Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Grayscale Zcash Trust (ZEC) files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
20.7
-36.2
-3.58
11
178
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Total assets
48.7
12.5
8.96
22
200
Total liabilities
0
0
0
0
0
Paid-in capital
-53.6
-53.6
53.6
Shares outstanding
3.78
3.78
3.78
4.7
4.83
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
20.7
-36.2
-3.58
11
178
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $115.65 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
89.8%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
1,523.0%
Net income vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
809.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
151.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Liabilities / assets
0.0%
Total liabilities / total assets.
Valuation
Metric
Value
How it is calculated
Market cap
$558.5M
Share price x shares outstanding.
Enterprise value
$558.5M
Market cap + total debt - cash - short-term investments.
P/E
4.00x
Market cap / net income. Only when net income is positive.
Earnings yield
25.0%
Net income / market cap (the inverse of P/E).
Was Grayscale Zcash Trust (ZEC) profitable in fiscal 2025?
Yes. Net income was $177.8M, a net margin of -.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.