ZLAB Nasdaq Pharmaceutical Preparations Financials FY2018βFY2025
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.
Last close Β· Oct 23, 2026
$24.03
9.0%Hi! I read Zai Lab Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+15.3%
Yes. Sales grew 15.3% last year.
Does it make a profit?
β38.1%
No. It lost money last year.
Does profit turn into cash?
β34.5%
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?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Zai Lab Ltd did it, and the next one. Share prices often move a lot on those days.
Next results
November 5, 2026
Thursday Β· in 10 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 7, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 26, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 6, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 7, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 8, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 27, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 12, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· 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 β49.9%, up 20.8Β pts: of every 100 in sales, about β50 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Zai Lab Ltd lost $176M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$159M in fiscal 2025, β34.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Zai Lab Ltd has $485M more cash than debt.
Cash, debt and the ratios that show how comfortably Zai Lab Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.0B | $806M | $780M | $690M |
| Debt incl. finance leases | β | β | $0.0M | $132M | $205M |
| Debt / equity | β | β | 0.0x | 0.2x | 0.3x |
| Interest coverage | β | β | β | β125.2x | β44.0x |
| 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 (β = net cash) | β | β | β$806M | β$648M | β$485M |
KIRA Β· Its return on capital was β78.6%: every 100 invested in the business earned about β79 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Zai Lab Ltd passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 8 | 2 / 8 | 5 / 8 | 3 / 8 | 3 / 9 | 3 / 9 |
| Accruals ratio | β | β1.1% | β6.4% | β10.7% | β5.3% | β12.1% | β3.8% | β2.1% |
| Altman Z'' | β | 1.73 | 11.87 | 5.84 | 4.38 | β1.14 | β1.63 | β3.61 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$142M | β$203M | β$302M | β$700M | β$404M | β$367M | β$282M | β$229M |
| Interest expense | $0.0M | $0.3M | $0.2M | $0.0M | $0.0M | $0.0M | $2.3M | $5.2M |
| Pretax income | β$139M | β$195M | β$269M | β$704M | β$443M | β$335M | β$257M | β$178M |
| Income tax | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β$2.9M |
| Net income | β$139M | β$195M | β$269M | β$704M | β$443M | β$335M | β$257M | β$176M |
| Net income to common | β$139M | β$195M | β$269M | β$704M | β$443M | β$335M | β$257M | β$176M |
| Diluted EPS | β$2.64 | β$3.03 | β$0.35 | β$0.76 | β$0.46 | β$0.35 | β$0.26 | β$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 | β$97.5M | β$191M | β$216M | β$549M | β$368M | β$198M | β$215M | β$151M |
| Capital expenditure | $10.0M | $6.0M | $10.1M | $18.3M | $24.6M | $7.2M | $5.7M | $8.1M |
| Free cash flow | β$108M | β$197M | β$226M | β$568M | β$392M | β$205M | β$221M | β$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 | β | $6.5M | β | β | β | $0.0M | $132M | $205M |
| Current assets | β | $292M | $1.2B | $1.5B | $1.1B | $940M | $1.1B | $1.0B |
| Current liabilities | β | $46.6M | $98.0M | $193M | $140M | $203M | $299M | $416M |
| Inventory | β | $6.0M | $13.1M | $19.0M | $31.6M | $44.8M | $39.9M | $74.7M |
| Property and equipment, net | β | $21.4M | $29.2M | $43.1M | $57.9M | $53.7M | $48.0M | $47.4M |
| Intangible assets | β | $1.1M | $1.5M | $1.8M | $1.5M | $13.4M | $56.0M | $76.1M |
| Total assets | β | $355M | $1.3B | $1.6B | $1.2B | $1.0B | $1.2B | $1.2B |
| Total liabilities | β | $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 | β109,897.7% | β1,564.9% | β616.4% | β485.1% | β188.0% | β137.4% | β70.7% | β49.9% |
| EBITDA margin | β108,618.6% | β1,535.8% | β607.0% | β480.6% | β184.2% | β134.1% | β67.7% | β46.6% |
| Net margin | β107,810.1% | β1,502.3% | β549.3% | β488.2% | β206.1% | β125.5% | β64.4% | β38.1% |
| FCF margin | β83,374.4% | β1,517.5% | β462.0% | β393.3% | β182.4% | β77.0% | β55.3% | β34.5% |
| Returns | ||||||||
| Return on capital | β | β637.6% | β | β | β | β | β115.5% | β78.6% |
| Return on capital employed | β | β65.9% | β25.2% | β49.4% | β37.4% | β44.0% | β31.8% | β30.3% |
| Return on equity | β55.4% | β71.5% | β36.7% | β55.3% | β36.6% | β36.3% | β31.4% | β22.6% |
| Return on assets | β | β54.9% | β32.5% | β48.5% | β31.3% | β29.7% | β23.1% | β14.9% |
| Return on tangible equity | β55.4% | β66.5% | β23.0% | β51.1% | β42.5% | β42.8% | β32.8% | β27.5% |
| Growth | ||||||||
| Revenue growth | β | 9,965.9% | 277.0% | 194.8% | 49.0% | 24.0% | 49.6% | 15.3% |
| Share count change | β | 22.4% | 1,106.6% | 19.7% | 3.0% | 0.9% | 2.4% | 10.7% |
| Financial health | ||||||||
| Debt / equity | β | 0.0x | β | β | β | 0.0x | 0.2x | 0.3x |
| Interest coverage | β3,544.2x | β693.5x | β1,667.4x | β | β | β | β125.2x | β44.0x |
| Current ratio | β | 6.3x | 12.4x | 7.8x | 8.0x | 4.6x | 3.5x | 2.4x |
| Quick ratio | β | 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 | β | β | 4.0 | 2.0 | 5.0 | 3.0 | 3.0 | 3.0 |
| Altman Z'' | β | 1.7 | 11.9 | 5.8 | 4.4 | β1.1 | β1.6 | β3.6 |
| Accruals ratio | β | β1.1% | β6.4% | β10.7% | β5.3% | β12.1% | β3.8% | β2.1% |
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 β not investment advice. Check the original filings before relying on any figure.
