Zai Lab Ltd
ZLAB Nasdaq Pharmaceutical Preparations Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$460M
15.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−49.9%
20.8 pts
Net income
Profit after all expenses, interest and tax.
−$176M
Free cash flow
Cash from operations minus capital spending.
−$159M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−78.6%
36.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.18 EPS (TTM)
What Zai Lab Ltd does
No business description yet.
- Legal name
- Zai Lab Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001704292-26-000015
0001704292
Revenue and margins
Zai Lab Ltd had $460M of revenue in fiscal 2025, up 15.3% on the year before.
FY18
Revenue $0.1M
FY19
Revenue $13.0M
FY20
Revenue $49.0M
FY21
Revenue $144M
FY22
Revenue $215M
FY23
Revenue $267M
FY24
Revenue $399M
FY25
Revenue $460M
Q3 '23
Revenue $69.2M
Q4 '23
Revenue $65.8M
Q1 '24
Revenue $87.1M
Q2 '24
Revenue $101M
Q3 '24
Revenue $102M
Q4 '24
Revenue $109M
Q1 '25
Revenue $106M
Q2 '25
Revenue $110M
Q3 '25
Revenue $116M
Q4 '25
Revenue $128M
Q1 '26
Revenue $99.6M
Q2 '26
Revenue $106M
FY18
Gross 66.7%
Operating −109,897.7%
Net −107,810.1%
FCF −83,374.4%
FY19
Gross 71.1%
Operating −1,564.9%
Net −1,502.3%
FCF −1,517.5%
FY20
Gross 65.8%
Operating −616.4%
Net −549.3%
FCF −462.0%
FY21
Gross 63.8%
Operating −485.1%
Net −488.2%
FCF −393.3%
FY22
Gross 65.6%
Operating −188.0%
Net −206.1%
FCF −182.4%
FY23
Gross 64.1%
Operating −137.4%
Net −125.5%
FCF −77.0%
FY24
Gross 63.1%
Operating −70.7%
Net −64.4%
FCF −55.3%
FY25
Gross 58.6%
Operating −49.9%
Net −38.1%
FCF −34.5%
Gross
Operating
Net
FCF
Q3 '23
Gross 63.2%
Operating −120.7%
Net −99.9%
FCF −82.4%
Q4 '23
Gross 61.7%
Operating −188.3%
Net −145.0%
FCF −23.0%
Q1 '24
Gross 61.4%
Operating −80.7%
Net −61.4%
FCF −104.5%
Q2 '24
Gross 65.0%
Operating −75.7%
Net −79.9%
FCF −42.7%
Q3 '24
Gross 64.2%
Operating −66.4%
Net −40.7%
FCF −27.5%
Q4 '24
Gross 61.7%
Operating −62.2%
Net −74.9%
FCF −53.5%
Q1 '25
Gross 63.9%
Operating −52.9%
Net −45.5%
FCF −59.4%
Q2 '25
Gross 60.9%
Operating −49.9%
Net −37.0%
FCF −30.8%
Q3 '25
Gross 59.7%
Operating −42.1%
Net −31.0%
FCF −30.2%
Q4 '25
Gross 51.2%
Operating −54.4%
Net −39.5%
FCF −20.9%
Q1 '26
Gross 61.5%
Operating −69.7%
Net −51.2%
FCF −13.2%
Q2 '26
Gross 54.7%
Operating −71.9%
Net −47.8%
FCF −60.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income −$139M
FY19
Net income −$195M
FY20
Net income −$269M
FY21
Net income −$704M
FY22
Net income −$443M
FY23
Net income −$335M
FY24
Net income −$257M
FY25
Net income −$176M
Q3 '23
Net income −$69.2M
Q4 '23
Net income −$95.4M
Q1 '24
Net income −$53.5M
Q2 '24
Net income −$80.3M
Q3 '24
Net income −$41.7M
Q4 '24
Net income −$81.7M
Q1 '25
Net income −$48.4M
Q2 '25
Net income −$40.7M
Q3 '25
Net income −$36.0M
Q4 '25
Net income −$50.4M
Q1 '26
Net income −$51.0M
Q2 '26
Net income −$50.8M
FY18
Diluted EPS −$2.64
FY19
Diluted EPS −$3.03
FY20
Diluted EPS −$0.35
FY21
Diluted EPS −$0.76
FY22
Diluted EPS −$0.46
FY23
Diluted EPS −$0.35
FY24
Diluted EPS −$0.26
FY25
Diluted EPS −$0.16
Q3 '23
Diluted EPS −$0.07
Q4 '23
Diluted EPS −$0.10
Q1 '24
Diluted EPS −$0.05
