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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Zai Lab reported revenue of $457M in the fiscal year ended Dec 2025, up 15.0% from the year before. Operating income was −$229M, an operating margin of −50.2%, and net income was −$176M. Operating cash flow of −$151M less capital expenditure of $8M left free cash flow of −$159M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 144 | 213 | 267 | 398 | 457 |
| Cost of revenue | 52.2 | 74.0 | 95.8 | 147 | 191 |
| Gross profit | 91.9 | 139 | 171 | 250 | 267 |
| Research & development | 573 | 286 | 266 | 235 | 221 |
| Selling, general & admin | 219 | 259 | 282 | 299 | 278 |
| Operating income | −700 | −404 | −367 | −282 | −229 |
| Interest expense | 0.0 | 0.0 | 0.0 | 2.3 | 5.2 |
| Pre-tax income | −704 | −443 | −335 | −257 | −178 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | −2.9 |
| Net income | −704 | −443 | −335 | −257 | −176 |
| Diluted EPS | −0.76 | −0.46 | −0.35 | −0.26 | −0.16 |
| Diluted shares | 930 | 958 | 966 | 989 | 1,095 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 964 | 1,008 | 790 | 450 | 680 |
| Receivables | 47.5 | 40.0 | 59.2 | 85.2 | 106 |
| Inventory | 19.0 | 31.6 | 44.8 | 39.9 | 74.7 |
| Current assets | 1,501 | 1,124 | 940 | 1,050 | 1,019 |
| Net PP&E | 43.1 | 57.9 | 53.7 | 48.0 | 47.4 |
| Total assets | 1,610 | 1,220 | 1,036 | 1,186 | 1,172 |
| Payables | 126 | 66.0 | 113 | 101 | 142 |
| Deferred revenue | 27.5 | – | – | – | – |
| Current liabilities | 193 | 140 | 203 | 299 | 416 |
| Short-term debt | – | – | 0.0 | 132 | 205 |
| Total liabilities | 230 | 175 | 240 | 345 | 457 |
| Shareholders' equity | 1,380 | 1,046 | 796 | 841 | 716 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −549 | −368 | −198 | −215 | −151 |
| Capital expenditure | 18.3 | 24.6 | 7.2 | 5.7 | 8.1 |
| Free cash flow | −568 | −392 | −205 | −221 | −159 |
| Depreciation & amortisation | 6.5 | 8.2 | 9.0 | 11.9 | 15.0 |
| Stock-based compensation | 40.7 | 61.3 | 79.6 | 70.7 | 65.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 47.6% | 25.4% | 49.1% | 15.0% |
| Gross margin | 63.7% | 65.2% | 64.1% | 63.0% | 58.3% |
| Operating margin | −485.8% | −190.1% | −137.4% | −71.0% | −50.2% |
| Net margin | −488.9% | −208.4% | −125.5% | −64.7% | −38.4% |
| Return on equityBlank when equity is negative | −51.1% | −42.4% | −42.0% | −30.6% | −24.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −49.4% | −37.4% | −44.0% | −31.8% | −30.3% |
| Free cash flow margin | −393.8% | −184.4% | −77.0% | −55.5% | −34.8% |
| Cash conversion (CFO ÷ net income) | 0.78x | 0.83x | 0.59x | 0.84x | 0.86x |
| Receivable days | 120 | 69 | 81 | 78 | 85 |
| Inventory days | 132 | 156 | 171 | 99 | 143 |
| Payable days | 882 | 325 | 430 | 250 | 271 |
| Interest cover | – | – | – | −125x | −44.0x |
| Current ratio | 7.78x | 8.04x | 4.63x | 3.51x | 2.45x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.