ZKH Group Ltd

ZKH NYSE Retail-Building Materials, Hardware, Garden Supply Financials FY2021–FY2025

Revenue

$1.3B

2.7% vs prior year

Operating margin

−2.4%

1.5 pts

Net income

−$19.4M

Free cash flow

−$6.2M

129.6%

Return on capital

−12.0%

6.3 pts

Market cap

—

P/E

—

On −$0.10 EPS (TTM)

What ZKH Group Ltd does

No business description yet.

Legal name: ZKH Group Ltd
Fiscal year ends: December 31, 2025
Latest annual report: 20-F · Apr 24, 2026
Accession · CIK: 0001104659-26-048107
0001862044

Revenue and margins

ZKH Group Ltd had $1.3B of revenue in fiscal 2025, up 2.7% on the year before.

Revenue

FY21

Revenue $1.2B

FY22

Revenue $1.2B

FY23

Revenue $1.2B

FY24

Revenue $1.2B

FY25

Revenue $1.3B

Margins, % of revenue

FY21

Gross 13.6%

Operating −14.5%

Net −14.7%

FCF −20.0%

FY22

Gross 15.8%

Operating −8.2%

Net −8.8%

FCF −6.5%

FY23

Gross 16.7%

Operating −4.6%

Net −3.5%

FCF −7.1%

FY24

Gross 17.2%

Operating −3.9%

Net −3.1%

FCF 1.7%

FY25

Gross 16.4%

Operating −2.4%

Net −1.6%

FCF −0.5%

Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income

FY21

Net income −$174M

FY22

Net income −$109M

FY23

Net income −$43.0M

FY24

Net income −$37.2M

FY25

Net income −$19.4M

Diluted EPS

FY21

Diluted EPS −$6.51

FY22

Diluted EPS −$4.89

FY23

Diluted EPS −$3.11

FY24

Diluted EPS −$0.24

FY25

Diluted EPS −$0.10

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)

FY21

Return on capital —

Return on equity —

Return on assets —

FY22

Return on capital —

Return on equity —

Return on assets −11.1%

FY23

Return on capital −17.3%

Return on equity —

Return on assets −4.2%

FY24

Return on capital −18.3%

Return on equity −8.5%

Return on assets −3.8%

FY25

Return on capital −12.0%

Return on equity −4.6%

Return on assets −2.1%

Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$6.2M in fiscal 2025, −0.5% of revenue. Cash from operations minus capital spending.

Free cash flow

FY21

Free cash flow −$237M

FY22

Free cash flow −$80.4M

FY23

Free cash flow −$87.3M

FY24

Free cash flow $20.8M

FY25

Free cash flow −$6.2M

Cash from operations vs capital spending

FY21

Cash from operations −$214M

Capital spending $22.5M

FY22

Cash from operations −$74.9M

Capital spending $5.5M

FY23

Cash from operations −$80.2M

Capital spending $7.1M

FY24

Cash from operations $31.8M

Capital spending $11.0M

FY25

Cash from operations $1.2M

Capital spending $7.4M

Cash from operations Capital spending

Dividends, buybacks and share count

ZKH Group Ltd returned $5.7M to shareholders in fiscal 2025. The diluted share count fell 0.9%.

Dividends and buybacks

FY21

Dividends —

Buybacks —

FY22

Dividends —

Buybacks —

FY23

Dividends —

Buybacks —

FY24

Dividends —

Buybacks $5.7M

FY25

Dividends —

Buybacks $5.7M

Dividends Buybacks

Diluted shares outstanding (annual)

FY21

Diluted shares 0.03B

FY22

Diluted shares 0.04B

FY23

Diluted shares 0.04B

FY24

Diluted shares 0.16B

FY25

Diluted shares 0.16B

Balance sheet

Cash, debt and the ratios that show how comfortably ZKH Group Ltd can carry it.

Cash vs debt (incl. leases)

FY21

Cash $177M

Debt —

FY22

Cash $283M

Debt $36.2M

FY23

Cash $277M

Debt $82.3M

FY24

Cash $270M

Debt $48.1M

FY25

Cash $265M

Debt $40.7M

Cash Debt

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	$177M	$283M	$277M	$270M	$265M
Debt incl. finance leases	—	$36.2M	$82.3M	$48.1M	$40.7M
Debt / equity	—	—	0.2x	0.1x	0.1x
Interest coverage	−104.8x	−7.3x	−20.6x	−17.8x	−18.8x
Current ratio	—	1.8x	1.7x	1.9x	1.8x
Quick ratio	—	1.6x	1.6x	1.7x	1.6x
Total assets	—	$988M	$1.0B	$906M	$933M
Total liabilities	—	$536M	$588M	$481M	$513M
Shareholders' equity	−$435M	−$590M	$452M	$424M	$420M
Net debt (− = net cash)	—	−$247M	−$194M	−$222M	−$224M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

