ZLAB Stock Analysis: Zai Lab | NASDAQ
Biotechnology | NASDAQ, USA | Market Cap: 3.004m USD | 12M Return: -23.2% | US98887Q1040 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 19.9M
Qual. Beats: 1
Rev. Trend: 94.8%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 9 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Zai Lab Limited is a Shanghai- and Pudong-based biopharmaceutical company that discovers, develops, and commercializes therapies in oncology, immunology, neuroscience, and infectious diseases. Founded in 2013 and listed on NASDAQ in 2017, the company generates revenue through a portfolio of commercialized drugs-including Zejula, VYVGART, NUZYRA, Optune, Qinlock, Xacduro, and Augtyro-spanning ovarian cancer, myasthenia gravis, bacterial infections, glioblastoma, gastrointestinal stromal tumors, and non-small cell lung cancer.
Its business model combines in-licensed products from global partners with internal R&D, supported by a network of strategic collaborations with Tesaro, NovoCure, Deciphera Pharmaceuticals, Paratek, argenx, Turning Point Therapeutics, Entasis Therapeutics, Karuna Therapeutics, Pfizer, Amgen, and Boehringer Ingelheim. Such licensing and co-development agreements are a common structure for China-based biotechs, which typically leverage in-licensed late-stage assets to accelerate commercialization domestically while developing their own pipeline for global markets.
- VYVGART launch in China drives immunology segment revenue growth
- NRDL price negotiations pressure margins on Zejula and portfolio drugs
- Pipeline catalysts from Pfizer and Amgen collaborations expand oncology and immunology pipeline
| Net Income: -188.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.15 > 0.02 and ΔFCF/TA 4.41 > 1.0 |
| NWC/Revenue: 108.0% < 20% (prev 164.2%; Δ -56.26% < -1%) |
| CFO/TA -0.12 > 3% & CFO -133.4m > Net Income -188.2m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 2.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (111.7m) vs 12m ago 2.29% < -2% |
| Gross Margin: 56.47% > 18% (prev 62.39%; Δ -5.92% > 0.5%) |
| Asset Turnover: 40.16% > 50% (prev 36.75%; Δ 3.41% > 0%) |
| Interest Coverage Ratio: -30.87 > 6 (EBIT TTM -184.7m / Interest Expense TTM 5.99m) |
| A: 0.45 (Total Current Assets 914.0m - Total Current Liabilities 428.6m) / Total Assets 1.07b |
| B: -2.54 (Retained Earnings -2.73b / Total Assets 1.07b) |
| C: -0.17 (EBIT TTM -184.7m / Avg Total Assets 1.12b) |
| D: 1.30 (Book Value of Equity 607.0m / Total Liabilities 467.8m) |
| Altman-Z'' = -5.07 = D |
| DSRI: 0.70 (Receivables 73.0m/99.3m, Revenue 449.6m/427.8m) |
| GMI: 1.10 (GM 62.39% / 56.47%) |
| AQI: 1.69 (AQ_t 0.09 / AQ_t-1 0.05) |
| SGI: 1.05 (Revenue 449.6m / 427.8m) |
| TATA: -0.05 (NI -188.2m - CFO -133.4m) / TA 1.07b) |
| Beneish M = -2.74 (Cap -4..+1) = A |
As of October 07, 2026, the stock is trading at USD 25.58 with a total of 1,214,236 shares traded. Over the past week, the price has changed by -1.35%, over one month by +0.67%, over three months by +34.07% and over the past year by -23.21%.
Current recommended Stop Loss: 23.90 (which is 6.6% or 1.5 ATR below the current price).
Zai Lab has received a consensus analysts rating of 4.67. Therefore, it is recommended to buy ZLAB.
- StrongBuy: 9
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 33.1 | 29.6% |
P/S = 6.6806
P/B = 4.8862
Revenue TTM = 449.6m USD
EBIT TTM = -184.7m USD
EBITDA TTM = -168.8m USD
Long Term Debt = 11.4m USD (estimated: total debt 254.6m - short term 243.1m)
Short Term Debt = 243.1m USD (from shortTermDebt, last quarter)
Debt = 271.0m USD (from shortLongTermDebtTotal, last quarter) + Leases 16.5m
Net Debt = -346.5m USD (calculated: Debt 271.0m - CCE 617.5m)
Enterprise Value = 2.66b USD (3.00b + Debt 271.0m - CCE 617.5m)
Interest Coverage Ratio = -30.87 (Ebit TTM -184.7m / Interest Expense TTM 5.99m)
EV/FCF = -16.35x (Enterprise Value 2.66b / FCF TTM -162.5m)
FCF Yield = -6.12% (FCF TTM -162.5m / Enterprise Value 2.66b)
FCF Margin = -36.15% (FCF TTM -162.5m / Revenue TTM 449.6m)
Net Margin = -41.86% (Net Income TTM -188.2m / Revenue TTM 449.6m)
Gross Margin = 56.47% ((Revenue TTM 449.6m - Cost of Revenue TTM 195.7m) / Revenue TTM)
Gross Margin QoQ = 54.70% (prev 61.52%)
Tobins Q-Ratio = 2.47 (Enterprise Value 2.66b / Total Assets 1.07b)
Interest Expense / Debt = 2.21% (Interest Expense 5.99m / Debt 271.0m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -145.9m (EBIT -184.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.13 (Total Current Assets 914.0m / Total Current Liabilities 428.6m)
Debt / Equity = 0.45 (Debt 271.0m / totalStockholderEquity, last quarter 607.0m)
Debt / EBITDA = 2.05 (negative EBITDA) (Net Debt -346.5m / EBITDA -168.8m)
Debt / FCF = 2.13 (negative FCF - burning cash) (Net Debt -346.5m / FCF TTM -162.5m)
Total Stockholder Equity = 686.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -16.81% (Net Income -188.2m / Total Assets 1.07b)
RoE = -27.43% (Net Income TTM -188.2m / Total Stockholder Equity 686.1m)
RoCE = -26.48% (EBIT -184.7m / Capital Employed (Equity 686.1m + L.T.Debt 11.4m))
RoIC = -16.84% (negative operating profit) (NOPAT -145.9m / Invested Capital 866.9m)
WACC = 7.82% (E(3.00b)/V(3.27b) * Re(8.37%) + D(271.0m)/V(3.27b) * Rd(2.21%) * (1-Tc(0.21)))
Discount Rate = 8.37% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -79.43 | Cagr: -61.79%
[DCF] Fair Price = unknown (Cash Flow -162.5m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.17 | # QB: 1
Revenue Correlation: 94.78 | Revenue CAGR: 25.12% | SUE: 0.21 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-0.56 | Chg30d=-5.36% | Revisions=-12% | Analysts=6
EPS current Year (2026-12-31): EPS=-2.20 | Chg30d=-0.36% | Revisions=+25% | GrowthEPS=-37.2% | GrowthRev=-5.1%
EPS next Year (2027-12-31): EPS=-2.11 | Chg30d=-9.34% | Revisions=-75% | GrowthEPS=+3.9% | GrowthRev=+26.5%
[Analyst] Revisions Ratio: -27% (up=8, down=15)