ZAI LAB LIMITED (ZLAB)

26.08 -2.76% (-0.74)

Over 5Y: -81.8%

2026-08-28
50 100 150
2021 2022 2023 2024 2025 2026

Financials Quarterly

Q3 '21 — Revenue: 43.1M Q3 '21 — Operating Cash Flow: -160.9M Q3 '21 — Free Cash Flow: -167.2M Q3 '21 — Net Income: -96.4M Q4 '21 — Revenue: 44.2M Q4 '21 — Operating Cash Flow: -153M Q4 '21 — Free Cash Flow: -159.4M Q4 '21 — Net Income: -211.8M Q1 '22 — Revenue: 46.7M Q1 '22 — Operating Cash Flow: -87.1M Q1 '22 — Free Cash Flow: -96.9M Q1 '22 — Net Income: -82.4M Q2 '22 — Revenue: 48.2M Q2 '22 — Operating Cash Flow: -44.9M Q2 '22 — Free Cash Flow: -48.6M Q2 '22 — Net Income: -137.9M Q3 '22 — Revenue: 57.5M Q3 '22 — Operating Cash Flow: -126.3M Q3 '22 — Free Cash Flow: -133M Q3 '22 — Net Income: -161.2M Q4 '22 — Revenue: 62.6M Q4 '22 — Operating Cash Flow: -109.3M Q4 '22 — Free Cash Flow: -113.7M Q4 '22 — Net Income: -61.8M Q1 '23 — Revenue: 62.8M Q1 '23 — Operating Cash Flow: -69.3M Q1 '23 — Free Cash Flow: -72.8M Q1 '23 — Net Income: -49.1M Q2 '23 — Revenue: 68.9M Q2 '23 — Operating Cash Flow: -58.7M Q2 '23 — Free Cash Flow: -60.4M Q2 '23 — Net Income: -120.9M Q3 '23 — Revenue: 69.2M Q3 '23 — Operating Cash Flow: -55.3M Q3 '23 — Free Cash Flow: -57M Q3 '23 — Net Income: -69.2M Q4 '23 — Revenue: 65.8M Q4 '23 — Operating Cash Flow: -14.9M Q4 '23 — Free Cash Flow: -15.1M Q4 '23 — Net Income: -95.4M Q1 '24 — Revenue: 87.1M Q1 '24 — Operating Cash Flow: -90.1M Q1 '24 — Free Cash Flow: -91.1M Q1 '24 — Net Income: -53.5M Q2 '24 — Revenue: 100.5M Q2 '24 — Operating Cash Flow: -42.2M Q2 '24 — Free Cash Flow: -42.9M Q2 '24 — Net Income: -80.3M Q3 '24 — Revenue: 102.3M Q3 '24 — Operating Cash Flow: -26.8M Q3 '24 — Free Cash Flow: -28.2M Q3 '24 — Net Income: -41.7M Q4 '24 — Revenue: 109.1M Q4 '24 — Operating Cash Flow: -55.8M Q4 '24 — Free Cash Flow: -58.4M Q4 '24 — Net Income: -81.7M Q1 '25 — Revenue: 106.5M Q1 '25 — Operating Cash Flow: -61.7M Q1 '25 — Free Cash Flow: -63.2M Q1 '25 — Net Income: -48.4M Q2 '25 — Revenue: 110M Q2 '25 — Operating Cash Flow: -31M Q2 '25 — Free Cash Flow: -33.9M Q2 '25 — Net Income: -40.7M Q3 '25 — Revenue: 116.1M Q3 '25 — Operating Cash Flow: -32M Q3 '25 — Free Cash Flow: -35M Q3 '25 — Net Income: -36M Q4 '25 — Revenue: 127.6M Q4 '25 — Operating Cash Flow: -26M Q4 '25 — Free Cash Flow: -26.7M Q4 '25 — Net Income: -50.4M Q1 '26 — Revenue: 99.6M Q1 '26 — Operating Cash Flow: -11.9M Q1 '26 — Free Cash Flow: -13.1M Q1 '26 — Net Income: -51M Q2 '26 — Revenue: 106.3M Q2 '26 — Operating Cash Flow: -63.4M Q2 '26 — Free Cash Flow: -64.7M Q2 '26 — Net Income: -50.8M -210M -140M -70M 0 70M 140M
Q4 '21 Q3 '22 Q2 '23 Q1 '24 Q4 '24 Q3 '25 Q2 '26
Revenue Operating Cash Flow Free Cash Flow Net Income

Figures as at 2026-06-30, reported in USD. The newest fact in the filings is dated 2026-06-30, 61 days ago. Nothing on this page is advice.

How it scores

Five questions, each answered by the measures under it. Every figure is the company's own; the bar beside it is where that figure sits among the companies read here — the top fifth, the bottom fifth, or somewhere between. Not among all listed companies, and for a valuation multiple the low end is the good end.

Quality

How much of the revenue is really kept — and what did it take to earn it?

1.8
SBC / sales 13.0%
OE margin -44.0%
Oper. margin -58.7%
Accruals -5.1%
Gross margin 56.5%
EBITDA margin -55.2%
FCF margin -31.0%
OCF margin -29.7%
Profit margin -41.9%
ROA -17.5%
ROCE -40.9%
ROE -31.0%
OCF / EBIT —
ROIC —

4 of 17 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Valuation

What does the price ask for what the company earns, owns and pays out?

0.5
Div. yield —
EV/EBIT —
EV/GP —
EV/OE —
EV/Sales —
FCF yield —
Fwd P/E —
P/B —
P/C —
P/E —
PEG —

0 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Durability

How predictable is the revenue, and how much of it is already committed?

5.6
RPO / sales —
RPO growth —
Segment HHI —

3 of 7 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Resilience

Can the balance sheet absorb a bad year?

5.2
ND/EBITDA —
Interest cover -44.1×
Debt / Eq 0.0×
Debt payback 0.0 yr
Quick ratio 1.9×
Cash runway 4.4 yr
F-score 3.4 pts
Cash / Debt —
Payout —

3 of 12 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

Growth

Is the business getting bigger, and is it getting more profitable?

4.4
Sales CAGR 4Y +33.6%
Sales/sh Y/Y -5.1%
Sales Q/Q -3.3%
Shares change +10.7%
Div. growth —
EBIT CAGR —
EBIT Y/Y —
EPS CAGR 4Y —
EPS Y/Y —
EPS next Y —

4 of 13 counted in the score. The rest are measures this model does not include here, or figures these filings do not carry — switch any of them on and the score changes.

A measure absent from a block could not be computed from this company's filings. It is left out rather than scored as though it were bad, and the dimension is averaged over what remains. A score is measured against a fixed scale this model states; the bar is measured against the other companies, so the two can disagree — and where they do, that disagreement is the more interesting figure.