Zai Lab (ZLAB)
Market Price (9/4/2025): $30.01 | Market Cap: $3.3 BilSector: Health Care | Industry: Biotechnology
Zai Lab (ZLAB)
Market Price (9/4/2025): $30.01Market Cap: $3.3 BilSector: Health CareIndustry: Biotechnology
Investment Highlights
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -92% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -238 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -56% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -54% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -92% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -238 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -56% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -54% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% |
Market Valuation
| 9/4/25 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Share Price CYE | $30.01 | $26.19 | $27.33 | $30.70 | $62.85 |
| Market Cap CYE ($ Bil) | 3.3 | 2.7 | 2.7 | 2.9 | 6.0 |
| Total Debt ($ Bil) | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 |
| Total Cash ($ Bil) | 0.7 | 0.8 | 0.8 | 1.0 | 1.4 |
| Enterprise Value ($ Bil) | 2.7 | 2.9 | 2.7 | 2.9 | 6.0 |
| Valuation Ratios | |||||
| P/S TTM | 7.7 | 6.5 | 9.9 | 13.7 | 40.5 |
| P/EBIT TTM | -15.7 | -10.2 | -7.9 | -6.6 | -8.4 |
| P/E TTM | -15.4 | -10.1 | -7.9 | -6.6 | -8.3 |
| Sector Ratios | |||||
| P/S TTM (Sector) | 3.8 | 4.1 | 4.5 | 4.5 | 6.7 |
| P/EBIT TTM (Sector) | 4.3 | 0.4 | -1.9 | -1.2 | -0.4 |
| P/E TTM (Sector) | -1.8 | -2.2 | -3.4 | -2.2 | -2.3 |
| 9/4/25 | 2024 | 2023 | |
|---|---|---|---|
| Share Price CYE | $30.01 | $26.19 | $27.33 |
| Market Cap CYE ($ Bil) | 3.3 | 2.7 | 2.7 |
| Total Debt ($ Bil) | 0.2 | 0.2 | 0.0 |
| Total Cash ($ Bil) | 0.7 | 0.8 | 0.8 |
| Enterprise Value ($ Bil) | 2.7 | 2.9 | 2.7 |
| Valuation Ratios | |||
| P/S TTM | 7.7 | 6.5 | 9.9 |
| P/EBIT TTM | -15.7 | -10.2 | -7.9 |
| P/E TTM | -15.4 | -10.1 | -7.9 |
| Sector Ratios | |||
| P/S TTM (Sector) | 3.8 | 4.1 | 4.5 |
| P/EBIT TTM (Sector) | 4.3 | 0.4 | -1.9 |
| P/E TTM (Sector) | -1.8 | -2.2 | -3.4 |
Business Description
Zai Lab Limited develops and commercializes therapies to treat oncology, autoimmune disorders, infectious diseases, and neuroscience primarily in Mainland China and Hong Kong. The company's commercial products include Zejula, a once-daily small-molecule poly polymerase 1/2 inhibitor; Optune, a device that delivers tumor treating fields; NUZYRA for acute bacterial skin and skin structure infections, and community acquired bacterial pneumonia; and Qinlock to treat gastrointestinal stromal tumors. It also develops Odronextamab to treat follicular lymphoma, diffuse large B-cell lymphoma, and other B-celllymphomas; Repotrectinib, a tyrosine kinase inhibitor (TKI) to target ROS1 and TRK A/B/C in TKI-naïve- or -pretreated cancer patients; Margetuximab for the treatment of breast and gastroesophageal cancers; Adagrasib for treating KRAS-G12C-mutated NSCLC, colorectal cancer, pancreatic cancer, and other solid tumors; and Bemarituzumab to treat gastric and gastroesophageal junction cancer.
Show more
Price Returns Compared
Expand for Detailed View| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ZLAB Return | 225% | -54% | -51% | -11% | -4% | 48% | -11% |
| Peers Return | 11% | 18% | 23% | 15% | 2% | 7% | 102% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 10% | 100% |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTX, ABBV, AMGN, GILD, REGN.
