Zai Lab Limited Financials
Zai Lab Limited (ZLAB) reported $460.2M in revenue for fiscal year 2025, up 15.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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).
Revenue growth is steadily absorbing a large research-and-commercial cost base, even as gross margin softens and cash burn persists.
From FY2023 to FY2025, revenue climbed from$267M to$460M while R&D moved lower, so the cost base is being spread across a larger commercial footprint. That helps explain why operating margin improved to-49.9% even as gross margin fell to58.6% , pointing to fixed-cost absorption rather than better unit economics.
Cash recovered to
Free cash flow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 Zai Lab 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.
Zai Lab Limited scores 1.16, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($456.9M). 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.
Zai Lab Limited passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Zai Lab Limited reported a net loss of $175.5M while operations used $150.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Zai Lab Limited reported an operating loss of $229.4M against $5.2M 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
Zai Lab Limited generated $460.2M in revenue in fiscal year 2025. This represents an increase of 15.3% from the prior year.
Zai Lab Limited's EBITDA was -$214.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.7% from the prior year.
Zai Lab Limited reported -$175.5M in net income in fiscal year 2025. This represents an increase of 31.7% from the prior year.
Zai Lab Limited earned -$0.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 38.5% from the prior year.
Cash & Balance Sheet
Zai Lab Limited recorded an outflow of $158.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 27.9% from the prior year.
Zai Lab Limited held $679.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Zai Lab Limited's gross margin was 58.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.5 percentage points from the prior year.
Zai Lab Limited's operating margin was -49.9% in fiscal year 2025, reflecting core business profitability. This is up 20.8 percentage points from the prior year.
Zai Lab Limited's net profit margin was -38.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 26.3 percentage points from the prior year.
Zai Lab Limited's ROE was -24.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.0 percentage points from the prior year.
Capital Allocation
Zai Lab Limited invested $220.9M in research and development in fiscal year 2025. This represents a decrease of 5.8% from the prior year.
Zai Lab Limited invested $8.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.2% from the prior year.
Not reported for fiscal year 2025.
ZLAB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $449.6M | $460.2M+15.3% | $399.0M+49.6% | $266.7M+24.0% | $215.0M+49.0% | $144.3M+194.8% | $49.0M+277.0% | $13.0M+9965.9% | $129K | N/A | N/A | N/A |
| Cost of Revenue | $195.5M | $190.5M+29.5% | $147.1M+53.5% | $95.8M+29.4% | $74.0M+41.7% | $52.2M+212.1% | $16.7M+346.4% | $3.7M+8618.6% | $43K | N/A | N/A | N/A |
| Gross Profit | $254.1M | $269.6M+7.1% | $251.9M+47.4% | $170.9M+21.2% | $141.0M+53.2% | $92.1M+185.7% | $32.2M+248.9% | $9.2M+10656.8% | $86K | N/A | N/A | N/A |
| R&D Expenses | $236.9M | $220.9M-5.8% | $234.5M-11.8% | $265.9M-7.2% | $286.4M-50.0% | $573.3M+157.4% | $222.7M+56.6% | $142.2M+18.2% | $120.3M+205.7% | $39.3M+22.4% | $32.1M+136.6% | $13.6M |
| SG&A Expenses | $281.1M | $277.6M-7.1% | $298.7M+6.1% | $281.6M+8.7% | $259.0M+18.3% | $218.8M+96.6% | $111.3M+58.5% | $70.2M+225.4% | $21.6M+79.1% | $12.0M+88.9% | $6.4M+131.0% | $2.8M |
| Operating Income | -$264.1M | -$229.4M+18.7% | -$282.1M+23.0% | -$366.6M+9.3% | -$404.4M+42.2% | -$700.1M-132.0% | -$301.8M-48.5% | -$203.2M-43.3% | -$141.8M-175.9% | -$51.4M-33.4% | -$38.5M-135.7% | -$16.3M |
