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Stocks · Consumer discretionary · Retail-Building Materials, Hardware, Garden Supply

ZKH Group Ltd

ZKH Clue Score32
Cayman Islands Fiscal year ends December CIK 0001862044
$2.03 -1.46% Close, 9 Oct 2026
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Price $2.03 −31.42% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 15 Dec 2023. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2021Revenue7,654.6Operating income−1,110.4Net income−1,122.5EPS, diluted−1.20Fiscal year 2022Revenue8,315.2 +8.6%Operating income−685.7Net income−735.7EPS, diluted−0.94Fiscal year 2023Revenue8,721.2 +4.9%Operating income−398.7Net income−304.3EPS, diluted−0.63Fiscal year 2024Revenue8,761.3 +0.5%Operating income−338.8Net income−268.0EPS, diluted−0.05Fiscal year 2025Revenue8,987.7 +2.6%Operating income−213.3Net income−139.7EPS, diluted−0.02
FY2021FY2022FY2023FY2024FY2025
Revenue 7,654.6 8,315.2 8,721.2 8,761.3 8,987.7
Growth +8.6% +4.9% +0.5% +2.6%
Operating income −1,110.4 −685.7 −398.7 −338.8 −213.3
Net income −1,122.5 −735.7 −304.3 −268.0 −139.7
Growth
EPS, diluted −1.20 −0.94 −0.63 −0.05 −0.02

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2021Operating margin−14.5%Net margin−14.7%Free cash flow margin−20.0%Fiscal year 2022Operating margin−8.2%Net margin−8.8%Free cash flow margin−6.5%Fiscal year 2023Operating margin−4.6%Net margin−3.5%Free cash flow margin−7.1%Fiscal year 2024Operating margin−3.9%Net margin−3.1%Free cash flow margin1.7%Fiscal year 2025Operating margin−2.4%Net margin−1.6%Free cash flow margin−0.5%
FY2021FY2022FY2023FY2024FY2025
Operating margin −14.5% −8.2% −4.6% −3.9% −2.4%
Net margin −14.7% −8.8% −3.5% −3.1% −1.6%
Free cash flow margin −20.0% −6.5% −7.1% 1.7% −0.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2021Operating cash flow−1,382.8Capital expenditure−145.2Free cash flow−1,528.0Fiscal year 2022Operating cash flow−504.2Capital expenditure−37.0Free cash flow−541.3Fiscal year 2023Operating cash flow−567.9Capital expenditure−50.5Free cash flow−618.4Fiscal year 2024Operating cash flow229.1Capital expenditure−79.2Free cash flow149.9Buybacks−40.8Fiscal year 2025Operating cash flow8.8Capital expenditure−53.0Free cash flow−44.3 −129.5%Buybacks−41.0
FY2021FY2022FY2023FY2024FY2025
Operating cash flow −1,382.8 −504.2 −567.9 229.1 8.8
Capital expenditure −145.2 −37.0 −50.5 −79.2 −53.0
Free cash flow −1,528.0 −541.3 −618.4 149.9 −44.3
Growth −129.5%
Buybacks n/a n/a n/a −40.8 −41.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2021Cash1,126.9Shareholders’ equity−2,766.0Fiscal year 2022Cash1,954.2Shareholders’ equity−4,070.7Fiscal year 2023Cash1,090.6Shareholders’ equity3,211.4Fiscal year 2024Cash1,423.9Total debt39.9Net cash (debt)1,384.1Shareholders’ equity3,098.5Debt to equity0.01Fiscal year 2025Cash1,030.6Total debt45.0Net cash (debt)985.6Shareholders’ equity2,941.3Debt to equity0.02
FY2021FY2022FY2023FY2024FY2025
Cash 1,126.9 1,954.2 1,090.6 1,423.9 1,030.6
Total debt n/a n/a n/a 39.9 45.0
Net cash (debt) n/a n/a n/a 1,384.1 985.6
Shareholders’ equity −2,766.0 −4,070.7 3,211.4 3,098.5 2,941.3
Debt to equity n/a n/a n/a 0.01 0.02

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−14.5% −8.2% −4.6% −3.9% −2.4%
−14.3% −8.8% −3.5% −3.0% −1.5%
−14.7% −8.8% −3.5% −3.1% −1.6%
−20.0% −6.5% −7.1% 1.7% −0.5%
Spending
3.3% 2.9% 2.0% 1.9% 1.8%
9.9% 7.4% 6.1% 7.4% 6.4%
1.9% 0.4% 0.6% 0.9% 0.6%
Returns
n/a n/a −9.5% −8.7% −4.8%
n/a −10.8% −4.1% −4.1% −2.1%
Balance and payout
n/a n/a n/a 0.01 0.02
n/a 54.3% 56.5% 53.1% 55.0%
n/a n/a n/a 27.2% n/a

Shown in CNY as filed; the screener converts to dollars.