Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Zymeworks Inc. 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
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
39
26.7
412
76
76.3
106
Research and development
171
200
209
144
135
137
General and administrative
55.2
42.6
73.4
70.4
61.5
61.5
Operating income
-187
-216
131
-138
-137
-92.5
Other non-operating income
1.65
1.31
1.11
-0.89
0.56
-0.56
Pre-tax income
-180
-212
135
-119
-117
-79.8
Income tax
0.43
-0.52
10.9
-0.57
6.08
1.38
Net income
-181
-212
124
-119
-123
-81.1
EBITDA
-184
-212
137
-131
-133
-88.9
EPS, basic
-3.58
-4.11
1.91
-1.72
-1.62
-1.08
EPS, diluted
-3.58
-4.61
1.90
-1.72
-1.62
-1.08
Shares, basic (weighted)
50.4
51.6
65.2
68.9
75.8
75.4
Shares, diluted (weighted)
50.4
52.1
65.2
68.9
75.9
75.4
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
242
202
401
158
66.1
41.2
Short-term investments
50.7
91.3
217
Receivables
15.6
33.4
19.5
55.8
4.64
Other current assets
20
19.1
19.1
18.9
15.3
Total current assets
288
545
413
300
249
Property, plant and equipment
22.8
24.7
19.8
17.7
15.5
Lease right-of-use assets
27
22.9
17.7
16.7
15.7
Goodwill
12
12
12
12
12
Intangible assets
3.84
8.76
7.66
4.58
1.35
Long-term investments
0.89
0.89
82.1
Total assets
389
649
581
463
347
Accounts payable
5.17
7.86
6.21
3.9
4.4
Accrued liabilities
3.35
14.4
6.15
6.22
8.83
Deferred revenue
0
2.35
3.7
25.6
2.42
Total current liabilities
71.9
95.6
55.8
88.3
42.3
Lease liabilities
30.9
24.7
22.4
15.7
14.8
Other non-current liabilities
2.75
3.1
1.7
0.92
0.28
Total liabilities
140
156
116
124
78
Paid-in capital
198
152
142
152
115
Retained earnings
-683
-559
-677
-830
-953
Other comprehensive income
-6.66
-6.66
-6.6
-6.95
-6.08
Shareholders' equity
410
249
493
465
339
269
Total equity
410
249
493
465
339
269
Total liabilities and equity
389
649
581
463
347
Shares outstanding
46.6
63.1
70.1
69
74.6
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-181
-212
124
-119
-123
-81.1
Depreciation and amortization
3.36
3.74
6.22
7.46
4.19
3.67
Stock-based compensation
29.1
10.8
4.02
8.1
17.8
28
Deferred income tax
0.14
-0.95
1.94
-0.76
0.69
0.95
Change in receivables
-13.1
-0.27
-17.5
13.9
-36.4
51.2
Change in payables
7.62
16.5
26.5
-44.8
14.3
-23.6
Cash from operations
-151
-192
144
-118
-110
-33
Capital expenditures
-4.31
-12.4
-8.15
-2.47
-1.99
-1.52
Purchases of investments
-35.1
-113
-553
-284
-196
Sales and maturities of investments
193
72.3
350
326
225
Cash from investing
-43.4
145
-53.8
-207
38.8
26.7
Stock issued
301
0
108
26.2
0
0
Share buybacks
0
0
-30.1
-41.7
Cash from financing
309
8.01
109
81.9
-20.4
-18.6
Exchange rate effect
-0.55
-0.33
0.2
0.35
0.29
-0.05
Net change in cash
114
-40.2
199
-243
-91.5
-24.9
Free cash flow
-156
-205
136
-121
-112
-34.5
Income taxes paid
10
0.17
3.18
1.35
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.46 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
16.6%
Operating income / revenue.
EBITDA margin
18.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
15.1%
Pre-tax income / revenue.
Net margin
16.3%
Net income / revenue.
FCF margin
-42.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-42.1%
Cash from operations / revenue.
Effective tax rate
-7.9%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
16.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
3.7%
Net income / average total assets.
Return on invested capital (ROIC)
7.0%
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
48.6%
Research and development expense / revenue.
Stock-based pay / revenue
18.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.3%
Capital expenditures / revenue.
D&A / revenue
1.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
38.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-36.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
22.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-20.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-18.3%
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
-8.1%
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
-25.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-18.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
-0.6%
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
4.9%
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
8.4%
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
3.30x
Current assets / current liabilities.
Quick ratio
3.19x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.62x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.31x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
28.8%
Total debt / total assets.
Liabilities / assets
78.0%
Total liabilities / total assets.
Net debt
$238.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
4.98x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.57
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
$3.49
Revenue / diluted weighted shares.
FCF per share
-$1.48
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.47
Cash from operations / diluted weighted shares.
Book value per share
$3.63
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
51.5x
Market cap / net income. Only when net income is positive.
P/S
8.39x
Market cap / revenue.
P/B
8.64x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
15.8x
Market cap / tangible book value, when positive.
EV/Sales
9.29x
Enterprise value / revenue.
EV/EBIT
56.0x
Enterprise value / operating income, when both are positive.
EV/EBITDA
51.6x
Enterprise value / EBITDA, when both are positive.
FCF yield
-5.1%
Free cash flow / market cap.
Earnings yield
1.9%
Net income / market cap (the inverse of P/E).
Shareholder yield
7.4%
(Dividends paid + share buybacks) / market cap.
What was Zymeworks Inc.'s revenue in fiscal 2025?
Zymeworks Inc. reported revenue of $106.0M for fiscal 2025, 38.9% higher than the year before.
Was Zymeworks Inc. profitable in fiscal 2025?
No. It reported a net loss of $81.1M.
How much free cash flow did Zymeworks Inc. generate in fiscal 2025?
Cash from operations of $33.0M minus capital expenditures of $1.5M left free cash flow of -$34.5M.
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.