ZKHNYSERetail-Building Materials, Hardware, Garden SupplyFiscal year ends December 31
ZKH Group Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 24, 2026
$1.86+0.11 (+6.29%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2020 to 2025
Gross margin
16.4%
Operating margin
-2.4%
Net margin
-1.6%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.6% | +2.6% | – | – | |
| Gross profit | -2.3% | +3.8% | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -4.6% | |
| Return on assets | – | – | -2.1% | |
| Current ratio | – | – | 1.79 | |
| Debt to equity | – | – | 0.10 | |
| Net debt to EBITDA | – | – | 4.52× | |
| Interest coverage | – | – | -18.8× | |
| Inventory turnover | – | – | 11.6× | |
| Capex to revenue | – | – | 0.6% | |
| Diluted shares | – | – | 5.69B |
Where the cash went
Fiscal 2021 to 2025, five years combined
ZKH generated CN¥2.69B from operations and spent CN¥446.70M on capital expenditure, dividends and share buybacks. 82% of that went back into the business.
Generated
CN¥2.69B
Used
CN¥446.70M
Capital expenditureCN¥364.95M82%DividendsCN¥00%Share buybacksCN¥81.76M18%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.6%
×Asset turnover1.37×
×Equity multiplier2.18×
=Return on equity, FY2025-4.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.6% | 1.37× | 2.18× | -4.6% |
| FY2024 | -3.1% | 1.25× | 2.22× | -8.5% |
| FY2023 | -3.5% | 1.23× | -16.53× | 70.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-CN¥139.74M
- Cash generatingOperating cash flow above zeroCN¥8.79M
- Return on assets improvedROA up on the prior year-3.6% → -2.1%
- Earnings backed by cashOperating cash flow above net incomeCN¥8.79M vs -CN¥139.74M
- Less leverageLong-term debt to assets fell0.6% → 0.7%
- Better liquidityCurrent ratio rose1.85 → 1.79
- No dilutionShare count did not rise5.74B → 5.69B
- Gross margin improvedGross margin up on the prior year17.24% → 16.42%
- More efficientAsset turnover rose1.19 → 1.36