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ZKH · NYSE · United States · Retail-Building Materials, Hardware, Garden Supply
In shortZKH Group Ltd is loss-making, burns cash and holds more cash than debt, with revenue growing (+2.6% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -2.4% | 9/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -1.6% | 14/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -4.6% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -5.6% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.79× | 83/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.02× | 100/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | Net cash | 100/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | -18.80× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 0.71 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -0.5% | 18/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 1 of 5 | 0/100 |
Weight in the score: 20%
| Profitable years (last 5) | 0 of 5 | 0/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 4 | 100/100 |
| Revenue growth volatility | 3.5% | 98/100 |
| Operating margin volatility | 4.9% | 65/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 2.6% | 31/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
The last 5 fiscal years from the company's annual reports.
CNY millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 7,655 | 8,315 | 8,721 | 8,761 | 8,988 |
| Cost of revenue | 6,615 | 6,998 | 7,269 | 7,251 | 7,512 |
| Gross profit | 1,040 | 1,318 | 1,452 | 1,510 | 1,476 |
| Research & development | 256 | 241 | 176 | 169 | 166 |
| Operating income | (1,110) | (686) | (399) | (339) | (213) |
| Interest expense | 11 | 94 | 19 | 19 | 11 |
| Pre-tax income | (1,094) | (732) | (305) | (267) | (139) |
| Income tax | 0.2 | (0.5) | 0.2 | 1 | 0.7 |
| Net income | (1,122) | (736) | (304) | (268) | (140) |
| Diluted EPS | −¥1.20 | −¥0.94 | −¥0.63 | −¥0.05 | −¥0.02 |
| Diluted shares (millions) | 1,214 | 1,325 | 1,529 | 5,736 | 5,686 |
0.71 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 24, 2026