Zai Lab Ltd. (ZLAB) intrinsic value & 10-year financials
Zai Lab Ltd. (ZLAB) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 221.3% a year to $457.2M, with an average return on invested capital of -180.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $23.19
- Market cap
- $25.4B
- Revenue (FY2025)
- $457.2M
- Revenue growth (10-yr CAGR)
- 221.3%
- ROIC (10-yr avg)
- -180.0%
- Free cash flow (FY2025)
- -$158.9M
ZLAB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $457.2M | -$175.5M | -$0.16 | -$158.9M | -50.2% | -57.1% |
| FY2024 | $397.6M | -$257.1M | -$0.26 | -$220.5M | -71.0% | -102.5% |
| FY2023 | $266.7M | -$334.6M | -$0.35 | -$205.4M | -137.4% | -1137.0% |
| FY2022 | $212.7M | -$443.3M | -$0.46 | -$392.2M | -190.1% | -169.9% |
| FY2021 | $144.1M | -$704.5M | -$0.76 | -$567.5M | -485.8% | -120.1% |
| FY2020 | $49.0M | -$268.9M | -$0.35 | -$226.2M | -616.4% | -61.8% |
| FY2019 | $13.0M | -$195.1M | — | -$197.0M | -1564.9% | -95.0% |
| FY2018 | $129.5K | -$139.1M | — | -$107.6M | -109514.0% | -73.9% |
| FY2017 | — | -$50.4M | — | -$41.5M | — | -56.0% |
| FY2016 | — | -$37.5M | — | -$34.4M | — | 72.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Zai Lab Ltd revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Zai Lab Ltd has historically struggled to out-earn its cost of capital, averaging just -50.7% ROIC.
Zai Lab Ltd capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Zai Lab Ltd is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-5.31 per share.