ZKH Group (ZKH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZKH SEC filings page.
ZKH Group Limited (ZKH) reported $1.3B in revenue for fiscal year 2025, up 7.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of ZKH Group Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
ZKH Group Limited has an operating margin of -2.4%, meaning the company loses $2 on every $100 of revenue. This results in a profitability score of 32/100. This is up from -3.9% the prior year.
ZKH Group Limited's revenue grew 7.1% year-over-year to $1.3B, a solid pace of expansion. This earns a growth score of 39/100.
ZKH Group Limited carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
ZKH Group Limited's current ratio of 1.79 indicates adequate short-term liquidity, earning a score of 53/100. The company can meet its near-term obligations, though with limited headroom.
While ZKH Group Limited generated $1.3M in operating cash flow, capex of $7.6M consumed most of it, leaving -$6.3M in free cash flow. This results in a low score of 24/100, reflecting heavy capital investment rather than weak cash generation.
ZKH Group Limited posts a -4.8% return on equity (ROE), meaning it loses $5 for every $100 of shareholders' equity. This results in a returns score of 30/100. This is up from -8.6% the prior year.
ZKH Group Limited scores 0.96, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $760.3M against total assets of $933.8M. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
ZKH Group Limited passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
ZKH Group Limited reported a net loss of $20.0M while generating $1.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
ZKH Group Limited reported an operating loss of $30.5M against $1.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
ZKH Group Limited generated $1.3B in revenue in fiscal year 2025. This represents an increase of 7.1% from the prior year.
ZKH Group Limited's EBITDA was -$23.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
ZKH Group Limited reported a net loss of $20.0M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
ZKH Group Limited earned $0.00 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
ZKH Group Limited recorded an outflow of $6.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 130.8% from the prior year.
ZKH Group Limited held $147.4M in cash against $6.1M in long-term debt as of fiscal year 2025, with $489.9M of liabilities due within a year.
ZKH Group Limited paid $0.00 per share in dividends in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Margins & Returns
ZKH Group Limited's gross margin was 16.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.
ZKH Group Limited's operating margin was -2.4% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.
ZKH Group Limited's net profit margin was -1.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.5 percentage points from the prior year.
ZKH Group Limited's ROE was -4.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.9 percentage points from the prior year.
Capital Allocation
ZKH Group Limited invested $23.7M in research and development in fiscal year 2025. This represents an increase of 1.9% from the prior year.
ZKH Group Limited spent $5.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 5.0% from the prior year.
ZKH Group Limited invested $7.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 30.1% from the prior year.
ZKH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Revenue | $1.3B+7.1% | $1.2B-2.3% | $1.2B+1.9% | $1.2B+0.4% | $1.2B |
| Cost of Revenue | $1.1B+8.1% | $993.4M-3.0% | $1.0B+0.9% | $1.0B-2.3% | $1.0B |
| Gross Profit | $211.0M+2.0% | $206.9M+1.2% | $204.6M+7.1% | $191.0M+17.1% | $163.2M |
| R&D Expenses | $23.7M+1.9% | $23.2M-6.3% | $24.8M-29.0% | $34.9M-13.3% | $40.2M |
