CompanyGraph
Zai Lab Limited
9688 · HKEX · China
Price data from its 1ZLB listing on XSTU, quoted in EUR
zailaboratory.comFinancials as of FY2025
At a glance
- Depends onUpstream position: supplies 6 industries, depends on 3
- ScaleMarket cap is $2.23B, above the global median of $1.15B
- FinancialsAltman Z-Score 0.32: distress zone
- Interpretations2 currently firing — 2
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Sign inThe reported statements, read against the company's own industry.
Financials view
Market Capitalization
17.53BHKD2.23B · vs all stocks (USD)
Revenue (TTM)
3.53BHKD449.60M · vs all stocks (USD)
Profit Margin
-41.86%vs Biotechnology peers
Beta
0.7810xvs all stocks
52-Week Change
-24.10%vs all stocks
Market Capitalization
17.53BHKD2.23B · vs all stocks (USD)
Enterprise Value
167.01BHKD21.29B · vs all stocks (USD)
Forward P/E
-5.38xvs Biotechnology peers
Price to Sales (TTM)
50.74xvs Biotechnology peers
Price to Book (MRQ)
4.79xvs Biotechnology peers
Enterprise to Revenue
47.36xvs Biotechnology peers
Enterprise to EBITDA
-85.80xvs Biotechnology peers
Gross Margin
54.70%vs Biotechnology peers
Profit Margin
-41.86%vs Biotechnology peers
Operating Margin
-71.95%vs Biotechnology peers
Return on Assets (TTM)
-14.74%vs Biotechnology peers
Return on Equity (TTM)
-26.91%vs Biotechnology peers
Revenue (TTM)
3.53BHKD449.60M · vs all stocks (USD)
Revenue per Share (TTM)
4.06HKDUpdated Aug 21, 2026Quarterly Revenue Growth
-3.30%vs Biotechnology peers
Gross Profit (TTM)
133.22MHKD16.98M · vs all stocks (USD)
EBITDA (TTM)
-1.95BHKD-248.16M · vs all stocks (USD)
Net Income (TTM)
-1.48BHKD-188.21M · vs all stocks (USD)
Quarterly Earnings Growth (YoY)
-3.33%vs Biotechnology peers
Operating Cash Flow (TTM)
-1.05BHKD-133.38M · vs all stocks (USD)
Levered Free Cash Flow (TTM)
-658.57MHKD-83.96M · vs all stocks (USD)
Trailing Annual Dividend Rate
0.00HKDUpdated Aug 21, 2026Trailing Annual Dividend Yield
0.00%vs all stocks
Payout Ratio
0.00%vs Biotechnology peers
Revenue
460.16MUSDFY2025 · Dec 31, 2025Cost of Goods Sold
191.08MUSDFY2025 · Dec 31, 2025Gross Profit
269.07MUSDFY2025 · Dec 31, 2025Operating Income
-223.57MUSDvs all stocks (USD)
Pre-tax Income
-178.46MUSDFY2025 · Dec 31, 2025Income Tax Expense
-2.93MUSDFY2025 · Dec 31, 2025Net Income
-175.54MUSDFY2025 · Dec 31, 2025EBIT
-173.25MUSDFY2025 · Dec 31, 2025EBITDA (Income Statement)
-177.84MUSDFY2025 · Dec 31, 2025Research & Development
220.90MUSDFY2025 · Dec 31, 2025Selling, General & Administrative
277.61MUSDFY2025 · Dec 31, 2025Other Operating Expenses
-5.86MUSDFY2025 · Dec 31, 2025Non-operating Interest Income
33.05MUSDFY2025 · Dec 31, 2025Non-operating Interest Expense
5.21MUSDFY2025 · Dec 31, 2025EPS (Basic)
-0.1600USDFY2025 · Dec 31, 2025EPS (Diluted)
-0.1600USDFY2025 · Dec 31, 2025Basic Shares Outstanding
1.10BSharesFY2025 · Dec 31, 2025Diluted Shares Outstanding
1.10BSharesFY2025 · Dec 31, 2025Net Income from Continuing Operations
-175.54MUSDFY2025 · Dec 31, 2025Operating Cash Flow
-151.00MUSDFY2025 · Dec 31, 2025Free Cash Flow
-159.02MUSDFY2025 · Dec 31, 2025Cash & Cash Equivalents (End of Period)
780.69MUSDFY2025 · Dec 31, 2025Interest Paid
4.88MUSDFY2025 · Dec 31, 2025Starting Profit (CF Statement)
-175.54MUSDFY2025 · Dec 31, 2025Depreciation & Amortization
15.01MUSDFY2025 · Dec 31, 2025Stock-based Compensation
65.60MUSDFY2025 · Dec 31, 2025Other Non-cash Items
3.69MUSDFY2025 · Dec 31, 2025Change in Accounts Receivable (CF)
-29.98MUSDFY2025 · Dec 31, 2025Change in Accounts Payable (CF)
19.93MUSDFY2025 · Dec 31, 2025Change in Other Assets/Liabilities