Q2 '24
Diluted EPS −$0.08
Q3 '24
Diluted EPS −$0.04
Q4 '24
Diluted EPS −$0.09
Q1 '25
Diluted EPS −$0.04
Q2 '25
Diluted EPS −$0.04
Q3 '25
Diluted EPS −$0.03
Q4 '25
Diluted EPS −$0.05
Q1 '26
Diluted EPS −$0.05
Q2 '26
Diluted EPS −$0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity −55.4%
Return on assets —
FY19
Return on capital −637.6%
Return on equity −71.5%
Return on assets −54.9%
FY20
Return on capital —
Return on equity −36.7%
Return on assets −32.5%
FY21
Return on capital —
Return on equity −55.3%
Return on assets −48.5%
FY22
Return on capital —
Return on equity −36.6%
Return on assets −31.3%
FY23
Return on capital —
Return on equity −36.3%
Return on assets −29.7%
FY24
Return on capital −115.5%
Return on equity −31.4%
Return on assets −23.1%
FY25
Return on capital −78.6%
Return on equity −22.6%
Return on assets −14.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$159M in fiscal 2025, −34.5% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow −$108M
FY19
Free cash flow −$197M
FY20
Free cash flow −$226M
FY21
Free cash flow −$568M
FY22
Free cash flow −$392M
FY23
Free cash flow −$205M
FY24
Free cash flow −$221M
FY25
Free cash flow −$159M
Q3 '23
Free cash flow −$57.0M
Q4 '23
Free cash flow −$15.1M
Q1 '24
Free cash flow −$91.1M
Q2 '24
Free cash flow −$42.9M
Q3 '24
Free cash flow −$28.2M
Q4 '24
Free cash flow −$58.4M
Q1 '25
Free cash flow −$63.2M
Q2 '25
Free cash flow −$33.9M
Q3 '25
Free cash flow −$35.0M
Q4 '25
Free cash flow −$26.7M
Q1 '26
Free cash flow −$13.1M
Q2 '26
Free cash flow −$64.7M
FY18
Cash from operations −$97.5M
Capital spending $10.0M
FY19
Cash from operations −$191M
Capital spending $6.0M
FY20
Cash from operations −$216M
Capital spending $10.1M
FY21
Cash from operations −$549M
Capital spending $18.3M
FY22
Cash from operations −$368M
Capital spending $24.6M
FY23
Cash from operations −$198M
Capital spending $7.2M
FY24
Cash from operations −$215M
Capital spending $5.7M
FY25
Cash from operations −$151M
Capital spending $8.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$55.3M
Capital spending $1.8M
Q4 '23
Cash from operations −$14.9M
Capital spending $0.2M
Q1 '24
Cash from operations −$90.1M
Capital spending $1.0M
Q2 '24
Cash from operations −$42.2M
Capital spending $0.7M
Q3 '24
Cash from operations −$26.8M
Capital spending $1.3M
Q4 '24
Cash from operations −$55.8M
Capital spending $2.6M
Q1 '25
Cash from operations −$61.7M
Capital spending $1.5M
Q2 '25
Cash from operations −$31.0M
Capital spending $2.9M
Q3 '25
Cash from operations −$32.0M
Capital spending $3.0M
Q4 '25
Cash from operations −$26.0M
Capital spending $0.7M
Q1 '26
Cash from operations −$11.9M
Capital spending $1.2M
Q2 '26
Cash from operations −$63.4M
Capital spending $1.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
Zai Lab Ltd returned — to shareholders in fiscal 2025. The diluted share count rose 10.7%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.78B
FY21
Diluted shares 0.93B
FY22
Diluted shares 0.96B
FY23
Diluted shares 0.97B
FY24
Diluted shares 0.99B
FY25
Diluted shares 1.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Zai Lab Ltd can carry it.
