Zai Lab Ltd
ZLAB Nasdaq· Pharmaceutical Preparations
Last close · Oct 26, 2026
$24.34
KIRA · Stoqly’s AI analyst, in plain words
- Zai Lab Ltd had $460M of revenue in fiscal 2025, up 15.3% on the year before. Over five years, revenue changed +56.5% a year on average.
- Its operating margin was −49.9%, up 20.8 pts: of every 100 in sales, about −50 is left after running the business.
- Zai Lab Ltd lost $176M in fiscal 2025.
- Free cash flow was −$159M in fiscal 2025, −34.5% of revenue.
- Zai Lab Ltd has $485M more cash than debt.
Market cap
$27.2B
P/E
—
Revenue
$460M
Net income
−$176M
Free cash flow
−$159M
Operating margin
−49.9%
Zai Lab Ltd in 30 seconds · fiscal 2025
Are sales growing?
+15.3%
Yes. Sales grew 15.3% last year.
Does it make a profit?
−38.1%
No. It lost money last year.
Does profit turn into cash?
−34.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What Zai Lab Ltd does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- Zai Lab Ltd
- CIK
- 0001704292
Zai Lab Ltd · ZLAB
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $144M | $215M | $267M | $399M | $460M |
| Revenue growth | 194.8% | 49.0% | 24.0% | 49.6% | 15.3% |
| Gross margin | 63.8% | 65.6% | 64.1% | 63.1% | 58.6% |
| Operating margin | −485.1% | −188.0% | −137.4% | −70.7% | −49.9% |
| Net income | −$704M | −$443M | −$335M | −$257M | −$176M |
| Net margin | −488.2% | −206.1% | −125.5% | −64.4% | −38.1% |
| Diluted EPS | −$0.76 | −$0.46 | −$0.35 | −$0.26 | −$0.16 |
| Cash | |||||
| Cash from operations | −$549M | −$368M | −$198M | −$215M | −$151M |
| Capital expenditure | $18.3M | $24.6M | $7.2M | $5.7M | $8.1M |
| Free cash flow | −$568M | −$392M | −$205M | −$221M | −$159M |
| FCF margin | −393.3% | −182.4% | −77.0% | −55.3% | −34.5% |
| Share count change | 19.7% | 3.0% | 0.9% | 2.4% | 10.7% |
| Debt and strength | |||||
| Cash and short-term investments | $1.4B | $1.0B | $806M | $780M | $690M |
| Debt incl. finance leases | — | — | $0.0M | $132M | $205M |
| Shareholders' equity | $1.4B | $1.0B | $796M | $841M | $716M |
| Current ratio | 7.8x | 8.0x | 4.6x | 3.5x | 2.4x |
| Interest coverage | — | — | — | −125.2x | −44.0x |
| Returns and quality | |||||
| Return on capital | — | — | — | −115.5% | −78.6% |
| Return on equity | −55.3% | −36.6% | −36.3% | −31.4% | −22.6% |
| Return on tangible equity | −51.1% | −42.5% | −42.8% | −32.8% | −27.5% |
| Piotroski F-score | 2 | 5 | 3 | 3 | 3 |
| Altman Z'' | 5.8 | 4.4 | −1.1 | −1.6 | −3.6 |
Insiders bought, 12 months
$0.1M
1 insider
Insiders sold, 12 months
$11.1M
6 insiders
Of sales under plans
83%
$9.2M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Zai Lab Ltd · ZLAB
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
KIRA
At $24.34 a share, the company is worth $27.2B.
Source: SEC EDGAR XBRL filings (CIK 0001704292). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.