| Interest Expense | $6.0M | $5.2M+131.1% | $2.3M | $0 | $0 | $0-100.0% | $181K-38.2% | $293K+632.5% | $40K | N/A | N/A | N/A |
| Income Tax | -$2.5M | -$2.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A | N/A |
| Net Income | -$188.2M | -$175.5M+31.7% | -$257.1M+23.2% | -$334.6M+24.5% | -$443.3M+37.1% | -$704.5M-162.0% | -$268.9M-37.8% | -$195.1M-40.3% | -$139.1M-176.0% | -$50.4M-34.3% | -$37.5M-108.1% | -$18.0M |
| EPS (Diluted) | — | -$0.16+38.5% | -$0.26+25.7% | -$0.35+23.9% | -$0.46+39.5% | -$0.76 | -$0.35 | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZLAB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-1.1% | $1.2B+14.4% | $1.0B-15.1% | $1.2B-24.2% | $1.6B+24.1% | $1.3B+265.4% | $355.2M+17.6% | $302.0M+21.0% | $249.6M+180.8% | $88.9M | N/A |
| Current Assets | $1.0B-3.0% | $1.1B+11.8% | $939.6M-16.4% | $1.1B-25.1% | $1.5B+23.4% | $1.2B+315.8% | $292.5M+8.7% | $269.1M+16.7% | $230.6M+174.2% | $84.1M | N/A |
| Cash & Equivalents | $679.6M+51.1% | $449.7M-43.1% | $790.2M-21.6% | $1.0B+4.6% | $964.1M+118.1% | $442.1M+482.3% | $75.9M+20.6% | $63.0M-72.6% | $229.7M+173.6% | $83.9M+537.9% | $13.2M |
| Inventory | $74.7M+87.4% | $39.9M-11.0% | $44.8M+41.8% | $31.6M+66.9% | $19.0M+44.2% | $13.1M+118.9% | $6.0M+150025.0% | $4K | N/A | N/A | N/A |
| Accounts Receivable | $106.1M+24.6% | $85.2M+43.9% | $59.2M+48.1% | $40.0M-15.8% | $47.5M+819.1% | $5.2M+36.2% | $3.8M+4112.2% | $90K | N/A | N/A | N/A |
| Total Liabilities | $456.9M+32.5% | $344.9M+43.6% | $240.2M+37.6% | $174.5M-24.1% | $230.0M+79.3% | $128.3M+112.1% | $60.5M+18.8% | $50.9M+252.0% | $14.5M-89.7% | $140.5M | N/A |
| Current Liabilities | $416.2M+39.0% | $299.4M+47.4% | $203.1M+45.2% | $139.8M-27.5% | $192.9M+96.8% | $98.0M+110.2% | $46.6M-4.5% | $48.8M+304.7% | $12.1M+133.3% | $5.2M | N/A |
| Total Equity | $715.5M-14.9% | $840.9M+5.6% | $796.1M-23.9% | $1.0B-24.2% | $1.4B+18.0% | $1.2B+296.8% | $294.7M+17.4% | $251.1M+6.8% | $235.2M+556.2% | -$51.6M-180.6% | -$18.4M |
| Retained Earnings | -$2.6B-7.2% | -$2.5B-11.7% | -$2.2B-18.0% | -$1.9B-31.3% | -$1.4B-98.7% | -$713.6M-60.5% | -$444.7M-78.1% | -$249.6M-125.8% | -$110.6M-83.7% | -$60.2M | N/A |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
ZLAB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$133.4M | -$150.8M+29.8% | -$214.9M-8.4% | -$198.2M+46.1% | -$367.6M+33.1% | -$549.2M-154.2% | -$216.1M-13.1% | -$191.0M-95.8% | -$97.5M-201.4% | -$32.4M-0.6% | -$32.2M-180.5% | -$11.5M |
| Capital Expenditures | $6.2M | $8.1M+43.2% | $5.7M-21.6% | $7.2M-70.7% | $24.6M+34.4% | $18.3M+80.6% | $10.1M+67.9% | $6.0M-39.7% | $10.0M+10.0% | $9.1M+309.3% | $2.2M+201.1% | $738K |
| Free Cash Flow | -$139.6M | -$158.9M+27.9% | -$220.5M-7.4% | -$205.4M+47.6% | -$392.2M+30.9% | -$567.5M-150.9% | -$226.2M-14.8% | -$197.0M-83.2% | -$107.6M-159.4% | -$41.5M-20.6% | -$34.4M-181.7% | -$12.2M |
| Investing Cash Flow | -$39.0M | $307.9M+182.1% | -$375.2M-3381.7% | -$10.8M-102.6% | $420.0M+68.0% | $250.0M+145.1% | -$554.8M-3625.7% | -$14.9M+93.0% | -$212.6M-1937.1% | -$10.4M-282.3% | -$2.7M | N/A |
| Financing Cash Flow | $44.6M | $72.4M-79.3% | $349.9M+5539.0% | -$6.4M-271.8% | -$1.7M-100.2% | $820.2M-27.6% | $1.1B+416.4% | $219.3M+52.1% | $144.1M-23.3% | $187.9M+76.9% | $106.2M | N/A |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZLAB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.6%-4.5pp | 63.1%-1.0pp | 64.1%-1.5pp | 65.6%+1.8pp | 63.8%-2.0pp | 65.8%-5.3pp | 71.1%+4.6pp | 66.6% | N/A | N/A | N/A |
| Operating Margin | -49.9%+20.8pp | -70.7% | -137.4% | -188.0% | -485.1% | -616.5% | -1564.9% | -109897.7% | N/A | N/A | N/A |
| Net Margin | -38.1%+26.3pp | -64.4% | -125.4% | -206.2% | -488.2% | -549.3% | -1502.3% | -107810.1% | N/A | N/A | N/A |
| Return on Equity | -24.5%+6.0pp | -30.6%+11.5pp | -42.0%+0.4pp | -42.4%+8.6pp | -51.0%-28.0pp | -23.0%+43.2pp | -66.2%-10.8pp | -55.4%-34.0pp | -21.4% | N/A | N/A |