| SG&A Expenses | $166.1M-5.9% | $176.5M+1.3% | $174.1M-7.3% | $187.8M-17.4% | $227.4M |
| Operating Income | -$30.5Mn/m | -$46.4Mn/m | -$56.2Mn/m | -$99.4Mn/m | -$174.3M |
| EBITDA | -$23.6Mn/m | -$38.9Mn/m | -$45.8Mn/m | -$88.4Mn/m | -$165.9M |
| Interest Expense | $1.6M-37.7% | $2.6M-4.4% | $2.7M-80.0% | $13.7M+721.5% | $1.7M |
| Income Tax | $99K-29.0% | $139K+405.3% | $27Kn/m | -$68K-317.6% | $31K |
| Net Income | -$20.0Mn/m | -$36.7Mn/m | -$42.9Mn/m | -$106.7Mn/m | -$176.1M |
| EPS (Basic) | $0.00n/m | -$0.01 | -$0.09 | -$0.14n/m | -$0.19 |
| EPS (Diluted) | $0.00n/m | -$0.01 | -$0.09 | -$0.14n/m | -$0.19 |
| Diluted Shares (Avg) | 5.69B-0.9% | 5.74B | 1.53B | 1.33B+9.2% | 1.21B |
ZKH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Total Assets | $933.8M+3.1% | $905.7M-12.9% | $1.0B+5.3% | $987.9M | N/A |
| Current Assets | $877.8M+3.5% | $848.1M-13.4% | $979.5M+7.5% | $911.0M | N/A |
| Cash & Equivalents | $147.4M-24.5% | $195.1M+27.0% | $153.6M-45.8% | $283.3M+60.2% | $176.8M |
| Short-Term Investments | $118.0M+58.4% | $74.5M-39.5% | $123.1Mn/m | $0n/m | $0 |
| Inventory | $95.8M+11.8% | $85.7M-9.1% | $94.2M-0.9% | $95.1M | N/A |
| Accounts Receivable | $465.8M+10.0% | $423.4M-17.4% | $512.7M+15.3% | $444.7M | N/A |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Goodwill | $4.4M+4.4% | $4.2M-2.7% | $4.3M-2.9% | $4.5M | N/A |
| Total Liabilities | $513.2M+6.6% | $481.2M-18.2% | $588.1M-62.7% | $1.6B | N/A |
| Current Liabilities | $489.9M+7.1% | $457.5M-19.4% | $567.3M+12.4% | $504.9M | N/A |
| Non-Current Liabilities | $23.3M-1.9% | $23.7M+14.2% | $20.8M-33.4% | $31.2M | N/A |
| Long-Term Debt | $6.1M+14.5% | $5.3M | N/A | N/A | N/A |
| Total Equity | $420.6M-0.9% | $424.5M-6.2% | $452.3Mn/m | -$590.2Mn/m | -$434.0M |
| Retained Earnings | -$760.3Mn/m | -$709.3Mn/m | -$691.4Mn/m | -$583.4M | N/A |
ZKH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.3M-96.0% | $31.4Mn/m | -$80.0Mn/m | -$73.1Mn/m | -$217.0M |
| Depreciation & Amortization | $6.9M-7.8% | $7.5M-27.5% | $10.3M-6.2% | $11.0M+32.6% | $8.3M |
| Stock-Based Compensation | $7.7M-48.2% | $14.9M+506.9% | $2.4M-47.0% | $4.6M-83.9% | $28.8M |
| Capital Expenditures | $7.6M-30.1% | $10.8M+52.5% | $7.1M+32.4% | $5.4M-76.4% | $22.8M |
| Free Cash Flow | -$6.3M-130.8% | $20.5Mn/m | -$87.1Mn/m | -$78.5Mn/m | -$239.8M |
| Investing Cash Flow | -$46.4M-222.7% | $37.8Mn/m | -$127.9Mn/m | -$5.4Mn/m | -$14.8M |
| Financing Cash Flow | -$14.9Mn/m | -$34.8M-134.5% | $100.8M-46.6% | $188.9M+589.2% | $27.4M |
| Share Buybacks | $5.9M+5.0% | $5.6M | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
ZKH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|
| Gross Margin | 16.4%-0.8pp | 17.2%+0.6pp | 16.7%+0.8pp | 15.8%+2.3pp | 13.6% |
| Operating Margin | -2.4%+1.5pp | -3.9%+0.7pp | -4.6%+3.7pp | -8.3%+6.3pp | -14.5% |
| Net Margin | -1.6%+1.5pp | -3.1%+0.4pp | -3.5%+5.4pp | -8.8%+5.8pp | -14.7% |
| Return on Equity | -4.8%+3.9pp | -8.6%+0.8pp | -9.5% | N/A | N/A |
| Return on Assets | -2.1%+1.9pp | -4.0%+0.1pp | -4.1%+6.7pp | -10.8% | N/A |
| Current Ratio | 1.79-0.1x | 1.85+0.1x | 1.73-0.1x | 1.80 | N/A |
| Debt-to-Equity | 0.010.0x | 0.01 | N/A | N/A | N/A |
| Liabilities-to-Equity | 1.22+0.1x | 1.13-0.2x | 1.30 | N/A | N/A |
| Asset Turnover | 1.38+0.1x | 1.33+0.1x | 1.180.0x | 1.22 | N/A |
| FCF Margin | -0.5%-2.2pp | 1.7%+8.8pp | -7.1%-0.6pp | -6.5%+13.5pp | -20.0% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| ZKH Group Limited ZKH | FY2025 | $1.3B | -$20.0M | -1.6% | $280.8M | 44/100 |
| Newegg Commerce, Inc. NEGG | FY2025 | $1.4B | -$4.9M | -0.3% | $198.6M | 27/100 |
| ATRenew Inc. RERE | FY2025 | N/A | $48.1M | N/A | $872.7M | — |
| Liquidity Services, Inc. LQDT | FY2025 | $476.7M | $28.1M | 5.9% | $1.4B | 63/100 |
Where ZKH Group Limited Ranks
Frequently Asked Questions
What is ZKH Group Limited's annual revenue?
