ZK International Group Co., Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ZK International Group 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	36.8	45	54.9	63.9	86.8	99.4	102	112	108	71.2
Cost of revenue	25.3	31.8	36.6	48.2	82.9	92.9	94.8	110	102	67.2
Gross profit	11.5	13.1	18.3	15.6	3.94	6.47	7.6	1.3	6.55	4.04
Research and development	1.3	1.33	1.65	1.45	1.12	1.23	0.99	1.27	1.2	0.86
Selling and marketing	0.96	1.92	2.95	2.65	2.22	3.12	2.38	2.12	1.64	1.53
General and administrative	1.6	1.78	4.07	2.9	2.48	5.77	5.42	5.14	4.83	4.15
Operating expenses	3.86	5.03	8.67	7	5.82	10.1	11.6	61.7	8.27	8.29
Operating income	7.62	8.08	9.62	8.65	-1.88	-3.65	-3.96	-60.4	-1.72	-4.25
Interest expense	1.42	1.25	1.24	1.15	1	1.2	3.45	1.58	1.23	0.33
Interest income	0.05	0.02	0.01	0.02	0.01	0.01	0.11	0.04	0.02
Other non-operating income	-1.21	-1.15	-1.12	-0.2	-0.39	-0.7	-3.43	-1.31	-1.05	0.24
Pre-tax income	6.41	6.93	8.5	8.44	-2.27	-4.35	-7.4	-61.8	-2.77	-4.02
Income tax	1.11	1	1.4	0.25	-1.43	-0.55	-1.34	-0.46	0.01	-0
Income from continuing operations							-6.05	-61.5	-2.38
Net income to minority interests	0.05	0.06	0.08	0.09	-0.01	-0	0.03	-0.23	-0	-0.03
Net income	5.25	5.87	7.02	8.11	-0.83	-3.8	-6.08	-61.1	-2.78	-3.99
EBITDA	8.06	8.51	10	9.02	-1.44	-3.09	-3.29	-59.8	-1.1	-3.54
EPS, basic	3.27	3.11	2.88	2.72	-0.28	-0.94	-1.16	-10.76	-0.57	-0.70
EPS, diluted	3.27	3.11	2.83	2.72	-0.28	-0.94	-1.16	-10.76	-0.57	-0.70
Shares, basic (weighted)	1.62	1.98	2.45	2.98	2.99	3.94	5.28	4.49	4.91	5.68
Shares, diluted (weighted)	1.62	1.98	2.46	2.98	2.99	4.08	5.31	4.49	4.91	5.69
Dividend per share										1.41

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.12	11.3	7.68	3.45	3.76	13.5	7.52	4.99	4.01	2.31
Short-term investments			0.85	0.28	0.29	2.56	0.92	0.05	0.05
Receivables	23.8	21.3	27.1	25.1	31.4	27.1	28.4	15	22.4	23.1
Inventory	6.44	10	17.8	20.8	21.7	20.7	21.1	17.9	13.5	13.1
Other current assets							2.36	0.38	4.66	3.83
Total current assets	38.9	54.5	64.3	58.9	64.8	78.7	66.8	43.2	62.7	45.8
Property, plant and equipment	5.91	5.65	6.28	6.6	7.87	8	7.12	7.84	8.1	7.81
Lease right-of-use assets							0.03	0.04	0.16	0.3
Intangible assets	0.47	0.46	0.94	0.92	0.93	8.75	11.4	1.44	1.28	1.17
Long-term investments				0.29	0.31	25.3	25.3	0.29	2.05	2.47
Other non-current assets	0.31	0.31	0.3	0.29
Total assets	45.6	61.2	76.4	78.4	86.5	134	129	58.7	80	62.9
Accounts payable	1.14	0.72	1.67	4.18	10.4	2.16	10.1	2.61	3.13	2.49
Deferred revenue		1.98	3.41	2.42	2.35	5.67	1.76	0.82	14.9	1.13
Total current liabilities				34.6	40.9	44.5	43.8	24.9	49.9	31.9
Lease liabilities							0.01	0.01	0	0.06
Total liabilities	36	39.8	39.1	34.6	41.1	44.5	43.9	33.4	51.7	38.3
Paid-in capital	2.8	8.38	18	18	18	63.4	70.9	72.9	77.9	79
Retained earnings	5.7	11	17.1	24.4	23.5	19.7	13.4	-47.7	-50.4	-54.4
Other comprehensive income	0.41	0.68	-0.13	-1.81	0.49	2.9	-2.64	-3.19	-2.33	-3.14
Shareholders' equity	9.49	21.2	37	43.5	45	88.8	84.7	25.1	28.2	24.5
Minority interests	0.09	0.15	0.23	0.3	0.31	0.32	0.39	0.16	0.15	0.12
Total equity	9.58	21.4	37.3	43.8	45.3	89.1	85.1	25.2	28.3	24.6
Total liabilities and equity	45.6	61.2	76.4	78.4	86.5	134	129	58.7	80	62.9
Shares outstanding	1.62	2.36	2.98	2.99	2.99	5.21	5.48	30.4	5.16	6.61

