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Zai Lab Ltd (9688) Ratios
Zai Lab Ltd Ratios
HK:9688's free cash flow for Q2 2026 was $-64.87M. For the 2026 fiscal year, HK:9688's free cash flow was decreased by $-1.46M and operating cash flow was $-63.41M. See a summary of the company’s cash flow.
| Ratios | Dec 25 | Dec 24 | Dec 23 | Dec 22 | Dec 21 |
|---|---|---|---|---|---|
| Liquidity Ratios | |||||
| Current Ratio | 2.45 | 3.51 | 4.63 | 8.04 | 7.78 |
| Quick Ratio | 2.27 | 3.38 | 4.41 | 7.81 | 7.68 |
| Cash Ratio | 1.87 | 1.50 | 3.89 | 7.21 | 5.00 |
| Solvency Ratio | -0.35 | -0.71 | -1.36 | -2.71 | -2.98 |
| Operating Cash Flow Ratio | -0.36 | -0.72 | -0.98 | -2.63 | -2.85 |
| Short-Term Operating Cash Flow Coverage | -0.74 | -1.63 | 0.00 | 0.00 | 0.00 |
| Net Current Asset Value | $ 562.33M | $ 705.63M | $ 699.43M | $ 949.79M | $ 1.27B |
| Leverage Ratios | |||||
| Debt-to-Assets Ratio | 0.19 | 0.13 | 0.01 | 0.02 | 0.01 |
| Debt-to-Equity Ratio | 0.31 | 0.18 | 0.02 | 0.02 | 0.01 |
| Debt-to-Capital Ratio | 0.24 | 0.15 | 0.02 | 0.02 | 0.01 |
| Long-Term Debt-to-Capital Ratio | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial Leverage Ratio | 1.64 | 1.41 | 1.30 | 1.17 | 1.17 |
| Debt Service Coverage Ratio | -1.01 | -1.81 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | -44.05 | -125.16 | 0.00 | 0.00 | 0.00 |
| Debt to Market Cap | 0.11 | 0.05 | 0.00 | 0.00 | 0.00 |
| Interest Debt Per Share | 0.21 | 0.16 | 0.16 | 0.21 | 0.17 |
| Net Debt to EBITDA | 2.59 | 1.22 | 2.12 | 2.57 | 1.38 |
| Profitability Margins | |||||
| Gross Profit Margin | 58.47% | 62.94% | 64.08% | 65.58% | 63.80% |
| EBIT Margin | -49.86% | -63.87% | -140.27% | -182.70% | -482.25% |
| EBITDA Margin | -46.60% | -60.90% | -136.89% | -178.88% | -477.76% |
| Operating Profit Margin | -49.86% | -70.71% | -137.44% | -188.04% | -485.10% |
| Pretax Profit Margin | -38.78% | -64.44% | -125.46% | -206.04% | -487.43% |
| Net Profit Margin | -38.15% | -64.44% | -125.46% | -224.14% | -479.82% |
| Continuous Operations Profit Margin | -38.15% | -64.44% | -125.46% | -206.14% | -488.16% |
| Net Income Per EBT | 98.36% | 100.00% | 100.00% | 108.79% | 98.44% |
| EBT Per EBIT | 77.78% | 91.13% | 91.28% | 109.57% | 100.48% |
| Return on Assets (ROA) | -15.00% | -21.68% | -32.29% | -39.50% | -43.01% |
| Return on Equity (ROE) | -24.57% | -30.57% | -42.03% | -46.10% | -50.18% |
| Return on Capital Employed (ROCE) | -30.39% | -31.83% | -43.99% | -37.43% | -49.40% |
| Return on Invested Capital (ROIC) | -23.37% | -27.49% | -43.62% | -37.19% | -48.43% |
| Return on Tangible Assets | -16.04% | -22.82% | -32.81% | -39.78% | -43.27% |
| Earnings Yield | -9.15% | -9.66% | -130.68% | -159.76% | -114.76% |
| Efficiency Ratios | |||||
| Receivables Turnover | 3.90 | 4.46 | 4.08 | 4.43 | 2.63 |