| Return on Assets | -15.0%+6.7pp | -21.7%+10.6pp | -32.3%+4.0pp | -36.3%+7.4pp | -43.8%-23.0pp | -20.7%+34.2pp | -54.9%-8.9pp | -46.1%-25.9pp | -20.2%+22.0pp | -42.2% | N/A |
| Current Ratio | 2.45-1.1x | 3.51-1.1x | 4.63-3.4x | 8.04+0.3x | 7.78-4.6x | 12.40+6.1x | 6.27+0.8x | 5.51-13.6x | 19.11+2.9x | 16.25 | N/A |
| Debt-to-Equity | 0.64+0.2x | 0.41+0.1x | 0.30+0.1x | 0.170.0x | 0.17+0.1x | 0.11-0.1x | 0.210.0x | 0.20+0.1x | 0.06 | N/A | N/A |
| FCF Margin | -34.5%+20.7pp | -55.3%+21.7pp | -77.0% | -182.4% | -393.3% | -462.0% | -1517.5% | -83374.4% | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Zai Lab Limited Ranks
Frequently Asked Questions
What is Zai Lab Limited's annual revenue?
Zai Lab Limited (ZLAB) reported $460.2M in total revenue for fiscal year 2025. This represents a 15.3% 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 Zai Lab Limited's revenue growing?
Zai Lab Limited (ZLAB) revenue grew by 15.3% year-over-year, from $399.0M to $460.2M in fiscal year 2025.
Is Zai Lab Limited profitable?
No, Zai Lab Limited (ZLAB) reported a net income of -$175.5M in fiscal year 2025, with a net profit margin of -38.1%.
What is Zai Lab Limited's EBITDA?
Zai Lab Limited (ZLAB) had EBITDA of -$214.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zai Lab Limited's gross margin?
Zai Lab Limited (ZLAB) had a gross margin of 58.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zai Lab Limited's operating margin?
Zai Lab Limited (ZLAB) had an operating margin of -49.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Zai Lab Limited's net profit margin?
Zai Lab Limited (ZLAB) had a net profit margin of -38.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zai Lab Limited's return on equity (ROE)?
Zai Lab Limited (ZLAB) has a return on equity of -24.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zai Lab Limited's free cash flow?
Zai Lab Limited (ZLAB) recorded an outflow of $158.9M in free cash flow during fiscal year 2025. This represents a 27.9% 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 Zai Lab Limited's operating cash flow?
Zai Lab Limited (ZLAB) recorded an outflow of $150.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Zai Lab Limited's total assets?
Zai Lab Limited (ZLAB) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zai Lab Limited's capital expenditures?
Zai Lab Limited (ZLAB) invested $8.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Zai Lab Limited spend on research and development?
Zai Lab Limited (ZLAB) invested $220.9M in research and development during fiscal year 2025.
What is Zai Lab Limited's current ratio?
Zai Lab Limited (ZLAB) had a current ratio of 2.45 as of fiscal year 2025, which is generally considered healthy.
What is Zai Lab Limited's debt-to-equity ratio?
Zai Lab Limited (ZLAB) had a debt-to-equity ratio of 0.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zai Lab Limited's return on assets (ROA)?
Zai Lab Limited (ZLAB) had a return on assets of -15.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zai Lab Limited's cash runway?
Based on fiscal year 2025 data, Zai Lab Limited (ZLAB) had $679.6M in cash against an annual operating cash burn of $150.8M. This gives an estimated cash runway of approximately 54 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Zai Lab Limited's Altman Z-Score?
Zai Lab Limited (ZLAB) has an Altman Z-Score of 1.16, 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 Zai Lab Limited's Piotroski F-Score?
Zai Lab Limited (ZLAB) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Zai Lab Limited's earnings high quality?
Zai Lab Limited (ZLAB) reported a net loss of $175.5M while operations used $150.8M of cash. With neither figure positive, 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 Zai Lab Limited cover its interest payments?
Zai Lab Limited (ZLAB) reported an operating loss of $229.4M against $5.2M 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 Zai Lab Limited?
Zai Lab Limited (ZLAB) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.