Zai Lab Limited (ZLAB) Stock Analysis
Healthcare · Biotechnology · NasdaqGM
Zai Lab Limited (ZLAB) posted $460.16M in revenue for fiscal 2025 (up 15.3% year over year), with a net loss of $175.54M, and has compounded revenue about 56.5%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Zai Lab Limited
Zai Lab Limited has grown revenue from $129,000 to $460.16M over the last 8 fiscal years, compounding about 56.5% a year. The most recent year was up 15.3%, so growth has cooled from its longer-run pace.
Net margin sits at -38.1%, up 26.3 points year over year on a 58.5% gross margin. It carries about $204.53M of total debt.
The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Zai Lab Limited's SEC filings — descriptive, not advice. Ask the analyst your own question →
Zai Lab Limited revenue & earnings — last 8 fiscal years
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $129,000 | $12.98M | $48.96M | $144.31M | $215.04M | $266.72M | $398.99M | $460.16M |
| Gross profit | $85,862 | $9.24M | $32.22M | $92.07M | $141.02M | $170.90M | $251.13M | $269.07M |
| Net income | $-139.07M | $-195.07M | $-268.90M | $-704.47M | $-443.29M | $-334.62M | $-257.10M | $-175.54M |
| Net margin | -107810.1% | -1502.3% | -549.3% | -488.2% | -206.1% | -125.5% | -64.4% | -38.1% |
Source: Zai Lab Limited SEC filings (10-K).
Zai Lab Limited: 5 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 32.3% while revenue rose 15.3% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Inventory building faster than salesInventory rose 87.4% versus revenue 15.3% — possible overproduction or softening demand.
- Share count rising (dilution)Shares outstanding grew 15.9% over 4 years (955M → 1106.4M) — existing holders' stakes are being diluted.
- Debt with negative operating cash flowCarries $409.1M of debt while last year's operating cash flow was negative ($-150.8M).
- Currently unprofitableThe latest fiscal year was a net loss (net margin -38.1%).
Explore 8 years of Zai Lab Limited financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Zai Lab Limited financial history by metric
About Zai Lab Limited
Zai Lab Limited, a biopharmaceutical company, focuses on discovering, developing, and commercializing products that address medical conditions in the areas of oncology, immunology, neuroscience, and infectious diseases. Its commercial products include Zejula, an orally administered poly (ADP-ribose) polymerase 1/2 inhibitor for treating ovarian cancer; VYVGART, a human IgG1 antibody fragment for generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy; NUZYRA for community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections; Optune for glioblastoma multiforme; Qinlock for gastrointestinal stromal tumors; Xacduro for treating hospital-acquired and ventilator-associated bacterial pneumonia caused by a cinetobacter baumannii-calcoaceticus complex; and Augtyro for the treatment of ROS proto-oncogene 1 and non-small cell lung cancer. The company has a strategic collaboration with Tesaro, Inc., NovoCure Ltd., Deciphera Pharmaceuticals, LLC, Paratek Bermuda Ltd., argent BV, Turning Point Therapeutics, Inc., Entasis Therapeutics Holdings Inc., Karuna Therapeutics, Inc., Pfizer Inc., Amgen Inc., and with Boehringer Ingelheim GmbH. The company was incorporated in 2013 and is based in Pudong, China.
Zai Lab Limited — frequently asked questions
What is Zai Lab Limited's revenue?
Zai Lab Limited (ZLAB) reported revenue of $460.16M for fiscal year 2025, up 15.3% from the prior year, according to its SEC filings.
Is Zai Lab Limited profitable?
No — ZLAB reported a net loss of $-175.54M in fiscal 2025.
What is ZLAB's P/E ratio?
Zai Lab Limited trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Zai Lab Limited growing?
ZLAB's revenue grew at roughly 56.5% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Zai Lab Limited have?
As of fiscal year 2025, ZLAB carried roughly $204.53M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Zai Lab Limited's gross margin?
ZLAB's gross margin was 58.5% in fiscal 2025 — gross profit of $269.07M on revenue of $460.16M.
What is Zai Lab Limited's market cap?
Zai Lab Limited (ZLAB) has a market capitalization of about $1.92B, based on the latest data in our nightly-refreshed cache.
When does Zai Lab Limited's fiscal year end?
ZLAB's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Zai Lab Limited's official SEC filings (10-K and 10-Q), covering 8 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.