ZLABNasdaqPharmaceutical PreparationsFiscal year ends December 31
Zai Lab Ltd
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$24.06+0.87 (+3.75%)
Close on Oct 19, 2026
- Market cap
- $26.87B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
58.6%−7.2 pts over 5 years
Operating margin
-49.9%+566.6 pts over 5 years
Net margin
-38.1%+511.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.3% | +28.9% | +56.5% | – | |
| Gross profit | +7.1% | +24.1% | +52.9% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 107.3% | -36.7% | -22.6% | |
| Return on assets | – | -32.5% | -14.9% | |
| Current ratio | 16.25 | 12.40 | 2.45 | |
| Interest coverage | – | -1667.4× | -44.0× | |
| Inventory turnover | – | 1.7× | 3.3× | |
| Capex to revenue | – | 20.7% | 1.8% | |
| Diluted shares | 94M | 777M | 1.10B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Zai Lab generated $1.48B from operations and spent $63.85M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.48B
Used
$63.85M
Capital expenditure$63.85M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-38.1%
×Asset turnover0.39×
×Equity multiplier1.52×
=Return on equity, FY2025-22.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -38.1% | 0.39× | 1.52× | -22.6% |
| FY2024 | -64.4% | 0.36× | 1.36× | -31.4% |
| FY2023 | -125.5% | 0.24× | 1.23× | -36.3% |
| FY2022 | -206.1% | 0.15× | 1.17× | -36.6% |
| FY2021 | -488.2% | 0.10× | 1.14× | -55.3% |
| FY2020 | -549.3% | 0.06× | 1.13× | -36.7% |
| FY2019 | -1502.3% | 0.04× | 1.20× | -71.5% |
| FY2018 | -107810.1% | 0.00× | 1.13× | -57.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$175.54M
- Cash generatingOperating cash flow above zero-$150.79M
- Return on assets improvedROA up on the prior year-24.8% → -14.8%
- Earnings backed by cashOperating cash flow above net income-$150.79M vs -$175.54M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.51 → 2.45
- No dilutionShare count did not rise989M → 1.10B
- Gross margin improvedGross margin up on the prior year63.13% → 58.60%
- More efficientAsset turnover rose0.39 → 0.39