ZLAB - Zai Lab Ltd

📈 Is growth accelerating? 6 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jun 30, 2020 10-Q ↗	Q1 FY2020 Mar 31, 2020 10-Q ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 20-F ↗	Q4 FY2017 Dec 31, 2017 20-F ↗	Q4 FY2016 Dec 31, 2016 20-F ↗	Q4 FY2015 Dec 31, 2015 20-F ↗	Q4 FY2014 Dec 31, 2014 20-F ↗
Revenue Growth YoY (%)	-6.5% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-181%)	17.0% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+112%)	13.5% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+69%)	9.4% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+18%)	22.2% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+177%)	65.7% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+721%)	47.7% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+497%)	45.9% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+474%)	38.8% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+385%)	5.2% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-36%)	20.3% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+154%)	42.9% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+437%)	34.4% Excellent → Excellent Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+330%)	41.7% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+422%)	33.5% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+319%)	30.4% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+280%)	132.4% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1555%)	192.6% Excellent → Excellent Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+2308%)	194.2% Excellent → Excellent Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+2327%)	235.9% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+2849%)	144.6% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1708%)	—	—	—	—	—	—	—	—	—	—
EPS Growth YoY (%)	-25.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	37.5% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	25.0% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	50.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	20.0% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	20.0% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	42.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	38.5% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution ↑ Caution Improving Year-over-year change in earnings per share Optimal: > 10%	-66.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	58.8% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	7.1% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	—	73.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-70.0% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	22.2% Good Good Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income Growth YoY (%)	-5.3% Weak ↓ Weak Declining Year-over-year change in net income	38.3% Excellent ↑ Excellent Improving Year-over-year change in net income	9.4% Fair ↓ Fair Declining Year-over-year change in net income	9.4% Fair ↑ Fair Improving Year-over-year change in net income	9.4% Fair ↑ Fair Improving Year-over-year change in net income	14.4% Fair ↑ Fair Improving Year-over-year change in net income	-8.8% Weak ↑ Weak Improving Year-over-year change in net income	-8.8% Weak ↓ Weak Declining Year-over-year change in net income	-8.8% Weak ↓ Weak Declining Year-over-year change in net income	-54.5% Weak ↓ Weak Declining Year-over-year change in net income	40.4% Excellent ↓ Excellent Declining Year-over-year change in net income	40.4% Excellent ↓ Excellent Declining Year-over-year change in net income	40.4% Excellent ↓ Excellent Declining Year-over-year change in net income	70.8% Excellent ↑ Excellent Improving Year-over-year change in net income	64.6% Excellent ↑ Excellent Improving Year-over-year change in net income	64.6% Excellent ↑ Excellent Improving Year-over-year change in net income	64.6% Excellent ↑ Excellent Improving Year-over-year change in net income	-176.7% Weak ↑ Weak Improving Year-over-year change in net income	-385.4% Weak → Weak Stable Year-over-year change in net income	-385.4% Weak Weak Year-over-year change in net income	-385.4% Weak Weak Year-over-year change in net income	—	—	—	—	—	—	—	—	—	—
FCF Growth YoY (%)	79.8% Excellent Excellent Year-over-year change in free cash flow	—	—	—	37.5% Excellent Excellent Year-over-year change in free cash flow	—	—	—	-23.6% Weak Weak Year-over-year change in free cash flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenue CAGR 3Y (%)	16.6% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	26.8% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	26.4% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	31.7% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	31.6% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	35.2% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	33.4% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	39.6% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	63.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	63.4% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	67.8% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	84.3% Excellent Excellent Compound annual revenue growth over 3 years	97.0% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Revenue CAGR 5Y (%)	37.7% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	53.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	51.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	58.5% Excellent Excellent Compound annual revenue growth over 5 years	66.9% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jun 30, 2020 10-Q ↗	Q1 FY2020 Mar 31, 2020 10-Q ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 20-F ↗	Q4 FY2017 Dec 31, 2017 20-F ↗	Q4 FY2016 Dec 31, 2016 20-F ↗	Q4 FY2015 Dec 31, 2015 20-F ↗	Q4 FY2014 Dec 31, 2014 20-F ↗
Operating Margin (%) (%)	-69.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-564%)	-54.4% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-463%)	-42.1% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-380%)	-49.9% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-433%)	-52.9% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-453%)	-62.2% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-515%)	-66.4% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-542%)	-75.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-605%)	-80.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-638%)	-188.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1356%)	-120.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-905%)	-130.0% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-966%)	-110.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-838%)	-155.4% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1136%)	-223.5% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1590%)	-204.9% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1466%)	-170.7% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1238%)	-496.2% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-3408%)	-193.0% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1387%)	-461.8% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-3179%)	—	—	—	—	—	—	—	—	—	—	—
Effective Tax Rate (%) (%)	-2.9% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	5.5% 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 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 (%) (%)	-51.2% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-527%)	-39.5% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-429%)	-41.7% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-448%)	-44.0% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-467%)	-45.5% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-479%)	-74.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-724%)	-52.3% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-536%)	-53.2% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-543%)	-61.4% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-611%)	-145.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1308%)	-71.0% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-692%)	-71.4% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-695%)	-78.3% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-752%)	-98.7% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-922%)	-143.2% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1293%)	-171.0% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1525%)	-176.3% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1570%)	-479.6% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-4096%)	—	—	—	—	-327.5% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-2830%)	-436.5% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-3737%)	—	—	—	—	—	—	—
FCF Margin (%) (%)	-13.2% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-20.9% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-30.2% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-30.8% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-59.4% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-53.5% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	-104.5% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-23.0% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	-115.9% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-181.6% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	-207.3% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-360.8% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-387.8% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-189.0% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	-328.8% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	—	-479.7% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-497.5% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	—	—
FCF / Net Income (x)	0.26x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.53x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.72x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.70x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.31x Good Good Free cash flow relative to reported net income Optimal: > 1x	0.71x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	—	—	1.70x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	0.16x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—	—	1.48x Good Good Free cash flow relative to reported net income Optimal: > 1x	1.84x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—	—	1.18x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	0.75x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.72x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.30x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.73x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.65x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.73x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.10x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	0.85x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	—	—	—	—	—	—

🎯 Is capital allocation efficient? 3 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jun 30, 2020 10-Q ↗	Q1 FY2020 Mar 31, 2020 10-Q ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 20-F ↗	Q4 FY2017 Dec 31, 2017 20-F ↗	Q4 FY2016 Dec 31, 2016 20-F ↗	Q4 FY2015 Dec 31, 2015 20-F ↗	Q4 FY2014 Dec 31, 2014 20-F ↗
Return on Invested Capital (%)	-10.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-9.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-6.4% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-6.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-6.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-8.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-10.2% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-10.8% Weak → Weak Stable Return earned on debt + equity capital invested Optimal: > 10%	-9.2% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-15.6% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-7.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-7.6% Weak → Weak Stable Return earned on debt + equity capital invested Optimal: > 10%	-5.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-7.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-9.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-6.4% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-4.8% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-12.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-4.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-8.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-17.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-6.4% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-5.3% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-14.3% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	-6.8% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—	—	—	—	—	—
Return on Capital (%) (%)	-6.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-5.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-4.2% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-4.7% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-4.8% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-5.7% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-6.9% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.7% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	-7.1% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	—	-8.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-8.1% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	-5.9% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	—	-9.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-7.0% Weak Weak Operating profit relative to total assets Optimal: > 10%	-5.3% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—	-20.1% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—	—	—	—	—	—	—	—
Return on Common Equity (%) (%)	-7.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-151%)	-7.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-147%)	-6.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-142%)	-6.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-141%)	-6.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-140%)	-9.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-165%)	-8.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-153%)	-7.6% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-151%)	-7.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-147%)	-12.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-180%)	-5.6% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-137%)	-5.3% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-135%)	-4.9% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-133%)	-5.9% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-139%)	-7.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-150%)	-6.8% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-145%)	-6.3% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-142%)	-15.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-202%)	-14.7% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-198%)	-13.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-193%)	-23.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-254%)	-6.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-144%)	-4.2% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-128%)	-10.3% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-169%)	-8.9% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-160%)	—	—	—	—	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jun 30, 2020 10-Q ↗	Q1 FY2020 Mar 31, 2020 10-Q ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 20-F ↗	Q4 FY2017 Dec 31, 2017 20-F ↗	Q4 FY2016 Dec 31, 2016 20-F ↗	Q4 FY2015 Dec 31, 2015 20-F ↗	Q4 FY2014 Dec 31, 2014 20-F ↗
