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Friday 6 November 2026
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ZKH Group Limited Unsponsored ADR
ZKH Consumer Cyclical Internet Retail
ZKH Group Limited Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 2.58% from fiscal 2024.
- Revenue
- +19.1%
- EPS
- +140.0%
- Free cash flow
- +92.8%
- Total debt
- −21.4%
Quarter to June 2026, against a year earlier
1.35
0.01
+0.75%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 679 | 1,187 | 1,236 | 1,232 | 1,219 | 1,250 | 1,348 | +13.0% | 1,492 | 1,663 | 1,905 | +15.1% | |
| Gross margin, % | — | — | — | — | 14.58 | 12.97 | 15.85 | 16.65 | 17.24 | 16.42 | 16.64 | +1.8 pt | ||||||
| EBT | — | — | — | — | (57) | (170) | (109) | (43) | (37) | (19) | 0 | (19.4%) | ||||||
| EBT margin, % | — | — | — | — | (8.39) | (14.32) | (8.80) | (3.49) | (3.05) | (1.55) | 0.00 | +6.8 pt | ||||||
| Net income | — | — | — | — | (58) | (174) | (109) | (43) | (37) | (19) | (19) | (19.6%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 4.22 | 7.37 | 32.64 | 28.22 | 7.44 | 7.70 | 8.38 | +12.8% | |||||
| Earnings | — | — | — | — | (0.53) | (1.40) | (4.89) | (3.11) | (0.22) | (0.12) | (0.01) | (25.7%) | ||||||
| Cash flow | — | — | — | — | 0.03 | (1.33) | (1.98) | (1.84) | 0.19 | 0.01 | 0.00 | (23.5%) | ||||||
| Capex | — | — | — | — | 0.00 | 0.00 | (0.15) | (0.16) | (0.07) | (0.04) | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | — | 0.03 | (1.33) | (2.12) | (2.00) | 0.13 | (0.04) | 0.00 | n/m | ||||||
| Book value | — | — | — | — | 0.00 | 2.22 | (15.96) | 10.39 | 2.63 | 2.52 | 2.66 | n/m | ||||||
| Shares, m | — | — | — | — | 161 | 161 | 38 | 44 | 164 | 162 | 162 | +0.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 2.06 | 2.06 | 2.06 | 0.78 | 0.47 | 0.48 | 0.16 | 1.3 | ||||||
| P/B | — | — | — | — | 0.00 | 0.00 | 0.00 | 2.13 | 1.33 | 1.46 | 0.51 | 0.8 | ||||||
| EV/Sales | — | — | — | — | 1.94 | 1.94 | 1.94 | 0.62 | 0.29 | 0.31 | 0.02 | 1.2 | ||||||
| EV/FCF | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | (2.45) | (5.39) | (0.31) | (1.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 5 | (214) | (75) | (80) | 32 | 1 | (47) | (23.3%) | |||||
| Capex | — | — | — | — | (9) | (25) | (6) | (7) | (11) | (7) | (24) | (5.2%) | ||||||
| Free cash flow | — | — | — | — | 5 | (214) | (80) | (87) | 21 | (6) | (71) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 296 | 416 | 414 | 397 | 377 | 394 | +6.2% | |||||
| Net debt | — | — | — | — | — | (50) | (229) | (197) | (223) | (214) | (195) | +43.9% | ||||||
| Shareholders’ equity | — | — | — | — | — | 357 | (604) | 454 | 431 | 409 | 427 | +3.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | 0.00 | (19.03) | (13.25) | (3.80) | (2.13) | (0.03) | (2.1) pt | |||||
| ROIC | — | — | — | — | — | 0.00 | 0.00 | (13.70) | (14.14) | (9.52) | (3.01) | (9.5) pt | ||||||
| ROE | — | — | — | — | 0.00 | 0.00 | 35.62 | 181.08 | (8.43) | (4.63) | (0.07) | (4.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 3,956 | 3,476 | 3,262 | 2,933 | — | (9.5%) | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.31 | 0.35 | 0.37 | 0.43 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
ZKH Group Limited Unsponsored ADR vs peers in Internet Retail (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| RERE ATRenew Inc. Sponsored ADR | $566.4M | 14.8× | 10.0× | +39.80% (above 0%: growing) | +100.00% (above 0%: growing) | −609.63% (below 0%: shrinking) | 21.03% | 2.70% | Compare |
| NEGG Newegg Commerce, Inc. | $194.0M | — (loss-making) | — (loss-making) | −8.23% (below 0%: shrinking) | n/m | +138.92% (above 0%: growing) | 12.40% | 0.44% | Compare |
| LOGC ContextLogic Inc. | $194.0M | — (loss-making) | — (loss-making) | +380.00% (above 0%: growing) | n/m | −115.15% (below 0%: shrinking) | 37.20% | (5.95%) | Compare |
| TDUP ThredUp Inc. | $190.4M | — (loss-making) | — (loss-making) | +16.88% (above 0%: growing) | n/m | +160.75% (above 0%: growing) | 79.90% | (6.73%) | Compare |
| BZUN Baozun Inc. | $184.8M | — (loss-making) | 7.7× | +13.45% (above 0%: growing) | n/m | +151.68% (above 0%: growing) | 75.11% | 2.31% | Compare |
| NXH Neighborhood Intelligence, Inc. | $183.0M | — (loss-making) | — (loss-making) | +98.03% (above 0%: growing) | n/m | −205.74% (below 0%: shrinking) | 33.96% | 0.00% | Compare |
| ZKH ZKH Group Limited Unsponsored ADR | $169.5M | — (loss-making) | 20.6× | +19.07% (above 0%: growing) | n/m | +92.81% (above 0%: growing) | 17.58% | 0.16% | |
| HOUR Hour Loop, Inc. | $53.3M | 33.5× | — (loss-making) | +25.24% (above 0%: growing) | −25.00% (below 0%: shrinking) | −50.31% (below 0%: shrinking) | 52.93% | 3.78% | Compare |
| WNW Meiwu Technology Company Limited | $50.6M | — (loss-making) | — | +483.75% (above 0%: growing) | n/m | +221.68% (above 0%: growing) | 22.98% | 0.00% | Compare |
| Median of peers | $187.6M | — | — | +32.52% | — | +44.31% | 35.58% | 0.22% |