ZKH Group Limited (ZKH) reported $1.3B in total revenue for fiscal year 2025. This represents a 7.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is ZKH Group Limited's revenue growing?
ZKH Group Limited (ZKH) revenue grew by 7.1% year-over-year, from $1.2B to $1.3B in fiscal year 2025.
Is ZKH Group Limited profitable?
No, ZKH Group Limited (ZKH) reported a net loss of $20.0M in fiscal year 2025, with a net profit margin of -1.6%.
What is ZKH Group Limited's EBITDA?
ZKH Group Limited (ZKH) had EBITDA of -$23.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does ZKH Group Limited have?
As of fiscal year 2025, ZKH Group Limited (ZKH) had $147.4M in cash and equivalents against $6.1M in long-term debt.
What is ZKH Group Limited's gross margin?
ZKH Group Limited (ZKH) had a gross margin of 16.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is ZKH Group Limited's operating margin?
ZKH Group Limited (ZKH) had an operating margin of -2.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ZKH Group Limited's net profit margin?
ZKH Group Limited (ZKH) had a net profit margin of -1.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ZKH Group Limited's return on equity (ROE)?
ZKH Group Limited (ZKH) has a return on equity of -4.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is ZKH Group Limited's free cash flow?
ZKH Group Limited (ZKH) recorded an outflow of $6.3M in free cash flow during fiscal year 2025. This represents a -130.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is ZKH Group Limited's operating cash flow?
ZKH Group Limited (ZKH) generated $1.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are ZKH Group Limited's total assets?
ZKH Group Limited (ZKH) had $933.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ZKH Group Limited's capital expenditures?
ZKH Group Limited (ZKH) invested $7.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does ZKH Group Limited spend on research and development?
ZKH Group Limited (ZKH) invested $23.7M in research and development during fiscal year 2025.
What is ZKH Group Limited's current ratio?
ZKH Group Limited (ZKH) had a current ratio of 1.79 as of fiscal year 2025, which is generally considered healthy.
What is ZKH Group Limited's debt-to-equity ratio?
ZKH Group Limited (ZKH) had a debt-to-equity ratio of 0.01 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is ZKH Group Limited's liabilities-to-equity ratio?
ZKH Group Limited (ZKH) had a liabilities-to-equity ratio of 1.22 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is ZKH Group Limited's return on assets (ROA)?
ZKH Group Limited (ZKH) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ZKH Group Limited's P/E ratio?
ZKH Group Limited (ZKH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $280.8M as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is ZKH Group Limited's price-to-sales ratio?
ZKH Group Limited (ZKH) trades at 0.2x sales, its market capitalization divided by $1.3B revenue, FY2025. The market capitalization is $280.8M as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is ZKH Group Limited's Altman Z-Score?
ZKH Group Limited (ZKH) has an Altman Z-Score of 0.96, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is ZKH Group Limited's Piotroski F-Score?
ZKH Group Limited (ZKH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are ZKH Group Limited's earnings high quality?
ZKH Group Limited (ZKH) reported a net loss of $20.0M while generating $1.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can ZKH Group Limited cover its interest payments?
ZKH Group Limited (ZKH) reported an operating loss of $30.5M against $1.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is ZKH Group Limited?
ZKH Group Limited (ZKH) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.