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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Zymeworks reported revenue of $106M in the fiscal year ended Dec 2025, up 38.9% from the year before. Operating income was −$93M, an operating margin of −87.3%, and net income was −$81M. Operating cash flow of −$33M less capital expenditure of $2M left free cash flow of −$35M.
Ranks among the 82 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 | 26.7 | 412 | 76.0 | 76.3 | 106 |
| Research & development | 200 | 209 | 144 | 135 | 137 |
| Operating income | −216 | 131 | −138 | −137 | −92.5 |
| Pre-tax income | −212 | 135 | −119 | −117 | −79.8 |
| Income tax | −0.5 | 10.9 | −0.6 | 6.1 | 1.4 |
| Net income | −212 | 124 | −119 | −123 | −81.1 |
| Diluted EPS | −4.61 | 1.90 | −1.72 | −1.62 | −1.08 |
| Diluted shares | 52.1 | 65.2 | 68.9 | 75.9 | 75.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 202 | 401 | 158 | 66.1 | 41.2 |
| Receivables | 15.6 | 33.4 | 19.5 | 55.8 | 4.6 |
| Current assets | 288 | 545 | 413 | 300 | 249 |
| Net PP&E | 22.8 | 24.7 | 19.8 | 17.7 | 15.5 |
| Goodwill | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 |
| Total assets | 389 | 649 | 581 | 463 | 347 |
| Payables | 5.2 | 7.9 | 6.2 | 3.9 | 4.4 |
| Deferred revenue | 0.0 | 2.4 | 3.7 | 25.6 | 2.4 |
| Current liabilities | 71.9 | 95.6 | 55.8 | 88.3 | 42.3 |
| Total liabilities | 140 | 156 | 116 | 124 | 78.0 |
| Shareholders' equity | 249 | 493 | 465 | 339 | 269 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −192 | 144 | −118 | −110 | −33.0 |
| Capital expenditure | 12.4 | 8.2 | 2.5 | 2.0 | 1.5 |
| Free cash flow | −205 | 136 | −121 | −112 | −34.5 |
| Depreciation & amortisation | 3.7 | 6.2 | 7.5 | 4.2 | 3.7 |
| Stock-based compensation | 10.8 | 4.0 | 8.1 | 17.8 | 28.0 |
| Share buybacks | – | 0.0 | 0.0 | 30.1 | 41.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1446.0% | −81.6% | 0.4% | 38.9% |
| Operating income growth (YoY) | – | – | −205.8% | – | – |
| EPS growth (YoY) | – | – | −190.5% | – | – |
| Operating margin | −808.2% | 31.6% | −181.6% | −179.7% | −87.3% |
| Net margin | −794.0% | 30.1% | −156.1% | −160.8% | −76.6% |
| Return on equityBlank when equity is negative | −85.0% | 25.2% | −25.5% | −36.2% | −30.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −68.0% | 23.6% | −26.3% | −36.6% | −30.4% |
| Free cash flow margin | −767.8% | 33.0% | −158.9% | −146.8% | −32.6% |
| Cash conversion (CFO ÷ net income) | 0.91x | 1.16x | 1.00x | 0.90x | 0.41x |
| Receivable days | 214 | 30 | 94 | 267 | 16 |
| Current ratio | 4.01x | 5.70x | 7.41x | 3.40x | 5.88x |
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.