FY18
Cash $63.0M
Debt —
FY19
Cash $276M
Debt $6.5M
FY20
Cash $1.2B
Debt —
FY21
Cash $1.4B
Debt —
FY22
Cash $1.0B
Debt —
FY23
Cash $806M
Debt $0.0M
FY24
Cash $780M
Debt $132M
FY25
Cash $690M
Debt $205M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.0B | $806M | $780M | $690M |
| Debt incl. finance leases | — | — | $0.0M | $132M | $205M |
| Debt / equity | — | — | 0.0x | 0.2x | 0.3x |
| Interest coverage | — | — | — | −125.2x | −44.0x |
| Current ratio | 7.8x | 8.0x | 4.6x | 3.5x | 2.4x |
| Quick ratio | 7.7x | 7.8x | 4.4x | 3.4x | 2.3x |
| Total assets | $1.6B | $1.2B | $1.0B | $1.2B | $1.2B |
| Total liabilities | $230M | $175M | $240M | $345M | $457M |
| Shareholders' equity | $1.4B | $1.0B | $796M | $841M | $716M |
| Net debt (− = net cash) | — | — | −$806M | −$648M | −$485M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 4 / 8 | 2 / 8 | 5 / 8 | 3 / 8 | 3 / 9 | 3 / 9 |
| Accruals ratio | — | −1.1% | −6.4% | −10.7% | −5.3% | −12.1% | −3.8% | −2.1% |
| Altman Z'' | — | 1.73 | 11.87 | 5.84 | 4.38 | −1.14 | −1.63 | −3.61 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $0.1M | $13.0M | $49.0M | $144M | $215M | $267M | $399M | $460M |
| Gross profit | $0.1M | $9.2M | $32.2M | $92.1M | $141M | $171M | $252M | $270M |
| Research and development | $120M | $142M | $223M | $573M | $286M | $266M | $235M | $221M |
| Operating income | −$142M | −$203M | −$302M | −$700M | −$404M | −$367M | −$282M | −$229M |
| Interest expense | $0.0M | $0.3M | $0.2M | $0.0M | $0.0M | $0.0M | $2.3M | $5.2M |
| Pretax income | −$139M | −$195M | −$269M | −$704M | −$443M | −$335M | −$257M | −$178M |
| Income tax | — | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | −$2.9M |
| Net income | −$139M | −$195M | −$269M | −$704M | −$443M | −$335M | −$257M | −$176M |
| Net income to common | −$139M | −$195M | −$269M | −$704M | −$443M | −$335M | −$257M | −$176M |
| Diluted EPS | −$2.64 | −$3.03 | −$0.35 | −$0.76 | −$0.46 | −$0.35 | −$0.26 | −$0.16 |
| Diluted shares | 0.05B | 0.06B | 0.78B | 0.93B | 0.96B | 0.97B | 0.99B | 1.10B |
| Cash flow | ||||||||
| Cash from operations | −$97.5M | −$191M | −$216M | −$549M | −$368M | −$198M | −$215M | −$151M |
| Capital expenditure | $10.0M | $6.0M | $10.1M | $18.3M | $24.6M | $7.2M | $5.7M | $8.1M |
| Free cash flow | −$108M | −$197M | −$226M | −$568M | −$392M | −$205M | −$221M | −$159M |
| Depreciation and amortization | $1.7M | $3.8M | $4.6M | $6.5M | $8.2M | $9.0M | $11.9M | $15.0M |
| Stock-based compensation | $12.2M | $20.3M | $24.8M | $40.7M | $61.3M | $79.6M | $70.7M | $65.6M |
| Balance sheet | ||||||||
| Cash and short-term investments | $63.0M | $276M | $1.2B | $1.4B | $1.0B | $806M | $780M | $690M |
| Total debt | — | $6.5M | — | — | — | $0.0M | $132M | $205M |
