Saturday 17 October 2026
Export ZLAB’s income statement to Excel — free account
Zai Lab Limited Unsponsored ADR
ZLAB Healthcare Biotechnology
Zai Lab Limited Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $460.2 million, up 15.3% from fiscal 2024. In the quarter to June 2026, revenue fell 3.33%, EPS fell 24.3%, free cash flow fell 84.4% and total debt rose 36.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
23.25
0.26
−1.11%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
4 | 4 | 4 | 6 | 3 | 5 | — | — | — | — |
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
Altman Z-Score |
(0.24) | 1.92 | 3.57 | 8.03 | 13.64 | 48.69 | 23.78 | 12.57 | — | — |
P/S ratio |
4.20 | 6.50 | 9.44 | 13.74 | 40.50 | 183.76 | 292.51 | 0.00 | — | — |
Altman Z″-Score (non-manufacturers) |
(3.61) | (1.63) | (1.14) | 4.38 | 5.84 | 11.87 | 1.73 | 4.12 | — | — |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
Beneish M-Score |
(2.35) | (2.00) | (2.78) | (2.75) | 0.65 | (0.76) | 86.70 | — | — | — |
P/Operating CF |
(74.25) | (46.47) | (168.83) | (27.03) | (38.20) | (237.09) | (96.08) | 0.00 | — | — |
P/B ratio |
2.70 | 3.08 | 3.16 | 2.83 | 4.24 | 8.99 | 13.05 | 0.00 | — | — |
Price to Tangible BV |
3.04 | 3.31 | 3.23 | 2.85 | 4.27 | 9.06 | 13.45 | 0.00 | — | — |
EV/Sales |
2.93 | 4.62 | 6.44 | 9.08 | 30.78 | 163.10 | 272.01 | 0.00 | — | — |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
EV/Operating CF |
(8.93) | (8.58) | (8.67) | (5.31) | (8.09) | (43.18) | (11.14) | 1.44 | — | — |
EV/FCF |
(8.21) | (6.67) | (8.92) | (4.97) | (7.82) | (41.15) | (10.33) | 1.27 | — | — |
Quick Ratio |
2.15 | 3.22 | 4.26 | 7.50 | 7.55 | 12.16 | 6.00 | 5.39 | 19.03 | 16.23 |
Current Ratio |
2.45 | 3.51 | 4.63 | 8.04 | 7.78 | 12.40 | 6.27 | 5.51 | 19.11 | 16.25 |
Net Debt/EBITDA |
2.66 | 2.73 | 2.23 | 2.51 | 2.02 | 3.97 | 1.35 | 1.85 | 4.51 | 2.19 |
Debt/Assets |
17.45% | 11.11% | 0.00% | 0.58% | 0.37% | 0.40% | 1.82% | 1.21% | 0.00% | 0.00% |
Debt/Equity |
0.29 | 0.16 | 0.00 | 0.01 | 0.00 | 0.00 | 0.02 | 0.01 | 0.00 | 0.00 |
Asset Turnover |
0.39 | 0.36 | 0.24 | 0.15 | 0.10 | 0.06 | 0.04 | 0.00 | 0.00 | 0.00 |
Operating CF/Net income |
0.86 | 0.84 | 0.59 | 0.83 | 0.78 | 0.80 | 0.98 | 0.70 | 0.64 | 0.86 |
Capex/Depreciation |
(1.38) | (7.38) | 0.97 | (4.44) | (3.18) | (2.47) | (4.41) | (7.56) | (19.22) | (11.20) |
Interest Coverage |
(44.05) | (125.16) | — | (27.67) | (321.21) | (1,667.41) | (693.50) | (3,544.20) | (100.34) | (95.51) |
| (22.56%) | (31.41%) | (36.34%) | (36.55%) | (55.27%) | (36.74%) | (71.49%) | (57.20%) | (54.88%) | 107.30% | |
| (14.89%) | (23.14%) | (29.66%) | (31.33%) | (48.46%) | (32.54%) | (59.37%) | (50.42%) | (29.77%) | (72.95%) | |
ROIC |
(109.92%) | (189.71%) | 0.00% | (572.08%) | 0.00% | 0.00% | (504.40%) | 0.00% | (582.83%) | 0.00% |
Return on Tangible Assets |
(26.98%) | (32.18%) | (42.34%) | (42.53%) | (52.14%) | (23.44%) | (73.01%) | (57.76%) | (21.87%) | (46.79%) |
Average Days of Receivables |
84.17 | 77.92 | 81.01 | 67.83 | 120.07 | 38.51 | 106.56 | 254.65 | — | — |
Research and Development Expense of Revenue |
48.01% | 58.77% | 99.68% | 133.19% | 397.27% | 454.90% | 1,095.27% | 93,238.76% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
60.33% | 74.87% | 105.58% | 120.43% | 151.64% | 227.36% | 540.71% | 16,725.58% | 0.00% | 0.00% |
