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ZKH GROUP LTD (ZKH) Stock Fundamental Analysis

USA - NYSE:ZKH - US98877R1041 - ADR

2.95 USD
+0.01 (+0.34%)
Last: 9/15/2025, 7:21:28 PM
Fundamental Rating

3

ZKH gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 50 industry peers in the Trading Companies & Distributors industry. The financial health of ZKH is average, but there are quite some concerns on its profitability. ZKH has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

In the past year ZKH has reported negative net income.
In the past year ZKH had a positive cash flow from operations.
In the past 5 years ZKH always reported negative net income.
In multiple years ZKH reported negative operating cash flow during the last 5 years.
ZKH Yearly Net Income VS EBIT VS OCF VS FCFZKH Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2020 2021 2022 2023 2024 0 -500M -1B -1.5B

1.2 Ratios

ZKH has a Return On Assets of -4.05%. This is amonst the worse of the industry: ZKH underperforms 80.00% of its industry peers.
ZKH has a Return On Equity of -8.65%. This is in the lower half of the industry: ZKH underperforms 76.00% of its industry peers.
Industry RankSector Rank
ROA -4.05%
ROE -8.65%
ROIC N/A
ROA(3y)-11.79%
ROA(5y)-14.07%
ROE(3y)-26.23%
ROE(5y)-32.12%
ROIC(3y)N/A
ROIC(5y)N/A
ZKH Yearly ROA, ROE, ROICZKH Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 -20 -40 -60

1.3 Margins

ZKH has a worse Gross Margin (17.24%) than 86.00% of its industry peers.
ZKH's Gross Margin has improved in the last couple of years.
ZKH does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 17.24%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y8.27%
GM growth 5YN/A
ZKH Yearly Profit, Operating, Gross MarginsZKH Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 2024 0 10 -10

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4

2. Health

2.1 Basic Checks

ZKH does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, ZKH has more shares outstanding
ZKH has a better debt/assets ratio than last year.
ZKH Yearly Shares OutstandingZKH Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 2024 50M 100M 150M
ZKH Yearly Total Debt VS Total AssetsZKH Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 2024 2B 4B 6B

2.2 Solvency

ZKH has an Altman-Z score of 1.16. This is a bad value and indicates that ZKH is not financially healthy and even has some risk of bankruptcy.
ZKH has a Altman-Z score of 1.16. This is in the lower half of the industry: ZKH underperforms 74.00% of its industry peers.
ZKH has a debt to FCF ratio of 2.45. This is a good value and a sign of high solvency as ZKH would need 2.45 years to pay back of all of its debts.
ZKH has a Debt to FCF ratio of 2.45. This is in the better half of the industry: ZKH outperforms 74.00% of its industry peers.
ZKH has a Debt/Equity ratio of 0.12. This is a healthy value indicating a solid balance between debt and equity.
ZKH has a better Debt to Equity ratio (0.12) than 72.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 2.45
Altman-Z 1.16
ROIC/WACCN/A
WACC7.2%
ZKH Yearly LT Debt VS Equity VS FCFZKH Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2020 2021 2022 2023 2024 0 1B -1B 2B 3B

2.3 Liquidity

A Current Ratio of 1.85 indicates that ZKH should not have too much problems paying its short term obligations.
ZKH's Current ratio of 1.85 is in line compared to the rest of the industry. ZKH outperforms 46.00% of its industry peers.
A Quick Ratio of 1.67 indicates that ZKH should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.67, ZKH is in the better half of the industry, outperforming 72.00% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.85
Quick Ratio 1.67
ZKH Yearly Current Assets VS Current LiabilitesZKH Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 2024 2B 4B 6B

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4

3. Growth

3.1 Past

ZKH shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 85.10%, which is quite impressive.
Looking at the last year, ZKH shows a very negative growth in Revenue. The Revenue has decreased by -30.18% in the last year.
ZKH shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.60% yearly.
EPS 1Y (TTM)85.1%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-14.81%
Revenue 1Y (TTM)-30.18%
Revenue growth 3Y4.6%
Revenue growth 5YN/A
Sales Q2Q%4.03%

