NASDAQ : ZLAB
Zai Lab Limited — Financial statements
Healthcare · Biotechnology · China
Last price 22.36 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.78B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Zai Lab Limited (ZLAB) reported revenue of 449.61M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 449.61M | 460.16M | 398.99M | 266.72M | 215.04M | 144.31M |
| Cost of Revenue | 432.63M | 411.99M | 382.36M | 361.68M | 360.43M | 625.54M |
| Gross Profit | 16.98M | 48.17M | 16.62M | -94.97M | -145.39M | -481.23M |
| Selling, General & Admin | 281.09M | 277.61M | 298.74M | 281.61M | 258.97M | 218.83M |
| Operating Expenses | 281.09M | 277.61M | 298.74M | 281.61M | 258.97M | 218.83M |
| Operating Income | -264.10M | -229.43M | -282.12M | -376.57M | -404.36M | -700.06M |
| Interest Expense | -5.98M | -5.21M | -2.25M | |||
| Interest & Investment Income | 27.93M | 33.05M | 37.10M | 39.80M | 14.58M | 2.19M |
| Earnings From Equity Investments | -221.00K | -1.06M | ||||
| Currency Exchange Gain (Loss) | 46.01M | 19.59M | -15.14M | -14.85M | -56.40M | 4.66M |
| Other Non Operating Income (Expenses) | 5.43M | 5.45M | 11.40M | 4.22M | 12.06M | 4.42M |
| EBT Excluding Unusual Items | -190.72M | -176.55M | -251.00M | -347.41M | -434.33M | -689.85M |
| Gain (Loss) on Sale of Investments | -1.91M | -6.11M | 2.79M | -8.95M | -14.62M | |
| Gain (Loss) on Sale of Assets | 10.00M | |||||
| Pretax Income | -190.72M | -178.46M | -257.10M | -334.62M | -443.29M | -704.47M |
| Income Tax Expense | -2.51M | -2.93M | ||||
| Net Income | -188.21M | -175.54M | -257.10M | -334.62M | -443.29M | -704.47M |
| Net Income to Common | -188.21M | -175.54M | -257.10M | -334.62M | -443.29M | -704.47M |
| Shares Outstanding (Basic) | 110.82M | 109.53M | 98.95M | 96.64M | 95.81M | 92.99M |
| Shares Outstanding (Diluted) | 110.82M | 109.53M | 98.95M | 96.64M | 95.81M | 92.99M |
| EPS (Basic) | -1.70 | -1.60 | -2.60 | -3.46 | -4.63 | -7.58 |
| EPS (Diluted) | -1.70 | -1.60 | -2.60 | -3.46 | -4.63 | -7.58 |
| Free Cash Flow | -139.57M | -158.89M | -220.53M | -205.39M | -392.23M | -567.53M |
| Free Cash Flow Per Share | -1.26 | -1.45 | -2.23 | -2.12 | -4.09 | -6.10 |
| Gross Margin | 3.78% | 10.47% | 4.17% | -35.60% | -67.61% | |
| Operating Margin | -58.74% | -49.86% | -70.71% | -141.19% | -188.04% | -485.10% |
| Profit Margin | -41.86% | -38.15% | -64.44% | -125.46% | -206.14% | -488.16% |
| Free Cash Flow Margin | -31.04% | -34.53% | -55.27% | -77.01% | -182.40% | -393.26% |
| EBITDA | -248.17M | -214.42M | -270.26M | -367.54M | -396.13M | -693.58M |
| EBITDA Margin | -55.20% | -46.60% | -67.74% | -137.80% | -184.21% | |
| D&A For EBITDA | 15.93M | 15.01M | 11.86M | 9.03M | 8.23M | 6.49M |
| EBIT | -264.10M | -229.43M | -282.12M | -376.57M | -404.36M | -700.06M |