Intangible Assets out of Total Assets |
0.07 | 0.05 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
14.26% | 17.71% | 29.86% | 28.51% | 28.21% | 50.72% | 156.26% | 9,479.84% | 0.00% | 0.00% |
Graham Net Nets |
0.29 | 0.27 | 0.28 | 0.32 | 0.22 | 0.10 | 0.06 | 0.00 | — | — |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
Earnings Yield |
(9.13%) | (9.89%) | (13.24%) | (15.01%) | (12.17%) | (2.85%) | (7.89%) | (6.82%) | — | — |
Free Cash Flow Yield |
(8.49%) | (10.66%) | (7.65%) | (13.29%) | (9.72%) | (2.16%) | (9.00%) | 0.00% | — | — |
Revenue per Share |
4.20 | 4.03 | 2.76 | 2.24 | 1.55 | 0.63 | 0.20 | 0.00 | 0.00 | 0.00 |
Operating CF per Share |
(1.38) | (2.17) | (2.05) | (3.84) | (5.91) | (2.78) | (2.97) | (1.85) | (1.49) | (3.41) |
Capex per Share |
(0.12) | (0.62) | 0.06 | (0.26) | (0.20) | (0.14) | (0.24) | (0.19) | (0.42) | (0.24) |
Free Cash Flow per Share |
(1.50) | (2.79) | (1.99) | (4.10) | (6.11) | (2.92) | (3.20) | (2.05) | (1.90) | (3.64) |
Cash per Share |
7.21 | 8.89 | 8.35 | 10.53 | 15.15 | 15.28 | 4.29 | 5.00 | 10.56 | 8.89 |
Shareholders Equity per Share |
6.53 | 8.50 | 8.24 | 10.91 | 14.84 | 15.06 | 4.58 | 4.77 | 10.81 | (5.46) |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
6.53 | 8.50 | 8.24 | 10.91 | 14.84 | 15.06 | 4.58 | 4.77 | 10.81 | (5.46) |
Free Cash Flow |
(164.13) | (276.36) | (192.65) | (392.63) | (568.18) | (226.72) | (206.25) | (107.66) | (41.40) | (34.39) |
Working Capital |
603.12 | 751.10 | 736.54 | 984.49 | 1,307.98 | 1,117.99 | 245.83 | 220.30 | 218.55 | 78.92 |
Capital Expenditures |
(13.34) | (61.49) | 5.52 | (24.98) | (18.94) | (10.67) | (15.24) | (10.12) | (9.03) | (2.23) |
Net Current Asset Value |
562.40 | 705.63 | 699.43 | 949.79 | 1,270.88 | 1,087.74 | 231.97 | 218.24 | 216.15 | (56.37) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
Capex to Sales |
0.03 | 0.15 | (0.02) | 0.12 | 0.13 | 0.22 | 1.17 | 78.43 | 0.00 | 0.00 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.20 | 0.17 | 0.11 | 0.10 | 0.14 | 0.15 | 0.16 | 0.07 | 0.04 | 0.16 |
Cash ROIC |
(9.60%) | (14.92%) | (12.02%) | (19.05%) | (20.33%) | (9.60%) | (35.74%) | (20.78%) | (8.91%) | (106.14%) |
Accounts Receivable Turnover |
4.81 | 5.53 | 5.38 | 4.92 | 5.48 | 10.93 | 6.69 | 0.06 | — | — |
Accounts Payable Turnover |
1.58 | 1.38 | 1.07 | 0.77 | 0.55 | 0.39 | 0.12 | 0.00 | 0.11 | 0.20 |
Inventory Turnover |
3.33 | 3.49 | 2.51 | 2.93 | 3.26 | 1.75 | 1.25 | 0.01 | 0.00 | 0.00 |
Average Days of Payables |
270.50 | 249.09 | 430.43 | 325.33 | 881.52 | 1,366.15 | 2,206.16 | 317,736.74 | 6,390.94 | 959.47 |
Days of Inventory on Hand |
142.78 | 98.43 | 170.76 | 155.93 | 132.41 | 286.66 | 584.64 | 33.95 | 0.00 | 0.00 |
Average Receivables |
95.65 | 72.19 | 49.58 | 43.72 | 26.32 | 4.48 | 1.94 | 1.99 | — | — |
Average Payables |
121.26 | 106.95 | 89.48 | 96.07 | 94.40 | 42.65 | 30.05 | 23.20 | 4.75 | 0.99 |
Average Inventory |
57.31 | 42.35 | 38.22 | 25.29 | 16.05 | 9.57 | 3.00 | 3.02 | — | — |
Average Assets |
1,179.07 | 1,111.02 | 1,128.22 | 1,415.05 | 1,453.80 | 826.40 | 328.57 | 275.81 | 169.27 | 51.42 |
Average Common Equity |
778.20 | 818.51 | 920.86 | 1,212.78 | 1,274.65 | 732.00 | 272.87 | 243.13 | 91.81 | (34.96) |
Columns are period end dates