Debt to Equity (x)	0.32x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-46%)	0.29x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-52%)	0.27x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-55%)	0.22x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-63%)	0.21x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-64%)	0.16x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-74%)	0.17x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-72%)	0.10x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-83%)	0.06x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-89%)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	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)	-49.60x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-54.74x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-37.30x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-45.75x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-51.15x Weak Weak Operating income divided by interest expense Optimal: > 5x	-79.68x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	-622.20x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—	—	—	—	—	—	—	-3969.00x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-1773.42x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-1526.65x Weak Weak Operating income divided by interest expense Optimal: > 5x	-785.12x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—
Net Debt (USD)	$-437.50M	$-475.04M	$-514.13M	$-557.65M	$-583.86M	$-317.96M	$-503.09M	$-559.75M	$-602.51M	—	$-788.81M	$-859.15M	$-879.84M	—	$-1.12B	$-680.82M	$-846.96M	$-964.10M	$-1.40B	$-1.77B	$-1.01B	$-442.12M	$-175.88M	$-258.60M	$-363.58M	$-69.48M	$-59.31M	$-229.66M	$-83.95M	$-13.16M	$-7.15M
Debt / EBITDA (x)	-3.27x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-3.12x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-4.52x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-3.41x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-3.28x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-2.03x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-1.72x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.95x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.72x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jun 30, 2020 10-Q ↗	Q1 FY2020 Mar 31, 2020 10-Q ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 20-F ↗	Q4 FY2017 Dec 31, 2017 20-F ↗	Q4 FY2016 Dec 31, 2016 20-F ↗	Q4 FY2015 Dec 31, 2015 20-F ↗	Q4 FY2014 Dec 31, 2014 20-F ↗
Revenue per Share (USD)	$0.09	—	$0.11	$0.10	$0.10	—	$0.10	$0.10	$0.09	—	$0.07	$0.07	$0.07	—	$0.06	$0.05	—	—	$0.05	$0.04	—	—	—	—	—	—	—	—	—	—	—
Basic EPS, GAAP (USD)	$-0.05	$-0.05	$-0.03	$-0.04	$-0.04	$-0.08	$-0.04	$-0.08	$-0.05	$-0.10	$-0.07	$-0.13	$-0.05	$-0.06	$-0.17	$-0.14	—	$-0.23	$-0.10	$-0.18	—	—	—	—	—	—	—	—	—	—	—
Free Cash Flow per Share (USD)	$-0.01	—	$-0.03	$-0.03	$-0.06	—	—	—	$-0.09	—	—	—	$-0.08	—	—	—	—	—	$-0.18	$-0.08	—	—	—	—	—	—	—	—	—	—	—
Book Value per Share (USD)	$0.60	$0.65	$0.69	$0.72	$0.75	$0.78	$0.68	$0.72	$0.78	—	$0.91	$0.96	$1.04	—	$1.15	$1.26	$1.37	—	$1.67	$1.80	$1.14	—	—	—	—	$0.43	$0.43	$0.47	$-0.53	—	—
Tangible Book Value per Share (USD)	$0.53	$0.58	$0.64	$0.67	$0.70	$0.73	$0.63	$0.67	$0.77	—	$0.91	$0.96	$1.04	—	$1.15	$1.26	$1.37	—	$1.67	$1.80	$1.14	—	—	—	—	$0.43	$0.43	$0.47	$-0.53	—	—
Basic Weighted Avg Shares (shares)	1.11B	—	1.10B	1.09B	1.08B	—	981.69M	975.94M	973.15M	—	968.77M	964.82M	961.44M	—	959.09M	957.68M	—	—	950.35M	930.46M	—	—	—	—	—	—	—	—	—	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jun 30, 2020 10-Q ↗	Q1 FY2020 Mar 31, 2020 10-Q ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 20-F ↗	Q4 FY2017 Dec 31, 2017 20-F ↗	Q4 FY2016 Dec 31, 2016 20-F ↗	Q4 FY2015 Dec 31, 2015 20-F ↗	Q4 FY2014 Dec 31, 2014 20-F ↗
Working Capital (USD)	$551.75M	$603.12M	$673.18M	$702.56M	$722.06M	$751.10M	$574.23M	$618.21M	$696.53M	—	$834.84M	$884.15M	$947.74M	—	$1.05B	$1.17B	$1.24B	—	—	—	$956.53M	—	—	—	—	$245.83M	$220.30M	$218.55M	$78.92M	—	—
Total Equity (USD)	$661.98M	$715.50M	$759.95M	$791.74M	$810.75M	$840.90M	$667.67M	$704.18M	$762.17M	$796.12M	$880.98M	$932.31M	$1.00B	$1.05B	$1.11B	$1.21B	$1.31B	$1.38B	$1.59B	$1.67B	$1.01B	$1.17B	$1.14B	$465.47M	$537.59M	$294.66M	$251.08M	$235.17M	$-51.55M	$-18.37M	$-2.95M

