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Zai Lab Ltd

ZLAB Clue Score57
Cayman Islands Fiscal year ends December CIK 0001704292
$24.99 +0.73% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $24.99 −75.43% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 20 Sep 2017. 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 2016Operating income−38.5Net income−37.5Fiscal year 2017Operating income−51.4Net income−50.4Fiscal year 2018Revenue0.1Operating income−141.8Net income−139.1Fiscal year 2019Revenue13.0 +9,965.9%Operating income−203.2Net income−195.1Fiscal year 2020Revenue49.0 +277.0%Operating income−301.8Net income−268.9EPS, diluted−0.35Fiscal year 2021Revenue144.1 +194.3%Operating income−700.1Net income−704.5EPS, diluted−0.76Fiscal year 2022Revenue212.7 +47.6%Operating income−404.4Net income−443.3EPS, diluted−0.46Fiscal year 2023Revenue266.7 +25.4%Operating income−366.6Net income−334.6EPS, diluted−0.35Fiscal year 2024Revenue397.6 +49.1%Operating income−282.1Net income−257.1EPS, diluted−0.26Fiscal year 2025Revenue457.2 +15.0%Operating income−229.4Net income−175.5EPS, diluted−0.16
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a n/a 0.1 13.0 49.0 144.1 212.7 266.7 397.6 457.2
Growth +9,965.9% +277.0% +194.3% +47.6% +25.4% +49.1% +15.0%
Operating income −38.5 −51.4 −141.8 −203.2 −301.8 −700.1 −404.4 −366.6 −282.1 −229.4
Net income −37.5 −50.4 −139.1 −195.1 −268.9 −704.5 −443.3 −334.6 −257.1 −175.5
Growth
EPS, diluted n/a n/a n/a n/a −0.35 −0.76 −0.46 −0.35 −0.26 −0.16
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Fiscal year 2017Fiscal year 2018Gross margin66.6%Operating margin−109,897.7%Net margin−107,810.1%Free cash flow margin−83,374.4%Fiscal year 2019Operating margin−1,564.9%Net margin−1,502.3%Free cash flow margin−1,517.5%Fiscal year 2020Operating margin−616.4%Net margin−549.3%Free cash flow margin−462.0%Fiscal year 2021Operating margin−485.8%Net margin−488.9%Free cash flow margin−393.8%Fiscal year 2022Operating margin−190.1%Net margin−208.4%Free cash flow margin−184.4%Fiscal year 2023Operating margin−137.4%Net margin−125.5%Free cash flow margin−77.0%Fiscal year 2024Operating margin−71.0%Net margin−64.7%Free cash flow margin−55.5%Fiscal year 2025Operating margin−50.2%Net margin−38.4%Free cash flow margin−34.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a 66.6% n/a n/a n/a n/a n/a n/a n/a
Operating margin n/a n/a −109,897.7% −1,564.9% −616.4% −485.8% −190.1% −137.4% −71.0% −50.2%
Net margin n/a n/a −107,810.1% −1,502.3% −549.3% −488.9% −208.4% −125.5% −64.7% −38.4%
Free cash flow margin n/a n/a −83,374.4% −1,517.5% −462.0% −393.8% −184.4% −77.0% −55.5% −34.8%

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 2016Operating cash flow−32.2Capital expenditure−2.2Free cash flow−34.4Fiscal year 2017Operating cash flow−32.4Capital expenditure−9.1Free cash flow−41.5Fiscal year 2018Operating cash flow−97.5Capital expenditure−10.0Free cash flow−107.6Fiscal year 2019Operating cash flow−191.0Capital expenditure−6.0Free cash flow−197.0Fiscal year 2020Operating cash flow−216.1Capital expenditure−10.1Free cash flow−226.2Fiscal year 2021Operating cash flow−549.2Capital expenditure−18.3Free cash flow−567.5Fiscal year 2022Operating cash flow−367.6Capital expenditure−24.6Free cash flow−392.2Fiscal year 2023Operating cash flow−198.2Capital expenditure−7.2Free cash flow−205.4Fiscal year 2024Operating cash flow−214.9Capital expenditure−5.7Free cash flow−220.5Fiscal year 2025Operating cash flow−150.8Capital expenditure−8.1Free cash flow−158.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −32.2 −32.4 −97.5 −191.0 −216.1 −549.2 −367.6 −198.2 −214.9 −150.8
Capital expenditure −2.2 −9.1 −10.0 −6.0 −10.1 −18.3 −24.6 −7.2 −5.7 −8.1
Free cash flow −34.4 −41.5 −107.6 −197.0 −226.2 −567.5 −392.2 −205.4 −220.5 −158.9
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash83.9Shareholders’ equity−51.6Fiscal year 2017Cash229.7Shareholders’ equity235.2Fiscal year 2018Cash63.0Shareholders’ equity251.1Fiscal year 2019Cash75.9Shareholders’ equity294.7Fiscal year 2020Cash442.1Shareholders’ equity1,169.3Fiscal year 2021Cash964.1Shareholders’ equity1,380.0Fiscal year 2022Cash1,008.5Shareholders’ equity1,045.6Fiscal year 2023Cash790.2Shareholders’ equity796.1Fiscal year 2024Cash449.7Shareholders’ equity840.9Fiscal year 2025Cash679.6Shareholders’ equity715.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 83.9 229.7 63.0 75.9 442.1 964.1 1,008.5 790.2 449.7 679.6
Shareholders’ equity −51.6 235.2 251.1 294.7 1,169.3 1,380.0 1,045.6 796.1 840.9 715.5

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

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
n/a n/a 0.1 13.0 49.0 144.1 212.7 266.7 397.6 457.2
Growth +9,965.9% +277.0% +194.3% +47.6% +25.4% +49.1% +15.0%
n/a n/a 0.0 3.7 16.7 52.2 74.0 95.8 147.1 190.5
n/a n/a 0.1 n/a n/a n/a n/a n/a n/a n/a
Growth
32.1 39.3 120.3 142.2 222.7 573.3 286.4 265.9 234.5 220.9
6.4 12.0 21.6 70.2 111.3 218.8 259.0 281.6 298.7 277.6
−38.5 −51.4 −141.8 −203.2 −301.8 −700.1 −404.4 −366.6 −282.1 −229.4
Growth
−37.5 −50.4 −139.1 −195.1 −268.9 −704.5 −443.3 −334.6 −257.1 −178.5
n/a 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 −2.9
−37.5 −50.4 −139.1 −195.1 −268.9 −704.5 −443.3 −334.6 −257.1 −175.5
Growth
Per share
n/a n/a n/a n/a −0.35 −0.76 −0.46 −0.35 −0.26 −0.16
n/a n/a n/a n/a −0.35 −0.76 −0.46 −0.35 −0.26 −0.16
Growth
n/a n/a n/a n/a 776.7 929.9 958.1 966.4 989.5 1,095
n/a n/a n/a n/a 776.7 929.9 958.1 966.4 989.5 1,095
Growth +19.7% +3.0% +0.9% +2.4% +10.7%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 56.3% a year over five years.
  • The diluted share count rose 41.0% in five years, which is dilution.
  • Operating margin is up 566.3 points on five years ago, at -50.2%.
  • A net loss in 10 of 10 years on file.