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.3	5.93	7.1	8.19	-0.84	-3.8	-6.05	-61.3	-2.78	-4.02
Depreciation and amortization	0.44	0.43	0.4	0.38	0.44	0.57	0.67	0.68	0.62	0.71
Stock-based compensation						1.35	2.67	2.01	0	1.14
Deferred income tax	-0.1	-0.02	-0.04	-0	-0.41	0.41	0	0.32	0	0
Change in receivables	-10.2	2.42	-7.15	1	-4.8	5.8	-12.1	8.17	-7.19	-2.04
Change in inventory	-0.78	-3.51	-9.07	-3.85	0.1	2.02	-2.61	2.87	-4.41	0.45
Change in payables	0.8	-0.42	0.86	2.59	5.58
Cash from operations	-1.2	1.15	-2.61	8.46	0.46	-3.48	-2.07	-1.91	-6.88	0.74
Capital expenditures	-0.12	-0.16	-0.47	-0.88	-1.17	-0.11	-0.51	-0.66	-0.6	-0.59
Cash from investing	-0.12	-0.16	-0.71	-0.89	-1.16	-27.1	-2.11	-2.29	-2.35	-0.65
Stock issued	0	5.58	-0.38	0.31		24.8		0	5	0
Cash from financing	0.84	9.97	-0.61	-11.7	0.76	40.2	-0.97	2.07	7.22	0.48
Exchange rate effect	-0.02	0.2	0.34	-0.08	0.25	0.23
Net change in cash	-0.5	11.2	-3.6	-4.23	0.31	9.84	-5.99	-2.57	-0.93	-0.29
Free cash flow	-1.33	0.99	-3.08	7.58	-0.71	-3.59	-2.58	-2.56	-7.48	0.15
Interest paid	0.94	1.23	1.22	1.2	0.99	0.34	0.98	0.77	0.76	0.71
Income taxes paid	0.11	0.05	0.04	0.17	0.15	0.04	0.09	0.04	0.05	0.01

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	5.7%	Gross profit / revenue.
Operating margin	-6.0%	Operating income / revenue.
EBITDA margin	-5.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.6%	Pre-tax income / revenue.
Net margin	-5.6%	Net income / revenue.
FCF margin	0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.0%	Cash from operations / revenue.
Return on equity (ROE)	-15.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.6%	Net income / average total assets.
Return on invested capital (ROIC)	-14.5%	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	1.2%	Research and development expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-34.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-38.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	0.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-13.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-33.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-21.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-21.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-6.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	16.0%	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	2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	13.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.44x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	60.8%	Total liabilities / total assets.
Interest coverage	-12.9x	Operating income / interest expense.
Working capital	$13.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$23.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	8.96x	Revenue / average property, plant and equipment.
Inventory turnover	5.05x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	3.13x	Revenue / average receivables.
Days sales outstanding	117 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	174 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	79.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.70	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	-$0.70	Net income per basic share, as reported (split-adjusted).
Revenue per share	$12.52	Revenue / diluted weighted shares.
FCF per share	$0.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.13	Cash from operations / diluted weighted shares.
Book value per share	$3.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.53	Tangible book value / shares outstanding.
Cash per share	$0.35	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.41	Dividend declared per common share (paid, when declared is not tagged).

Valuation

Metric	Value	How it is calculated
Market cap	$40.6M	Share price x shares outstanding.
Enterprise value	$38.3M	Market cap + total debt - cash - short-term investments.
P/S	0.57x	Market cap / revenue.
P/B	1.66x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.74x	Market cap / tangible book value, when positive.
P/FCF	275x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	55.1x	Market cap / cash from operations, when positive.
EV/Sales	0.54x	Enterprise value / revenue.
EV/FCF	259x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	-9.8%	Net income / market cap (the inverse of P/E).

What was ZK International Group Co., Ltd.'s revenue in fiscal 2025?

ZK International Group Co., Ltd. reported revenue of $71.2M for fiscal 2025, 34.2% lower than the year before.

Was ZK International Group Co., Ltd. profitable in fiscal 2025?

No. It reported a net loss of $4.0M.

How much free cash flow did ZK International Group Co., Ltd. generate in fiscal 2025?

Cash from operations of $736.4K minus capital expenditures of $588.6K left free cash flow of $147.8K.

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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