| Current assets | — | $292M | $1.2B | $1.5B | $1.1B | $940M | $1.1B | $1.0B |
| Current liabilities | — | $46.6M | $98.0M | $193M | $140M | $203M | $299M | $416M |
| Inventory | — | $6.0M | $13.1M | $19.0M | $31.6M | $44.8M | $39.9M | $74.7M |
| Property and equipment, net | — | $21.4M | $29.2M | $43.1M | $57.9M | $53.7M | $48.0M | $47.4M |
| Intangible assets | — | $1.1M | $1.5M | $1.8M | $1.5M | $13.4M | $56.0M | $76.1M |
| Total assets | — | $355M | $1.3B | $1.6B | $1.2B | $1.0B | $1.2B | $1.2B |
| Total liabilities | — | $60.5M | $128M | $230M | $175M | $240M | $345M | $457M |
| Shareholders' equity | $251M | $295M | $1.2B | $1.4B | $1.0B | $796M | $841M | $716M |
| Margins | ||||||||
| Gross margin | 66.7% | 71.1% | 65.8% | 63.8% | 65.6% | 64.1% | 63.1% | 58.6% |
| Operating margin | −109,897.7% | −1,564.9% | −616.4% | −485.1% | −188.0% | −137.4% | −70.7% | −49.9% |
| EBITDA margin | −108,618.6% | −1,535.8% | −607.0% | −480.6% | −184.2% | −134.1% | −67.7% | −46.6% |
| Net margin | −107,810.1% | −1,502.3% | −549.3% | −488.2% | −206.1% | −125.5% | −64.4% | −38.1% |
| FCF margin | −83,374.4% | −1,517.5% | −462.0% | −393.3% | −182.4% | −77.0% | −55.3% | −34.5% |
| Returns | ||||||||
| Return on capital | — | −637.6% | — | — | — | — | −115.5% | −78.6% |
| Return on capital employed | — | −65.9% | −25.2% | −49.4% | −37.4% | −44.0% | −31.8% | −30.3% |
| Return on equity | −55.4% | −71.5% | −36.7% | −55.3% | −36.6% | −36.3% | −31.4% | −22.6% |
| Return on assets | — | −54.9% | −32.5% | −48.5% | −31.3% | −29.7% | −23.1% | −14.9% |
| Return on tangible equity | −55.4% | −66.5% | −23.0% | −51.1% | −42.5% | −42.8% | −32.8% | −27.5% |
| Growth | ||||||||
| Revenue growth | — | 9,965.9% | 277.0% | 194.8% | 49.0% | 24.0% | 49.6% | 15.3% |
| Share count change | — | 22.4% | 1,106.6% | 19.7% | 3.0% | 0.9% | 2.4% | 10.7% |
| Financial health | ||||||||
| Debt / equity | — | 0.0x | — | — | — | 0.0x | 0.2x | 0.3x |
| Interest coverage | −3,544.2x | −693.5x | −1,667.4x | — | — | — | −125.2x | −44.0x |
| Current ratio | — | 6.3x | 12.4x | 7.8x | 8.0x | 4.6x | 3.5x | 2.4x |
| Quick ratio | — | 6.1x | 12.3x | 7.7x | 7.8x | 4.4x | 3.4x | 2.3x |
| Capital allocation | ||||||||
| Capex / revenue | 7,763.6% | 46.5% | 20.7% | 12.7% | 11.4% | 2.7% | 1.4% | 1.8% |
| Stock comp / revenue | 9,479.8% | 156.3% | 50.7% | 28.2% | 28.5% | 29.9% | 17.7% | 14.3% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 4.0 | 2.0 | 5.0 | 3.0 | 3.0 | 3.0 |
| Altman Z'' | — | 1.7 | 11.9 | 5.8 | 4.4 | −1.1 | −1.6 | −3.6 |
| Accruals ratio | — | −1.1% | −6.4% | −10.7% | −5.3% | −12.1% | −3.8% | −2.1% |
Source: SEC EDGAR XBRL filings (CIK 0001704292). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.