| EBIT Margin | -58.74% | -49.86% | -70.71% | -141.19% | -188.04% | |
| Revenue as Reported | 449.61M | 460.16M | 398.99M | 266.72M | 215.04M | 144.31M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 607.52M | 679.57M | 449.67M | 790.15M | 1.01B | 964.10M |
| Short-Term Investments | 10.00M | 10.00M | 330.00M | 16.30M | 445.00M | |
| Cash & Short-Term Investments | 617.52M | 689.57M | 779.67M | 806.45M | 1.01B | 1.41B |
| Receivables | 72.99M | 118.28M | 89.41M | 65.33M | 48.57M | 54.81M |
| Inventory | 90.89M | 74.75M | 39.88M | 44.83M | 31.62M | 18.95M |
| Restricted Cash | 100.00M | 100.00M | 100.00M | |||
| Other Current Assets | 32.63M | 36.68M | 41.53M | 23.00M | 35.67M | 18.02M |
| Total Current Assets | 914.04M | 1.02B | 1.05B | 939.61M | 1.12B | 1.50B |
| Property, Plant & Equipment | 62.59M | 66.54M | 69.46M | 68.58M | 77.38M | 57.29M |
| Long-Term Investments | 9.22M | 6.43M | 15.61M | |||
| Other Intangible Assets | 88.66M | 79.00M | 58.93M | 16.46M | 8.40M | 9.66M |
| Long-Term Deferred Tax Assets | 4.85M | 3.39M | ||||
| Other Long-Term Assets | 4.66M | 4.17M | 6.88M | 2.43M | 3.60M | 26.52M |
| Total Assets | 1.07B | 1.17B | 1.19B | 1.04B | 1.22B | 1.61B |
| Accounts Payable | 136.69M | 141.61M | 100.91M | 112.99M | 65.97M | 126.16M |
| Accrued Expenses | 41.52M | 50.82M | 46.77M | 58.16M | 44.21M | 45.01M |
| Short-Term Debt | 238.10M | 204.53M | 131.71M | |||
| Current Portion of Leases | 5.03M | 6.34M | 8.05M | 7.10M | 7.05M | 5.93M |
| Current Income Taxes Payable | 4.02M | 5.30M | 5.15M | 16.99M | 13.28M | 8.82M |
| Other Current Liabilities | 3.22M | 7.56M | 6.80M | 7.83M | 9.32M | 6.99M |
| Total Current Liabilities | 428.58M | 416.17M | 299.38M | 203.07M | 139.84M | 192.90M |
| Long-Term Leases | 11.45M | 13.38M | 13.71M | 8.05M | 13.34M | 9.61M |
| Long-Term Unearned Revenue | 27.50M | 27.33M | 31.43M | 28.74M | 21.36M | 27.49M |
| Other Long-Term Liabilities | 225.00K | 325.00K | 325.00K | |||
| Total Liabilities | 467.76M | 456.88M | 344.86M | 240.18M | 174.54M | 230.00M |
| Common Stock | 7.00K | 7.00K | 7.00K | 6.00K | 6.00K | 6.00K |
| Additional Paid-In Capital | 3.37B | 3.34B | 3.26B | 2.98B | 2.89B | 2.83B |
| Retained Earnings | -2.73B | -2.63B | -2.45B | -2.20B | -1.86B | -1.42B |
| Treasury Stock | -33.52M | -29.05M | -20.84M | -20.84M | -11.86M | -4.28M |
| Comprehensive Income & Other | 214.00K | 29.70M | 50.52M | 37.63M | 25.68M | -23.64M |
| Total Common Equity | 607.04M | 715.50M | 840.90M | 796.12M | 1.05B | 1.38B |
| Shareholders' Equity | 607.04M | 715.50M | 840.90M | 796.12M | 1.05B | 1.38B |
| Total Liabilities & Equity | 1.07B | 1.17B | 1.19B | 1.04B | 1.22B | 1.61B |
| Total Debt | 254.58M | 224.26M | 153.47M | 15.15M | 20.39M | 15.54M |
| Net Cash (Debt) | 362.95M | 465.31M | 626.20M | 791.30M | 988.08M | 1.39B |
| Net Cash Per Share | 3.28 | 4.25 | 6.33 | 8.19 | 10.31 | 14.99 |
| Filing Date Shares Outstanding | 112.27M | 110.64M | 107.58M | 98.72M | 96.02M | 96.41M |
| Total Common Shares Outstanding | 112.24M | 110.64M | 107.77M | 97.22M | 96.02M | 95.50M |
| Working Capital | 485.45M | 603.12M | 751.10M | 736.54M | 984.49M | 1.31B |
| Book Value Per Share | 5.41 | 6.47 | 7.80 | 8.19 | 10.89 | 14.45 |
| Tangible Book Value | 518.38M | 636.50M | 781.96M | 779.66M | 1.04B | 1.37B |
| Tangible Book Value Per Share | 4.62 | 5.75 | 7.26 | 8.02 | 10.80 | 14.35 |
| Buildings | 25.38M | 24.60M | ||||
| Machinery | 52.82M | 50.35M | 48.65M | 48.23M | 44.38M | 37.76M |
| Construction In Progress | 952.00K | 554.00K | 25.13M | 24.27M | 24.25M | 11.33M |
| Leasehold Improvements | 14.44M | 14.05M | 11.31M | 11.37M | 11.30M | 10.43M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -188.21M | -175.54M | -257.10M | -334.62M | -443.29M | -704.47M |
| Depreciation & Amortization | 15.93M | 15.01M | 11.86M | 9.03M | 8.23M | 6.49M |
| Other Amortization | 90.00K | 194.00K | 700.00K | |||
| Loss (Gain) From Sale of Assets | 364.00K | 542.00K | 453.00K | -10.25M | 560.00K | 29.00K |
| Asset Writedown & Restructuring Costs | 57.00K | 62.25M | ||||
| Loss (Gain) From Sale of Investments | 1.91M | 6.11M | -2.79M | 8.95M | 14.62M | |
| Loss (Gain) on Equity Investments | 221.00K | 1.06M | ||||
| Stock-Based Compensation | 58.29M | 65.60M | 70.65M | 79.63M | 61.30M | 40.71M |
| Provision & Write-off of Bad Debts | -6.00K | 6.00K | 8.00K | 6.00K | 1.00K | 10.00K |
| Other Operating Activities | -26.53M | -3.81M | 20.85M | 21.15M | 62.63M | -3.71M |
| Change in Accounts Receivable | 23.04M | -18.93M | -26.98M | -20.04M | 4.33M | -42.32M |
| Change in Inventory | -46.76M | -47.03M | 3.90M | -14.91M | -15.38M | -7.17M |
| Change in Accounts Payable | 16.33M | 19.93M | -2.21M | 36.80M | -53.77M | 63.52M |
| Change in Unearned Revenue | 2.74M | 745.00K | 6.59M | 11.18M | -1.38M | 11.15M |
| Change in Other Net Operating Assets | 16.01M | -6.08M | -49.69M | 26.57M | -43.00K | 8.61M |
| Operating Cash Flow | -133.38M | -150.79M | -214.87M | -198.18M | -367.64M | -549.23M |
| Capital Expenditures | -6.19M | -8.10M | -5.66M | -7.21M | -24.59M | -18.30M |
| Sale of Property, Plant & Equipment | 84.00K | 87.00K | 29.00K | 122.00K | 3.00K | |
| Sale (Purchase) of Intangibles | -22.95M | -5.32M | -55.87M | 12.61M | -399.00K | -653.00K |
| Investment in Securities | -10.00M | 321.20M | -313.70M | -16.30M | 445.00M | 268.90M |
| Investing Cash Flow | -39.05M | 307.87M | -375.19M | -10.78M | 420.02M | 249.96M |
| Short-Term Debt Issued | 206.84M | 131.61M | ||||
