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Zai Lab Ltd

ZLAB

$22.59 ▼ -0.24 (-1.05%) at close

12 Visible periods

30 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

Zai Lab Ltd faces fundamental challenges with weakness in Return on Common Equity (%) and Profit Margin (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $24.7B

Dividend Yield —

Revenue Growth 15.3% ↘

Op. Margin -49.9% ↗

ROIC -31.5% ↗

FCF / Share $-0.15 ↗

Trailing P/E —

Price / Book 34.9x

FCF Yield —

Debt / Equity 0.29

info Valuation on last close. End-of-day price, Nov 5, 2026.

12-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$460.16M

↑ +15.3% —

Net Income Profit after all expenses

$-175.54M

↑ +31.7% —

Operating Margin Operating profit as % of sales

-49.9%

↑ +29.5% 5th

FCF / Share Free cash flow per share

$-0.15

↑ +34.9% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability ↑

Returns ↑

Financial Health ↑

Cash Quality ↑

Financial view

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📈 Is growth accelerating? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗
Revenue Growth YoY (%)	15.3% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+92%)	49.6% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+520%)	24.0% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+200%)	49.0% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+513%)	194.8% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+2335%)	277.0% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+3363%)	9965.9% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+124474%)	—	—	—	—	—
EPS Growth YoY (%)	38.5% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	25.7% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	23.9% Good Good Year-over-year change in earnings per share Optimal: > 10%	39.5% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—	—	—
Net Income Growth YoY (%)	31.7% Excellent ↑ Excellent Improving Year-over-year change in net income	23.2% Good ↑ Good Improving Year-over-year change in net income	24.5% Good ↑ Good Improving Year-over-year change in net income	37.1% Excellent ↑ Excellent Improving Year-over-year change in net income	-162.0% Weak ↓ Weak Declining Year-over-year change in net income	-37.8% Weak ↑ Weak Improving Year-over-year change in net income	-40.3% Weak ↑ Weak Improving Year-over-year change in net income	-176.0% Weak ↓ Weak Declining Year-over-year change in net income	-34.3% Weak Weak Year-over-year change in net income	-108.1% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	34.9% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-4.9% Weak ↓ Weak Declining Year-over-year change in free cash flow	48.1% Excellent Excellent Year-over-year change in free cash flow	32.9% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—	—	—	—	—
Revenue CAGR 3Y (%)	28.9% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	40.4% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	76.0% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	154.9% Excellent Excellent Compound annual revenue growth over 3 years	938.1% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—	—	—	—
Revenue CAGR 5Y (%)	56.5% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	98.4% Excellent Excellent Compound annual revenue growth over 5 years	360.4% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗
Operating Margin (%) (%)	-49.9% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-432%)	-70.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-571%)	-137.4% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1016%)	-188.0% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1354%)	-485.1% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-3334%)	—	—	—	—	—	—	—
Effective Tax Rate (%) (%)	1.6% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent → Excellent Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent → Excellent Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent → Excellent Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—
Profit Margin (%) (%)	-38.1% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-418%)	-64.4% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-637%)	-125.5% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1145%)	-206.1% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1818%)	-488.2% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-4168%)	—	—	—	—	—	—	—
FCF Margin (%) (%)	-34.5% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-55.3% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-77.0% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-182.4% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-393.3% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-462.0% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	—	—
FCF / Net Income (x)	0.91x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.86x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.61x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.88x Caution → Caution Stable Free cash flow relative to reported net income Optimal: > 1x	0.81x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.84x Caution → Caution Stable Free cash flow relative to reported net income Optimal: > 1x	1.01x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	0.77x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	0.82x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	—	—	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗
Return on Invested Capital (%)	-31.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-33.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-46.0% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-38.7% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-50.7% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-20.4% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-69.0% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-44.6% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-17.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	59.0% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	70.3% Excellent Excellent Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	-19.6% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-23.8% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-35.4% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-33.1% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-43.5% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	-23.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-57.2% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-46.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-20.6% Weak Weak Operating profit relative to total assets Optimal: > 10%	-43.3% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	-24.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-264%)	-30.6% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-304%)	-42.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-380%)	-42.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-383%)	-51.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-440%)	-23.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-253%)	-66.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-541%)	-55.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-469%)	-21.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-243%)	72.8% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+385%)	98.1% Excellent Excellent Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+554%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗
Debt to Equity (x)	0.29x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-52%)	0.16x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-74%)	0.00x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	—	—	—	0.02x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-96%)	0.01x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-98%)	—	—	—	—
Interest Coverage (x)	-47.03x Weak Weak Operating income divided by interest expense Optimal: > 5x	-125.16x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—	-1667.41x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-693.50x Weak Weak Operating income divided by interest expense Optimal: > 5x	-3544.20x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—	—
Net Debt (USD)	$-475.04M	$-317.96M	$-790.15M	$-1.01B	$-964.10M	$-442.12M	$-69.48M	$-59.31M	$-229.66M	$-83.95M	$-13.16M	$-7.15M
Debt / EBITDA (x)	-0.95x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.49x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.00x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	-0.03x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.03x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗
Revenue per Share (USD)	$0.42	$0.40	$0.28	$0.22	$0.16	—	—	—	—	—	—	—
Basic EPS, GAAP (USD)	$-0.16	$-0.26	$-0.35	$-0.46	$-0.76	—	—	—	—	—	—	—
Free Cash Flow per Share (USD)	$-0.15	$-0.22	$-0.21	$-0.41	$-0.61	—	—	—	—	—	—	—
Book Value per Share (USD)	$0.65	$0.78	$0.82	$1.09	$1.45	$1.33	$0.43	$0.43	$0.47	$-0.53	—	—
Tangible Book Value per Share (USD)	$0.58	$0.73	$0.81	$1.09	$1.44	$1.33	$0.43	$0.43	$0.47	$-0.53	—	—
Basic Weighted Avg Shares (shares)	1.10B	989.48M	966.39M	958.07M	929.92M	—	—	—	—	—	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗
Working Capital (USD)	$603.12M	$751.10M	$736.54M	$984.49M	$1.31B	$1.12B	$245.83M	$220.30M	$218.55M	$78.92M	—	—
Total Equity (USD)	$715.50M	$840.90M	$796.12M	$1.05B	$1.38B	$1.17B	$294.66M	$251.08M	$235.17M	$-51.55M	$-18.37M	$-2.95M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗
Sales/Revenue/Turnover (USD)	$460.16M	$398.99M	$266.72M	$215.04M	$144.31M	$48.96M	$12.98M	$129.00K	—	—	—	—
Depreciation Expense (USD)	$15.01M	$11.86M	$9.03M	$8.23M	$6.49M	$4.64M	$3.77M	$1.65M	$545.71K	$198.22K	$125.77K	—
Net Income, GAAP (USD)	$-175.54M	$-257.10M	$-334.62M	$-443.29M	$-704.47M	$-268.90M	$-195.07M	$-139.07M	$-50.38M	$-37.51M	$-18.02M	—
Operating Cash Flow (USD)	$-150.79M	$-214.87M	$-198.18M	$-367.64M	$-549.23M	$-216.06M	$-191.01M	$-97.54M	$-32.37M	—	—	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 12 years · 32 quarters

Zai Lab Ltd

Analytical Summary

12-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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