11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $457M | -$176M | 58.3% | -50.2% | -$159M | — | $680M |
| 2024 | $398M | -$257M | 63.0% | -71.0% | -$221M | — | $450M |
| 2023 | $267M | -$335M | 64.1% | -137.4% | -$205M | — | $790M |
| 2022 | $213M | -$443M | 65.2% | -190.1% | -$392M | — | $1.0B |
| 2021 | $144M | -$705M | 0.0% | -485.8% | -$568M | — | $964M |
| 2020 | $49M | -$269M | 0.0% | -616.4% | -$226M | — | $442M |
| 2019 | $13M | -$195M | 0.0% | -1564.9% | -$197M | — | $76M |
| 2018 | $129000 | -$139M | 66.6% | -109897.7% | -$108M | — | $63M |
| 2017 | — | -$50M | — | — | -$41M | — | $230M |
| 2016 | — | -$38M | — | — | -$34M | — | $84M |
| 2015 | — | -$18M | — | — | — | — | $13M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $96M | -$51M | 59.9% | -72.6% | -$13M | — | $651M |
| Dec '25 | $127M | -$50M | 51.0% | -54.6% | -$27M | — | $680M |
| Sep '25 | $115M | -$36M | 59.5% | -42.3% | -$35M | — | $717M |
| Jun '25 | $109M | -$41M | 60.6% | -50.3% | -$34M | — | $732M |
| Mar '25 | $106M | -$48M | 63.6% | -53.3% | -$63M | — | $757M |
| Dec '24 | $109M | -$82M | 61.5% | -62.6% | -$58M | — | $450M |
| Sep '24 | $102M | -$42M | 64.1% | -66.6% | -$28M | — | $616M |
| Jun '24 | $100M | -$80M | 64.9% | -76.0% | -$43M | — | $630M |
| Mar '24 | $87M | -$53M | 61.4% | -80.7% | -$91M | — | $651M |
| Dec '23 | $66M | -$95M | 61.7% | -188.3% | -$15M | — | $790M |
| Sep '23 | $69M | -$69M | 63.2% | -120.7% | -$57M | — | $789M |
| Jun '23 | $69M | -$121M | 65.5% | -130.0% | -$60M | — | $859M |
| Mar '23 | $63M | -$49M | 0.0% | -110.7% | -$73M | — | $880M |
| Dec '22 | $62M | -$62M | 0.0% | -156.8% | -$114M | — | $1.0B |
| Sep '22 | $57M | -$161M | 0.0% | -225.7% | -$133M | — | $1.1B |
| Jun '22 | $48M | -$138M | 0.0% | -207.5% | -$49M | — | $681M |
| Mar '22 | $46M | -$82M | 0.0% | -173.0% | -$97M | — | $847M |
| Dec '21 | $44M | -$212M | 0.0% | -498.6% | -$159M | — | $964M |
| Sep '21 | $43M | -$96M | 0.0% | -193.0% | -$167M | — | $1.4B |
| Jun '21 | $37M | -$163M | 0.0% | -461.8% | -$70M | — | $1.8B |
How the market has priced ZLAB against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Zai Lab Ltd's revenue has grown 56.3% per year. These are computed facts, not advice.
As of FY2025, Zai Lab Ltd reported — of total debt against $680M of cash; operating income covered interest expense -44.0×.
In FY2025, gross margin was 58.3%, operating margin -50.2%, and net margin -38.4%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.