| Payables Turnover | 1.35 | 1.47 | 0.85 | 1.12 | 0.41 |
| Inventory Turnover | 2.56 | 3.71 | 2.14 | 2.34 | 2.76 |
| Fixed Asset Turnover | 6.93 | 5.74 | 3.88 | 2.73 | 2.48 |
| Asset Turnover | 0.39 | 0.34 | 0.26 | 0.18 | 0.09 |
| Working Capital Turnover Ratio | 0.68 | 0.54 | 0.31 | 0.19 | 0.12 |
| Cash Conversion Cycle | -33.84 | -68.86 | -170.26 | -86.96 | -610.48 |
| Days of Sales Outstanding | 93.67 | 81.79 | 89.41 | 82.44 | 138.63 |
| Days of Inventory Outstanding | 142.55 | 98.43 | 170.76 | 155.93 | 132.41 |
| Days of Payables Outstanding | 270.06 | 249.09 | 430.43 | 325.33 | 881.52 |
| Operating Cycle | 236.22 | 180.23 | 260.17 | 238.37 | 271.04 |
| Cash Flow Ratios | |||||
| Operating Cash Flow Per Share | -0.14 | -0.22 | -2.05 | -3.84 | -5.91 |
| Free Cash Flow Per Share | -0.15 | -0.28 | -2.14 | -4.10 | -6.11 |
| Dividend Paid and CapEx Coverage Ratio | -18.61 | -3.49 | -23.34 | -14.72 | -28.99 |
| Capital Expenditure Coverage Ratio | -18.61 | -3.49 | -23.34 | -14.72 | -28.99 |
| Operating Cash Flow Coverage Ratio | -0.67 | -1.40 | -13.08 | -18.03 | -35.34 |
| Operating Cash Flow to Sales Ratio | -0.33 | -0.54 | -0.74 | -1.71 | -3.81 |
| Free Cash Flow Yield | -8.29% | -10.39% | -80.71% | -130.14% | -94.17% |
| Valuation Ratios | |||||
| Price-to-Earnings (P/E) Ratio | -10.96 | -10.34 | -0.77 | -0.63 | -0.87 |
| Price-to-Sales (P/S) Ratio | 4.17 | 6.67 | 0.96 | 1.40 | 4.18 |
| Price-to-Book (P/B) Ratio | 2.68 | 3.16 | 0.32 | 0.29 | 0.44 |
| Price-to-Free Cash Flow (P/FCF) Ratio | -12.07 | -9.63 | -1.24 | -0.77 | -1.06 |
| Price-to-Operating Cash Flow Ratio | -12.72 | -12.38 | -1.29 | -0.82 | -1.10 |
| Price-to-Earnings Growth (PEG) Ratio | 0.28 | 0.11 | 0.03 | 0.02 | -0.01 |
| Enterprise Value Multiple | -6.36 | -9.73 | 1.42 | 1.78 | 0.50 |
| Enterprise Value | 1.37B | 2.36B | -518.94M | -686.38M | -345.19M |
| EV to EBITDA | -6.36 | -9.73 | 1.42 | 1.78 | 0.50 |
| EV to Sales | 2.96 | 5.93 | -1.95 | -3.19 | -2.39 |
| EV to Free Cash Flow | -8.58 | -8.56 | 2.51 | 1.75 | 0.61 |
| EV to Operating Cash Flow | -9.04 | -11.01 | 2.62 | 1.87 | 0.63 |
| Tangible Book Value Per Share | 0.58 | 0.79 | 8.07 | 10.83 | 14.74 |
| Shareholders’ Equity Per Share | 0.65 | 0.85 | 8.24 | 10.91 | 14.84 |
| Tax and Other Ratios | |||||
| Effective Tax Rate | 0.02 | 0.00 | 0.00 | -0.09 | 0.02 |
| Revenue Per Share | 0.42 | 0.40 | 2.76 | 2.24 | 1.55 |
| Net Income Per Share | -0.16 | -0.26 | -3.46 | -5.03 | -7.45 |
| Tax Burden | 0.98 | 1.00 | 1.00 | 1.09 | 0.98 |
| Interest Burden | 0.78 | 1.01 | 0.89 | 1.13 | 1.01 |
| Research & Development to Revenue | 0.48 | 0.59 | 1.00 | 1.33 | 3.97 |
| SG&A to Revenue | 0.60 | 0.75 | 1.06 | 1.20 | 1.52 |
| Stock-Based Compensation to Revenue | 0.14 | 0.18 | 0.30 | 0.29 | 0.28 |
| Income Quality | 0.86 | 0.84 | 0.59 | 0.83 | 0.78 |
Currency in USD
