NASDAQ:ZLAB
Zai Lab Ltd
Zai Lab Ltd's revenue grew 15.3% in fiscal 2025 to $460.2M while operating margin rose to −49.9%, its highest in 8 years. Free cash flow was −$158.9M, −34.5% of revenue, and the diluted share count rose 10.7%.Summary generated from Zai Lab Ltd's SEC filings. Latest annual report filed Feb 26, 2026.
Key statistics
Fiscal 2025 from SEC filings. MethodologyRevenue (FY25)$460.2M
Revenue growth+15.3%
Revenue, 5-yr CAGR+56.5%
Gross margin58.6%
Operating margin−49.9%
Net margin−38.1%
ROIC−47.5%
Return on equity−22.6%
Debt / equity0.29
Free cash flow−$158.9M
FCF margin−34.5%
Share count change+10.7%
Financials
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 144 | 215 | 267 | 399 | 460 |
| Operating income | −700 | −404 | −367 | −282 | −229 |
| Net income | −704 | −443 | −335 | −257 | −176 |
| Free cash flow | −568 | −392 | −205 | −221 | −159 |
Recent filings
- 4Insider transaction report
Oct 5, 2026 - 4Insider transaction report
Aug 21, 2026 - 10-QQuarterly report for the period ended Jun 30, 2026
Aug 6, 2026 - 8-KResults of operations and financial condition
Aug 6, 2026 - 8-KResults of a shareholder vote
Jun 17, 2026 - 8-KDirector or officer change
May 21, 2026 - 10-QQuarterly report for the period ended Mar 31, 2026
May 7, 2026 - 8-KResults of operations and financial condition
May 7, 2026