[3] 2025 data is for the year up to 9/3/2025 (YTD)
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Zai Lab
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 247.86 |
| Mkt Cap | 121.2 |
| Rev LTM | 21,538 |
| Op Inc LTM | 6,016 |
| FCF LTM | 6,463 |
| FCF 3Y Avg | 5,823 |
| CFO LTM | 7,306 |
| CFO 3Y Avg | 6,733 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 5.8% |
| Rev Chg Q | 8.0% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 23.5% |
| Op Mgn 3Y Avg | 26.8% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 33.5% |
| CFO/Rev 3Y Avg | 31.9% |
| FCF/Rev LTM | 30.5% |
| FCF/Rev 3Y Avg | 26.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 121.2 |
| P/S | 5.6 |
| P/EBIT | 15.9 |
| P/E | 22.7 |
| P/CFO | 13.5 |
| Total Yield | 5.7% |
| Dividend Yield | 1.6% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.3% |
| 3M Rtn | 2.0% |
| 6M Rtn | -10.8% |
| 12M Rtn | -0.1% |
| 3Y Rtn | 35.0% |
| 1M Excs Rtn | -5.1% |
| 3M Excs Rtn | -5.7% |
| 6M Excs Rtn | -19.3% |
| 12M Excs Rtn | -14.8% |
| 3Y Excs Rtn | -23.6% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2025 | -12.0% | -8.0% | |
| 5/8/2025 | 2.8% | -0.8% | 34.4% |
| 2/27/2025 | -2.0% | 2.4% | 3.2% |
| 11/12/2024 | -6.9% | -19.0% | -12.6% |
| 8/6/2024 | -8.1% | -10.3% | 8.4% |
| 5/8/2024 | 26.8% | 25.8% | 20.7% |
| 2/27/2024 | -7.5% | -15.9% | -28.0% |
| 11/7/2023 | 6.0% | 0.1% | -2.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 6 | 8 |
| # Negative | 12 | 11 | 9 |
| Median Positive | 6.4% | 13.1% | 7.7% |
| Median Negative | -6.2% | -8.0% | -13.0% |
| Max Positive | 26.8% | 34.7% | 34.4% |
| Max Negative | -12.0% | -30.1% | -28.0% |
SEC Filings
Expand for More| Report Date | Filing |
|---|---|
| 6302025 | 10-Q 6/30/2025 |
| 3312025 | 10-Q 3/31/2025 |
| 12312024 | 10-K 12/31/2024 |
| 9302024 | 10-Q 9/30/2024 |
| 6302024 | 10-Q 6/30/2024 |
| 3312024 | 10-Q 3/31/2024 |
| 12312023 | 10-K 12/31/2023 |
| 9302023 | 10-Q 9/30/2023 |
| 6302023 | 10-Q 6/30/2023 |
| 3312023 | 10-Q 3/31/2023 |
| 12312022 | 10-K 12/31/2022 |
| 9302022 | 10-Q 9/30/2022 |
| 6302022 | 10-Q 6/30/2022 |
| 3312022 | 10-Q 3/31/2022 |
| 12312021 | 10-K 12/31/2021 |
| 9302021 | 10-Q 9/30/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Amado Rafael | See Remarks | 8122025 | Sell | 35.00 | 3,000 | 105,000 | 1,476,230 | Form |
| 1 | Chen Yajing | Chief Financial Officer | 8122025 | Sell | 34.01 | 4,096 | 139,305 | 575,041 | Form |
| 2 | Chen Yajing | Chief Financial Officer | 6042025 | Sell | 30.00 | 9,618 | 288,540 | 522,870 | Form |
| 3 | Morrison Scott W | 5132025 | Sell | 30.05 | 23,799 | 715,086 | 712,172 | Form | |
| 4 | Amado Rafael | See Remarks | 3192025 | Sell | 38.41 | 3,000 | 115,230 | 1,184,334 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |