Saturday 17 October 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. In the quarter to June 2026, revenue grew 19.1%, EPS grew 140.0%, free cash flow grew 92.8% and total debt fell 21.4%, each against the same quarter a year earlier.
1.76
0.13
−6.88%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | 15.00 | 2.62 | 2.50 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | — | — | 18.00 | 21.91 | 3.90 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | 3,956 | 3,476 | 3,262 | 2,933 | ||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.31 | 0.35 | 0.37 | 0.43 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | 679 | 1,187 | 1,236 | 1,232 | 1,219 | 1,250 | ||||
| Gross margin, % | — | — | — | — | 14.58 | 12.97 | 15.85 | 16.65 | 17.24 | 16.42 | |||||
| EBT | — | — | — | — | (57) | (170) | (109) | (43) | (37) | (19) | |||||
| EBT margin, % | — | — | — | — | (8.39) | (14.32) | (8.80) | (3.49) | (3.05) | (1.55) | |||||
| Net income | — | — | — | — | (58) | (174) | (109) | (43) | (37) | (19) | |||||
| Depreciation | — | — | — | — | 5 | 8 | 11 | 10 | 8 | 7 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 4.22 | 7.37 | 32.64 | 28.22 | 7.44 | 7.70 | ||||
| Earnings | — | — | — | — | (0.53) | (1.40) | (2.87) | (3.11) | (0.22) | (0.12) | |||||
| Cash flow | — | — | — | — | 0.03 | (1.33) | (1.98) | (1.84) | 0.19 | 0.01 | |||||
| Capex | — | — | — | — | 0.00 | 0.00 | (0.15) | (0.16) | (0.07) | (0.04) | |||||
| Free cash flow | — | — | — | — | 0.03 | (1.33) | (2.12) | (2.00) | 0.13 | (0.04) | |||||
| Book value | — | — | — | — | 0.00 | 2.22 | (15.96) | 10.39 | 2.63 | 2.52 | |||||
| Shares, m | — | — | — | — | 161 | 161 | 38 | 44 | 164 | 162 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | 2.06 | 2.06 | 2.06 | 0.78 | 0.47 | 0.48 | |||||
| P/B | — | — | — | — | 0.00 | 0.00 | 0.00 | 2.13 | 1.33 | 1.46 | |||||
| EV/Sales | — | — | — | — | 1.94 | 1.94 | 1.94 | 0.62 | 0.29 | 0.31 | |||||
| EV/FCF | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | (2.45) | (5.39) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 5 | (214) | (75) | (80) | 32 | 1 | ||||
| Capex | — | — | — | — | (9) | (25) | (6) | (7) | (11) | (7) | |||||
| Free cash flow | — | — | — | — | 5 | (214) | (80) | (87) | 21 | (6) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 296 | 416 | 414 | 397 | 377 | ||||
| Total debt | — | — | — | — | — | 127 | 69 | 103 | 64 | 52 | |||||
| Net debt | — | — | — | — | — | (50) | (229) | (197) | (223) | (214) | |||||
| Shareholders’ equity | — | — | — | — | — | 357 | (604) | 454 | 431 | 409 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | 0.00 | (19.03) | (13.25) | (3.80) | (2.13) | ||||
| ROIC | — | — | — | — | — | 0.00 | 0.00 | (13.70) | (14.14) | (9.52) | |||||
| ROE | — | — | — | — | 0.00 | 0.00 | 35.62 | 181.08 | (8.43) | (4.63) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| HEPS D-MARKET Electronic Services & Trading Unsponsored ADR | $975.2M | — (loss-making) | — (loss-making) | +16.17% (above 0%: growing) | n/m | −62.03% (below 0%: shrinking) | 37.80% | (3.04%) | Compare |
| JMIA Jumia Technologies | $761.1M | — (loss-making) | — (loss-making) | +13.91% (above 0%: growing) | n/m | +4.91% (above 0%: growing) | 59.10% | (23.81%) | Compare |
| RERE ATRenew Inc. Sponsored ADR | $519.0M | 13.5× | 10.6× | +39.80% (above 0%: growing) | +100.00% (above 0%: growing) | −609.63% (below 0%: shrinking) | 21.03% | 2.70% | Compare |
| TDUP ThredUp Inc. | $308.6M | — (loss-making) | — (loss-making) | +16.88% (above 0%: growing) | n/m | +160.75% (above 0%: growing) | 79.90% | (6.73%) | Compare |
| ZKH ZKH Group Limited Unsponsored ADR | $244.5M | — (loss-making) | 44.6× | +19.07% (above 0%: growing) | n/m | +92.81% (above 0%: growing) | 17.58% | 0.16% | |
| NEGG Newegg Commerce, Inc. | $238.3M | — (loss-making) | — (loss-making) | −8.23% (below 0%: shrinking) | n/m | +138.92% (above 0%: growing) | 12.40% | 0.44% | Compare |
| BZUN Baozun Inc. | $197.1M | — (loss-making) | 5.2× | +13.45% (above 0%: growing) | n/m | +151.68% (above 0%: growing) | 75.11% | 2.31% | 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 |
| NXH Neighborhood Intelligence, Inc. | $187.4M | — (loss-making) | — (loss-making) | +27.96% (above 0%: growing) | n/m | −409.18% (below 0%: shrinking) | 26.77% | (11.87%) | Compare |
| Median of peers | $273.5M | — | — | +16.53% | — | −28.56% | 37.50% | (4.49%) |
ZKH Group Limited Unsponsored ADR (ZKH) key facts
- Strength: ZKH Group Limited Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 2.58% from fiscal 2024.
- ZKH Group Limited Unsponsored ADR (ZKH) is an Internet Retail company in the Consumer Cyclical sector, traded in the US as an ADR.
- As of October 16, 2026, ZKH traded at $1.76, a market capitalization of $244.5 million.
- Return on equity was −4.63% and debt-to-equity 0.12.
- Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.35 (distress zone) for fiscal 2025.