ZJK Industrial Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data ZJK Industrial Co., Ltd. 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

	FY2022	FY2024	FY2024	FY2025
Revenue	24.8	29.1	37.8	56.1
Cost of revenue	15.8	18	24.2	31.6
Gross profit	9.01	11	13.6	24.5
Research and development	0.49	0.46	0.55	1.11
Selling and marketing	0.93	1.75	4.71	7.17
General and administrative	1.42	2.53	6.71	6.75
Operating expenses	2.74	4.74	11.9	15
Operating income	6.28	6.28	1.63	9.46
Interest expense	0.12	0.11	0.02	0.02
Interest income	0.02	0.02	0.11	0.35
Other non-operating income	2.12	2.69	3.29	4.36
Pre-tax income	8.39	8.97	4.93	13.8
Income tax	1.11	1.28	1.26	3.67
Net income to minority interests	-0	-0	-0.02	-0.03
Net income	7.28	7.69	3.68	10.2
EBITDA	6.66	6.79	2.2	10.2
EPS, basic	0.12	0.13	0.06	0.16
EPS, diluted	0.12	0.13	0.06	0.16
Shares, basic (weighted)	60	60	60.3	62.5
Shares, diluted (weighted)	60	60	60.3	62.6

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	1.52	2.83	12.3	14.4
Short-term investments			2.56	2.23
Receivables		10.3	10.3	16
Inventory		4.77	7.32	12.1
Other current assets		0.5	0.87	0.96
Total current assets		29.1	43.5	59.5
Property, plant and equipment		5.6	6.67	12.3
Lease right-of-use assets		0.52	1.24	3.57
Intangible assets			0.03	0.1
Long-term investments	2.11	2.52	2.75	3.71
Other non-current assets			1.15	0.35
Total assets		38.3	55.4	79.5
Accounts payable		11.1	15	18.2
Short-term debt		0.04	1.22
Total current liabilities		15.7	24	32.1
Lease liabilities		0.29	0.76	2.88
Total liabilities		16.6	25.3	35.9
Paid-in capital		1.79	7.06	8.98
Retained earnings		18.6	22	32.1
Other comprehensive income		-1.02	-1.64	-0.3
Shareholders' equity		21.7	30	43.5
Total equity	14.5	21.7	30.1	43.6
Total liabilities and equity		38.3	55.4	79.5
Shares outstanding		61.4	63.8	61.4

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	7.28	7.69	3.66	10.2
Depreciation and amortization	0.39	0.5	0.56	0.76
Stock-based compensation				1.92
Deferred income tax	0.05	0.21	0.23	0.35
Change in receivables	-4.09	-0.63	-0.31	-5.23
Change in inventory	-3.65	-0.43	-3.72	-5.44
Change in payables	2.37	-0.12	3.88	2.1
Cash from operations	0.81	4.12	5.34	6.56
Purchases of investments			-2.6
Cash from investing	-0.29	1.29	-2.8	-2.58
Debt issued	0.05
Debt repaid	-0.06	-1.75	-0.03
Cash from financing	-0.36	-2.95	6.75	-1.01
Exchange rate effect	-0.11	-0.08	-0.14	0.37
Net change in cash	0.05	2.39	9.15	3.34
Interest paid	0.1	0.07	0.01	0.02
Income taxes paid	0.92	0.99	0.61	1.59

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.7%	Gross profit / revenue.
Operating margin	16.9%	Operating income / revenue.
EBITDA margin	18.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.6%	Pre-tax income / revenue.
Net margin	18.2%	Net income / revenue.
Operating cash flow margin	11.7%	Cash from operations / revenue.
Effective tax rate	26.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.1%	Net income / average total assets.
Return on invested capital (ROIC)	29.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.0%	Research and development expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	48.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	31.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	80.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	39.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	478.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	365.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	176.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	166.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	100.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	44.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	43.6%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.85x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.2%	Total liabilities / total assets.
Interest coverage	399x	Operating income / interest expense.
Working capital	$27.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$43.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.83x	Revenue / average total assets.
Fixed asset turnover	5.92x	Revenue / average property, plant and equipment.
Inventory turnover	3.25x	Cost of revenue / average inventory.
Days inventory	112 days	365 x average inventory / cost of revenue.
Receivables turnover	4.27x	Revenue / average receivables.
Days sales outstanding	85 days	365 x average receivables / revenue.
Days payables	192 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	6 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.16	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.16	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.90	Revenue / diluted weighted shares.
Operating cash flow per share	$0.10	Cash from operations / diluted weighted shares.
Book value per share	$0.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.71	Tangible book value / shares outstanding.
Cash per share	$0.27	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$135.1M	Share price x shares outstanding.
Enterprise value	$118.5M	Market cap + total debt - cash - short-term investments.
P/E	13.3x	Market cap / net income. Only when net income is positive.
P/S	2.41x	Market cap / revenue.
P/B	3.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.11x	Market cap / tangible book value, when positive.
P/OCF	20.6x	Market cap / cash from operations, when positive.
EV/Sales	2.11x	Enterprise value / revenue.
EV/EBIT	12.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	7.5%	Net income / market cap (the inverse of P/E).
PEG	1.32x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ZJK Industrial Co., Ltd.'s revenue in fiscal 2025?

ZJK Industrial Co., Ltd. reported revenue of $56.1M for fiscal 2025, 48.4% higher than the year before.

Was ZJK Industrial Co., Ltd. profitable in fiscal 2025?

Yes. Net income was $10.2M, a net margin of 18.2%.

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.

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