debt / Equity	0.09x	0.18x	0.26x	0.25x
Debt / EBITDA	0.44x	0.77x	1.30x	2.13x
Net Debt / EBITDA	0.35x	0.65x	1.09x	1.67x
Interest Coverage	50.08x	23.19x	10.17x	4.07x
Total Equity+	318.84M	356.87M	339.27M	352.54M
Equity Growth %	-	0.12%	-0.05%	0.04%
Book Value per Share	-	-	-	7.72
Total Shareholders' Equity	267.47M	296.5M	272.85M	283.96M
Common Stock	8K	8K	8K	8K
Retained Earnings	42.33M	65.77M	38.38M	48.15M
Treasury Stock	0	0	0	0
Accumulated OCI	21.99M	27.57M	31.31M	32.65M
Minority Interest	51.36M	60.37M	66.42M	68.58M

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	31.81M	17.34M	48.18M	41.05M
Operating CF Margin %	0.15%	0.07%	0.23%	0.22%
Operating CF Growth %	-	-0.45%	1.78%	-0.15%
Net Income	46.47M	55.74M	37.51M	13.47M
Depreciation & Amortization	16.01M	18.8M	23.91M	24.16M
Stock-Based Compensation	0	0	0	0
Deferred Taxes	-358K	-1.09M	758K	924K
Other Non-Cash Items	3.4M	10.7M	6.5M	3.47M
Working Capital Changes	-33.71M	-66.82M	-20.49M	-977K
Change in Receivables	-40.91M	-47.38M	38.05M	11.31M
Change in Inventory	-12.34M	-12.32M	-12.9M	-5.88M
Change in Payables	17.63M	-9.67M	-35.61M	-404K
Cash from Investing+	-26.27M	-27.33M	-11.77M	-27.66M
Capital Expenditures	-19.06M	-27.33M	-7.4M	-13.59M
CapEx % of Revenue	0.09%	0.1%	0.03%	0.07%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	-7.21M	0	-3.15M	-14.08M
Cash from Financing+	-3.05M	13.46M	-18.98M	-22.13M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	-11.05M	-21.43M	-39.45M	-16.02M
Share Repurchases	-	-	-	-
Other Financing	0	0	-4.5M	-3.37M
Net Change in Cash	-	-	-	-
Free Cash Flow+	5.41M	-9.99M	36.58M	13.27M
FCF Margin %	0.03%	-0.04%	0.17%	0.07%
FCF Growth %	-	-2.85%	4.66%	-0.64%
FCF per Share	-	-	-	0.29
FCF Conversion (FCF/Net Income)	0.82x	0.37x	1.53x	3.63x
Interest Paid	1.05M	2.84M	4.42M	3.98M
Taxes Paid	6.99M	8.48M	10.49M	116K

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	12.22%	13.83%	9.04%	3.27%
Return on Invested Capital (ROIC)	11.47%	13.09%	8.17%	2.96%
Gross Margin	58.58%	58.98%	61.35%	48.99%
Net Margin	18.2%	17.96%	14.86%	6.07%
Debt / Equity	0.09x	0.18x	0.26x	0.25x
Interest Coverage	50.08x	23.19x	10.17x	4.07x
FCF Conversion	0.82x	0.37x	1.53x	3.63x
Revenue Growth	-	21.58%	-18.68%	-11.95%

Frequently Asked Questions

Growth & Financials

Zhengye Biotechnology Holding Limited (ZYBT) reported $186.4M in revenue for fiscal year 2024. This represents a 13% decrease from $214.1M in 2021.

Zhengye Biotechnology Holding Limited (ZYBT) saw revenue decline by 12.0% over the past year.

Yes, Zhengye Biotechnology Holding Limited (ZYBT) is profitable, generating $11.3M in net income for fiscal year 2024 (6.1% net margin).

Dividend & Returns

Yes, Zhengye Biotechnology Holding Limited (ZYBT) pays a dividend with a yield of 31.61%. This makes it attractive for income-focused investors.

Zhengye Biotechnology Holding Limited (ZYBT) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.

Zhengye Biotechnology Holding Limited (ZYBT) generated $13.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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