| Total Debt Issued | 239.38M | 206.84M | 131.61M | |||
| Short-Term Debt Repaid | -138.89M | -284.00K | ||||
| Total Debt Repaid | -185.99M | -138.89M | -284.00K | |||
| Net Debt Issued (Repaid) | 53.38M | 67.94M | 131.32M | |||
| Issuance of Common Stock | 4.01M | 13.68M | 220.55M | 2.37M | 5.87M | 826.29M |
| Repurchase of Common Stock | -12.66M | -8.22M | -8.80M | -7.60M | -4.25M | |
| Other Financing Activities | -90.00K | -1.05M | -1.98M | -1.84M | ||
| Financing Cash Flow | 44.64M | 72.35M | 349.89M | -6.43M | -1.73M | 820.20M |
| Foreign Exchange Rate Adjustments | 3.05M | 478.00K | -310.00K | -2.62M | -6.27M | 1.12M |
| Net Cash Flow | -124.74M | 229.91M | -240.48M | -218.01M | 44.37M | 522.04M |
| Free Cash Flow | -139.57M | -158.89M | -220.53M | -205.39M | -392.23M | -567.53M |
| Free Cash Flow Margin | -31.04% | -34.53% | -55.27% | -77.01% | -182.40% | -393.26% |
| Free Cash Flow Per Share | -1.26 | -1.45 | -2.23 | -2.12 | -4.09 | -6.10 |
| Levered Free Cash Flow | -83.96M | -92.51M | -330.04M | -95.41M | -286.45M | -377.69M |
| Unlevered Free Cash Flow | -80.31M | -89.45M | -329.33M | -95.41M | -286.45M | -377.69M |
| Cash Interest Paid | 5.44M | 4.88M | 2.02M | |||
| Change in Working Capital | 6.69M | -54.71M | -68.39M | 39.61M | -66.25M | 33.79M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.69B | 1.96B | 2.85B | 2.69B | 2.95B | 6.06B |
| Enterprise Value | 2.33B | 1.46B | 2.36B | 1.88B | 1.85B | 4.51B |
| Last Close Price | 21.66 | 17.64 | 26.19 | 27.33 | 30.70 | 62.85 |
| PS Ratio | 5.98 | 4.26 | 7.15 | 10.08 | 13.70 | 41.99 |
| PB Ratio | 4.01 | 2.74 | 3.39 | 3.38 | 2.82 | 4.39 |
| P/TBV Ratio | 5.19 | 3.08 | 3.65 | 3.45 | 2.84 | 4.42 |
| EV/Sales Ratio | 5.17 | 3.18 | 5.92 | 7.06 | 8.59 | 31.24 |
| Debt / Equity Ratio | 0.42 | 0.31 | 0.18 | 0.02 | 0.02 | 0.01 |
| Net Debt / Equity Ratio | -0.60 | -0.65 | -0.74 | -0.99 | -0.94 | -1.01 |
| Net Debt / EBITDA Ratio | 1.46 | 2.17 | 2.32 | 2.15 | 2.49 | 2.01 |
| Net Debt / FCF Ratio | 2.60 | 2.93 | 2.84 | 3.85 | 2.52 | 2.46 |
| Asset Turnover | 0.40 | 0.39 | 0.36 | 0.24 | 0.15 | 0.10 |
| Inventory Turnover | 5.67 | 7.19 | 9.03 | 9.46 | 14.25 | 38.98 |
| Quick Ratio | 1.61 | 1.94 | 2.90 | 4.29 | 7.56 | 7.59 |
| Current Ratio | 2.13 | 2.45 | 3.51 | 4.63 | 8.04 | 7.78 |
| Return on Equity (ROE) | -26.91% | -22.56% | -31.41% | -36.34% | -36.55% | -55.27% |
| Return on Assets (ROA) | -14.74% | -12.16% | -15.87% | -20.86% | -17.86% | -30.10% |
| Return on Capital Employed (ROCE) | -40.90% | -30.30% | -31.80% | -45.20% | -37.40% | -49.40% |
| Earnings Yield | -0.78% | -8.95% | -9.01% | -12.45% | -15.04% | -11.63% |
| FCF Yield | -5.19% | -8.10% | -7.73% | -7.64% | -13.31% | -9.37% |
| Buyback Yield / Dilution | -6.01% | -10.70% | -2.39% | -0.87% | -3.03% | -19.73% |