Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Zai Lab 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
0.13
13
49
144
215
267
399
460
Cost of revenue
0.04
3.75
16.7
52.2
74
95.8
147
191
Gross profit
0.09
9.24
32.2
92.1
141
171
252
270
Research and development
32.1
39.3
120
142
223
573
286
266
235
221
Selling, general and administrative
6.38
12
21.6
70.2
111
219
259
282
299
278
General and administrative
6.38
12
Operating income
-38.5
-51.4
-142
-203
-302
-700
-404
-367
-282
-229
Interest expense
0.04
0.29
0.18
0
0
0
2.25
5.21
Interest income
0.4
0.53
3.26
8.23
5.12
2.19
14.6
39.8
37.1
33
Other non-operating income
0.53
0.06
0.94
7.42
-10.2
3.11
7.01
5.3
3.54
Pre-tax income
-37.5
-50.4
-139
-195
-269
-704
-443
-335
-257
-178
Income tax
0
0
0
0
0
0
0
0
-2.93
Net income
-37.5
-50.4
-139
-195
-269
-704
-443
-335
-257
-176
EBITDA
-38.3
-50.8
-140
-199
-297
-694
-396
-358
-270
-214
EPS, basic
-0.40
-0.23
-0.27
-0.31
-0.35
-0.76
-0.46
-0.35
-0.26
-0.16
EPS, diluted
-0.40
-0.23
-0.27
-0.31
-0.35
-0.76
-0.46
-0.35
-0.26
-0.16
Shares, basic (weighted)
93.3
215
520
636
777
930
958
966
989
1,095
Shares, diluted (weighted)
93.3
215
520
636
777
930
958
966
989
1,095
Balance sheet
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
83.9
230
63
75.9
442
964
1,008
790
450
680
Short-term investments
200
200
745
445
0
16.3
330
10
Receivables
0.09
3.79
5.17
47.5
40
59.2
85.2
106
Inventory
0
6.01
13.1
19
31.6
44.8
39.9
74.7
Other current assets
0.14
0.95
5.75
6.74
10.9
18
35.7
23
41.5
36.7
Total current assets
84.1
231
269
292
1,216
1,501
1,124
940
1,050
1,019
Property, plant and equipment
1.25
11.9
20.5
21.4
29.2
43.1
57.9
53.7
48
47.4
Lease right-of-use assets
15.1
17.7
14.2
19.5
14.8
21.5
19.2
Intangible assets
0.01
0.02
0.32
1.15
1.53
1.85
1.51
13.4
56
76.1
Long-term investments
0.5
1.65
3.15
2.4
1.28
15.6
6.43
9.22
3.12
Other non-current assets
5.77
3.05
Total assets
88.9
250
302
355
1,298
1,610
1,220
1,036
1,186
1,172
Accounts payable
0.52
8.97
37.4
22.7
62.6
126
66
113
101
142
Accrued liabilities
0.57
1.61
3.7
9.59
13.7
25.7
31.7
33.7
30.2
28.5
Short-term debt
3.64
6.45
0
132
205
Total current liabilities
5.17
12.1
48.8
46.6
98
193
140
203
299
416
Lease liabilities
11
13.4
9.61
13.3
8.05
13.7
13.4
Other non-current liabilities
0
0.33
0.33
0
Total liabilities
5.95
14.5
50.9
60.5
128
230
175
240
345
457
Paid-in capital
9.31
345
498
735
1,897
2,826
2,893
2,975
3,264
3,343
Retained earnings
-60.2
-111
-250
-445
-714
-1,418
-1,861
-2,196
-2,453
-2,629
Treasury stock
0
-4.28
-11.9
-20.8
-20.8
-29.1
Other comprehensive income
-0.7
0.45
2.66
4.62
-14.5
-23.6
25.7
37.6
50.5
29.7
Shareholders' equity
-51.6
235
251
295
1,169
1,380
1,046
796
841
716
Total equity
-51.6
235
251
295
1,169
1,380
1,046
796
841
716
Total liabilities and equity
88.9
250
302
355
1,298
1,610
1,220
1,036
1,186
1,172
Shares outstanding
95.5
493
573
675
87.8
955
960
972
1,078
1,106
Cash flow statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-37.5
-50.4
-139
-195
-269
-704
-443
-335
-257
-176
Depreciation and amortization
0.2
0.55
1.65
3.77
4.64
6.49
8.23
9.03
11.9
15
Stock-based compensation
4.93
9.93
12.2
20.3
24.8
40.7
61.3
79.6
70.7
65.6
Change in receivables
-0.09
-3.7
-1.38
-42.3
4.33
-20
-27
-18.9
Change in inventory
-0
-6
-7.17
-7.17
-15.4
-14.9
3.9
-47
Change in payables
-0.93
8.44
28.5
-14.8
40
63.5
-53.8
36.8
-2.21
19.9
Cash from operations
-32.2
-32.4
-97.5
-191
-216
-549
-368
-198
-215
-151
Capital expenditures
-2.22
-9.1
-10
-6.04
-10.1
-18.3
-24.6
-7.21
-5.66
-8.1
Purchases of investments
-200
-278
-949
-445
-260
-134
-330
-10
Cash from investing
-2.73
-10.4
-213
-14.9
-555
250
420
-10.8
-375
308
Stock issued
0.07
0.2
1.06
6.66
7.42
0
0
217
0
Cash from financing
106
188
144
219
1,132
820
-1.73
-6.43
350
72.4
Net change in cash
70.8
146
-167
13.5
366
522
44.4
-218
-240
230
Free cash flow
-34.4
-41.5
-108
-197
-226
-568
-392
-205
-221
-159
Interest paid
0.04
0.29
0.19
0
0
0
2.02
4.88
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 $24.98 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
56.5%
Gross profit / revenue.
Operating margin
-58.7%
Operating income / revenue.
EBITDA margin
-55.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-42.4%
Pre-tax income / revenue.
Net margin
-41.9%
Net income / revenue.
FCF margin
-31.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-29.7%
Cash from operations / revenue.
Return on equity (ROE)
-31.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-17.5%
Net income / average total assets.
R&D / revenue
52.7%
Research and development expense / revenue.
SG&A / revenue
62.5%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
13.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.4%
Capital expenditures / revenue.
D&A / revenue
2.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
15.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
28.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
56.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
7.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
24.1%
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
52.9%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-14.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-11.9%
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
-9.4%
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
-1.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-1.3%
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
-2.0%
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
10.7%
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
4.6%
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
7.1%
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
2.13x
Current assets / current liabilities.
Quick ratio
1.60x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.44x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.17
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.
Revenue per share
$0.40
Revenue / diluted weighted shares.
FCF per share
-$0.12
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.12
Cash from operations / diluted weighted shares.
Book value per share
$0.54
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
6.24x
Market cap / revenue.
P/B
4.62x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.38x
Market cap / tangible book value, when positive.
EV/Sales
4.86x
Enterprise value / revenue.
FCF yield
-5.0%
Free cash flow / market cap.
Earnings yield
-6.7%
Net income / market cap (the inverse of P/E).
What was Zai Lab Ltd's revenue in fiscal 2025?
Zai Lab Ltd reported revenue of $460.2M for fiscal 2025, 15.3% higher than the year before.
Was Zai Lab Ltd profitable in fiscal 2025?
No. It reported a net loss of $175.5M.
How much free cash flow did Zai Lab Ltd generate in fiscal 2025?
Cash from operations of $150.8M minus capital expenditures of $8.1M left free cash flow of -$158.9M.
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.