📋 What is driving earnings? 4 metrics

Metric	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jun 30, 2020 10-Q ↗	Q1 FY2020 Mar 31, 2020 10-Q ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 20-F ↗	Q4 FY2017 Dec 31, 2017 20-F ↗	Q4 FY2016 Dec 31, 2016 20-F ↗	Q4 FY2015 Dec 31, 2015 20-F ↗	Q4 FY2014 Dec 31, 2014 20-F ↗
Sales/Revenue/Turnover (USD)	$99.61M	$127.60M	$116.09M	$109.98M	$106.49M	$109.07M	$102.27M	$100.50M	$87.15M	$65.83M	$69.23M	$68.86M	$62.80M	$62.60M	$57.54M	$48.18M	$46.72M	$44.17M	$43.10M	$36.94M	$20.10M	$15.09M	$14.65M	$10.99M	$8.22M	—	—	—	—	—	—
Depreciation Expense (USD)	$3.94M	$3.92M	$3.90M	$3.73M	$3.46M	$3.03M	$2.10M	$2.20M	$3.01M	$2.46M	$1.80M	$1.80M	$2.66M	$2.13M	$2.10M	$1.70M	$2.01M	$1.88M	$1.64M	$1.53M	$1.45M	$1.39M	$1.15M	$1.04M	$1.07M	—	—	—	—	—	—
Net Income, GAAP (USD)	$-51.02M	$-50.41M	$-48.44M	$-48.44M	$-48.44M	$-81.68M	$-53.47M	$-53.47M	$-53.47M	$-95.43M	$-49.14M	$-49.14M	$-49.14M	$-61.77M	$-82.39M	$-82.39M	$-82.39M	$-211.82M	$-232.91M	$-232.91M	$-232.91M	$-76.55M	$-47.99M	$-47.99M	$-47.99M	—	—	—	—	—	—
Operating Cash Flow (USD)	$-11.91M	$-26.02M	$-32.04M	$-31.02M	$-61.70M	$-55.77M	—	—	$-90.11M	$-14.92M	—	—	$-69.29M	$-109.29M	—	—	$-87.13M	$-152.99M	$-160.89M	$-65.85M	$-169.50M	$-44.34M	$-79.40M	$-52.48M	$-39.84M	—	—	—	—	—	—

Zai Lab Ltd

Analytical Summary

31-Year Financial Trajectory

Bullish Indicators

Bearish Risks

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