Test	FY21	FY22	FY23	FY24	FY25
Net income is positive	✕	✕	✕	✕	✕
Cash from operations is positive	✕	✕	✕	✓	✓
Return on assets rose	—	—	✓	✓	✓
Cash from operations exceeds net income	✕	✓	✕	✓	✓
Debt fell relative to assets	—	—	✕	✓	✓
Current ratio rose	—	—	✕	✓	✕
Share count didn't rise	—	✕	✕	✕	✓
Gross margin rose	—	✓	✓	✓	✕
Revenue rose relative to assets	—	—	✕	✓	✕
F-score	— / 3	— / 5	2 / 9	7 / 9	5 / 9
Accruals ratio	—	−3.5%	3.7%	−7.1%	−2.2%
Altman Z''	—	−1.08	0.88	0.85	0.72

5 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

Download CSV

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	$1.2B	$1.2B	$1.2B	$1.2B	$1.3B
Gross profit	$161M	$196M	$205M	$210M	$205M
Research and development	$39.8M	$35.7M	$24.8M	$23.6M	$23.0M
Operating income	−$172M	−$102M	−$56.3M	−$47.1M	−$29.7M
Interest expense	$1.6M	$14.0M	$2.7M	$2.6M	$1.6M
Pretax income	−$170M	−$109M	−$43.0M	−$37.1M	−$19.3M
Income tax	$0.0M	−$0.1M	$0.0M	$0.1M	$0.1M
Net income	−$174M	−$109M	−$43.0M	−$37.2M	−$19.4M
Net income to common	−$225M	−$185M	−$136M	−$37.2M	−$19.4M
Diluted EPS	−$6.51	−$4.89	−$3.11	−$0.24	−$0.10
Diluted shares	0.03B	0.04B	0.04B	0.16B	0.16B
Cash flow
Cash from operations	−$214M	−$74.9M	−$80.2M	$31.8M	$1.2M
Capital expenditure	$22.5M	$5.5M	$7.1M	$11.0M	$7.4M
Free cash flow	−$237M	−$80.4M	−$87.3M	$20.8M	−$6.2M
Depreciation and amortization	$8.2M	$11.3M	$10.4M	$7.6M	$6.7M
Stock-based compensation	$28.4M	$4.7M	$2.5M	$15.1M	$7.5M
Share buybacks	—	—	—	$5.7M	$5.7M
Dividends and buybacks	—	—	—	$5.7M	$5.7M
Balance sheet
Cash and short-term investments	$177M	$283M	$277M	$270M	$265M
Total debt	—	$36.2M	$82.3M	$48.1M	$40.7M
Current assets	—	$911M	$979M	$848M	$877M
Current liabilities	—	$505M	$567M	$458M	$489M
Inventory	—	$95.1M	$94.2M	$85.7M	$95.7M
Property and equipment, net	—	$24.2M	$20.4M	$25.1M	$26.6M
Goodwill	—	$4.5M	$4.3M	$4.2M	$4.4M
Intangible assets	—	$3.5M	$2.8M	$2.2M	$3.1M
Total assets	—	$988M	$1.0B	$906M	$933M
Total liabilities	—	$536M	$588M	$481M	$513M
Shareholders' equity	−$435M	−$590M	$452M	$424M	$420M
Margins
Gross margin	13.6%	15.8%	16.7%	17.2%	16.4%
Operating margin	−14.5%	−8.2%	−4.6%	−3.9%	−2.4%
EBITDA margin	−13.8%	−7.3%	−3.7%	−3.2%	−1.8%
Net margin	−14.7%	−8.8%	−3.5%	−3.1%	−1.6%
FCF margin	−20.0%	−6.5%	−7.1%	1.7%	−0.5%
Returns
Return on capital	—	—	−17.3%	−18.3%	−12.0%
Return on capital employed	—	−21.1%	−11.9%	−10.5%	−6.7%
Return on equity	—	—	—	−8.5%	−4.6%
Return on assets	—	−11.1%	−4.2%	−3.8%	−2.1%
Return on tangible equity	—	—	−30.6%	−8.9%	−4.7%
Growth
Revenue growth	—	4.1%	−0.3%	−1.1%	2.7%
FCF growth	—	—	—	—	−129.6%
Share count change	—	9.2%	15.4%	275.3%	−0.9%
Financial health
Debt / equity	—	—	0.2x	0.1x	0.1x
Interest coverage	−104.8x	−7.3x	−20.6x	−17.8x	−18.8x
Current ratio	—	1.8x	1.7x	1.9x	1.8x
Quick ratio	—	1.6x	1.6x	1.7x	1.6x
Capital allocation
Capex / revenue	1.9%	0.4%	0.6%	0.9%	0.6%
Stock comp / revenue	2.4%	0.4%	0.2%	1.2%	0.6%
Payouts / FCF	—	—	—	27.2%	—
Quality scores
Piotroski F-score	—	—	2.0	7.0	5.0
Altman Z''	—	−1.1	0.9	0.9	0.7
Accruals ratio	—	−3.5%	3.7%	−7.1%	−2.2%

Source: SEC EDGAR XBRL filings (CIK 0001862044). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 35 ordinary shares). For information only — not investment advice. Check the original filings before relying on any figure.