Zai Lab (ZLAB) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Zai Lab

NasdaqGM•Healthcare•Biotechnology

$24.67-0.13(-0.01%)Pre-market

Market Cap

$27.56B

P/S

62.1x

P/B

45.4x

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.

How this company scores

WeakMetricSide Score: 46/100

Grade capped at D — Interest coverage below 1× (-41.6x) — earnings cannot cover interest. Strongest: Profitability (17/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability17/25

Growth14/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality8/25

Strengths

Long cash runwayProfit converts from growthConsistent growthNet cash position

Grade capped at D

Interest coverage below 1× (-41.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 62.1x5y range 42.7x – 681.8x

Currently below its 20-quarter median.

P/B · 45.4x5y range 21.3x – 64.0x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $27.56B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $443.75M
Q. Revenue: $105.75M
TTM EBITDA: $-248.17M
TTM Op. Income: $-264.10M
Q. Op. Income: $-76.49M
TTM Net Income: $-188.21M
Q. Net Income: $-50.83M
EPS: $-0.05
Shares Out.: $1.12B

$443.75M in TTM revenue grew 4.4% YoY, reaching $105.75M last quarter. TTM EBITDA of $-248.17M and TTM operating income of $-264.10M show growth is flowing through to the bottom line. However, net income is negative at $188.21M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 54.5%
EBITDA Margin: -68.4%
Op. Margin: -72.3%
Net Margin: -48.1%

Op. margin of -72.3% is down 22.0% YoY — costs are rising relative to revenue. Net margin at -48.1% and gross margin of 54.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 44% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 62.1x
P/B Ratio: 45.4x

P/S of 62.1x and P/B of 45.4x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.07B
Cash: $607.52M
Long-Term Debt: N/A
Book Value: $607.04M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-63.41M
TTM Free Cash Flow: $-139.57M
FCF Margin: -31.5%
FCF / Net Income: 0.7

TTM FCF of $-139.57M on $-63.41M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 24% — a weakening trend.