-49.71MUSDFY2025 · Dec 31, 2025Capital Expenditures
-8.01MUSDFY2025 · Dec 31, 2025Net Intangibles (CF)
-5.32MUSDFY2025 · Dec 31, 2025Purchase of Investments
-10.00MUSDFY2025 · Dec 31, 2025Sale of Investments
331.20MUSDFY2025 · Dec 31, 2025Net Investing Cash Flow
313.19MUSDFY2025 · Dec 31, 2025Long-term Debt Payments
-138.89MUSDFY2025 · Dec 31, 2025Net Short-term Debt Issuance
67.94MUSDFY2025 · Dec 31, 2025Other Financing Charges
-9.27MUSDFY2025 · Dec 31, 2025Net Financing Cash Flow
-80.22MUSDFY2025 · Dec 31, 2025Shares Outstanding
1.12BSharesUpdated Aug 21, 2026Float Shares
913.68MSharesUpdated Aug 21, 2026% Held by Insiders
2.06%vs all stocks
% Held by Institutions
39.24%vs all stocks
Total Cash (MRQ)
4.84BHKD617.50M · vs all stocks (USD)
Total Cash per Share (MRQ)
0.5500HKDUpdated Aug 21, 2026Total Debt (MRQ)
2.00BHKD254.57M · vs all stocks (USD)
Total Debt to Equity (MRQ)
0.4194xvs Biotechnology peers
Current Ratio (MRQ)
2.13xvs Biotechnology peers
Book Value per Share (MRQ)
4.24HKDUpdated Aug 21, 2026Total Assets
1.17BUSDvs all stocks (USD)
Total Current Assets
1.02BUSDFY2025 · Dec 31, 2025Total Liabilities
456.88MUSDFY2025 · Dec 31, 2025Total Non-current Assets
153.10MUSDFY2025 · Dec 31, 2025Total Non-current Liabilities
40.72MUSDFY2025 · Dec 31, 2025Total Current Liabilities
416.17MUSDFY2025 · Dec 31, 2025Cash
678.36MUSDFY2025 · Dec 31, 2025Cash Equivalents
1.22MUSDFY2025 · Dec 31, 2025Cash & Cash Equivalents
679.57MUSDFY2025 · Dec 31, 2025Other Short-term Investments
10.00MUSDFY2025 · Dec 31, 2025Accounts Receivable
106.12MUSDFY2025 · Dec 31, 2025Inventory
74.75MUSDFY2025 · Dec 31, 2025Accounts Payable
141.61MUSDFY2025 · Dec 31, 2025Short-term Debt
210.87MUSDFY2025 · Dec 31, 2025Other Current Liabilities
7.07MUSDFY2025 · Dec 31, 2025Long-term Debt
13.38MUSDFY2025 · Dec 31, 2025Common Stock (Book)
7.00KUSDFY2025 · Dec 31, 2025Retained Earnings
-2.63BUSDFY2025 · Dec 31, 2025Total Shareholders' Equity
715.50MUSDvs all stocks (USD)
Treasury Stock
29.05MUSDFY2025 · Dec 31, 202552-Week Low
12.31HKDUpdated Aug 21, 202652-Week High
27.36HKDUpdated Aug 21, 202652-Week Change
-24.10%vs all stocks
Beta
0.7810xvs all stocks
50-Day MA
15.35HKDUpdated Aug 21, 2026200-Day MA
15.17HKDUpdated Aug 21, 2026Avg 10-Day Volume
16.57MSharesUpdated Aug 21, 2026Avg 30-Day Volume
9.64MSharesUpdated Aug 21, 2026Diluted EPS (TTM)
-1.33HKDUpdated Aug 21, 2026Other Income / Expense
17.27MUSDFY2025 · Dec 31, 20252 interpretations currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow does this company use capital?
Operating Income Growing With Multi-Year Revenue Growth
Revenue up in each of five years, with operating income up in each of four.
Reads
Revenue Growing With Receivables Growing
Revenue has risen three years, and what customers owe has risen with it.
Reads
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Relationships view
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Structural Tensions
High gross margins eroded by operating costsNotable
Gross Margin: 0.55Profit Margin: -0.42
Looks liquid, but the distress score says otherwiseNotable
Current Ratio: 2.13Altman Z-Score: 0.32
Financial Health
Altman Z-Score 0.32: distress zoneCritical
Altman Z-Score: 0.32
Low earnings qualitySignificant
Earnings Quality Score: -0.58
High structural barrier to entryNotable
Barrier to Entry: 1.59
Supply Chain
Upstream position: supplies 6 industries, depends on 3Notable
Outgoing: 6.00Incoming: 3.00
Scale
Market cap is $2.23B, above the global median of $1.15BNotable
Market cap (USD): 2,234,445,751.967Global Median: 1,146,734,693.424
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