3.2 Future

ZKH is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 59.92% yearly.
ZKH is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.02% yearly.
EPS Next Y93.03%
EPS Next 2Y72.1%
EPS Next 3Y59.92%
EPS Next 5YN/A
Revenue Next Year5.51%
Revenue Next 2Y7.43%
Revenue Next 3Y9.02%
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
ZKH Yearly Revenue VS EstimatesZKH Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2B 4B 6B 8B 10B
ZKH Yearly EPS VS EstimatesZKH Yearly EPS VS EstimatesYearly EPS VS Estimates 2023 2024 2025 2026 2027 0 1 -1 2 -2

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4

4. Valuation

4.1 Price/Earnings Ratio

ZKH reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Based on the Price/Forward Earnings ratio of 21.52, the valuation of ZKH can be described as rather expensive.
ZKH's Price/Forward Earnings is on the same level as the industry average.
ZKH is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.77, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE N/A
Fwd PE 21.52
ZKH Price Earnings VS Forward Price EarningsZKH Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 10 -10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of ZKH indicates a somewhat cheap valuation: ZKH is cheaper than 68.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 23.24
EV/EBITDA N/A
ZKH Per share dataZKH EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
ZKH's earnings are expected to grow with 59.92% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y72.1%
EPS Next 3Y59.92%

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0

5. Dividend

5.1 Amount

No dividends for ZKH!.
Industry RankSector Rank
Dividend Yield N/A

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ZKH GROUP LTD

NYSE:ZKH (9/15/2025, 7:21:28 PM)

2.95

+0.01 (+0.34%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryTrading Companies & Distributors
Earnings (Last)08-22 2025-08-22/bmo
Earnings (Next)11-20 2025-11-20
Inst Owners18.12%
Inst Owner Change-0.76%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap476.59M
Analysts80
Price Target4.05 (37.29%)
Short Float %0.04%
Short Ratio0.17
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)-0.94%
Min Revenue beat(2)-3.96%
Max Revenue beat(2)2.09%
Revenue beat(4)1
Avg Revenue beat(4)-2.93%
Min Revenue beat(4)-5.94%
Max Revenue beat(4)2.09%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-6.3%
PT rev (3m)-8.46%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)-150%
EPS NY rev (3m)-130.88%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)-5.53%
Revenue NY rev (3m)-5.53%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 21.52
P/S 0.39
P/FCF 23.24
P/OCF 14.82
P/B 1.1
P/tB 1.12
EV/EBITDA N/A
EPS(TTM)-0.21
EYN/A
EPS(NY)0.14
Fwd EY4.65%
FCF(TTM)0.13
FCFY4.3%
OCF(TTM)0.2
OCFY6.75%
SpS7.61
BVpS2.69
TBVpS2.64
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -4.05%
ROE -8.65%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 17.24%
FCFM 1.67%
ROA(3y)-11.79%
ROA(5y)-14.07%
ROE(3y)-26.23%
ROE(5y)-32.12%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y8.27%
GM growth 5YN/A
F-Score6
Asset Turnover1.33
Health
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 2.45
Debt/EBITDA N/A
Cap/Depr 151.61%
Cap/Sales 0.95%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.85
Quick Ratio 1.67
Altman-Z 1.16
F-Score6
WACC7.2%
ROIC/WACCN/A
Cap/Depr(3y)97.7%
Cap/Depr(5y)152%
Cap/Sales(3y)0.73%
Cap/Sales(5y)1.12%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)85.1%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-14.81%
EPS Next Y93.03%
EPS Next 2Y72.1%
EPS Next 3Y59.92%
EPS Next 5YN/A
Revenue 1Y (TTM)-30.18%
Revenue growth 3Y4.6%
Revenue growth 5YN/A
Sales Q2Q%4.03%
Revenue Next Year5.51%
Revenue Next 2Y7.43%
Revenue Next 3Y9.02%
Revenue Next 5YN/A
EBIT growth 1Y49.38%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year101.88%
EBIT Next 3Y48.53%
EBIT Next 5YN/A
FCF growth 1Y123.42%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y140.33%
OCF growth 3YN/A
OCF growth 5YN/A