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.
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Zai Lab Limited Unsponsored ADR (ZLAB) Altman Z-score
Zai Lab Limited Unsponsored ADR's Altman Z-score for fiscal 2025 is −0.24, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.24 | (2.16) |
| FY2024 | 1.92 | (1.65) |
| FY2023 | 3.57 | (4.45) |
| FY2022 | 8.03 | (5.62) |
| FY2021 | 13.64 | (35.05) |
| FY2020 | 48.69 | 24.92 |
| FY2019 | 23.78 | 11.21 |
| FY2018 | 12.57 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.51 | — | 0.62 | |
| Retained earnings / total assets | (2.24) | — | −3.14 | |
| EBIT / total assets | (0.20) | — | −0.65 | |
| Market value of equity / total liabilities | 4.23 | — | 2.54 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Distress zone | −0.24 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.61 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NAMS NewAmsterdam Pharma Company N.V. compare | 27.6× |
| BEAM Beam Therapeutics Inc. compare | 5.4× |
| NRIX Nurix Therapeutics, Inc. compare | 3.8× |
| RCUS Arcus Biosciences, Inc. compare | 1.1× |
| ZLAB Zai Lab Limited Unsponsored ADR | −0.2× |
| PGEN Precigen, Inc. compare | −16.9× |
| MBX MBX Biosciences, Inc. compare | — |
| DYN Dyne Therapeutics, Inc. compare | — |
| ELVN Enliven Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets