Zai Lab Limited

ZLABNASDAQHealthcare● Active

$16.71

+$0.09(+0.53%)

Market Cap$1.9B

P/E Ratio—

52W High$44.34

52W Low$15.96

Avg Volume796K

Open$16.86

Beta0.78

Free Cash Flow Financials Revenue

Zai Lab Limited (ZLAB) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ZLAB · free cash flow · updated Jun 8, 2026

Core FCF metrics

ZLAB · FCF · TTM · margin & CAGR

Free cash flow was −$158.9M for FY2025 (fiscal year ending 2025-12-31), up 42.5% year-over-year The FCF margin was -34.5%.

FY2025 Free Cash Flow−$158.9M▲ +42.5% YoY

Trailing 12M (TTM)−$129.2Mtrailing 4 quarters sum

FCF Margin-34.5%−$158.9M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ZLAB · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$150.8M(8M)−$158.9M▲ +42.5%-34.5%

FY2024−$214.9M(62M)−$276.4M▼ 33.7%-69.3%

FY2023−$198.2M(8M)−$206.7M▲ +47.4%-77.5%

FY2022−$367.6M(25M)−$392.6M▲ +30.9%-182.6%

FY2021−$549.2M(19M)−$568.2M▼ 150.6%-393.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ZLAB · P/FCF · FCF yield · FCF per share

Zai Lab Limited (ZLAB) reported negative free cash flow of −$0.16B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ZLAB · cash flow statement · operating / investing / financing

For FY2025, Zai Lab Limited generated −$150.8M in operating cash flow and spent 8M in capital expenditures, yielding −$158.9M in free cash flow.

Operating Activities

−$150.8M

Cash from core business operations

2025-12-31

Investing Activities

+$307.9M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$72.4M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$150.8M) − |CapEx| (8M) = FCF (−$158.9M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

ZLAB vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Zai Lab LimitedYOU

ZLAB

−$158.9M+42.5%-34.5%

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Zai Lab Limited (ZLAB) reported free cash flow of −$158.9M for FY2025 (fiscal year ending 2025-12-31), up 42.5% year-over-year. The FCF margin was -34.5%.

Zai Lab Limited has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 11 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ZLAB free cash flow · 8 questions

Zai Lab Limited free cash flow was −$158.9M for FY2025, up 42.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$129.2M.

ZLAB free cash flowZLAB FCFZLAB FCF 2025ZLAB free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Zai Lab Limited · Zai Lab Limited SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026